Liberty Mutual Group which is a Fortune 100 company that provides insurance and insurance services for individuals and companies alike. In the personal market, Liberty Mutual provides auto, home, and life insurance and they provide a 24/7 claims call center for customer service. In the commercial market, Liberty Mutual provides products like commercial auto, worker’s compensation, liability, and property insurance to large and small companies all over the world. Mission Statement: With our policyholders, we are engaged in a great mutual enterprise. It is great because it seeks to prevent crippling injuries and death by removing the causes of home, highway, and work accidents. It is great because it deals in the relief of pain and sorrow and fear and loss. It is great because it works to preserve and protect the things people earn and build and own and cherish. Its true greatness will be measured by our power to help people live safer, more secure lives.
Liberty Mutual has many strengths and they become a world leader in insurance by implementing these strengths in their day-to-day operations. Some of the most significant strengths I can identify include dedication toward employees, reputation, service quality, responsiveness, and financial stability. Liberty looks to make each and every employee an asset to the company. They pay for higher education in order to develop careers and enhance employee knowledge. Additionally, they provide incredible benefits and competitive pay. Liberty has a reputation of being a leader in commercial market insurance services like worker’s compensation and liability. They insurer some of the biggest companies in the world including Home Depot, UPS, Comcast and Pepsi. It’s no secret that their reputation helped secure the contacts for these companies. In order to build a reputation, Liberty Mutual had to do something outstanding for an extended period of time. In this case it’s customer service.
The Term Paper on Company Profile of The Home Depot
ANALYSIS #11. COMPANY BACKGROUNDThe Home Depot Inc. was founded in 1978 and is the world's largest home improvement retailer and the second largest retailer in the United States. The sales for the fiscal year 2000 were $45.7 billion, compared to $38.4 billion in fiscal 1999. As of January 2001, the company was operating 1,134 retail stores in forty-seven states, six Canadian provinces, Puerto ...
With commercial claims office strategically located throughout the U.S. and personal claims offices throughout the world, Liberty Mutual has providing award winning customer service for decades. Another strength that developed Liberty Mutual’s reputation is their responsiveness. Liberty Mutual has shown quick response times to catastrophic events like hurricanes, tornados and floods. They have claims representatives to disaster sites as soon as possible to help people get back to their normal lives. Lastly, Liberty Mutual’s financial stability is one of its biggest strengths. In their 2009 annual report, Liberty Mutual showed their revenues at just under $28 billion. Additionally, they reported to have just under $5 billion in cash and cash equivalents.
Being a fortune 100 company, Liberty Mutual does not have a lot of weaknesses but I can identify a few issues that need to be worked on. First is geographical coverage. The insurance industry is very competitive and growing globally is a big issue today. Liberty does have some personal market offices throughout the globe but not enough. Additionally, they need to expand the commercial market insurance to countries like China and India who have large workforces. Another weakness is personal insurance pricing. Liberty Mutual’s auto, home, and life insurance prices are drastically higher than other insurance companies and in order to compete they need to drop.
The Essay on Mutual Insurance Company of Iowa
The Mutual Insurance Company of Iowa has experienced a significant growth in sales within the last year, and in turn, has experiences a significant increase in insurance claims. After careful consideration and evaluation, the Mutual Insurance Company has elected to incorporate significant operational changes to meet the demands of the increased volumes. Specifically, incorporation of a lean ...
As stated before, Liberty Mutual has an opportunity to expand into a global market. Although they have some personal market claims offices in foreign countries, there is an incredible opportunity to expand that and commercial market insurance into countries with huge populations and workforces. Both China and India have over 1 billion citizens. The potential to sell auto, home, and life insurance to all these people would be unremarkably beneficial for the company.
There are few companies that threat Liberty Mutual’s commercial market insurance product. Liberty has high customer retention because of their quality customer service and highly regarded reputation. The biggest threat lies in the personal market insurance industry. Personal auto insurance is one of the most competitive markets in the world and Liberty Mutual has done a good job in the last decade building their product. However, it’s difficult to compete in an industry that is always changing and developing. Competitors are now offering more for less and turnover happens so often that it jeopardizes Liberty’s opportunities. Another threat affecting every business in the U.S. is the recent economic downturn. Operating a business through a recession is a difficult task that often involves tough decisions like lay-offs. Liberty Mutual has been no exception to this rule.