About
Insurers have the ability to go beyond traditional risk transfer to proactively predict & prevent risks. With Liberty+, we can inform and empower customers to develop behaviors that can help them be safe, while also containing the costs of the risks.
Innovation presentation
With Liberty+, we’re providing new digital tools and experiences to help customers effectively manage and mitigate risks in their homes. By doing so, we not only enhance the economic performance of our core products but also differentiate ourselves and deepen our relationships with customers. Since its initial launch in August 2022, we have developed a diverse range of digital risk mitigation experiences, which include:
• WeatherReady: WeatherReady empowers homeowners to build resilience against severe weather conditions through a personalized assessment and science-backed recommendations. We have expanded WeatherReady to cover various types of severe weather, including hurricanes, tornadoes, wildfires, and atypical cold weather. The response from our Liberty+ users has been strong, with close to 20% of WeatherReady users taking action to prepare their homes. Customer feedback has been positive with customer quotes such as, “Each season I am concerned about if, when and how I should prepare my house for the coming months. I appreciate Liberty’s email on preparing the house for winter. Giving me a detailed guide on how to prepare makes what seemed to be a monumental task, now doable. Thank you!” WeatherReady was recognized as a finalist in 2023 by Gartner on the Eye on Innovation Award.
• Electrical Fire Safety Mitigation: Through Liberty+, we distribute a 3rd party electrical fire safety IoT device, which scans the home electrical system to detect potential fire hazards. In the initial phase, we witnessed strong customer demand and encouraging mitigation activity, with installation rates exceeding 80% and an estimated loss prevention value of in the millions of dollars. “Thank you so much for Ting coming to my rescue when I didn’t even know there was a problem,” said a customer.
• Roof Health Assessment: Our Roof Health experience leverages aerial imagery to identify roof health issues and provide curated recommendations on how to mitigate those risks. This module has shown a high rate of customer engagement, with 15% of users taking proactive steps to address identified issues.
• Recover and Rebuild: Recover + Rebuild digitizes the claims process for denied claims, significantly reducing the time spent by adjusters gathering advice and recommendations for customers to help them recover from the losses they experience. After a successful proof-of-concept phase, our partners in Claims requested the nationwide scaling of this digital feature, which was implemented in the fall of 2023 and has already reached more than 7,000 customers.
• Appliance Care: Our newest module aims to facilitate preventive maintenance for major appliances and home systems. By proactively addressing maintenance needs, we aim to prevent breakdowns and ensure optimal performance.
Uniqueness of the project
Liberty+ extends Liberty Mutual’s role from that of traditional risk transfer to risk management and mitigation. Insurers are in a unique position to advise customers on the risks they are most likely to face and share in the benefit of preventing or mitigating that risk. While other insurers utilize maintenance advice, we bring maintenance advice into a single, curated digital experience for our personal lines customers. We tap into content sourced from insights from our own internal operations, compelling offerings from our strategic partners and even novel capabilities from portfolio companies in the Liberty Mutual Strategic Ventures fund. The results of these programs help prove that risk prevention is an important part of the future of our industry. We can mitigate risks, help our customers be safe, and effectively contain the cost of risk so insurance continues to be accessible and affordable in the future.
