Liberty Realizes 4x Customer Growth and 274 Percent Policy Sales Increase
Results - Since 2004, Liberty has experienced significant growth, moving from 250,000 to 1 million customers with an average of 1.4 policies per customer. They’ve also increased policy sales to 274 percent, grown their office branches, and attracted more agents. In short, Liberty has built steadily upon its brand.
As a pioneer of low-code development for over 14 years, Liberty now has 29 in-house developers. The insurer has delivered and continuously updated 83 applications, many of which directly serve brokers, their clients, and third parties, like vehicle repair shops and healthcare specialists.
“Our indirect business model places a huge responsibility on Liberty’s IT,” explains Romano. “We don’t have tied agents, which means we always have to be at the top of our game to remain the preferred insurance provider for our brokers. Our job is to ensure the systems and communications Liberty provides to brokers makes us the easiest insurance provider to work with. OutSystems is at the heart of all the digital experiences we develop and gives us the agility and consistency to deliver on that mission.”
Liberty’s strategy appears to be working. Despite a static market, the firm has been growing at two to three times the rate of its competitors.
The major benefits of OutSystems from IT’s perspective:
- Transition to agile scrum development practices supported by low-code
- Dramatically improved responsiveness to the business and the elimination of shadow IT
- Low-code delivery about 4-5x faster
- One-click deployment means faster delivery cycles with fewer resources
- The retirement of multiple legacy/COTS applications with multi-million license and maintenance savings
- Consistent, elegant UX for brokers and customers on any device
- Ease of integration with a wide variety of core business systems
For more information on Liberty’s story, read Eduardo Romano’s post on our blog, which explores the role of low-code in combating digital disruption in the insurance market.