Liberty Mutual is the sixth largest global property and casualty insurer. Liberty Mutual offers a wide range of insurance products and services, including commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
Properly evaluating submission documents is one of the most critical aspects of the underwriting process, but it often requires significant manual effort. Liberty Mutual’s required manual processing often led to delay in issuing quotes, less than optimal risk selection, and resulted in significant data loss.
Groundspeed leverages the available data in various types of submission documents with a data-first approach. Groundspeed’s Rapid Fusion Data Pipeline extracted, cleaned, and transformed submission documents automatically and created a continuous delivery of detailed account, exposure, and claim data to Liberty Mutual’s new underwriting system.
With time to extract submission data down 50%, Liberty Mutual’s underwriters are now freed of manual entry and are able to devote more time to writing business. Groundspeed enabled Liberty Mutual to make better risk selections, improve time-to-quote, and deliver better customer service. A brand new data set highlights competitor rate sufficiency and loss development trends.