Liberty Videocon General Insurance Company, which started its operation in the early part of the year 2013 and is a joint venture between America’s Liberty Holdings and India’s Videocon Industries, plans to increase its operational branches to 22 by the year 2014 and 45 by the year 2015 as against the existing 8 branches. The company also has a target of Rs. 100 crores premium collections in its 1st year of operation. It also plans to recruit 120 people by this year end, totaling their employee strength to 400.
Videocon Industries holds 74% of the share capital in the company whereas rest is owned by Liberty Holdings.
Mr. Roopam Asthana at the time of addressing the press conference said that the company is expecting statutory approvals from market regulator soon for their health schemes and products for shopkeeper and small and medium enterprises.
For achieving its target, the company has entered into an agreement with 8 Cooperative banks in the state of Punjab to sell its products and intends to do the mirror image of the same in the state of Gujarat where there is a huge potential in this business.
The company, whose head office is in Ahmedabad, started the operation with a share capital of Rs. 350 crores. It is a 27th general insurance company in India which offers variety of products in motor and commercial division. Till date it has sold around 5,000 policies under retail segment and around 250 policies under corporate division.
