Liberty Videocon General Insurance Co Ltd, one of the new players in the country, has plans to launch two new products – a bundled package for the SME sector and one for healthcare.

Roopam Asthana, CEO & Direcor of Liberty Videocon, told Business Line that both the products have got IRDA approval. “The product for SMEs will be launched in April, and in June we plan to roll out the insurance product,” Asthana said.

The SME product will be a bundled package to meet the requirement of a shopkeeper or trader or an auto ancillary unit. The package will provide insurance cover against fire or property or cash losses to group health insurance for the employees of the SME.

Healthcare plan “For the entry into medical insurance business, we have planned to have arrangements with 2005 hospitals. We are now also busy putting in place an IT-backend system and a third party network for the eventual rollout of the product nationally,” he added.

Liberty Videocon, a joint venture of Liberty Citystate PTE Ltd, an arm of Liberty Mutual Insurance Group of US, and Videocon Industries Ltd, began its operations in January 2013 and currently has an income of ₹105 crore. The CEO said it was likely to end the fiscal with an income of ₹120 crore. The vehicle insurance contributed 70 per cent of the revenues.

So far, the customer base of the company stands at 40,000 policies. “This fiscal we would have a total of 20 branches, which is expected to go up to 45 by the end of next fiscal,” he said.

Apart from expanding distribution network, Asthana said, the insurance company roped in 30 district cooperative banks as “affinity partners” in the rural belt of Punjab, Rajashthan and Chhattisgarh for vehicle insurance (particularly tractors) and farmers’ group insurance for personal accident.

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