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.
“Despite the incredible challenges they’ve faced during the pandemic, independent agencies never stopped working hard. They continue to help customers protect what matters most, while keeping their teams safe and businesses afloat. But our shared customers have been hit hard and agencies need carrier support,” said Big I NY’s Chair of the Board, David T. MacLachlan, CPCU.
“I commend Liberty Mutual for leading the way, waiving the growth requirement for agencies in profit-sharing. There continues to be much economic uncertainty. Liberty’s move is just one way to help agents move more confidently towards the future, and I strongly encourage other carriers to follow suit.”
New York members requested this leeway when asked how carriers can best support them at this point in the pandemic. The Big I NY exclusive report ‘Independent Agency Approach to Visits During COVID-19′ explains how agencies are handling in-person and virtual visits, and the safety precautions being implemented. Read the report.
Read the full IA Magazine article sharing this Liberty Mutual news.