March 23, 2020
The insurance industry isn’t known for innovation. But one insurer is leveraging new technology to meet evolving customer needs.
For more than a century, Liberty Mutual has insured people and businesses around the world, and by focusing on customer-centric innovation, they have been able to better anticipate customer needs and build services that make their customers’ lives easier.
The Liberty Mutual Renters API is a great example. Across the sector, renters insurance is a widely under-utilized product. Despite the low cost and valuable protection offered by having renters insurance, only 37% of renters have the coverage, according a 2017 report from the Insurance Information Institute.
So, Liberty Mutual stopped to reflect on a few things, like: What do potential customers really want? Where do they spend their time? And how can we reach them in new ways?
Today’s consumers increasingly favor digital ecosystems. Take Amazon, for example, where people can now buy diapers, have groceries delivered and even get smart cameras installed in their house. One site for a thousand services. And people love it.
This sparked an idea. When considering these evolving customer expectations -- plus the popularity of open insurance technologies and a growing rental market -- Liberty Mutual saw a clear path for how to reach a broader customer base for renters insurance.
Reaching customers in new ways
The Liberty Mutual Renters API is a quote-and-purchase tool that allows partners to integrate a Liberty Mutual renters insurance offer directly into their app or website. The API streamlines the quoting experience by using certain prefill information from the partner, allowing customers to easily add renters insurance without ever leaving the partner’s platform.
For any company that caters to renters -- say an apartment finder website or a mover -- offering a simple way to purchase renters insurance is a value-add for customers.
This culminates in a win-win-win for all parties. Partners can offer a better customer experience, consumers can easily purchase a 12-month renters insurance policy with a few clicks (which sometimes they are required by their landlord to have), and Liberty Mutual can reach more potential customers.
Customer-focused technology from a trusted provider
While an insurance API may not be a new concept in the industry, Liberty Mutual is creating a niche: a technology capability with the name recognition, stability and resources that come with 100+ years in business. People know Liberty Mutual. And now they can get a modern service from a name they trust.
From a technical perspective, the Liberty Mutual Renters API stands out in several areas. The API is a cloud-based, containerized microservice with automated on-demand deploys. This means customers automatically stay current with the latest features. And since the API adheres to REST’s client-server model, partners control the look and feel of the user experience.
Integration is streamlined for partners as well. The API uses easy-to-read JSON to ensure that deep insurance knowledge isn’t required to integrate. And Liberty Mutual’s detailed OpenAPI Spec and illustrated integration document make it quick and easy for partners to add the renters insurance offer to their website or app.
With its Renters API, Liberty Mutual takes customer-centricity to a new level. By embracing open insurance technology to better serve customers, Liberty Mutual has been able to broaden its reach and create a new revenue stream through partnerships.
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