Eric Singer, AVP and senior corporate insurance manager, Liberty Bank
Liberty Bank, a Connecticut-based financial institution, recognized that its corporate insurance and risk financing program had not kept pace with the evolving risk environment. Under the leadership of Eric Singer, AVP and Senior Corporate Insurance Manager, the bank set out to reposition risk management as a strategic enterprise function rather than a transactional service.
For several years, Liberty Bank’s insurance program had operated under an underperforming broker model with limited data transparency and minimal alignment with executive leadership. The program had not been competitively marketed in years, resulting in rising costs, inconsistent service delivery, and missed opportunities to optimize coverage and analytics. As external risks grew more complex, the total cost of risk trended unfavorably, and leadership lacked the actionable insights needed to manage emerging exposures proactively.
“As the external risk environment became more complex, these gaps posed a material and financial threat,” Singer said.
“Without intervention, the organization risked continued cost leakage and diminished decision making at the executive and board level,” he added.
Singer led a comprehensive broker transformation through a highly competitive RFP process, aligning procurement teams and executive stakeholders while managing incumbent dynamics and ensuring uninterrupted program stability.
He designed an evaluation framework that combined quantitative analysis including program cost, coverage structure and service model efficiency, that included forward-looking criteria such as data analytics capabilities, innovation and execution.
To drive long-term value, Liberty Bank redefined success metrics, shifting from transactional brokerage services to a partnership model centered on insights, proactive risk advisory and measurable performance outcomes.
Despite internal resistance and the high visibility of the initiative, Singer maintained momentum through disciplined execution and clear communication, delivering executive-level presentations that secured approval from the CEO and Executive Leadership Team.
The initiative delivered substantial, measurable impact. Liberty Bank achieved a 10–20% reduction in total cost of risk, driven by enhanced market competition, optimized program structure, and improved broker economics. Annual cost savings were accompanied by long-term economic benefits through improved terms and scalability.
Improved coverage and program design reduced key exposures and strengthened risk transfer effectiveness, while advanced analytics and reporting now enable data-driven decision-making and proactive risk mitigation. Perhaps most importantly, risk management at Liberty Bank now actively informs strategic decisions at the CEO, ELT and Board level, ensuring ongoing accountability, performance tracking, and continuous optimization.
“This work demonstrates creativity in redefining the broker model, perseverance in executing complex transformation, and a deep passion for elevating risk management into a strategic driver of business value,” Singer wrote in his Risk All Star application. &