Travelers 2013 Annual Report Download - page 6

 TRAVELERS
As a general matter we insure the output of the economy Consequently our
ability to grow our business is challenged in a lowgrowth economic environment
We are not going to respond by changing our approach to balancing risk and
reward  either in our underwriting or in our investment activities Instead
we will continue to develop better products for our agents and customers
enhance services and capabilities and invest in technology to increase effi ciency
and improve our customers’ experience We will continue to be creative and
inventive bringing our data and analytics expertise and our signifi cant resources
to bear to help our agents and customers manage risk
We also will continue to look at attractive opportunities outside the United
States Our acquisition of Dominion last year was one such opportunity and one
that has given us an exceptional platform from which to expand our commercial
lines business in Canada
In the evolving and dynamic insurance industry change can be rapid and
dramatic  as we have seen in the automobile insurance market and in the
traditional reinsurance market where alternative sources of capital have been
introduced Technology also has played an important role by altering the ways
products are developed and distributed and by off ering new methods for
interacting with customers
To remain competitive in the face of change we are constantly recalibrating
For example the adoption of comparative rating technology by independent
agents customers’ changing expectations and our eff orts to raise rates had all
meaningfully aff ected our new auto business volume In response in  we
introduced Quantum Auto  a more competitively priced product supported
by signifi cant expense reduction initiatives which we developed with input from
agents to meet the needs of a broader customer segment increasingly focused
on value We are very encouraged by initial market response
Remaining true to our core as underwriters who thoughtfully balance risk and
reward we will keep taking actions such as these to remain an industry leader and
to continue to deliver shareholder value
Advocating for
the industry
The Travelers Institute provides
thought leadership on critical issues
facing our industry
– The Small BusinessBig Opportunity
initiative now in its third year
brought public offi cials small
business owners and other thought
leaders together in Chicago and
Boston to elevate the dialogue
around small business challenges and
opportunities
– The Institute’s third annual “Kicking
Off Hurricane Preparedness Season”
symposium brought business
owners and disaster preparedness
professionals to the New York Stock
Exchange to discuss lessons learned
from Storm Sandy
– We launched our Consumer
Insurance Education Symposia Series
in  The program off ers insights
and information about insurance
and personal safety to help people
make informed decisions on how to
protect their families and assets
– The Institute screened Overdraft
at more than  universities
This awardwinning nonpartisan
documentary made possible by
Travelers in collaboration with
public television highlights the
national debt and its implications for
individuals and US competitiveness
“We remain committed to underwriting
fundamentals as we adapt to changes in the
broader economic and business environment
and address emerging risks in new and
innovative ways.”