Integration of Insurtech Bolsters Lead Position in Embedded Insurance
BOSTON (May 9, 2022) – Liberty Mutual Insurance announced today the signing of an agreement to acquire certain technology assets of Insurance Portal Services, LLC (Fetch). The insurtech company’s platform allows auto manufacturers and dealers to integrate a seamless insurance solution for customers at point-of-sale. Fetch leadership will also join Liberty Mutual. The deal is expected to close during the second quarter. Additional terms of the transaction were not disclosed.
The acquisition allows Liberty Mutual to further its embedded insurance capabilities as a leading partner in the automotive industry. Fetch’s digital solution gives customers a one-stop experience for their insurance needs, offering comparative prices and policy options from Liberty and other carriers, presented to them at the point of vehicle transactions both online and at dealerships.
“Liberty Mutual has been at the forefront of the evolution of embedded insurance, delivering a seamless, value-based experience to the customer,” said Kara Shipulski, Liberty Mutual vice president, Strategic Partnerships Group. “Acquiring Fetch’s digital solution showcases our continued efforts to partner with auto manufacturers and dealers, and to find innovative ways to deliver peace of mind to our customers through customizable insurance solutions.”
Frederick Rector, Fetch chief executive officer, added, “Fetch has demonstrated that insurtech expertise and investment can be the perfect complement for incumbent/top carriers like Liberty Mutual, enhancing their capabilities in the marketplace.”
About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 71 on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com.