Paul Quaranto is Chair and Chief Executive Officer at Boston Mutual Life Insurance Company.
Mr. Quaranto became President and Chief Operating Officer of the company in January 2012, only the seventh president in the company’s 133-year history. Continuing to serve as President, he was appointed Chief Executive Officer in May 2014 and Chairman of the Board of Directors in April 2016. In January 2025, the company’s Board of Directors and Mr. Quaranto appointed a successor to take on the role of President and Chief Operating Officer as part of Boston Mutual Life’s long-term succession plan. Mr. Quaranto continues to serve as Chair and Chief Executive Officer while overseeing the attainment key strategic milestones and a successful leadership transition.
Prior to being named President in 2012, he served as Vice President of Group Insurance for 17 years, where he had top- and bottom-line responsibility for the division. He began his tenure at Boston Mutual Life as a group sales manager. Preceding his move to Boston Mutual Life, Mr. Quaranto held 10 years of experience in the insurance industry with other leading carriers.
Mr. Quaranto has led the company through numerous achievements and growth opportunities. He began his leadership tenure with a long-term roadmap to ensure continued strategic, operational, and financial success as a niche provider in the individual and workplace insurance markets.
Vision 2025, the latest iteration of the strategic plan within Boston Mutual Life’s long-term roadmap, details plans to capitalize on over a century of success by reiterating the company’s Guiding Principles and articulating its brand – “Family Matters. No Matter What.” The strategic plan speaks to the need to build a foundation for future success, including a state of organizational readiness, modernized strategic business center profiles, and holistic financial, risk and governance discipline and practices – all the while representing the goodness of mutuality in all the company does for its stakeholders.
Recently, the company expanded its Distribution profile, established strategies to service its customers well today while building a new infrastructure for tomorrow, insourced a robust Information Services department, introduced Project Management, Change Management, and Innovation disciplines to the organization, and opened a second operations office in Omaha, NE.
Mr. Quaranto has led the company through a significant evolutionary initiative; a multi-year, enterprise-wide system replacement program focused on replacing Boston Mutual Life’s legacy systems with a new, state-of-the-art policy administration system, targeting a 2025 launch.
The development of Learning Organization initiatives, including professional development activities within BML University, supports an ongoing investment in employees to bolster engagement. In 2024, the company implemented a new equitable job and salary architecture, the result of a year-long project with a national consultant as part of the company’s commitment to a diverse, equitable, and inclusive workplace.
AM Best has recognized Boston Mutual Life for its excellent performance. Mr. Quaranto has guided the company through challenges while fostering an environment of innovation and growth. This remarkable track record speaks volumes about Mr. Quaranto’s ability to not only meet but exceed the highest standards of leadership.
The seven-year reaffirmation of an excellent rating stands as a testament to Mr. Quaranto’s enduring impact on the organization and reflects the alignment of visionary leadership with the company’s values and objectives. As the organization proudly acknowledges this achievement, Boston Mutual Life looks forward with confidence to the continued success and growth under his steadfast guidance.
Mr. Quaranto also believes that Boston Mutual Life should participate and engage in discussions that impact the industry and the company’s ability to serve its customers – hard-working American families – and the communities in which they live.
At his direction, Boston Mutual Life formalized its corporate citizenship program, Making An Impact, to support the giving of employee talents and resources that foster the company’s core beliefs in community and family, education, and the environment – aligned to those the company serves and representing the goodness of mutuality. Boston Mutual Life has been recognized by the regional business publication Boston Business Journal as one of the top charitable companies in Massachusetts for multiple years.
On behalf of Boston Mutual Life, Mr. Quaranto has signed the CEO Pledge for Diversity and Inclusion and the Massachusetts Business Coalition for Early Childhood Education. He also co-authored a chapter in the book “Answer Intelligence: Raise Your AQ,” by Brian Glibkowski, PhD, MBA, based on research projects conducted at Boston Mutual Life that led to the establishment of the organization’s current brand. He invested in future generations of the industry by creating collaborative opportunities with Anna Maria College in Paxton, MA.
As an active member of the Board of Directors for the American Council of Life Insurers (ACLI), Mr. Quaranto served as ACLI Chair from September 2023 through September 2024. In addition, he served as Chair of the Executive Committee and Forum 500 Board of Governors. He has previously served as Co-Chair of the CEO Steering Committee for Consumer Issues and as a member of the CEO Steering Committee on Taxation and Chair of the ACLI Political Action Committee (PAC). Under his leadership, Boston Mutual was a founding member of ACLI’s 360 Community Capital, an industry investment initiative focused on strengthening communities through affordable, sustainable housing. He was also the Chair of the Life Insurance Association of Massachusetts (LIAM).
Mr. Quaranto holds a bachelor’s degree in administrative science from Colby College and a master’s degree in business administration from Anna Maria College, where he recently served as an adjunct professor for an executive leadership course. He is also a Fellow of the LIMRA Leadership Institute.