Chairman and CEO, Liberty Mutual
Liberty MutualFounded in Boston in 1912, today Liberty Mutual Insurance, together with its subsidiaries, is a diversified insurer with operations in 30 countries around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners. Liberty Mutual Insurance is ranked 76th on the Fortune 100 list of largest corporations in the U.S. based on 2013 revenue. As of December 31, 2013, Liberty Mutual Insurance had $121.2 billion in consolidated assets, $102.2 billion in consolidated liabilities, and $38.5 billion in annual consolidated revenue. Liberty Mutual employs more than 50,000 people in approximately 900 offices throughout the world including more than 5,100 employees in Massachusetts.
We asked David H. Long, Chairman and CEO of Liberty Mutual Insurance, his view on trends in talent acquisition, the benefits of operating out of Massachusetts, and the strength of the region’s talent pipeline.
What trends are you seeing in talent acquisition?
For those with the right skill sets, the labor market is terrific. There is great demand from Liberty and others for high-performing professionals with science, technology, engineering and mathematics (STEM) degrees or experience. And our demand for skilled professionals across the board will only increase as we will likely hire 25,000 people worldwide over the next five years. Qualified candidates with skills in the foundations of our business – risk assessment, product pricing, analytics and customer service – will find plenty of opportunities with us. But we are not alone in targeting these talented people, and it will become increasingly difficult to keep them. To give us an edge in retention, we offer an operating environment that provides challenging work and new opportunities — one that supports diversity of thought and innovation, that gives back to communities and that makes employees feel valued.
What are the advantages of having Boston as your center of operations?
Having our choice of top colleges and universities in our backyard gives Liberty unprecedented access to a diverse and talented workforce. We’re in the business of making our customers whole again when they need us most. And it’s our employees who help protect the things people earn, build, own and cherish — who help rebuild when things go wrong. That’s why we focus so much on attracting, developing and retaining the right people and ensuring they have a work environment where they can thrive and succeed.
How does the regional financial services ecosystem affect the talent pipeline?
Boston’s financial services ecosystem influences schools to produce the right kind of graduates with the right degrees so that they have good job and career prospects. We want to get in front of these students and have them see us as an employer of choice. One way we do that is by partnering with area schools to map curricula to our business needs and showcase what we can offer. One example is our partnership with Bentley University to develop actuarial talent. This partnership gives actuarial science majors practical, hands-on experience that goes beyond math classes. It gives students a semester-long look at working in insurance. It’s a competitive program that helps students hone their business skills and exposes them to leaders from across Liberty. Through this experience, students not only develop their capabilities, they see practical examples of how they could build a career at our company.
How does the regional financial services ecosystem affect the talent pipeline?
Boston’s financial services ecosystem influences schools to produce the right kind of graduates with the right degrees so that they have good job and career prospects. We want to get in front of these students and have them see us as an employer of choice. One way we do that is by partnering with area schools to map curricula to our business needs and showcase what we can offer. One example is our partnership with Bentley University to develop actuarial talent. This partnership gives actuarial science majors practical, hands-on experience that goes beyond math classes. It gives students a semester-long look at working in insurance. It’s a competitive program that helps students hone their business skills and exposes them to leaders from across Liberty. Through this experience, students not only develop their capabilities, they see practical examples of how they could build a career at our company.