With the R3 approval in place, Liberty Videocon GIC said it is now getting ready to file documents with the IRDA for approval of its proposed products
Mumbai: New entrant in the private space Liberty Videocon General Insurance Co on Tuesday said it received the final approval from the Insurance Regulatory and Development Authority (IRDA), which enables the company to commence operations, reports PTI.
"We have received the mandatory clearance from IRDA and are gearing up to launch Liberty Videocon General Insurance operations in India," company chief executive officer - designate and director Roopam Asthana said in a release.
"Supported by a strong and experienced leadership team, which is already in place and market expertise of our parent companies in their respective domains, we are looking forward to making a substantial difference in the Indian non-life insurance market," Asthana said.
Headquartered in Mumbai, the company will start operations with an initial capital of Rs300 crore.
"With the R3 approval in place, we are now getting ready to file documents with the IRDA for approval of our proposed products. We intend to build a customer focused business, which will address the distinct needs of individual and corporate customers through both direct and intermediary relationships backed by a prudent and disciplined underwriting philosophy and strong actuarial capability. We are in the process of implementing a technology platform for seamless and speedy experience," Asthana said.
The partnership between Videocon Industries and US-based Liberty Mutual Insurance Group, a leading global property and casualty group, Liberty Videocon General Insurance is geared to provide multi-line insurance underwriting capabilities nationally, with an emphasis on personal insurance products, it said.
Having completed its capitalisation, the company is now in the process of finalising its products and service delivery blue print, it added.
"India's rapidly rising personal income levels mean more and more Indians will be buying insurance to protect their property and possessions," Liberty Mutual's president and CEO David Long said.
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