Travelers 2009 Annual Report Download - page 7

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Business Insurance
2009 net written premiums: $10.9 billion
Business Insurance offers a broad array of property and casualty
insurance products and services to its clients, which range from small
“Main Street” businesses to mid-sized and specialty companies to
Fortune® 100 corporations. Business Insurance is organized into
underwriting and marketing groups focused on particular markets,
industries or product lines. Select Accounts markets property and
casualty coverages to small businesses; Commercial Accounts
markets tailored insurance products and services to mid-sized
businesses, including those domestic firms with global exposures;
and National Accounts markets highly customized insurance and risk
management services to large companies. In addition, business units
in the Target Risk Underwriting, Industry-Focused Underwriting and
Specialized Distribution groups provide insurance products and
services to address large property, inland marine, ocean marine,
equipment breakdown and excess casualty risks and tailor coverage
to complex industries, including oil & gas, technology, agriculture,
trucking, construction and public entity sectors, among others.
2009 Highlights
Select Accounts enhanced its industry-leading quote-to-issue
process, TravelersExpressSM, by expanding the platform to include
commercial auto in 42 states, in addition to the commercial multi peril
and workers’ compensation products already available countrywide.
Also, 2009 marked the first time in the history of Select Accounts
that the majority of new business policy submissions were available
for issue by agents without underwriter intervention, enabling this
business to deliver increased speed and ease to agents. Continued
investment in the platform, strengthened product offerings to small
technology firms and increased local sales force has helped Select
Accounts to attract a significant number of new agents.
Commercial Accounts expanded its appetite for mid-sized business
with the addition of a new IndustryEdge® program for Healthcare
Organizations, expanding its suite of specialized products to more
than 20 different industry segments. On several existing IndustryEdge
products, coverage was broadened and business development
capabilities were strengthened. These investments have positioned
the business well.
National Accounts introduced a number of new products and service
enhancements to meet risk management needs for larger customers
whether they choose bundled casualty solutions, unbundled
alternative risk transfer through Discover Re® or claim administration
with Constitution State Services LLC. The Goal-Tracking Dashboard in
e-CARMA®, Travelers’ industry-leading risk management information
system, allows customers to define goals and compare them to
results in a highly interactive, Web-based environment. Travelers
Money Market Collateral Account solution is an additional approach
to meeting customers’ collateral requirements. Such products are
designed to offer larger customers more choices, more flexibility
and more key metrics to manage their total cost of risk.
2009 business highlights Travelers is organized into the following business segments: Business Insurance;
Financial, Professional & International Insurance; and Personal Insurance. For more information about Travelers
and its products and services, visit the company’s Web site, www.travelers.com.
In the Target Risk and Industry-Focused Underwriting groups,
the following were among 2009 highlights accomplished by various
business units:
• Construction completed the successful expansion of its product
offering to smaller contractors, through ConstructionPlus+SM. New
IndustryEdge coverages and services were added for Highway, Street
& Road and Excavation & Grading Contractors.
• Excess Casualty offers mono-line commercial umbrella and excess
liability coverage. In 2009, nearly a quarter of Excess Casualty’s
new business was generated through partnerships with Travelers’
business units to cross sell products.
• Global Accounts provides insurance to U.S. companies with foreign
property and liability exposures through Controlled Master Programs,
Global CompanionSM and, in 2009, the launch of International
Coverage Extensions. This latter product is often a good fit for
Commercial Accounts customers who export products or whose
employees occasionally travel outside the United States.
• Technology celebrated its 25th year of insuring innovation in
telecommunications, information technology, medical technology
and electronics manufacturing. Technology reinforced its position as
a thought leader in the industry by releasing a survey that revealed
how the use of social media can expose businesses to risk.
• Inland Marine expanded upon the success of its proprietary WindPak®
product by providing agents with Property and Builders’ Risk products
for solar energy, bio-mass and other renewable energy projects.
• National Property strengthened its field presence countrywide by
placing underwriting and decision making expertise closer to its
customers and agents. Also, to better serve its present clientele
and attract new customers, National Property expanded its global
underwriting capabilities in 2009.
• Oil & Gas strengthened relationships with agents and the oil and
gas industry through the addition of its new EnergyPro® Rigs and
Equipment coverage and value-added services. Travelers offers
specialized services, such as well control training, to help companies
reduce the risk of well blow outs and provides the expertise of well
control firefighters, who are available 24 hours a day.
• Public Sector Services offers tailored solutions specifically designed
for municipalities and counties, public utilities, transit authorities,
American Indian nations and K-12 public schools. In 2009, Public
Sector launched TravSources® for Public Entities, a new Web-based
safety and risk management resource that can help reduce
exposures and potential loss.
In Specialized Distribution, the following were among 2009
highlights accomplished by various business units:
• Northland strengthened its position in the transportation and excess/
surplus binding markets through NorthLink®, a portal for its program
managers, which provides the capability to rate, quote and issue a
wide range of business online.
• National Programs created new, specialized products for theatrical
business as part of its Encore Entertainment group; launched a
program targeting veterinary practices; and saw significant growth
in one of its newest segments, Child Care Services.