Liberty Mutual recognized as one of the top companies in the U.S. for innovation
BOSTON (March 29, 2023) – Liberty Mutual Insurance has been named in Fortune’s 2023 list of America’s Most Innovative Companies, ranking number 84. The list, which published for the first time, evaluates product and process innovation, as well as a company’s innovation culture. The methodology is based on an external assessment from Statista Inc., the world-leading statistics portal and industry ranking provider.
“From inventing the modern version of the seat belt in 1957 to digital tools that help customers increase weather resilience, innovation is ingrained into who we are as a company,” said Liberty Mutual Insurance Executive Vice President, Chief Strategy Officer, Ann Stanberry. “That innovative spirit continues today through an open and inclusive culture that empowers employees to view business through a broad lens, explore new ideas and positively shape the world around us.”
Liberty Mutual is continuously developing capabilities to ensure the organization has a robust view of the world to enable rapid experimentation, better serve customers and support innovation across the company. Key examples include:
- Enterprise Innovation: With an enterprise-wide incubation hub (Solaria Labs) and technology organization that explores and incubates new projects, the organization is continuously sourcing, exploring and scaling applications to better serve customers, agents and employees.
- Venture Capital: An investment fund focused on engaging the start-up ecosystem with well-placed, strategic investments to generate market intelligence, identify new disruptors and deepen partnerships with new entrants.
- Strategic Partnerships: A portfolio of partnerships focused on opportunities to innovate, including a collaboration with MIT’s Quest for Intelligence to strengthen the company’s artificial intelligence capabilities.
- Employee Innovation: Underpinned by a culture of experimentation and continuous improvement, employees are empowered to take risks and develop ideas that position the company for growth and success. Liberty Mutual encourages employees to solve for today’s biggest business opportunities through large scale innovation challenges, hackathons and new ways of thinking that challenge the status quo.
The full list of 2023 FORTUNE America’s Most Innovative Companies and survey methodology can be found on fortune.com.
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About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2021 gross written premium. We also rank 78 on the Fortune 100 list of largest corporations in the US based on 2021 revenue. As of December 31, 2022, we had $50 billion in annual consolidated revenue.
We employ over 50,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com.
Media Contact: Molly Stern
