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Liberty Videocon General Insurance Company is targeting a premium income of ₹120 crore by March 31.
The company, a joint venture between the Videocon Group and the US-based Liberty Mutual Insurance Group started operations in January last.
It had, in the first twelve months, established a network of 20 branches. The company has proposed to close this calendar year with a network of 45 branches.
Roopam Asthana, Chief Executive, Liberty Videocon, was in the city to inaugurate the company's branch at RS Puram.
In an informal chat with Business Line , he said ‘though a late entrant, we are not looking at rampant expansion. We believe in stabilising our operations in the existing locations before foraying into newer towns and cities. We have set our footprints in the southern and eastern parts of the country, where we foresee huge business potential.’
The company's premium income between April 2013 till date is said to have touched ₹100 crore. Asthana is confident of achieving the target of ₹120 crore during the first full year of operation. Liberty Videocon would look at doing commercial business such as fire and engineering, stock, liability and workmen compensation.
On the retail front, the company recently got the IRDA’s approval for a group health product and travel cover for students. ‘We intend to launch these after the back-end is ready, say by June,’ said the company's chief executive.
And for a market such as Coimbatore, a bundled package product to suit the SME sector would be more apt.
‘We already have the IRDA’s approval for the bundled product covering fire, fidelity, stock, cash etc.’, he said.
The company has 400 employees on its roll at present. It plans to scale it up to 600 by December.
‘We hired experienced people in the first lot. Now, we will look to hire candidates from B-Schools in tier II cities. Trainees have just started to come on board.’
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