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Marketing Management Individual Project: Final Project
Savannah Schaefer
School of Business, Liberty University
Author Note
Savannah Schaefer
I have no known conflict of interest to disclose.
Correspondence concerning this article should be addressed to Savannah Schaefer
Email: sschaefer@liberty.edu
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Marketing Management Individual Project: Final Project
Discover Marketing Management
Liberty Mutual Insurance was established in 1912, originally providing workers
compensation insurance. Over the past 100 years, Liberty Mutual has expanded to over thirty
countries providing property, auto, causality, commercial, risk, and many other forms of
insurance to customers across the globe (Our History). The corporation grew quickly as they sold
their first auto policy in 1918. Liberty Mutual has done far more than just sell and provide
insurance throughout their history including pioneering escalator safety in 1946, created a
“safety car” with Cornell in 1957, and even help create the first battery-powered prosthetic
elbow in 1967 (Our History). In 1973, Liberty Mutual expanded outside of Northern America
and established their first operations in the United Kingdom, officially becoming a multinational
corporation. Since 1912, Liberty Mutual Insurance has continued to expand and is now the sixth
largest global property and causality insurer as of 2020 (Our History). In Acts 20:35, Paul states,
“In all things I have shown you that by working hard in this way we must help the weak and
remember the words of the Lord Jesus, how he himself said, “It is more blessed to give than to
receive” (English Standard Bible, 2001). Within this section of scripture, as a Christian
businessperson, while there may be great success in the business world, being able to provide
people with quality services is far more important than gaining large profits. This sentiment is
something that can be seen throughout Liberty Mutual’s marketing and advertising strategies. In
this way, Liberty Mutual focuses more on being a caring and customer centered company which
is how they have been able to become highly profitable over the last century.
In 2014, Liberty Mutual Insurance Group unveiled a new advertising campaign to help
current and prospective customers “see car insurance in a whole new light.” In this campaign,
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everyday Americans talk about everyday insurance problems that Liberty Mutual offering clear
solutions to these issues (New Advertising and Brand Campaign, 2014). Within these 30 and 60
second commercial, the protagonist of the commercial speaks directly to the viewers in front of
the Statue of Liberty describing annoyances or issues with their personal insurance. The
commercial then explains how Liberty Mutual is able to provide clear solutions with their
different products including Accident Forgiveness, Lifetime Repair Guarantee, and Better Car
Replacement (New Advertising and Brand Campaign, 2014). These ads can be seen across an
array of platforms including Facebook, YouTube, Twitter, and cable networks.
Over the past century, Liberty Mutual Insurance has been known for their quality of
services and fairly priced insurance products. According to their website, “Liberty Mutual [has]
committed ourselves to providing broad, useful and competitively-priced insurance products and
services to meet our customers’ ever-changing needs” (About Us). Over the years, Liberty
Mutual has stayed true to this mission as they are the third largest property and causality insurer
in the US according to the National Association of Insurance Commissioners. Along with this
highly esteemed recognition, Liberty Mutual has also been highly awarded by many
organizations including being in the top 100 companies in PEOPLE Magazine’s Companies That
Care, third Best Workplaces for women in the UK, and recognized by Forbes as a 2021 Best
Employer for New Grads (Awards and Recognition).
Liberty Mutual Insurance Group leans in heavily on their customizable insurance
offerings so you “only pay for what you need.” Liberty Mutual works to be different than their
competitors as they advertise selling only what the customer needs not simply every additional
coverage that is not needed. Liberty Mutual also has many unique services they offer to their
clients that is appealing compared to some other large insurance companies. These services
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include Accident Forgiveness, Lifetime Repair Guarantee, and Better Car Replacement. With
these programs available for their customers, Liberty Mutual has an edge on competition as they
are offering a program or serve that other competitors do not have. This difference allows Liberty
Mutual to market themselves as a caring company that provides their consumers with the
products and services they want or need and nothing additional or “gimmicky.”
Since Liberty Mutual Insurance Group is one of the leading companies in the insurance
industry, they have many strengths that allow them to strive in the marketplace. Liberty Mutual
does very well in the areas of distribution networks, product innovation, and has been able to
expand by acquiring several technological companies to help support a reliable supply chain.
While Liberty Mutual does well at acquiring other companies, one of its most prevalent
weaknesses is being able to integrate with firms that have different work cultures (Fern Fort
University). When navigating a merger or acquisition of another company, as a Christian
businessperson, the Bible teaches ideas of justice, mercy, and humility, specifically in Micah 6:8:
“He has told you, O man, what is good; and what does the Lord require of you but to do justice,
to love kindness, and to walk humbly with your God” (English Standard Bible, 2001)? In this
sense, it is important to understand that when acquiring a new company, one must do so in
humility and kindness so that both parties are heard and cared for adequately. Liberty Mutual
also tends to struggle with expanding into other sectors of business and seem to be limited to
success inside of their core business areas. As the market continues to change, this gives way to
many opportunities for corporations such as Liberty Mutual. Many opportunities may come from
using the online channels to bring in new customers as well as changes in customer behavior can
open new markets to diversity products (Fern Fort University). The final area of the SWOT
analysis is that of threats. Some threats that many come to light for Liberty Mutual is changes in
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local distributors where people would prefer to shop locally than with a large corporation. There
is also a shortage of skilled workers in certain global markets which may become a threat to the
profits of Liberty Mutual. Coupled with this is the rising pay level to a minimum of $15 and
increase in production through some countries. This increase in pay will cause a decrease in
profits for many corporations and Liberty Mutual would be a corporation that may be affect by
this change (Fern Fort University).
Use Information to Drive Marketing Decisions
When conducting research regarding Liberty Mutual Insurance Group’s present and/or
potential customers, it is important to understand the demographic of customers. Since Liberty
Mutual offers both personal and commercial insurance policies across multiple countries, their
demographics and purpose for using their services can vary greatly. Unlike some companies that
specifically target a certain group of people, in an industry such as insurance where almost every
individual needs at least one type of policy, their marketing is going to be less specialized to a set
of people and more towards a set of needs. Due to this, using descriptive research would be most
beneficial to better understand why someone would be choosing Liberty Mutual over another
corporation rather than understanding the need or desire for their services (Marshall & Johnson,
2019).
There may be many external forces that affect Liberty Mutual’s marketing as the market
changes and the thought process behind consumer’s decision in insurance. One large external
factor that can affect sales is that of the economic conditions of the country. While small
economic changes may not affect sales too greatly as most times people are not selling assets in a
time of small economic decline, large and drastic changes may negatively affect sales. If the
country goes into a long-term recession that affects the number of assets the average household
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or company possesses, there may be less insurance policies causing a decline in sales. Due to this
a marketing department will need to advertise towards the policies people are keeping.
Additionally, competition will drastically change the way a company may need to market. If
another company is doing well at selling similar products at a lower rate or bringing in more
customers rapidly, this can greatly affect how Liberty Mutual would want to advertise to current
and prospective customers.
Within customer relationship management (CRM), there are three main objects: customer
acquisition, customer retention, and customer profitability (Marshall & Johnson, 2019). For
Liberty Mutual, it is important not only to acquire new customers but also the ones that will be
most profitable. If a new car insurance policy comes from a customer with many accidents and
tickets, this may not be the most profitable person to insure. Secondly, to be able to retain
customers, it is important for a CRM program to establish good customer relations as give
customers a satisfied experience with agents and pricing (Ruefenacht, 2018). Finally, to have
customer profitability a company must be able to increase customer use and providing products
at the right time. For a company such as Liberty Mutual, simply having a customer may not be
enough as people often have multiple insurance policies. By providing services across many
different areas such as property, auto, renters, and many other types of policies, it can increase
profitable as a customer brings more and more business to the corporation with each asset they
possess.
For prospective and current consumers of Liberty Mutual products, there is a vast variety
of characteristics and demographics that will be purchasing their products. Due to the nature of
insurance, almost every adult has at least one insurance policy whether that be home, auto,
property, renters, and many more. Due to the vast variety of personal characteristics of
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consumers, Liberty Mutual must look more closely at psychological attributes as this will be the
deciding factor for consumers to choose their insurance policies over a competitor. The
psychological attributes that may affect consumer choices are motivation, attitude, perception,
learning, and personality (Marshall & Johnson, 2019). One of the strongest motivators for
consumers to choose Liberty Mutual is due to their lower prices in comparison to other large
insurance companies as well as the uniqueness and flexibility of their policies. Consumers will
also be affected largely by their perception of the company. Liberty Mutual is known for their
good reputation and fairness with customers. As written in Psalm 106:3, “Blessed are they who
observe justice, who do righteousness at all times” (English Standard Version, 2001). This
practice can be seen all throughout Liberty Mutual’s business ethics as they are passionate about
fair pricing and caring for their customers. Due to these factors, Liberty Mutual would and does
very well to focus in on their unique policies and care for their customers.
In the past decade, television and social media advertisements for large insurance
companies have been far more popular and impressionable. Due to this, how an insurance
company positioned themselves in the market will greatly affect their new sales and return
customer rates. For Liberty Mutual, they have positioned themselves to be attractive to the
everyday American as a unique and affordable choice in insurance company. In their current
most popular advertising campaign and slogan, Liberty Mutual makes it a point to show they
believe in “only pay for what you need.” Like many other insurance advertisements, Liberty
Mutual uses humor to help sell their products while also showing that they offer unique and
personalized policies. By positioning themselves in this way, it allows for current and
prospective consumers to feel that they are not overpaying for their products and are being
treated fairly by their insurance company.
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Develop Value Offering Product Experience
For a large corporation such as Liberty Mutual Insurance Groups, they have gone through
an extensive change in the number of products they have offered since opening their doors in
1912. Starting as a small insurance company providing workers compensation, Liberty Mutual
has grown to offer a variety of auto and vehicle, property, business, life, and an array of other
types of insurance policies to their customers. Within marketing, it is important to creating
groupings of products also known as a product line. When a customer first visits Liberty
Mutual’s website, they are easily able to find multiple product lines to better understand the
options of insurance policies that Liberty Mutual provides (Liberty Mutual). By grouping their
policies on their website under Auto & Vehicle, Property, and Other Insurance, a current or
prospective customer is able to better identify what type of insurance they may need and decide
if Liberty Mutual will be able to provide the type of coverage they will need.
Within any company’s life cycle, there are four different phases: introduction, growth,
maturity, and decline (Marshall & Johnston, 2019). For Liberty Mutual Insurance Group, since
they are a well-known and well-established company, they have now moved into their maturity
phase as they have made a name for themselves and are no longer trying to differentiate
themselves from competitors. When in the maturing phase of the life cycle, it is important for a
corporation to know how to stay relevant and continue to have increased revenue. While the
revenue will not increase at the same rate as when they were in growth, Liberty Mutual continues
to see increases in revenue each year due to their quality products, effective marketing, and
equity in the market. In 1 Thessalonians 5:18, the author writes, “give thanks in all
circumstances, for this is the will of God in Christ Jesus for you” (English Standard Version,
2001). When a company reaches a point where they are no longer bringing in large quantities of
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revenue but begin to see return customers, it is important to be grateful for the resources given to
them by Christ.
One of the main branding items uses to set themselves apart from other corporations that
Liberty Mutual uses is that of flexibility and cost efficiency. Liberty Mutual has carved a space in
the market for itself as customizable. This is apparent in their slogan, “pay for what you need”
(Stein, 2019). Liberty Mutual has done research on their customers and found an overwhelming
number of their customers want coverage options but don’t want to have coverage if they do not
truly need it. This is where Liberty Mutual’s “pay for what you need” equity comes in. By
creating a marketing system and products that allow for flexibility and customization, Liberty
Mutual has built a specific brand for their customers that allows the customer to be in control of
what insurance they truly need.
When making branding decisions, one of the first things Marshall and Johnston (2019)
discuss is the difference between stand-alone and family branding. For Liberty Mutual, this
corporation would be categorized as family branding as they are their own parent company and
brand in one. This means that if the company’s reputation is good, then so is the brands. Due to
the nature of family branding, this has limitations and can negatively affect the corporation.
However, in the case of Liberty Mutual, their brand and company’s reputation is highly
respectable. Due to the corporation’s customizable branding style, Liberty Mutual has recently
started using their marketing campaigns to show this flexibility in their policies. In recent years,
Liberty Mutual released their new line of advertisements that feature a buddy cop team – Limu
Emu and Doug. The purpose of this campaign is to not only be memorable to viewers but also to
explain to viewers that “it’s a crime to pay for one-size fits all insurance” (Stein, 2019). By using
these characters in their advertisements, Liberty Mutual has been able to better express to current
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and potential customers that their insurance policies are not only affordable but also flexible for
what they need. In 1 Thessalonians 5:21, it is written, “but test everything; hold fast what is
good” (English Standard Version, 2001). Here the author is reminding readers that when trying
to assist others, specifically with a service, it is important to do what is good for others not
simply what works best for you. Liberty Mutual has shown to understand this sentiment as they
focus more on catering to consumers rather than bringing in extensive amounts of revenue.
Within post-sales services, depending on the type of product or service being provided,
customers will have different expectations from the company. With a service such as insurance, it
is mostly intangible until needed. For most customers of Liberty Mutual, insurance is something
they will mostly forget about until they are in an accident, or something happens to their assets.
For customers with Liberty Mutual Insurance Group, there are many ways to utilize their policy
when needed. Liberty Mutual not only offers the ability to file a claim, make payments, and
review policies through their website but also gives customers access to all these features
through an app as well (Customer Support). For customers who would prefer to speak with an
agent, Liberty Mutual also offers around the clock customer support and Roadside Assistance.
With these additional features that are provided to customers, they are no longer required to wait
until normal business hours to get peace of mind that their insurance will assist them in times of
need. In Philippians 2:4, Paul writes “let each of you look not only to his own interests, but also
to the interests of others” (English Standard Version, 2001). In relation to Liberty Mutual’s
business practices, they have been able to provide services for their customers that have their
best interest and provide each customer with more opportunities than ever before.
Price and Deliver Value Offering
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When reviewing pricing in an industry such as insurance, since there are so many options
for who will provide insurance, most businesses will use competitor-based pricing to show
consumers that their company and products will be the best option. Regarding Liberty Mutual
Insurance Group, when reviewing their website, a consumer will see that they are able to not
only get a quote for what their insurance bill may look like but also are able to compare this price
to other large insurance organization. When there are hundreds of options for insurance,
especially for a regular customer, knowing who will give the best coverage at the best price is
what will be the main focus. By using competitor-based pricing, a company is able to adequately
compete with other companies in the market while also being profitable (Fisher et al., 2021).
Within insurance, the market is flooded with many different options and slogans various
corporations will use. While Liberty Mutual focuses in on their personalized approach to
insurance to show they people are paying less due to only having polices with what they need,
another avenue that would be profitable is bundling pricing tactics (Marshall & Johnston, 2019).
Many insurance companies use a promotion of bundling home and auto insurance to give
customers a cheaper overall price for two policies. This tactic not only allows customers to get a
cheaper overall rate for their needed insurance policies but also brings in more business for the
company rather than only have one policy per client. One study found that, on average,
customers will save 14% if they were to bundle home and auto insurance with a specific
company (Lamberg & Gusner, 2021). With this information readily available for consumers,
Liberty Mutual may consider bundling their products together as to better compete with other
companies.
Due to the nature of insurance not being a tangible product or service, their style of
distribution will be different than most other services. Insurance itself it not something that one is
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able to buy and hold in their hands but is instead a contract of “what-if” scenarios. Due to this,
distribution of Liberty Mutual’s policies are mostly done through exclusive distribution. By
being exclusive in their distribution, a customer must go directly to Liberty Mutual when trying
to buy or update their insurance policies. This style of distribution allows Liberty Mutual to talk
directly with their customers and no other employees or services will affect their chance of sales.
With Liberty Mutual being an insurance company, their options for distribution channels
are limited. Specifically with this corporation, they use agents to distribute their policies. With
agent distribution, agents are hired directly by the company to negotiate purchases and sales to
customers (Marshall & Johnston, 2019). This allows customers to talk directly with one person
each time they need to discuss an aspect of their policy rather than going to a different person or
a general store anytime they need assistance. In Proverbs 11:17, the author states, “a man who is
kind benefits himself, but a cruel man hurts himself” (English Standard Version, 2001). For those
who are in a customer service position such as an agent, kindness and care for customers is of
utmost importance.
In an industry such as insurance, there is no tangible product or service being provided
until something happens when insurance is needed. Due to this, Liberty Mutual utilizes much of
electronic modes of communication to provide services to their current and potential customers.
Like many large corporations, Liberty Mutual provides customers with access to an app that
allows them to become more familiarized with their policy and have access to important
information. On the Liberty Mutual app, customers have access to ID cards, safe driving
programs, the ability to make minor changes to policies, call Roadside Assistance, file a claim,
upload photos of damages, and receive status updates on claims (Liberty Mutual). By providing
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products such as an app for customers, Liberty Mutual has been able to make an intangible
service into something that has tangibility.
Communicate the Value Offering
For each company, there are a plethora of different promotional elements they will use to
better inform, persuade, or remind current or potential consumers about their products and
available promotions (Marshall & Johnston, 2019). For Liberty Mutual, they often use a
combination of digital and social media marketing, advertising, and public relations. Like most
corporations, Liberty Mutual uses their social media presence to better advertise to current and
potential customers by reminding them of their low prices and personalized policies. Similarly,
like many other large insurance companies, Liberty Mutual also takes full advantage of
advertising to market towards their target audience through tv commercials. Currently, Liberty
Mutual has an array of commercials airing to help promote their products and explain how they
are different than other companies.
For a company such as Liberty Mutual, they mostly use a pull strategy to bring in new
and existing clientele. In a pull strategy, a corporation will use a combination of advertising,
customer-directed sales promotion, PR, and/or direct and interactive marketing (Marshall &
Johnston, 2019). Much of Liberty Mutual’s marketing comes in the form of television and social
media advertising. This strategy works well for the corporation as they are one of the largest
multinational insurance companies and are able to target towards a plethora of audiences. Since
insurance is something most every person uses, being able to advertise to the masses works well
in their favor.
Like most companies, Liberty Mutual was quick to start using social media to help
promote their products and begin interacting with current and potential consumers more. In
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2013, Liberty Mutual Insurance introduced a Social Media Center of Excellence to help improve
their social media presence. The Social Media Center of Excellence was created to focus on all
social engagement including real-time customer service and breakthrough conversations in the
social space (Social Media Center of Excellence, 2013). Additionally, this area of the corporation
is also used to help analyze the market and improve overall strategies in social media and digital
marketing. In their article regarding the Social Media Center of Excellence, Liberty Mutual also
noted that this division of the corporation is also used to help promote unique content about
Liberty Mutual’s sponsorships including the Olympics and Paralympics teams (Social Media
Center of Excellence, 2013).
Most of Liberty Mutual’s advertisement comes from commercials found on either
television networks or streaming networks. Within the advertisements for Liberty Mutual, there
is an emphasis on their slogan, “only pay for what you need” (Liberty Mutual). Like most large
companies, they have more than one advertisement running at a time. At this time, there is an
emphasis on Liberty Mutual’s equity in the market, low prices, and personalization of policies.
Throughout all of the advertisements that Liberty Mutual utilizes, there is a push to give current
and potential customers a feeling that they will be getting the best price and services by using
Liberty Mutual for all of their insurance needs. Colossians 3:23-24 states, “whatever you do,
work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the
inheritance as your reward. You are serving the Lord Christ” (English Standard Version, 2001).
As reminded by Paul, all the work and services a Christian provides should be done well and
with Christ in the forefront of each action. Liberty Mutual has been able to do so in their choices
to set fair pricing and continually care for their customers throughout the insurance shopping
process.
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In recent years, Liberty Mutual has begun pushing more live streams, career fairs, and
other live events to help business men and women with their careers. In the last year, Liberty
Mutual hosted a multitude of different events that only assist people in getting jobs with Liberty
Mutual but to also promote different demographics. In 2021, Liberty Mutual recently hosted a
Women in Technology Summit to empower and motivate women pursuing a career in tech while
also giving opportunities to join their TechStart Summer Internship program (Upcoming Events
Archives, 2021). They also hosted an MBA RISE Kick-Off Summit to assist newly accepted
MBA students from underrepresented populations in navigating their MBA programs.
Additionally, they also hosted a career fair to connect Hispanic professionals with new career
opportunities (Events, 2021). By offering these live, virtual events for new and up and coming
professionals, Liberty Mutual has made a name for itself as a corporation that represents
minorities and providing career opportunities with their corporation. Proverbs 31:8-9 states,
“speak up for those who cannot speak for themselves, for the rights of all who are destitute.
Speak up and judge fairly; defend the right of the poor and needy” (English Standard Version,
2001). The author here is explaining that as a Christian, one is called to care for those who may
be a minority or in need of being supported. Liberty Mutual has been able to embody this
command from God by specifically hosting events for different minority demographics to assist
them through MBA programs, stimulating an interest in technology, and finding careers
throughout the business world. By supporting these minority groups in this way, Liberty Mutual
has not only been able to set themselves up to attract competent employees but also assisting
minority groups in pursuing a career in multiple areas of business.
Recommendations and Conclusions
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Over the past century, Liberty Mutual Insurance Group has been able to not only
continually increase revenue and bring in new customers, but also has become one of the largest
insurance companies in the United States. As a multinational insurance company, Liberty Mutual
has been able to position themselves in the market as a personalized approach to personal and
commercial insurance. Due to their size and long history in insurance, Liberty Mutual has been
able to use a number of different marketing tactics to better help grow their business and have
high levels of customer loyalty.
Similarly to most insurance companies, Liberty Mutual heavily utilizes television and
online streaming services advertisements to reach potential consumers. Due to the nature of
insurance being something almost every adult has, the demographic for marketing is extremely
broad. This broad demographic allows for something so widespread as a television ad to be the
most beneficially way to market to potential consumers. Liberty Mutual has multiple different
advertising campaigns running at this time but throughout all of them, their slogan, “only pay for
what you need”, can be found everywhere. Liberty Mutual has created brand equity through
creating personalized policies that offer customers to have coverage for what they feel is
important rather than choosing from “one-size-fits-all” type policies.
Comparatively to many companies, Liberty Mutual has been able to use various
marketing tactics very efficiently to better advertise and attract new customers. At the same time,
there are a number of other options the corporation can use to market towards their target
audience. One of the main marketing tactics that Liberty Mutual does not utilize at this time is
that of price bundling. With price bundling a company is able to advertise getting multiple
products or services for one price that would cost more separately (Johnston & Marshall, 2019).
Many other insurance companies such as State Farm, Progressive, Nationwide, and many other
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corporations use price bundling to attract customers to savings from 5% to 25% compared to if
they to get two or more separate policies (Lamberg & Gusner, 2021). By allowing customers the
ability to personalize their policies with Liberty Mutual’s “only pay for what you need” approach
and/or bundling multiple policies together gives customers multiple options for how best to set
up their coverage.
When reviewing the marketing strategies utilized by Liberty Mutual Insurance Group, the
corporation has been able to create equity in the market to set themselves apart from other
organizations. By doing so, Liberty Mutual has now become one of the top ten insurance
companies in the country. Liberty Mutual’s strongest selling point is their personalized and
flexible approach to insurance policies. Throughout their website, social media marketing, and
advertisements, Liberty Mutual continually reminds current and potential customers that they are
able to customize their policy to “only pay for what you need.” While the corporation may be
able to improve their marketing and overall revenue by using other marketing techniques, they
have proven to reach their target audience and continue to increase revenue through
straightforward and customer centered marketing and services. Liberty Mutual Insurance
Group’s overall marketing style and techniques have proven to not only be profitable but also
successful in bring in new customers while keeping customer loyalty percentages high. This
overall success in marketing has allowed the corporation to continue to be a cornerstone in the
insurance market.
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