Liberty Specialty Markets ‘Virtual Rooms Project’ wins innovation award

Carol-Baker,-Head-of-Customer-Proposition,-Liberty-Specialty-Markets

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has won a Financial Services Forum innovation award for its Liberty Virtual Rooms initiative. 

The virtual rooms project, launched as a response to the reduction in face-to-face meetings due to Covid-19, won Best Innovation in Distribution at the awards ceremony, having been hailed by the judges as ‘the standout winner’ in the category. Elaborating on their decision, the judges said that Liberty Virtual Rooms was ‘clearly hugely valuable to the business through lockdown’ and was ‘a strong tool…with benefits for consumers, enabling them to continue delivering their service’. 

Carol Baker, Head of Customer Proposition at Liberty Specialty Markets and one of the Virtual Rooms’ developers, said: “It’s wonderful that the Financial Services Forum has recognised the hugely positive impact of Liberty Virtual Rooms. Our aim in launching the initiative was to meet brokers’ needs during the difficult circumstances of the pandemic and enable trading to continue in as normal a way as possible online.  

“The market is moving quickly to adapt to digitalisation, and it was important not just to enable conversations to continue, but also trading, including quoting and binding transactions on whatever London Market platform brokers needed.  Making our underwriting teams available to brokers virtually is one step in our commitment to continue to do business in a changing environment.” 

The Liberty Virtual Rooms platform was developed in response to the reduction in face-to-face meetings between LSM staff and brokers because of lockdown. The web-based platform enables brokers to meet online with LSM business development, underwriting, claims and risk engineering teams and to trade electronically. It provides one-touch access via an SMS containing a link to the virtual meeting. An LSM concierge is available on the platform to assist with booking queries. 

Since its launch in October 2020, Liberty Virtual Rooms has now hosted over 7,000 meetings. 

Authored by Liberty Specialty Markets 

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About Liberty

Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US and other international locations.

We provide brokers and insureds with a broad range of products through both the Company and Lloyd’s markets and have over 1,700 staff in approximately 65 offices. Liberty Specialty Markets was established in September 2013 bringing together Liberty’s company, syndicate and reinsurance operations into one combined operation, composed of three business units: Commercial, Specialty, and Reinsurance (Liberty Mutual Re). This integrated approach means brokers and clients can benefit from our global reach and operating efficiencies.

Liberty Specialty Markets is part of global insurer, Liberty Mutual Insurance Group, a diversified global insurer, formed in 1912 and headquartered in Boston, Massachusetts. Liberty Mutual is the 5th largest global insurer based on 2017 gross written premium, with over 50,000 employees in 30 countries and economies around the world. Our purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.  We achieve this by offering a full range of personal, commercial, and specialty Property & Casualty insurance coverages. Our customers’ trust has earned us the 68th spot on the Fortune 100 list of largest corporations in the U.S., based on 2017 revenue.

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