Quick claim settlement to drive Liberty Videocon's growth

Liberty Videocon General Insurance Company Limited, the non-life start-up launched in January this year, is betting on its lean organisational structure as well as insurance penetration for quickly catching up with the established players in the Indian market.

“The products can be easily copied by others irrespective of how  innovative they might be. What others cannot copy is our organisational structure, which is designed to make quick decisions and keep always in touch with the customer requirements,” Roopam Asthana, chief executive officer and director of Liberty Videocon, said here today.

According to him, the company has built a flat organisational structure where there are no middle layers even when it comes to claims settlement to enable faster decision making.

Though the company was a late entrant, there wasn't enough competition, he said, stating that much smaller markets compared with India had more number of insurance companies as well as insurance penetration.

He also said the timing of their entry was  appropriate as they consider the general insurance industry had bottomed out in terms of profitability on the back of price deregulation and the dismantling of motor third party pool among other factors.  The company, which targets to collect Rs 100 crore premium in the current year, expects to get 70 per cent of its business from motor and health insurance segments.