Comparion is slated to launch in 2022
Liberty Mutual will launch Comparion, a new insurance agency in 2022, upon approval by state insurance regulators. The new agency will assimilate and transition the more than 2,200 exclusive Liberty Mutual agents located in sales offices nationwide into one entity.
“Personal insurance buyers and small business owners want expert advice and broad choice in insurance coverage and price, and Liberty Mutual is better positioned to provide these by transitioning our exclusive agent operation to an agency model,” said Liberty Mutual President, Exclusive Agency Distribution, Global Retail Markets US, Chris Capone. “We are creating a digitally enabled agency of tremendous scale that provides our producers with best in class support along with a broad and deep product suite to serve their customers while accomplishing their financial goals.”
According to the company, Comparion will offer consumers tailored auto, home, and small commercial insurance options from both Liberty Mutual and more than 50 other national and regional carriers. Comparion, however, will be a separate entity from Liberty Mutual’s Safeco which offers insurance products exclusively through independent insurance agents.
Boston-based insurer also intends to hire hundreds as part of its plan
As part of its plan to launch Comparion nationwide, the company is also looking to hire hundreds of new sales professionals across the country. According to the company, it is offering potential Comparion agents the ability to receive “uncapped earnings” potential from base pay, as well as sales bonuses and both new and renewal commissions.
Liberty Mutual is currently the sixth-largest personal lines insurer in the country, the third-largest personal lines independent agency writer in the U.S., as well as the fourth-largest P&C writers in the United States (based upon 2020 direct written premium). Earlier this year, the Boston-based insurer also announced its agreement to acquire State Auto Group, a super-regional insurance company, adding approximately 3,400 independent agency partners to its network.
Similar to Liberty Mutual, as of July 2020 Nationwide completed its transition of its exclusive agents team to an independent model, while Allstate acquired National General in July of 2020 in order to expand its market share and to tap into a ready-built independent insurance agency network.