Liberty General Insurance

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Liberty General Insurance Limited is a private general insurance company headquartered in Mumbai, India. It is a joint venture among US property casualty insurer Liberty Mutual Insurance Group, Indian private investment fund Enam Securities, and Indian industrial conglomerate DP Jindal Group.[1]

Liberty General Insurance
IndustryInsurance
Founded2013
Headquarters,
Area served
India
Key people
Roopam Asthana - CEO and Whole Time Director[2]
ProductsMotor, Health, Travel, Property, Commercial & Industrial Insurance
Number of employees
1200
ParentLiberty Mutual (48.7%), DP Jindal Group (26%) & ENAM Securities (25.32%)
Websitehttps://www.libertyinsurance.in

History and ownership[edit]

Liberty General Insurance was started in 2013 as Liberty Videocon General Insurance, a joint venture between Liberty Mutual and Videocon Group. In March 2018, Videocon sold its 51.3% stake in the venture to a combination of DP Jindal (26%) and Enam Securities (25.3%),[3] and the company was renamed Liberty General Insurance Limited.

Business operations and financials[edit]

As on March 2018, Liberty General Insurance had a market share of 0.54%, with a growth rate of 40% in 2017.[4] The company has approximately 1,200 employees spread across 23 states.[citation needed]

Liberty General Insurance has also entered into collaboration with over 30 district cooperative banks as “affinity partners” to help them issue vehicle and personal accident insurance, particularly to farmers.[5] Liberty General Insurance Limited sells its insurance products through its branches, its website as well as through online aggregators. It has also signed a tie-up agreement with UCO Bank to boost growth with the "Bancassurance" model. Under this model, the promoter bank will distribute the insurance products offered by Liberty General Insurance at its branches through its existing customer base.[6] Its partner network consists of about 5,000 hospitals and more than 3,100 auto service centres.[citation needed]

Liberty General Insurance began its operations with an initial investment of Rs. 350 crore.[7] As of March 2018, the paid up capital of the company stood at Rs. 1084 crores.[8]

Products[edit]

In 2014, Liberty General Insurance launched its bundled package for the SME sector which offered coverage to businesses against property or cash losses, fire as well as health problems of group of employees.[9] In August 2016, a multi-year two-wheeler package policy was also launched by the company which eliminated the need of renewing two-wheeler insurance every year.[10] By the end of 2016, the company launched Health Connect Supra, a top-up and super top-up product offering Sum Insured till Rs. 1 crore.[11]

References[edit]

  1. ^ Admin, India Education Diary Bureau (2018-03-20). "Liberty Mutual Insurance Group Announces New Joint Venture Partnership for Indian Company - India Education Diary". India Education Diary. Retrieved 2018-05-29.
  2. ^ https://www.libertyinsurance.in/news-media.html
  3. ^ Market, Capital (2018-03-20). "Videocon Industries exits from Liberty Videocon General Insurance Company". Business Standard India. Retrieved 2018-06-03.
  4. ^ Nayak, Gayatri (2018-05-16). "Banks rely less on credit bureaus for corporate loans: Harshala Chandorkar". The Economic Times. Retrieved 2018-06-25.
  5. ^ "Liberty Videocon Insurance to launch 2 new products". @businessline. Retrieved 2018-06-25.
  6. ^ Babu, Gireesh (2017-02-15). "Liberty Videocon General Insurance to tap bancassurance to boost growth". Business Standard India. Retrieved 2018-07-07.
  7. ^ "Liberty Videocon General Insurance opens offices in four cities". @businessline. Retrieved 2018-07-01.
  8. ^ "Videocon exits non-life business - Times of India". The Times of India. Retrieved 2018-07-01.
  9. ^ "Liberty Videocon Insurance to launch 2 new products". @businessline. Retrieved 2018-07-15.
  10. ^ www.ETAuto.com. "Liberty Videocon General Insurance launches multi-year two-wheeler package policy - ET Auto". ETAuto.com. Retrieved 2018-07-15.
  11. ^ "Liberty Videocon eyes Rs 570 cr premium collection this fiscal". Moneycontrol. Retrieved 2018-07-15.