Kochi | Liberty Videocon General Insurance Company, a joint venture between Videocon Industries Limited and Liberty Citystate Holdings Pte Limited, a part of US-headquartered multinational Liberty Mutual Insurance Group, has announced the commencement of business operations in Kerala.
Informing this at a news conference here, Liberty Videocon General Insurance Limited Whole Time Director and CEO Roopam Asthana said that with entry in Kerala market, the Company had firmed up its presence in Southern Indian states where it already had a strong presence in Karnataka, Telangana, Andhra Pradesh and Tamil Nadu.
In Kerala, Liberty Videocon would sell a wide spectrum of retail (Motor, Personal Accident and Health Insurance) and commercial products through its distributor network, he added.
The launch of this new office is an integral part of the Companys strategy to be present in major States and to reach out to its customers in the region effectively, he said adding that on its foray into Kerala, the Company had entered into a corporate agency alliance with one of Keralas leading financial services conglomerate, Muthoottu Mini Group to distribute its general insurance products.
With this partnership, Muthoottu Mini Group would become the major distributor of all Liberty Videocon General Insurance Companys products and would allow it to expand footprint all across Kerala, he added.
Kerala is a key market for our retail products. Our presence in Kerala and further our strategic partnership with Muthoottu Mini Group will boost our distribution capabilities in the State. Mr Asthana said.
We are aiming to build strong relationships with leading brokers, agents, industries and other partners. Initially, we will focus on marketing our commercial and retail insurance products in Kerala, he added.
Recently, Liberty Videocon embarked on its next phase of growth and received a second round of capital amounting to Rs 320 crore from its promoters, for funding growth, expanding branch presence across India and augmenting its technology, he said adding that the company was planning to achieve its business by 50 per cent increase in the next year.
Stating that the current volume of business in the general insurance sector was around Rs 80000 crore, he said adding that it was expected that the business in this sector would grow to Rs 150000 crore by 2018.