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 Launches its Latest Television

 Liberty General Insurance Launches its Latest Television Commercial –

‘Bharose Ka Vaada!’

Liberty General Insurance Ltd, one of the leading general insurance companies in India, today launched its latest television commercial highlighting the brand ethos as well as its health and motor insurance products and services. Through this TVC, the company aims to alleviate consumers’ worry related to the servicing and settlement of claims. The TVC ‘Bharose Ka Vaada’ has been created by White Rivers Media and highlights Liberty General Insurance’s assurance of fast claims settlement, digitally integrated seamless processes, and conveys the underlying message of trust and promise that the consumers rightfully deserve.

The TVC explores two parallel stories, of two families whose regular lives are interrupted by sudden mishaps, and how Liberty General’s quick claim settlements and digitally-integrated processes help the families sail through the tide. Through the story of these two families, we get a glimpse of their contrasting but inter-connected lives, and the beautiful way they weave together through the common thread of trust and responsibility.

Discussing the campaign’s storyboard, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, “For our new TVC, we wanted a storyline and  communication that depicts our brand promise of protection for the unexpected delivered with care in the lives of our existing and potential customers, especially in the current times when they need it the most. ‘Bharose Ka Vaada’ appeals beautifully to this sentiment. Literally translating to ‘A promise of trust’, the tagline signifies our brand’s commitment towards taking care of our customers through our values of responsibility and trust.”

Speaking on the launch of the campaign, Amit Jain, President of Personal Lines, Bancassurance & Affinity and Marketing, Liberty General Insurance Ltd said, “Liberty General Insurance believes that progress happens when people feel secure, and we wanted the new TVC to reflect our commitment to taking care of our customers. Our constant endeavour is to provide seamless support in a customer’s insurance journey including speedy claims settlement. Our new TVC which is high on the emotional quotient also talks about how ‘Trust’ is one of the strongest sentiments and also one of the most important factors towards building long-lasting relationships.” 

TVC Link:

https://www.youtube.com/watch?v=qi7nSLIqTSM

Credits:

Client	Agency	Co-founders	Account Management	Creative Team	Production
Amit Jain	White Rivers Media	Shrenik Gandhi	Tanish Shah	Mayur Goyal  ( Director )	Tanish Shah
Shivani Sharma		Mitesh Kothari	Sai Santosh Shetty	Bhushan Kadam	Sujeet Mahto
Nitin Seth			Manu Swal	Megha Marwah	Abhishek Gaikwad
			Pratik Rathi	Nikita Roy	Shantanu Shrikant Tunge
				Aniket Khade	Manu Swal
				Sujeet Mahto
				Sagar Kewat
				Prasad Sawant

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.