The Travelers Companies, Inc. (NYSE: TRV) has announced that it has enhanced the ability to purchase its online personal insurance product, Traverse, with a mobile app utilizing image recognition technology, the company said.
Through this upgrade, customers can now purchase a policy in under a minute by using their smartphone to take a photo of the item they wish to insure and answering a few simple questions.
Traverse offers coverage options for a range of items, including laptops, mobile phones, musical instruments and jewelry, as well as personal liability, which can serve as an alternative to renters insurance. The entire process, from receiving a quote to filing a claim, can be done online or by phone. Consumers simply select the coverage they want and determine the limits that work best for their situation. The average Traverse policy can cover several items for USD 11 per month, and no-deductible options are available.
The app also lets users access a rewards program where they can refer friends to learn more about Traverse and complete other challenges to earn points, which are redeemable for gift cards.
The Traverse app was developed in partnership with Pineapple, an insurtech startup that originated in South Africa and relocated to Hartford, Connecticut, to become part of the insurtech accelerator Startupbootcamp. Pineapple won Connecticut Innovations´ VentureClash competition in 2019 and has grown significantly in the past year with its innovative approach to personal insurance.
The Travelers Companies is a provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately USD 32 billion in 2019. For more information, visit www.travelers.com.