Liberty General Insurance sees major potential in Tier2/3 cities; eyes new products, tie-ups
“We now have OEM tie ups with Hyundai and Tata Motors and we are doing the integration for our tie up with Maruti. We are very keen to get into OEM tie-ups in the two-wheeler segment,” Asthana told BusinessLine, adding that growth is expected in Tier 2/3 cities despite the slowdown in passenger vehicle sales. It has recently tied up with online travel aggregator EaseMyTrip to provide zero cancellation charges on flight tickets.The insurer is also working on products in segments such as cyber insurance, property and title insurance as well as events, and mergers and acquisition.It is also looking at accident and health insurance, where it sees long-term growth potential.Asthana said the company has set up a back office for claims management in Pune and plans to expand it for product and underwriting expertise in health insurance. “We believe there is a lot more opportunity in health insurance,” he said.
The company grew by about 40 per cent in 2018-19 and Asthana is hopeful of maintaining the same trajectory this fiscal too.