Liberty Mutual Holdings Company - Digital transformation strategies

Liberty Mutual Holdings Company - Digital transformation strategies

Summary

This report provides insight into Liberty Mutual's tech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Liberty Mutual Holding Company (Liberty Mutual) is a property and casualty insurance company. The company, through its subsidiaries and affiliated companies, offers a range of personal insurance and business insurance solutions to individuals, families, and businesses. It offers insurance products for homeowners, commercial multi-peril, property, general liability, commercial automobile, surety, workers compensation, and specialty lines. It also offers employee benefits insurance, health insurance, marine insurance, construction insurance, energy insurance, trade credit insurance, aviation insurance, and crisis management insurance.

Launched in September 2015, Solaria Labs is Liberty Mutual’s technology incubator. It partners with teams across Liberty Mutual to develop new products that address customers’ unmet needs. Solaria Labs has three centers: Solaria Labs US, Solaria Labs East, and Solaria Labs West.

B3i was launched in October 2016 by a group of insurance and reinsurance companies in order to explore the potential use cases of blockchain technology in the insurance industry. As of May 2022, B3i comprised over 20 insurance and reinsurance companies from different parts of the world. The consortium is engaged in developing blockchain-based applications for commercial insurance and reinsurance administration. Liberty Mutual joined B3i to explore different use cases of distributed ledger technology in its operations.

Scope

Liberty Mutual is applying artificial intelligence (AI) to convert unstructured documents of companies into structured data, extract loss history data, and share loss history data with underwriters. This allows Liberty Mutual to write commercial insurance policies quickly and precisely for companies as per their individual loss histories. The company has also leveraged AI to help its commercial policyholders protect their employees from workplace injuries. The company’s AI powered ErgoValuator app captures different parameters of workplace tasks and analyze injury risks associated with them.

Liberty Mutual is tapping into data analytics to better understand its customers and write insurance policies as per their requirements. Data analytics tools allow Liberty Mutual to consolidate, analyze, and extract actionable information from numerous third-party data sources such as government records, industry data, and court filings.

The insurance company has adopted a serverless computing model, in which the cloud service provider operates and allocates servers as per workloads. By adopting serverless computing, the company was able to reduce cloud management costs as Liberty Mutual is only charged when its code is running on the servers. This highly granular, pay per use method is more cost effective than other computing models.

Liberty Mutual launched various cybersecurity initiatives to protect its digital assets. The company created a role called product owner, cybersecurity awareness; it is responsible for establishing and managing cybersecurity culture across the organization. The company has been increasing awareness about cyberattacks, cybersecurity, and cyber resilience through communication campaigns and training classes.

Reasons to Buy

• Gain insights into Liberty Mutual's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnerships, investments, and acquisition strategies.