Roopam Asthana, Chief Executive Officer at Liberty Videocon General Insurance Company, today declared the company’s performance report for the ongoing year 2013 - 14. He said that till now the company has successfully achieved a sales figure of Rs. 65 crores as against the budget of Rs. 120 crores for the entire year. The Company is also optimistic about the business for the remaining part of the year and expects to meet the budgeted amount of sales.
Breaking up the above, he said that 70% of the premium collection is attributable to the retail segment while the remaining 30% comes from the commercial division. This growth is supplemented by the growth in the motor and commercial business.
The Company also plans to add new products for its distribution, approval of which is pending before the IRDA. These new products fall under group health, personal heath, personal accident cover and the SME segment. These new products are in line with the revised guidelines issued by the IRDA and will be effective January 1 onwards. The company expects that its new health products will contribute significantly to its growth rate.
The Company also plans to increase its network by opening 11 additional branches, reaching a total of 20 and appoint around 200 agents by end of the year. This will help them to increase the sales and meet the budgeted figures.
Liberty Videocon General Insurance Company, which is the most recent entrant in the general insurance segment, is a joint venture between Videocon Industries Limited and US based Liberty Mutual Insurance Group.