Travelers 2007 Annual Report Download - page 2

Travelers opens best-in-class
claim training facility
Travelers demonstrated its commitment
to providing customers with superior claim
service with the April 2007 launch of the
company’s flagship Claim training facility
in Windsor, Conn. The 108,000 square
foot, state-of-the-art educational complex
was designed to give Travelers claim
professionals the in-depth training and
expertise needed to provide knowledge-
able, accurate and efficient claim service
for customers and agents. It will undoubt-
edly help the company build upon its long
tradition of providing customers with
highly trained, expert claim professionals.
Doreen Spadorcia, executive vice president
of Claim Services, said the facility’s hands-
on training will help keep the company’s
claim professionals proficient on evolving
vehicle technology and construction
techniques and give them the skills they
need for complex auto, property and
equipment estimating. “When our repre-
sentatives estimate with confidence and
follow through with well-executed claim
management and a commitment to ser-
vice, the entire claim process is much more
positive for our customers,” she said.
Travelers Claim training facility houses
the industry’s first heavy-equipment lab
featuring cranes, backhoes, bulldozers,
and other heavy-duty vehicles. It is also
the first insurance training facility to
receive a newly developed, state-of-the-
art vehicle repair and appraisal system.
This equipment will help teach auto
appraisers how to properly read vehicle
diagnostics and measure for damage,
and how structural repairs on vehicles
can be accomplished with precision.
In the property lab, two full-scale furnished
homes, and a full-size convenience store,
complete with functioning mechanical
systems (electric, plumbing, heating/air
conditioning), help demonstrate a wide
variety of building materials and construc-
tion methods. Many can be “damaged” in
mock exercises and used to estimate repairs
or replacement costs for property claims.
In addition to the labs, the facility includes
multiple classrooms, virtual training rooms,
long-distance learning capabilities via
Travelers Intranet, study rooms, a media
center and a reference library.
Approximately 8,500 front-line employees
will attend training at the facility each
year, and another 8,500 or more will be
trained each year through virtual and
distance learning. Possessing such a com-
prehensive training facility will help the
company attract and retain highly trained,
talented and motivated claim professionals
who will be prepared to provide superior
customer service.
1 Operating income equals net income excluding the after-tax impact of net realized investment
gains and the after-tax impact of discontinued operations. After-tax net realized investment
gains were $101 million in 2007, $8 million in 2006 and $35 million in 2005. The after-tax loss
from discontinued operations was $0 in 2007 and 2006 and $439 million in 2005.
2 Per diluted weighted average number of common shares outstanding.
Financial highlights
(as of and for the year ended Dec. 31)
(Dollar amounts in millions, except per share amounts)
2007 2006 2005
Net Earned Premiums $ 21,470 $ 20,760 $ 20,341
Total Revenues $ 26,017 $ 25,090 $ 24,365
Operating Income1 $ 4,500 $ 4,200 $ 2,026
Net Income $ 4,601 $ 4,208 $ 1,622
Net Income Per Diluted Common Share2 $ 6.86 $ 5.91 $ 2.33
Total Investments $ 74,818 $ 72,268 $ 68,287
Total Assets $115,224 $115,292 $113,736
Shareholders’ Equity $ 26,616 $ 25,135 $ 22,303
Total Employees 33,300 32,800 31,900