Liberty Videocon General Insurance to open 40 more offices

Liberty Videocon General Insurance said it will more than double its offices across India in next four months to 80 locations, witnessing traction in motor and retail insurance.

"We will be opening up around 40 more branches in tier-II and tier-III towns in India in next 2-4 months. This will take our presence to almost 80 locations across tier-I, II and III cities in India", Pankaj Arora, Country Head-Retail Business, Liberty Videocon General Insurance, said.

Presently, the company operates through 35 branches.

It is a joint-venture between India's Videocon Industries Ltd and Liberty Citystate Holdings Pvt Ltd, part of the US headquartered Liberty Mutual Insurance Group.

"Motor insurance and retail health insurance would be the growth driver for the company in near future," Arora said.

Liberty Videocon General Insurance is eyeing Delhi-NCR market in a big way, he added.

Motor insurance is the key revenue segment for the company and the markets of New Delhi and NCR have been fetching significant motor insurance business, he said.

"The market potential of New Delhi and NCR for motor insurance business is about Rs 500 crore per month for the entire Indian general insurance industry. Banking on this huge potential, the company will focus on garnering more business in motor insurance segment from this market," Arora added.

The company also announced the launch a multi-year two wheeler insurance package policy.

This policy will offer a multi-year coverage to customers and relieve them from renewing it every year. The customers can insure his two-wheeler for two to three years under a single policy document.