Liberty Mutual is one of the largest insurance companies in the United States. It offers a wide range of insurance products, including auto, home, life, and identity theft insurance.
Given the range of insurance services that Liberty Mutual offers its potential market is extremely large and diverse and includes both individuals and businesses.
In this article, we’ll study the Liberty Mutual target market and understand what they look for in an insurance company like Liberty Mutual.
Who is the Liberty Mutual Target Market?
To best understand the Liberty Mutual target market, we need to understand why people need services from a financial and insurance company like Liberty Mutual.
By understanding people’s needs for purchasing financial or insurance products and understanding their motivation to choose these from Liberty Mutual, we can divide the market into separate segments and study each segment on its own.
This gives us the following segments of the Liberty Mutual target market:
- People looking for vehicle insurance
- People looking for home and property insurance
- People looking for life insurance
- People looking for identity theft insurance
- People looking for personal and/or business liability insurance
- People looking for pet insurance
Let’s now take a closer look at each of these segments of the Liberty Mutual target market.
#1. People looking for vehicle insurance
Anyone in the market for vehicle insurance is a potential customer of Liberty Mutual. People in this segment of the Liberty Mutual target market could be in the market for insurance for a car, a motorcycle, a boat, a motor home or a commercial vehicle.
Liberty Mutual offers a range of different insurance products for vehicles, including liability insurance, collision insurance and comprehensive insurance.
#2. People looking for home and property insurance
Home and property insurance usually includes insurance for the home itself, as well as any contents of the home. Liberty Mutual offers both homeowners’ insurance and renters’ insurance.
The contents of the home which can also be insured include personal articles like jewelry, fine art, cameras, computers, musical instruments, bicycles, silverware, etc. It can also include health-related equipment including hearing aids, medical devices, wheelchairs, and the like.
Home and property insurance isn’t limited to houses and condos but can also include farms and ranches. This makes any homeowner a potential Liberty Mutual target market.
#3. People looking for life insurance
Liberty Mutual offers different types of life insurance including whole life insurance, term life insurance, and universal life insurance.
This segment of the Liberty Mutual target market includes people who are looking to financially protect their families in the event of their death.
When looking to buy life insurance, these people look for a company that is reliable and has a good reputation. Liberty Mutual meets both these criteria, making them a popular choice for life insurance.
#4. People looking for identity theft insurance
Identity theft refers to the crime of using someone’s personal information without their permission in order to commit fraud or other crimes.
Liberty Mutual offers an identity theft insurance product which helps to cover the costs associated with identity theft, including legal fees, lost wages, and credit card or loan fees.
This product is designed for people who are worried about becoming victims of identity theft and want to have some financial protection in case it does happen.
#5. People looking for personal and/or business liability insurance
Liability insurance is useful for people facing the possibility of being sued for damages. This type of insurance can cover both personal liability and business liability.
For example, if you accidentally injure someone while playing tennis, your personal liability insurance would cover the medical expenses incurred by the person you injured. If you own a business, your business liability insurance would cover any damages caused by your business, such as if a customer trips and falls on your premises.
Liberty Mutual offers both personal liability insurance and business liability insurance, making them a potential insurer for anyone with this need.
#6. People looking for pet insurance
Pet insurance is a type of insurance that helps pet owners financially when their pets need medical treatment. Liberty Mutual offers pet insurance for both dogs and cats.
This segment of the Liberty Mutual target market includes people who want to be able to provide their pets with the best possible medical care, without having to worry about the cost. Having pet insurance gives peace of mind to pet owners that they will be able to afford any necessary treatment for their beloved pets.
The Liberty Mutual target market includes people looking for various types of insurance products to protect themselves, their families and/or their businesses. This makes Liberty Mutual a potential insurer for many people.
It includes people looking for life insurance, identity theft insurance, liability insurance and pet insurance. Liberty Mutual offers all of these types of insurance, making them a well-rounded insurer that can meet the needs of many different people.