Liberty General Insurance Signs Corporate Agency Agreement

 Liberty General Insurance Signs Corporate Agency Agreement
with Karnataka Vikas Grameena Bank

Liberty General Insurance, one of the fastest growing General Insurance companies in India and Karnataka Vikas Grameena Bank (KVGB), a leading regional rural bank headquartered in Dharwad that predominantly focuses on financing Agriculture and its Allied sectors, have signed a Corporate Agency Agreement. This association will enable distribution of Liberty’s general insurance products through KVGB’s extensive network of 629 branches with a member base of around 80 lakh in the state of Karnataka.

In a formal ceremony held in Dharwad on Tuesday, December 07, 2021, Mr. Chandrashekar D. Moro, General Manager, KVGB and Mr. Manish Kotian, Senior Vice President & National Head – Agency, Retail Broking, Motor, Banca & Affinity and Institutional Sales signed and exchanged the agreement in the presence of Mr. P. Gopi Krishna. Chairman, KVGB

Speaking on the occasion, Mr. Manish Kotian, Senior Vice President & National Head – Agency, Retail Broking, Motor, Banca & Affinity and Institutional Sales, Liberty General Insurance said, Our partnership with KVGB is a significant milestone in the Company’s journey to further strengthen our distribution of products in the region. We constantly endeavour to make our products more widely available for customers across all sections of the society, and this tie-up is a noteworthy step in that direction.”

Speaking on the development, Mr. Gopi Krishna, Chairman, KVGB said, “Considering the huge potential in the general insurance sector, the bank had entered into an MoU with Liberty General Insurance. As per the MoU terms, the company will provide a variety of general and health insurance products such as personal accident, car and two-wheeler insurance, employee compensation insurance, commercial insurance, fire and engineering insurance and health and other miscellaneous insurance products with reasonably affordable cost.”

Liberty General Insurance offers special

 Liberty General Insurance offers special Travel Insurance for flight bookings on Yatra

-         Liberty Secure Travel will allow the customers to avail 'a seamless refund on the cancellation of their flights'

-         This policy will permit customers to cancel their flights up to 24 hours before departure

-         Offers Zero Cancellation Charges on Flight Tickets

-         Covers Accidental Death & Permanent Total Disablement

Liberty General Insurance Ltd. (Liberty), one of the leading general insurance companies in India has always believed in being there for its customers at every touchpoint and offering them relevant insurance solutions as per their dynamic needs. In this backdrop, Liberty and Yatra, India’s home-grown online travel agency, have partnered together to offer ‘Liberty Secure Travel’ an insurance policy to the customers who book airline travel through Yatra’s platform. Yatra’s customers can opt for Liberty Secure Travel cover, thus enabling them to avail of a seamless refund on the cancellation of their flights. 

When a customer cancels a flight ticket, a significant portion of the ticket fare amount is deducted as a penalty by the airlines. The refund is usually meagre in comparison to the overall ticket price. This policy will ensure zero cancellation penalty to its customers to reduce their cancellation worries. 

Liberty Secure Travel offers a ‘Cancel for Any Reason’ option to the customers. Further, the customers will be able to cancel their flights up to 24 hours before departure and Liberty will reimburse them for losses of up to INR 5,000. 

Speaking on the development, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance Limited said, “We at Liberty are elated to partner with Yatra for offering Liberty Secure Travel insurance policy. As we get back to normal life and travel, this product will surely benefit a large number of customers, safeguarding them from any unforeseen circumstances that necessitate travel cancellation. We are certain that our product will give peace of mind and confidence to the customers to plan their travel worry-free.”

“With this association, we aim to increase our distribution base on this new age platform and offer best in class services to the customers of Yatra by providing them relevant travel solutions, Mr. Asthana further added.”

Highlights of Liberty Secure Travel Policy: 

• For trip cancellation, the customer will be eligible for a Sum Insured (INR) maximum up to 5,000/. The sum insured for both accidental death, permanent and total disablement will be (INR) 1,00,000/-.
  

• Anyone aged between 3 months to 70 years can buy a travel insurance policy. The travel insurance plan starts from Rs.399 onwards per flight including GST.
  

• Liberty Secure Travel will be available only for domestic travel
  

• ‘Trip Cancellation Extension’ cover can be claimed if you have canceled your flight ticket at least one day (24 hours) before the scheduled departure date
  

The policy starts from the scheduled departure date and time of flight from the originating airport to the actual arrival date and time at the destination airport as mentioned in the booked flight ticket through which insurance cover has opted for which the Insured has paid the Premium.

Liberty General Insurance offers special Travel Insurance for flight

Liberty General Insurance offers special Travel Insurance for flight bookings on Yatra

 

-         Liberty Secure Travel will allow the customers to avail 'a seamless refund on the cancellation of their flights'

-         This policy will permit customers to cancel their flights up to 24 hours before departure

-         Offers Zero Cancellation Charges on Flight Tickets

-         Covers Accidental Death & Permanent Total Disablement

 

Liberty General Insurance Ltd. (Liberty), one of the leading general insurance companies in India has always believed in being there for its customers at every touchpoint and offering them relevant insurance solutions as per their dynamic needs. In this backdrop, Liberty and Yatra, India’s home-grown online travel agency, have partnered together to offer ‘Liberty Secure Travel’ an insurance policy to the customers who book airline travel through Yatra’s platform. Yatra’s customers can opt for Liberty Secure Travel cover, thus enabling them to avail of a seamless refund on the cancellation of their flights. 

 

When a customer cancels a flight ticket, a significant portion of the ticket fare amount is deducted as a penalty by the airlines. The refund is usually meagre in comparison to the overall ticket price. This policy will ensure zero cancellation penalty to its customers to reduce their cancellation worries. 

 

Liberty Secure Travel offers a ‘Cancel for Any Reason’ option to the customers. Further, the customers will be able to cancel their flights up to 24 hours before departure and Liberty will reimburse them for losses of up to INR 5,000. 

 

Speaking on the development, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance Limited said, “We at Liberty are elated to partner with Yatra for offering Liberty Secure Travel insurance policy. As we get back to normal life and travel, this product will surely benefit a large number of customers, safeguarding them from any unforeseen circumstances that necessitate travel cancellation. We are certain that our product will give peace of mind and confidence to the customers to plan their travel worry-free.”

 

“With this association, we aim to increase our distribution base on this new age platform and offer best in class services to the customers of Yatra by providing them relevant travel solutions, Mr. Asthana further added.”

 

Highlights of Liberty Secure Travel Policy: 

 

• For trip cancellation, the customer will be eligible for a Sum Insured (INR) maximum up to 5,000/. The sum insured for both accidental death, permanent and total disablement will be (INR) 1,00,000/-.

 

• Anyone aged between 3 months to 70 years can buy a travel insurance policy. The travel insurance plan starts from Rs.399 onwards per flight including GST.

 

• Liberty Secure Travel will be available only for domestic travel.

 

• ‘Trip Cancellation Extension’ cover can be claimed if you have canceled your flight ticket at least one day (24 hours) before the scheduled departure date.

 

• The policy starts from the scheduled departure date and time of flight from the originating airport to the actual arrival date and time at the destination airport as mentioned in the booked flight ticket through which insurance cover has opted for which the Insured has paid the Premium.

Liberty General Insurance Launches

 Liberty General Insurance Launches #Liberty365

 

-         Quick, hassle free settlement of claims

-         Value-add for partners like Motor Garages, Hospitals & our Intermediary partners

 

Liberty General Insurance Ltd, one of the leading general insurance companies in India, today introduced #Liberty365 - 365 days claims service including on weekends and holidays. This is a one of its kind customer focused initiative in India in which Liberty General Insurance (LGI) will process its policyholders claims on all days of the week, unlike other insurance companies who offer this support only from Monday to Friday. 

 Ever since it started its operations in 2013, Liberty General Insurance has been recognized in the Indian market for its superior claim servicing. With this industry-first initiative, the company strives to take its commitment to its customers a notch higher. Motor, Health, and Travel insurance customers of LGI will be able to avail this service at no extra premium cost. This facility will be available for claims processed in-house by LGI’s teams comprising of automobile and health insurance experts, ensuring claimants don’t have to wait for weekend to pass to avail of LGI’s claim service. For motor insurance customers, this service is available for vehicle inspections and cashless repair approvals upon filing a claim as well as for post repair approvals for timely delivery of the vehicle at the participating workshops for claims up to INR 50,000/- for Private Cars, and up to INR 10,000/- for Two Wheelers.

Speaking on the development, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, “Customer centricity is at the heart of all endeavors that Liberty General Insurance undertakes. We care for our customers and want them to live safer and more secure lives. At the same time, we want to ensure that we are accessible to our customers when they need us – any day of the week. This initiative is a strong reaffirmation of our long-term commitment to our customers and to the growing general insurance industry in India.”

 

Liberty General Insurance strengthens reach in rural Maharashtra

 Liberty General Insurance strengthens reach in rural Maharashtra,
ties up with Maharashtra Gramin Bank

 -          Maharashtra Gramin Bank is the largest Regional Rural Bank in Maharashtra

-          Tie-up will service 7 districts across 412 bank branches.

Liberty General Insurance Ltd, one of the leading general insurance companies in India announced its strategic tie-up with Maharashtra Gramin Bank.

Sponsored by Bank of Maharashtra, Maharashtra Gramin Bank operates in Maharashtra with its head office in Aurangabad. It is the largest Regional Rural Bank (RRB) in Maharashtra and is one of the 43 gramin banks in India supported by the government to bring banking services to rural areas. It provides easily accessible banking and credit services to the rural population through its 412 branches.

This partnership will enable distribution of Liberty General Insurance’s products through Maharashtra Gramin Bank’s branch network in seven regions of Maharashtra viz, Aurangabad, Beed, Latur, Nanded, Parbhani, Thane and Nashik.

Through this association Liberty General Insurance will offer a comprehensive range of relevant general insurance products including health, two-wheeler, and motor insurance to Maharashtra Gramin Bank’s customers.

Speaking on this occasion Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, ‘’Our partnership with Maharashtra Gramin Bank is an important milestone in our journey to offer our market leading products through a trusted partner to a crucial segment of our country which has traditionally seen low insurance penetration. Our alliance with Maharashtra Gramin Bank will spearhead our expansion in Maharashtra and Liberty General Insurance Limited is deeply committed to providing the best service and products to the bank’s customers.’’

Senior official from Maharashtra Gramin Bank quoted “We at Maharashtra Gramin Bank are confident that the Bancassurance partnership with Liberty General Insurance shall add value to the bank’s esteemed individual customers and solicit, procure and service retail lines of general insurance products and commercial lines products.” -

HEALTH CONNECT SUPRA Industry’s most preferred top up

HEALTH CONNECT SUPRA Industry’s most preferred top up product from Liberty General Insurance

·         Critical Illness Cover

·         Helpful in COVID

·         Wide range of Sum Insured from Rs. 3 lakh to 1 crore

 

Liberty General Insurance’ HEALTH CONNECT SUPRA POLICY is a Super Top-Up product for all health emergencies in this pandemic. It offers best top-up plan for individual and the family with sum insured option of up to Rs. 1 crore coverage.

Supra has been Liberty General Insurance’s best-selling product within its product basket as well as the industry because of various reasons. Firstly, the product has a super competitive premium and has features including no co-pay, no sublimit and no room rent restrictions. All day care procedures are covered which are approved by IMA and the product offers a Sum Insured option up to 1 crore. The policy offers several other benefits to the policyholders such as In-patient Hospitalization, Pre-Hospitalization, Medical expenses incurred prior to the Covered Hospitalization for 30 DAYS and 60 DAYs for Post-Hospitalization, Day care Procedures, Loyalty Perk of 10% every claim free year, Preventive Care, among others.

Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, “As the unfortunate COVID-19 tragedy persists, hospitalization is resulting in hefty bills.  A super top-up product with adequate sum-insured keeps the family financially protected even when medical emergencies arise with huge medical expense. With its reload option, the base Sum Insured availability is doubled during the year if exhausted for the same or even an unrelated medical event in the policy year. Through this product the Insured has to spend a comparatively smaller amount to get higher Coverage on their Health Insurance Plan.”

Key Features:

·         Option to choose unique features like Reload, AYUSH and Emergency world-wide coverage.

·         Entry Age: Adults: 18 years – 65 years Children: 91 days to 25 years

·         Tenure: 1/2/3 years

·         7.5% discount for 2 years and 10% discount for 3 years

·         10% discount for direct policy purchase

·         Avail 5% loyalty discount if you already have a Health Policy of Liberty

·         10% family discount if 2 or more family members are covered on individual Sum Inured basis

·         Tax savings under section 80D of the Income Tax Act 1961

·         Assured policy renewal for life without exit age.

Liberty General Insurance Rolls Out AI-based

 Liberty General Insurance Rolls Out AI-based Automated Car Inspections

Liberty General Insurance has automated vehicle inspections for car insurance policy renewals and claim assessments using AI based technology. This is expected to transform the car inspection process, which is currently dominated by manual inspections - a people intensive job leading to delays in the claims and policy issuance process.

Under the AI-based inspection process, end-customers capture photos or videos of a car for policy renewals and claim assessment. These photos or videos are sent to the cloud and an automated inspection report, covering damage and claim assessment, gets generated within a few seconds. The automated process replaces humans in repetitive work at a very high accuracy level. It not only saves cost but also increases customer satisfaction by reducing the time required to settle a claim or renew a policy.

Speaking on the development, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, "We have been working with partners for almost two years now to automate our car inspection process. Through this partnership we have developed an efficient and elegant product, which will help us reduce cost and time required for motor inspections significantly. This capability will further enhance customer experience with lower turnaround on claims and renewals."

Speaking on the partnership, Mr. Devesh Trivedi, CEO & Cofounder, Inspektlabs said, “We are grateful to Liberty General insurance and humbled by their continued faith in us. Globally insurers and automotive players spend billions of dollars on inspections. Inspektlabs’ patent pending technology allows insurance and automotive players to reduce the cost of inspection by 98% and reduce the time required for inspections by 95%. We are currently working with multiple companies in US, Japan and India to automate up to 75% car inspections using AI technology.”

The new product is already integrated with Liberty’s workflow, and is focused on automation of policy renewal approvals, and small & mid- sized motor claim estimation. The platform also constitutes several specialized features for fraud detection including detection of prior damages and hidden damages.

Over the last few years, Liberty has constantly endeavored to be a pioneer in terms of its consumer offerings. This has helped the company create a stream of highly targeted new products and AI-based tools and technology.

Liberty General Insurance Receives INR 100 Crore Capital

Liberty General Insurance Receives INR 100 Crore Capital Infusion

from Promoter Group

-          Company denies rumours and speculation on stake sale

-          Current promoters are committed to the Company’s long-term growth

-          Promoters confident that the firm will achieve major market share in the years to come

Denying market rumours and speculation of any stake sale, Liberty General Insurance today announced that it has recently received a fund infusion of Rs. 100 crore from its promoters.

“Liberty General Insurance’ promoters, Liberty Mutual Insurance Group, Enam Securities, and DP Jindal Group remain confident of the company’s ability to build a substantial business in India. With a further infusion of additional capital of Rs.100 crore made in July 2020 by its promoters, the total invested capital including share premium is now Rs.1,834 crore. This fresh infusion of capital by the promoters amidst prevailing difficult economic situation in the country indicates their commitment and confidence in Liberty General’s ability to grow profitably for many years to come,” said Mr. Roopam Asthana, CEO & Whole Time Director, denying media reports that suggested any stake sale.

Liberty General Insurance (LGI) had undergone a shareholding change in February 2018 and consequently the current promoters are subject to a lock in period of 5 years as stipulated by the regulator. The company has undergone several rounds of capitalization thereafter and is financially strong with solvency ratio of 2.65 (as on June 30, 2020) as against required regulatory solvency ratio of 1.5 indicating adequate capital support for planned growth.

On overall business, the company registered YOY growth of over 36% for the year ended 31 Mar 2020. The company offers motor, health and personal accident covers apart from commercial, fire, engineering and marine insurance.

The company has also recently launched a new product viz. Liberty Critical Connect (Critical Illness Health Insurance) and an innovative service offering, Liberty Assure, under the regulatory sandbox mechanism.

Liberty General Insurance Introduces

Liberty General Insurance Introduces ‘Liberty Assure’ – An Industry First Feature that Offers Waiver of Compulsory Deductible at NO EXTRA PREMIUM

-          Introduced under Regulatory Sandbox approval received from IRDAI

-          Waiver of ‘Compulsory Deductible’ at No Extra Premium at the time of raising a claim/Loss

-          Savings of INR 1000/INR 2000 per claim

-          The additional benefit of Service Warranty ascertains that Peace of Mind comes standard for the customers

-          Feature available to customers across select cities- Ahmedabad, Jaipur, Kolkata, Bangalore, Hyderabad, Mumbai, Chandigarh, and Delhi-NCR

Liberty General Insurance Ltd. (LGI), in an industry first move, today launched an innovative service ‘Liberty Assure’ as a part of its existing Private Car Package Policy, under the Regulatory Sandbox approval received from IRDAI. This innovative offering is one of its kind in the industry where the customer will not have to bear the cost of ‘Compulsory Deductible’ for every claim at NO EXTRA PREMIUM to avail this service at the time of raising a claim/loss. The new feature will also give customers even more control over their insurance costs, thus enabling them to save more.

Additional benefits under this feature include the Service Warranty, which ascertains that Peace of Mind comes standard for the customers. It covers any defects arising from the repair of an accidental vehicle. The Company’s preferred provider network (PPN) workshop will make such loss good by providing the required repair/replacement of the defect at no additional cost. The customer can visit the same workshop with the service warranty certificate for any further repair/replacement of the defect. 

However, the service warranty will be available up to 6 months or 10000 kms and it will be effective from the date of delivery of vehicle from Liberty’s PPN Workshop.

All customers intimating their vehicle’s own damage partial loss claim(s) under Private car package policy during July 03, 2020 – December 31, 2020 will be eligible to avail the benefits specified under this unique feature at the Company’s PPN workshops only.

Further, this feature will be available to the customers across eight locations- Ahmedabad, Jaipur, Kolkata, Bangalore, Hyderabad, Mumbai, Chandigarh, Delhi-NCR. The vehicles repaired at Liberty’s PPN workshops will also entitle the customers to avail free value-added services such as pick-up & drop, exterior car wash, engine tune-up and A/C Check Up among others.

Speaking on the launch of this new feature under the regulatory sandbox, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance Ltd. said, “Innovation and customer centricity are a sine qua non in an industry where trust takes precedence. With the introduction of ‘Liberty Assure’—an industry first offering where the customers can save the cost of compulsory deductible without paying any additional premium—the Company re-affirms its commitment to innovate and design value-driven products and services for its customers. I am hopeful that such value-add services will lead to an increase in the penetration of motor insurance in the country by incentivizing more people to opt for private car package policy.

Illustration for reference only:

Like in all Motor insurance policies, a compulsory deductible is the amount that the insured must pay. If the compulsory deductible for a Private car is ₹2000 and the customer incurs a total assessed claim expense of ₹2500, then the customer’s insurance company will pay ₹500, after deducting the compulsory deductible of ₹2000. Now, with Liberty Assure, this ₹2000 will also be paid by the Insurance company.

What is a Compulsory Deductible?

It is a fixed amount deducted at the time of claims and it is common across all insurance companies (as prescribed by India Motor Tariff). It is determined based on the engine capacity of an individual’s private car. The compulsory deductible per claim in case of private cars up to 1,500 cc engine is ₹1000; for cars above 1,500 cc it is ₹2000