How Liberty Mutual used the REIN Platform to launch an embedded insurance program
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:
Elevate and amplify its team
Launch an emerging risk insurance program
Expand its data analytics capabilities
Meet ROI/business metrics
Experiment and innovate without impacting core team and systems
swift results with REIN
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 future of insurance, today.
In keeping with their problem-solving culture, Liberty Mutual’s innovation team challenged themselves with five core focus areas:
Augment learnings and tactics around digital insurance models
Increase speed-to-market for digital insurance programs
Offer flexible insurance products such as UBI and annual policy hybrids
Create embedded insurance experiences
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.”
Senior Vice President, Global Risk Solutions Innovation at Liberty Mutual Insurance
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:
Deep technology, insurance and risk expertise
Flexible platform approach that’s configurable to meet LM’s unique needs and goals
Tech that’s designed for scalability and expansion
Platform solution that enables innovation with ease
Working with a talented team that has a track-record of successful growth in partnership with a global corporation
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.
Embedded insurance for emerging risk
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
Deploy the full breadth of the REIN platform to easily design, launch and manage a fully digital insurance program.
- Full insurance lifecycle
- Straight-through processing
- Data science
- First Notice Of Loss
- Document generation
- Marketing & customer support
- Embedded distribution within POS
“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.”
Chief Underwriting Officer — Specialty at Liberty Specialty Markets
Prudent path to results
States where product is available
Episodic & Annual
Data-driven Underwriting & Eligibility
Telematics data points
Digital FNOL report generation
Of FNOLs reported
the same day
Insurance purchase process
COI generation and addition of Additional Insured
Speed to Market
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.