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 between Liberty Citystate holdings PTE Ltd, a group company of US Headquartered Liberty Mutual Insurance Group, a leading multinational property and casualty group, Enam Securities, a privately owned and managed firm that makes long-term investments in listed companies, as well as backs entrepreneurs building valuable private companies, and DP Jindal Group, an industrial conglomerate.[1]

Liberty General Insurance formerly known as Liberty Videocon General Insurance Company Limited
IndustryInsurance
Founded2013
Headquarters,
Area served
India
Key people
Roopam Asthana - CEO & 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

About Liberty General Insurance[edit]

Liberty General Insurance started its operations in the year 2013, offering a range of insurance solutions for retail, commercial and industrial insurance needs.[3]

The company's employee strength of 1200 is spread over a network of 60 offices in 58 cities across 23 states. Its partner network consists of about 5000 hospitals and more than 3100 auto service centres.

The insurance portfolio of the company includes health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, fire and engineering insurance, marine insurance and other miscellaneous insurance products in India.

Company Rebranding[edit]

Videocon Industries took the decision to forego its entire 51.32% stake in Liberty Videocon General Insurance joint venture in March 2018, selling its share capital to two entities - 26% to Diamond Dealtrade (a DP Jindal Group Company), and the remaining 25.32% to Enam Securities.[4] After the divestment, the company's name has been changed to 'Liberty General Insurance Limited'.

Partners[edit]

Liberty Mutual Insurance[edit]

In business since 1912, and headquartered in Boston, Massachusetts, Liberty Mutual Group is a leading global insurer with operations in 30 countries and economies around the world. It is the fourth largest property and casualty insurer in the U.S. based on 2016 direct written premium data as reported by the National Association of Insurance Commissioners. Liberty Mutual also ranks 68th[5] on the Fortune 100 list of largest corporations in the U.S. based on 2017 revenue. As of December 31, 2017, it had $39.4 billion[6] in annual consolidated revenue.

Enam Securities[edit]

Established in 1984,[7] Enam is a privately owned and managed firm that makes long-term investments in listed companies, as well as backs entrepreneurs building valuable private companies.

DP Jindal Group[edit]

D.P. Jindal Group is a business conglomerate and the largest Seamless & ERW steel pipes and tubes manufacturer of the country. Diversifying its portfolio, the Group has ventured into the power sector to generate renewable energy such as wind and solar. It further plans to venture in investment, finance, insurance and related areas.

Market Presence and Expansion[edit]

As on March 2018, Liberty General Insurance had a market share of 0.54%, with a growth rate of 40% in 2017.[8]

The company added 20 offices in 8 major cities within a year of its operation, in 2014.[9]

It expanded further by adding 25 more branches by 2015. To manage this expansion, the company undertook bulk hiring of over 200 people in 2014.[10]

Having 35 branches as of July 2016, the company aimed to set up 80 branches pan India in 2017, with focus on the tier-II and tier-III towns.[11] As of March 2018, the company operates through 60 branches across India.

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 the farmers.[12]

Financials[edit]

Liberty General Insurance began its operations with an initial investment of Rs. 350 crore.[13] During the first three months of operation in the first quarter of 2013, it collected a gross direct premium of Rs. 39.25 crore.[14] In February 2014, with 35 products in its insurance portfolio, the company had accrued a premium of Rs. 100 crore.[15] With the recent capital infusion by Liberty Mutual, the paid up capital of the company has now increased to Rs. 1084 crores,[16] one of the highest paid up capital for any general insurance company in India.

Distribution Channels[edit]

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. Liberty General Insurance has tied up with over 300 promoter bank branches, and plans to hire 200 to 300 people to offer the required service.[17]

Products[edit]

Liberty General Insurance Limited provides a range of insurance products and services through multiple distribution channels. Presently, 70% of its premium collection comes from the retail segment, and the remaining 30% from the commercial sector.[18]

It offers the following products -

Car Insurance Private Car Package Policy
Two-Wheeler Insurance Two Wheeler Package Policy Multi-year Two Wheeler Package Policy
Health Insurance Liberty Health Connect Policy Janta Personal Accident Insurance
Individual Personal Accident Health Connect Supra
Commercial Insurance Group Health Insurance Liability Insurance
Commercial Vehicle Package Policy Marine Insurance
Engineering Insurance Commercial Property Insurance
REC Services Miscellaneous Insurance
Employee Benefit Insurance

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.[19] 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.[20] 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.[21]

Awards and Recognition[edit]

Liberty General Insurance has received the following awards and recognitions: -

2013

  • Best Newcomer” by Celent Awards at the 3rd Asia Insurance Technology Awards[22]

2014

  • Rising Star Insurer” at the 4th edition of The Indian Insurance Awards organized by Fintelekt
  • CEO with HR Orientation” at the Times Ascent HR Asia Pacific Excellence Awards[23]
  • “Employer of the Choice” by Excellence Awards

2017

  • Global Marketing Excellence Awards for Secure Health Connect campaign

2018

  • CEO of the Year – General Insurance Company by India Insurance Summit & Awards
  • Award for Data Loss Prevention by Finnoviti

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. ^ Bima, Bazaar. "Interview with Roopam Asthana". Bima Bazaar. Retrieved 12 December 2012.
  3. ^ "Liberty Videocon General Insurance Company to Achieve Its Biggest Target". www.myinsuranceclub.com. Retrieved 2018-06-03.
  4. ^ Market, Capital (2018-03-20). "Videocon Industries exits from Liberty Videocon General Insurance Company". Business Standard India. Retrieved 2018-06-03.
  5. ^ "Liberty Mutual Insurance Group". Fortune. Retrieved 2018-06-23.
  6. ^ CNBC (2018-06-12). "Liberty Mutual Unit Appoints Matt Waters Chief Underwriting Officer And Senior Vice President". CNBC. Retrieved 2018-06-23.
  7. ^ "Group History". www.enamamc.com. Retrieved 2018-06-17.
  8. ^ Nayak, Gayatri (2018-05-16). "Banks rely less on credit bureaus for corporate loans: Harshala Chandorkar". The Economic Times. Retrieved 2018-06-25.
  9. ^ "Liberty Videocon General Insurance opens offices in four cities". @businessline. Retrieved 2018-06-25.
  10. ^ ROY, VIJAY C. (2014-02-07). "Liberty Videocon General Insurance to hire 200 people". Business Standard India. Retrieved 2018-06-25.
  11. ^ India, Press Trust of (2016-07-01). "Liberty Videocon General Insurance to open 40 more offices". Business Standard India. Retrieved 2018-06-25.
  12. ^ "Liberty Videocon Insurance to launch 2 new products". @businessline. Retrieved 2018-06-25.
  13. ^ "Liberty Videocon General Insurance opens offices in four cities". @businessline. Retrieved 2018-07-01.
  14. ^ Mukerji, Chandralekha (2013-12-17). "Engaging with Videcon to create insurance schemes that add value to their products: Milan Naik". The Economic Times. Retrieved 2018-07-01.
  15. ^ ROY, VIJAY C. (2014-02-07). "Liberty Videocon General Insurance to hire 200 people". Business Standard India. Retrieved 2018-07-01.
  16. ^ "Videocon exits non-life business - Times of India". The Times of India. Retrieved 2018-07-01.
  17. ^ Babu, Gireesh (2017-02-15). "Liberty Videocon General Insurance to tap bancassurance to boost growth". Business Standard India. Retrieved 2018-07-07.
  18. ^ indiainfoline.com. "Liberty Videocon General Insurance commences operations in India". Retrieved 2018-07-15.
  19. ^ "Liberty Videocon Insurance to launch 2 new products". @businessline. Retrieved 2018-07-15.
  20. ^ www.ETAuto.com. "Liberty Videocon General Insurance launches multi-year two-wheeler package policy - ET Auto". ETAuto.com. Retrieved 2018-07-15.
  21. ^ "Liberty Videocon eyes Rs 570 cr premium collection this fiscal". Moneycontrol. Retrieved 2018-07-15.
  22. ^ "Celent and Asia Insurance Review Announce Winners of Asia Insurance Technology Awards | Celent". www.celent.com. Retrieved 2018-07-22.
  23. ^ indiainfoline.com. "Liberty Videocon General Insurance recognized for Excellent HR Practices". Retrieved 2018-07-22.

External links[edit]