Money & Banking

To reduce hassles, Liberty Videocon to unveil mobile-based home insurance product this year

KR Srivats New Delhi | Updated on January 17, 2018

Roopam Asthana CEO, Liberty Videocon General Insurance

Tech-based solution to roll out this year, says CEO Roopam Asthana

Liberty Videocon General Insurance (LVGI) will introduce a mobile-based solution to “simplify the purchase-and-claims-settlement process” in the home insurance segment, a top company official said.

The general insurer, which began its journey in 2013, may use the technology available on a mobile phone to help achieve the objective, said Roopam Asthana, CEO and Director, LVGI.

Although he declined to elaborate, Asthana confirmed that the new product would hit the market this calendar year. LVGI will approach insurance regulator IRDAI for approval.

“We want to be seen as a different company for the way we are making things easier for the customers. This focus on improving customer experience should give us the market leadership in this segment,” Asthana told BusinessLine here.

Asthana also said the company’s digital team in India is “collaborating” with its foreign partner, Liberty Mutual Insurance’s Innovation Lab in the US, for this purpose.

Currently, LVGI has a vanilla home insurance product on offer. However, this is processed manually and is not technology-enabled.

Most Indian companies have a process of purchase of home and home content insurance that is very cumbersome, with customers required to fill in forms running into several pages. Currently, home insurance in India is largely sold by banks that provide home loans.

Asthana also said the country’s home insurance category is expected to see exponential growth in the coming years and that LVGI was positioning itself to ride this growth.

At the same time, he also noted that natural catastrophes like the ones in Uttarakhand, Srinagar, Gujarat and Chennai had not driven people into buying home insurance.

Published on July 03, 2016

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