Liberty Videocon General Insurance commences operations in Goa: Opens a branch office in Panjim

Lower Parel, June 11, 2015 (Newswire.com) - Liberty Videocon General Insurance Company, a joint venture between India’s Videocon Industries Limited and Liberty Citystate Holdings Pte Limited, part of US-headquartered multinational Liberty Mutual Insurance Group has announced the commencement of business operations in the State of Goa.

Recently, the Company received a second round of capital of Rs 320 crore from its promoters Videocon Industries and Liberty Mutual Insurance Group mainly for funding growth and expanding geographical reach across the Country. The new Branch in Goa becomes the first branch expansion of the Company as part of its next phase of growth.

The launch of this new office is an integral part of the company’s strategy to be present in the major States and to reach out to its customers in the region effectively. With entry in Goa market, the Company has firmed up its presence in Western Indian market. It already has a strong presence in the States of Maharashtra and Gujarat. In Goa, Liberty Videocon will sell a wide spectrum of retail (motor and health) and commercial products through its distributor network.

“Goa is a key market for our retail products. Our presence in Goa, would help us augment our relationships with leading brokers, auto dealers, agents, industries and other partners. Initially, we will focus on marketing our motor and health insurance products in Goa. Going forward, we will also target commercial products for industrial customers” said Roopam Asthana, CEO and Whole Time Director, Liberty Videocon General Insurance Limited.

The Company has recently launched a very specialised ‘Risk Engineering Services’ through a dedicated ‘Risk Engineering Cell’ (REC) with a view to provide comprehensive risk management services as a part of its insurance proposition. In this service, Liberty Videocon’s Risk Engineers will assess and suggest loss reduction solutions in areas like fire protection, industrial safety, liability, equipment breakdown, worker safety, etc. Added Mr Asthana, “Goa has a developing industrial presence. With our specialised Risk Engineering Service, we will be in a better position to service our industrial customers to manage their risks before they interrupt businesses.”

Headquartered in Mumbai, the company received a licence to operate in the general insurance industry from the Insurance Regulatory Development Authority (IRDA) in May 2012. Currently, it has operations in major States of India in important Tier I & Tier II cities. In the last fiscal, the Company’s Gross Written Premium (GWP) stood at Rs 294 crore.

About Liberty Videocon General Insurance Company Limited
Liberty Videocon General Insurance Company Limited (www.libertyvideocon.com) is a joint venture between the Videocon Industries Limited and Liberty Citystate Holdings PTE Ltd, a group Company of US headquartered Liberty Mutual Insurance Group, a leading global general insurance group. Liberty Mutual Insurance was founded in the year 1912 and is a diversified global insurer with over 900 offices across the globe. With Liberty Mutual Insurance Group’s 100 years of experience in the insurance industry globally, Liberty Videocon General Insurance Company Limited is here with a vision to build a customer centric business to address the distinct insurance needs of individual and corporate customers.