Company joins MIT’s Quest for Intelligence as Visionary member
MIT and Liberty Mutual Insurance announced today a $25 million, five-year collaboration to support AI research in computer vision, computer language understanding, data privacy and security, and risk-aware decision making, among other topics.
The new collaboration launched today at a meeting between leadership from both institutions, including Liberty Mutual Chairman and CEO David Long and MIT President L. Rafael Reif. The collaboration will span MIT’s five schools and be led by MIT’s Stephen A. Schwarzman College of Computing through the Quest for Intelligence, MIT’s research initiative focusing on the science and engineering of intelligence.
“With the Quest, MIT is working to accelerate progress on techniques and technologies that can help countless industries seize the transformative opportunities of AI. Our collaboration with Liberty Mutual will advance research in an interdisciplinary, problem-focused way that will feel very familiar to our community," says Reif.
“AI tools and technologies are reshaping industry, and insurance is no exception,” says Antonio Torralba, director of The Quest and a professor of computer science and electrical engineering. “We look forward to working with Liberty Mutual to develop methods to make AI systems fair, secure, transparent and more risk-aware.”
“We are excited to embark on this project with MIT and look forward to leveraging their leading AI research to identify, develop, and ultimately operationalize several transformational AI-enabled solutions,” says Long of Liberty Mutual. “Through this collaboration we intend to challenge the insurance industry status quo and be at the forefront of AI breakthroughs.”
Research topics under discussion include efforts to make decision making algorithms transparent to customers and regulators, use computer vision to reduce crashes by identifying dangerous driving conditions and roadways, further protect the anonymity and security of personal data, use computer language understanding to analyze insurance claims to speed processing and compensation, and structure investment portfolios.
“We are excited to be working with Liberty Mutual and hope that this represents the first of many such collaborations that will help us advance the science of machine learning and natural intelligence,” says Michael Sipser, dean of the MIT School of Science and the Donner Professor of Mathematics.
About Liberty Mutual Insurance
Liberty Mutual’s purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.
In business since 1912, and headquartered in Boston, Mass., today we are the fifth largest global property and casualty insurer based on 2017 gross written premium. We also rank 68th on the Fortune 100 list of largest corporations in the U.S. based on 2017 revenue. As of December 31, 2018, we had $41.6 billion in annual consolidated revenue.
We employ nearly 50,000 people in 30 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.