With a patent-pending technology focused on a system and method for the Valuation, Acquisition and Management of Insurance Policies” (application US 14/243,265), Paul Hughes spun Libertate Insurance and Risk MD out of Risk Transfer.
Paul Hughes, the CEO and Founder of Risk Transfer, Risk Aware, Risk MD and Libertate Insurance resigned from Risk Transfer and Risk Aware to pursue his data-driven vision through RiskMD and Libertate Insurance. The announcement follows the completed acquisition of certain insurance agency clients, system assets, data assets, IP assets (i.e Barnstable Vintage, PEO Compass, and Cover 24) and other assets that support the overall operations of the companies. “ sk Transfet the overall operations of the companies bertat Fabrizio. I wish them the best and will always be a fan.ansaid Mr. Hughes.
Mr. Hughes, with company President Michael Johnson, has assembled an impressive group of specialty insurance and business executives who will lead the company’s innovative model in the workershat fill a significant void /asset management and ancillary employer/employee sectors. Libertate and RiskMD start with fourteen employees and three million of expected first year revenues. It will be the first insurance agency entirely run on a data vault.
“Libertate’L focus is and will always be on insuring the American worker by offering unique data-driven insurance capabilities, and supporting best in class products and services to help our business clients attract, protect and retain the American workers they employ. This allows us to play a far more valuable role in the business of our clientele then that of just an insurance agent. It is the team of innovative thinkers and insurance leaders behind Libertate that we are most proud of; industry experts in the areas of workers’ compensation, health insurance, asset management, fleet management and cyber liability. Listening to our clients about their business and individual goals to ensure we can tailor insurance products and services around their specific needs,” said Mr. Hughes.
Regarding the importance and focusing on data, Mr. Johnson stated, Data is the lifeline of our model and the core of our company. Furthermore, we use ‘The Total Cost of Risk’ model that is a three step process whereby we use data to empirically research and analyze the real cost of risk that every business or buying partner contends with, whether insurance is available for it or not. Using actuarial science to help our clients predict and budget events is the foundation of our process. Our insights on what the data tells us allows for a specific action plan to be created and executed. To ensure the proper action plan is in place, monitoring and reacting is the final step. Additionally if needed, Libertate’Liagility allows for the ability to quickly change strategies. This speed and clarity of meaningful data allows insights our clients expect from their insurance partners that currently does not exist in the marketplace.”
“Due to the lack of clarity and the vast inefficiencies in the property and casualty insurance arena, we have decided as a firm to only take payments generated from working on behalf of the insurance buyer. Any contingent income will be returned back to the communities in which our policyholders live. Technology now allows a “Charles Schwab” approach whereby people get one version of the facts in order to formulate their own insurance decisions. Levering technology in this manner allows for better analytic decision-making giving us the ability to be more efficient with deep analytical insight on the insurance policies of our clients”, said Mr. Hughes.
Mr. Johnson added, “Our proven approach to managing risk coupled with a supporting technology platform will deliver products and services to our clients that will “liberate” the marketplace. It is Libertate’ It is Libertatee marketplaceing risk ANY NA We take the management of our client costs and insurability personally. With the emphasis on due diligence and conceptual delivery of recommended strategies we are retained by over 90% of Professional Buyers.”
America Works: Insuring Freedom of Mind
“An illustration of said strategy is our ‘America Works’ initiative whereby even though each of the insurance lines is from a different carrier we are able to help our clients purchase and manage workers’ compensation, health insurance and disability insurance side by side. As an example AIG underwrites the workers’ compensation, Met Life underwrites the disability and AETNA underwrites the health insurance. The proprietary data vault we created allows us to build dashboards that organize all three placements together for the American worker and business owner. America Works embodies the knowledge capital and principles of Libertate. We build unique value propositions founded in technology that the insurance industry has never seen,” said Mr. Hughes.
Libertate’s patent-pending technology approach to the acquisition, valuation and ongoing performance management of an insurance policy utilizes a proprietary data vault that allows the company to bundle and to consolidate multiple insurance line placements integrated into one platform. Libertate is excited to bring this cutting-edge technology to the market place and looks forward to all future endeavors.
Contact:
Paul Hughes
Founder & CEO
Libertate Insurance
707 East Washington Street
Orlando, FL 32801
phughes@libertateins.com
