Commercial Markets offers a wide array of property and casualty (P&C) and group benefits insurance coverage through independent agents, brokers and benefit consultants throughout the United States.
Commercial Markets P&C provides commercial lines products and services to midsized and large businesses. Group Benefits furnishes midsized and large businesses with group life and short- and long-term disability insurance products and administrative services. Summit sells workers compensation coverage in the Southeast, primarily to small businesses. Liberty Mutual Reinsurance provides reinsurance programs for domestic and foreign insurance and reinsurance companies. Commercial Markets is also a servicing carrier for state-based workers compensation involuntary market pools.
Catastrophes and severe weather-related events were “the story” in 2011, and Commercial Markets’ catastrophe losses, and those for the U.S. commercial lines industry as a whole, were substantially higher than anticipated. Despite this challenging environment, Commercial Markets made significant strides toward realizing its goal of long-term, profitable growth.
Topping the list is Commercial Markets’ workers compensation claims next-generation predictive model, the latest addition to the Liberty Mutual Insurance VantageCompTM integrated approach to claims management. This predictive model helps to more quickly and accurately identify claims with the potential to escalate well beyond the norm, and apply the proper resources to deliver the best possible outcomes for injured employees and their employers.
To further enhance its partnership with brokers and agents, Commercial Markets combined three former service functions into a single, easier-to-access organization, and expanded its underwriting footprint on the East and West Coasts to better align with key distribution partners.
Commercial Markets P&C also continued its push for product diversification in 2011. Primarily a workers compensation insurer just a few years ago, its product mix is much more diverse today, thanks in large part to a focused effort to expand its underwriting appetite across all lines. Additionally, Commercial Markets developed and implemented more sophisticated pricing tools to ensure the proper focus on profitability as it expands its book across lines. Commercial Markets’ other businesses—Group Benefits, Liberty Mutual Reinsurance and Summit—continued to invest in building expertise and relationships, while maintaining a strong presence in challenging markets.
Today, with an exclusive focus on agent and broker distribution, and reorganized in a cohesive, functional structure, Commercial Markets, together with its committed and engaged employees, is in a solid position for future profitable growth.