Personal Markets, which sells under the Liberty Mutual Insurance brand, offers automobile, homeowners and personal property and casualty insurance coverage, as well as a wide range of life and annuity products, to individuals in the United States. Using a multichannel platform, it distributes its products through more than 2,200 licensed local sales representatives, approximately 500 licensed telesales representatives, third-party producers and the Internet.
Personal Markets’ largest source of new business is its 13,500 sponsored affinity group relationships, including employers, professional and alumni associations, credit unions and other partnerships. Personal Markets’ affinity program is the industry’s most sponsored voluntary auto and home insurance benefit.
The U.S. personal lines marketplace remained extremely competitive in 2011 as dramatic increases in advertising continued to drive consumer shopping. Despite these competitive pressures, Personal Markets was among the fastest-growing personal lines insurers in the country.
Also making 2011 a challenging year for Personal Markets and the entire personal lines industry was the weather, as record catastrophes and severe storms throughout the U.S. impacted earnings. Despite the high volume of claims resulting from these events, Personal Markets’ claims professionals handled every claim with professionalism and compassion, demonstrating outstanding service to customers when they needed us most.
Personal Markets generated strong new business growth across all distribution channels. Online shopping fueled much of this growth, as consumers increasingly start the shopping process online, even though they prefer to complete the purchase in person or over the phone. Personal Markets’ industry-leading affinity marketing program also remained a key driver of new business growth.
In 2011, Personal Markets continued to enhance its market position through the growth of all distribution channels, the development of a new Internet quoting application, ongoing expansion of online and mobile capabilities, the development of a new market-leading claims system, and the expansion of its auto, home and life product offerings.
With significant growth and a strong operational foundation in place, Personal Markets is well positioned for the future.