In response to COVID-19, Liberty Mutual announced updated guidelines for their 2020 commercial lines profit-sharing agreement and will waive the 10% written premium growth requirement to earn a profit-sharing bonus.
Today, Liberty Mutual Insurance announced that they are rolling out updated guidelines for their 2020 commercial lines profit-sharing agreement and will be waiving the 10% written premium growth requirement to earn a profit-sharing bonus.
As the COVID-19 pandemic continues to affect both independent agents and brokers and their customers, the move was taken as a result of feedback offered during the National Agent Advisory Council annual meeting. The update is effective immediately and serves as an investment in the insurer’s independent agent andbroker partners.
“As your carrier champion, you have our unwavering support through both times of growth and times of adversity,” said Tyler Asher, president, independent agent distribution at Liberty Mutual Insurance, and Jeff McFarland, senior vice president, Liberty Mutual Insurance, in a joint statement. “Today, that means adjusting our 2020 compensation guidelines to better support you and your business as COVID-19 continues to create hardship in communities across the country.”
In the coming days, agents and brokers can expect to hear from their regional field executive with further details and the official amendment. In the meantime, territory managers or branch executives are the best resource for any immediate questions, noted the statement.
“Liberty Mutual has been a leader in working with their independent agents during the pandemic to ensure they have vital resources during a time of need,” said Bob Rusbuldt, Big “I” president & CEO. “Waiving their written premium growth requirement to earn a commercial lines profit-sharing bonus is a huge help for independent agencies.”
“Independent agencies’ small business clients have been hit hard by COVID-19. This is the right move at the right time—major kudos for this move,” he added.
In April, Liberty Mutual and Safeco Insurance gave personal auto insurance policyholders a 15% refund on two months of their annual premium through their Personal Auto Customer Relief Refund program.
The initiative returned $250 million to Liberty Mutual and Safeco auto insurance customers and has been working in tandem with other support features, such as flexible payment options and coverage expansion for policyholders who used their personal vehicles to deliver food and medicine.
Will Jones is IA managing editor.