Liberty Mutual Continues to Harness Artificial Intelligence to Enhance Commercial Insurance Underwriting
Latest Initiative Speeds and Simplifies Underwriting by using Artificial Intelligence to Deliver Clean, Structured and Enriched Information for Specific Accounts
BOSTON (May 7, 2020) – Liberty Mutual cut the average time to extract loss data for mid-size and large accounts in half by using artificial intelligence to more quickly identify and understand current and prospective accounts’ loss history, and to automatically feed that information to underwriters.
The result is faster underwriting that yields competitive quotes reflecting each account’s loss experience.
“We use AI to enhance risk selection, speed underwriting and add even greater value to our broker partners by identifying growth opportunities,” said Liberty Mutual Vice President and Manager, Underwriting Strategy & Excellence Sandeep Haridas. “In our latest initiative, we partnered with Groundspeed Analytics, a leading data science company, to transform unstructured documents into structured, enriched and clean information, and to more quickly get that data to specific underwriters to use in discussions with brokers and customers.”
The partnership with Groundspeed is the latest way Liberty Mutual’s National Insurance operation uses artificial intelligence to enhance underwriting and service. Last December, that operation – which provides a full range of primary commercial insurance products and services to mid-size and large companies through brokers – announced a partnership with Intellect SEEC. That program harnesses the power of big data to more proactively identify target opportunities with individual brokers and develop custom solutions for customers.
###
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 2019 gross written premium. We also rank 75th on the Fortune 100 list of largest corporations in the U.S. based on 2018 revenue. As of December 31, 2019, we had $43.2 billion in annual consolidated revenue.
We employ over 45,000 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.
