Latest news with #LibertyMutualInsurance
Yahoo
2 days ago
- Business
- Yahoo
CIOs tackle talent strategies, org structures as AI takes hold
This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. Cambridge, Mass. — The rapid pace of AI development is putting CIOs in a tricky spot: Not only are they responsible for deploying tools that can boost productivity, they're also working to ensure the tools can be utilized once deployed. The dynamic has made workforce upskilling efforts a priority. It's up to tech leaders to help shape a culture that enables AI experimentation, according to Monica Caldas, global CIO at Liberty Mutual Insurance. "I do not believe that AI thrives in heavily authoritarian, top-down environments," said Caldas, speaking last week at the MIT Sloan CIO Symposium. "I think the way people pick it up is through play." Along with encouraging experimentation, the risk profile of AI necessitates guardrails as businesses tackle change management. "It's not anarchy, but it's also not authoritarian," Caldas said. "You have to hit that sweet spot, and that's where adoption really starts." Other businesses are preparing their employees through targeted training programs. More than half of leaders said they plan to upskill their workforce ahead of AI implementation plans, according to a January survey from Revature. More than 4 in 5 decision-makers flagged access to talent as a top concern. Potential productivity wins can help existing staff embrace upskilling efforts, said Dimitris Bountolos, chief information and innovation officer at infrastructure company Ferrovial. "What we have seen is an excitement of staff to be self-sufficient in activities that were really bureaucratic," Bountolos said. The deployment of generative AI tools caused a rush of interest in prompt engineering roles. Interest has since fizzled, as businesses began to understand that learning to prompt generative AI systems is a core skill that should be developed more broadly. AI savviness should be embraced by the entire organization, according to Reshmi Ramachandran, head of partnerships and go to market strategy at consulting firm Cprime. "When we consult with companies we often tell them: never do prompt engineering in isolation. It's not an isolated job, it is actually a cross-functional skill," Ramachandran said. "You get some of your best prompts from marketing leaders, from HR, because that's where the context is." In addition to changes in job functions, departmental structures are also evolving. The wave of AI adoption is helping to accelerate a shift away from the established pyramid-shaped organizational structures in software development, according to Aamer Baig, senior partner, Chicago, at McKinsey & Company. "In the last decade or so, we've proven that is not the most effective and economical way of delivering software," said Baig. A diamond-shaped model with a team of somewhere between eight to 12 was identified as the most effective. But with the influx of agentic AI, that organizational structure is also changing. "Now, we have a new model, which is enabled and powered by AI, that has a product person, product builders and many, many agents to support, which can deliver as much output as a diamond-shaped team does," Baig said. In addition to serving as CIO, tech executives will need to take on additional roles including "chief influencing officer, chief change management officer" as organizations adjust to shifts in their core talent and operational structures. "The ability to move that sort of organization and that complexity forward will differentiate the winners and the losers in large companies," Baig said.
Yahoo
20-05-2025
- Business
- Yahoo
Liberty Mutual Re unveils new insurance product for Colombian farmers
Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance, has introduced a new parametric agriculture insurance product for Colombian farmers. The product is designed to offer financial protection against climatic risks and is launched in collaboration with XS Latam – part of XS Global Group – and SFA CEBAR. The insurance solution, developed by LM Re, incorporates the expertise of Floodbase, a parametric flood platform, and EarthDaily, which specialises in geospatial data and analytics for the agriculture sector. The product aims to enhance the resilience of Colombian agriculture by providing farmers with indemnity against severe weather events that could lead to the loss of their land, the company said. Building on a previous drought protection pilot, this product has been expanded to cover additional perils including floods and addresses the issue of cloud cover interference with satellite data. It features trigger mechanisms that facilitate prompt financial compensation to policyholders when certain conditions are met, the company added. LM Re has developed a method to deliver a consistent daily basis measure of the index, despite cloud cover. LM Re agriculture and parametrics head Jean-Christophe Garaix said: 'With farmers in Colombia routinely relying on annual loans to farm their land, should adverse weather cause a herd loss, many must sell land to repay the loan. This product is designed to mitigate that risk, making farming much more resilient. It also simultaneously reduces the risk banks face in offering finance, creating the potential for cheaper loans, which will further help support resilient farming in Colombia.' Earlier in the month, Liberty Mutual Holding Company reported attributable net income of $1.02bn for the first quarter of 2025, a decrease of 33.2% from $1.5bn in the same period of 2024. The company's revenues for the quarter remained flat at $12.48bn. "Liberty Mutual Re unveils new insurance product for Colombian farmers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-04-2025
- Business
- Yahoo
Liberty Mutual Insurance Elects Timothy M. Sweeney Chairman; David H. Long to Retire
BOSTON, April 9, 2025 /PRNewswire/ -- The Liberty Mutual Insurance Board of Directors today elected Timothy M. Sweeney Chairman of Liberty Mutual Holding Company Inc., effective today, April 9, 2025. Sweeney, who is currently the company's President and Chief Executive Officer, will succeed David H. Long, who is retiring as Chairman and Director. Long has been part of Liberty Mutual for 40 years, and became President in 2010, Chief Executive Officer in 2011 and Chairman in 2013. Sweeney was appointed President and Chief Executive Officer in January 2023 upon Long's retirement as Chief Executive Officer. "David's tenure has been defined by his unwavering commitment to excellence and the well-being of our employees. His leadership has transformed challenges into opportunities, ensuring that our core values remain at the center of everything we do," said Sweeney. "On behalf of our Board of Directors and the entire organization, I'd like to thank David for a remarkable four decades at the company and wish him and his family the very best in the years to come." "Experiencing the evolution of this organization is something I will always cherish," said Long. "I'd like to express my immense appreciation to our people, as they truly make Liberty Mutual a best place to work, and to the leadership team for their dedication to driving our business forward. I'm eternally grateful for my time with the company and everyone's unwavering commitment to keep our promises to our customers, partners, communities and each other." About Liberty Mutual Insurance At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. In business since 1912, and headquartered in Boston, today we are the eighth largest global property and casualty insurer based on 2023 gross written premium. We also rank 87 on the Fortune 100 list of largest corporations in the US based on 2023 revenue. As of December 31, 2024, we had $50.2 billion in annual consolidated revenue. We employ over 40,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property. For more information, visit Contact: Liberty Mutual Insurance Public & Media Relationsmediarelations@ View original content to download multimedia: SOURCE Liberty Mutual Insurance Sign in to access your portfolio
Wall Street Journal
03-04-2025
- Business
- Wall Street Journal
Sequoia Heritage-Backed RenWave Kore Raises Nearly $1.3 Billion for Debut Fund
RenWave Kore, a private-equity firm founded by an alumnus of activist investor Elliott Investment Management, has wrapped up fundraising on one of the largest first-time private-equity funds in recent years. The Greenwich, Conn.-based investment firm collected $1.26 billion of commitments for Ren Fund I with backing from investors including Liberty Mutual Insurance and the University of Chicago endowment, according to an extract of a letter to the fund's investors seen by The Wall Street Journal.
