Boston-based Liberty Mutual Insurance will open a 300-person office in Springfield, Mass. in the third quarter to handle growth, some of which is expected from the state’s move to a managed competition auto insurance system.
Governor Deval Patrick joined Liberty Mutual Group Chairman, President and CEO Edmund F. Kelly, as the insurance executive announced today at an event in the western Massachusetts city.
The state’s fourth largest auto insurer has signed a 10-year lease for office space on Federal Street in the STCC Park, formerly the Springfield Armory.
“The long-awaited introduction of managed competition by Governor Patrick and Insurance Commissioner Burnes demonstrates their commitment to making the state a more attractive and competitive car insurance market, and we intend to be well-positioned for growth,” Kelly said during an event held in the company’s new Springfield office. “Massachusetts consumers will benefit from increased choice, and the state coffers will benefit from increased employment.”
The new Springfield office will host a variety of business operations, including a customer service call center to support Liberty Mutual’s car and home insurance business in Massachusetts as well as the rest of the country. Other operations will include claims and legal administration.
Kelly said Liberty Mutual will start hiring and training for the office this spring and plans to have over 150 employees in place by year-end. The company’s expectations over time are to have in excess of 300 employees in its Springfield office.
“Springfield offers us a deep pool of potential employees,” Kelly said. “We look forward to opening our new office and adding to the already significant number of employees and customers we have in our home state of Massachusetts.”
In anticipation of the April 1, 2008 start of managed competition, Liberty Mutual will add 30 sales positions across the state by this April, a 50 percent increase over current sales force levels. The insurer has also begun offering car insurance quotes to consumers using its new rates under managed competition. Liberty Mutual’s new prices are on average 10.7 percent lower than their 2007 levels, with some Massachusetts drivers eligible for premium decreases of 35 percent or more.
In addition, Peerless Insurance, a Liberty Mutual Group company that sells through independent agents, will also begin writing both car and home insurance in the state in 2008.
Source: Liberty Mutual Group
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