As businesses face more unpredictable risks, insurers are changing how they support their clients. Liberty Mutual Global Risk Solutions (GRS) has taken a significant step by appointing Wes Hyatt as its first global chief client officer. This role aims to better serve multinational companies that require insurance across different countries.
Hyatt, who has been with Liberty Mutual for over 20 years, emphasizes that the global nature of this position reflects the realities that large companies encounter today. Many of these businesses operate internationally and need comprehensive insurance coverage that spans multiple regions.
In an interview, Hyatt highlighted the primary concerns of multinational clients. Issues like geopolitical instability, economic fluctuations, supply chain challenges, and cyber threats are at the forefront. She noted that the real challenge lies not just in managing known risks but in anticipating unforeseen ones, especially those that overlap different risk areas. Cyber risks, for instance, have become increasingly sophisticated and can affect operations across borders.
Hyatt believes clients are looking for more than just insurance policies. They want their brokers and insurers to act as trusted advisors. This shift in perspective is essential as companies face uncertainties such as tariffs and inflation, which can complicate planning.
Legal challenges, particularly in the U.S., also concern many clients. Liberty Mutual collaborates with trade associations to advocate for necessary reforms while keeping clients informed about evolving risks.
Hyatt’s appointment reflects a broader trend in the insurance industry. Insurers are now required to work across various sectors and streamline their operations to meet the interconnected nature of modern risks. Understanding specific industries, such as construction and infrastructure, is a priority for Hyatt. She recognizes that large projects, like data centers and renewable energy initiatives, need a coordinated approach that involves different teams within the company.
Another focus for Hyatt is fostering a culture of collaboration. She wants local teams to remain connected to their markets while contributing to a unified global strategy. Strengthening relationships with brokers is also key to her approach. By working closely with brokers, Liberty Mutual aims to better anticipate client needs.
Hyatt has observed that risk managers within client organizations are now playing a more strategic role. They are becoming decision-makers rather than just insurance buyers. This shift means they expect their insurance partners to be proactive in addressing challenges, whether related to legal issues or analyzing environmental risks.
Liberty Mutual, founded in 1912, has grown through acquisitions, which can sometimes create silos within the organization. Hyatt aims to break down these barriers to ensure clients receive consistent service, no matter where they are located. With operations in 29 countries, her role is crucial in building stronger connections across regions.
Ultimately, Hyatt’s goal is not just to sell insurance but to help clients understand the changing landscape of risks and how different exposures are linked. In today’s world, this understanding is just as important as the insurance coverage itself.