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CASE STUDY

How Liberty Mutual used the REIN Platform to launch an embedded insurance program

OVERVIEW

Complex insurance innovation, simplified.

Liberty Mutual is one of the largest global insurers and the third largest property and casualty insurer in the United States. The team at Liberty Mutual is driven by a culture of relentless problem solving and product innovation to continue delivering the most valuable products and services to their customers when, where and how they need them.

To adapt to the evolving digital insurance landscape, Liberty Mutual leveraged its strategic partnership with REIN to:

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Elevate and amplify its team

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Launch an emerging risk insurance program

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Expand its data analytics capabilities

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Meet ROI/business metrics

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Experiment and innovate without impacting core team and systems

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swift results with REIN

4x
speed-to-market
increase
4
channels for
customer choice
100%
digital experience
54%
of FNOLs reported
the same day

Liberty Mutual was ahead of the connected insurance curve. The team anticipated the impact of connectivity and digitization before it became widespread. In partnership with REIN, Liberty Mutual proactively developed products and services that could keep up with the evolving insurance landscape.

THE GOAL

The future of insurance, today.

In keeping with their problem-solving culture, Liberty Mutual’s innovation team challenged themselves with five core focus areas:

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Augment learnings and tactics around digital insurance models

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Increase speed-to-market for digital insurance programs

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Offer flexible insurance products such as UBI and annual policy hybrids

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Create embedded insurance experiences

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Achieve elite underwriting through advanced data visibility and analytics

“Our team is deeply cognizant of the challenges posed by our ever-changing world and how that impacts the current and emerging risks we have to understand and underwrite. In order to get ahead of this systemic shift in insurance, we had to act swiftly and embrace an inventive approach — that’s why we engaged with REIN.”
Brendan Smyth

Brendan Smyth 
Senior Vice President, Global Risk Solutions Innovation at Liberty Mutual Insurance

THE SOLUTION

A platform for simplified and flexible innovation

The strategic partnership stemmed from the challenges and opportunities that Liberty Mutual outlined for their business. The teams collaboratively explored solutions and created a tactical roadmap towards results.

Liberty Mutual’s ideal technology partner criteria includes:

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Deep technology, insurance and risk expertise

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Flexible platform approach that’s configurable to meet LM’s unique needs and goals

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Tech that’s designed for scalability and expansion

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Platform solution that enables innovation with ease

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Working with a talented team that has a track-record of successful growth in partnership with a global corporation

Why REIN?
REIN is a technology company powering complex digital insurance programs that seamlessly connects global brands with insurance capacity. Through our configurable platform and managing general agent license, REIN forges an innovate-as-you-go approach that allows global brands and insurers to explore new product and program opportunities based on their business’ unique needs. 
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PROGRAM

Embedded insurance for emerging risk

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Opportunity

$17B
Commercial drone market by 2024*

*Commercial Drone Market Report, February 2018 by GM Insights

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Problem

There is a market need for integrated and episodic commercial drone insurance solution and Liberty Mutual needed a platform that can help:

  • Handle the complexity
  • Transform data into decisions
  • Embed insurance experiences within leading drone points of sale
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Solution

Deploy the full breadth of the REIN platform to easily design, launch and manage a fully digital insurance program.

  • Technical
  • Operational
  • Regulatory
  • Eligibility
  • Rating
  • Full insurance lifecycle
  • Underwriting
  • Straight-through processing
  • Data science
  • First Notice Of Loss
  • Document generation
  • Marketing & customer support
  • Embedded distribution within POS

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On-demand drone insurance, available digitally, in real-time. 
“REIN’s simplified approach to insurance innovation transformed our ability to seamlessly deliver unique risk solutions and better understand emerging markets. With the REIN platform, we set out to solve critical gaps in the commercial drone insurance market: offering UBI; ability to secure insurance digitally, in real-time; and multi-channel product distribution through leading drone software and hardware ecosystems.”
Michael Gosselin-1

Michael Gosselin
Chief Underwriting Officer — Specialty at Liberty Specialty Markets

THE OUTCOME

Prudent path to results

Embedded Distribution

47
States where product is available

3
Brand integrations

Product Flexibility

100%
Digital experience

Episodic & Annual
Policies

Data-driven Underwriting & Eligibility

400+
Rating factors

1.8 billion
Telematics data points

Claims Optimization

100%
Digital FNOL report generation

54%
Of FNOLs reported
the same day

Customer Experience

24/7
Availability

<5mins
Insurance purchase process

Real-time
COI generation and addition of Additional Insured

Speed to Market

4x
Increase in speed-to-market for
digital insurance program

Interested in exploring how the REIN platform can augment your business?

Let’s get the conversation started.