- Liberty Videocon eyes further expansion: through branch presence at a Pan India Level, growing distribution and strengthening technology platform
- Announces new products on Motor Insurance
- Eyes motor insurance market of Delhi & NCR
Delhi, July 1st, 2016: Liberty Videocon General Insurance Company Limited, a joint venture between India’s Videocon Industries Limited and Liberty Citystate Holdings Pte Limited, part of US-headquartered multinational Liberty Mutual Insurance Group ,announced its plan to open pan India offices across various locations In India.
Liberty Videocon General Insurance has been operating in India since year 2013, with presence in select cities in India. It has announced its plan to open many more offices in various cities in India.
Commenting on the development Mr Pankaj Arora, Country Head –Retail Business, Liberty Videocon General Insurance Company Limited said that the company has shown robust growth since the launch of operations in 2013, now we plan to take the growth to the next level, by enhancing our presence in many more locations. “He said that we will be opening up around 40 more branches in tier 2 & tier 3 towns in India in next 4 months. This will take our presence to almost 80 locations across Tier 1 , 2 & 3 cities in India”.
Mr. Arora was in Delhi during the Flames Of Liberty 2016 souvenir launch. Flames Of Liberty is a nationwide intermediary enagement programme launched by Liberty Videocon General Insurance to engage with distributors and agents effectively..
Mr. Arora added that “Motor Insurance and Retail Health insurance would be the growth driver for the company in near future. On this occasion he also announced the launch of product comprehensive Multi-Year Two Wheeler Insurance Package Policy Policy”.
As its name indicates, this policy will offer a multi-year coverage to customers and relieve them from renewing it every year. The customers can insure his two-wheeler for two to three years under a single policy document. The policy will offer protection against hike in Third Party (TP) Premium every year and add-on coverage with extra shields. With attractive add-ons, the policy will provide a Roadside Assistance Cover, Gap Value Cover and Engine Safe Cover.
In North India, the Company is eyeing New Delhi and NCR market in a big way. Motor insurance is the key revenue segment for the Company and currently, the markets of New Delhi and NCR have been fetching significant motor insurance business. The market potential of New Delhi and NCR for motor insurance business is about Rs 500 crore per month for the entire Indian general insurance industry. Banking on this huge potential, the Company will focus on garnering more business in motor insurance segment from this market. The company plans to open more branches in near future to service a larger customer base. In North India, the Company has operations in Punjab ,Haryana and Rajasthan besides New Delhi.