Liberty Videocon General Insurance will soon become the newest entrant in the general insurance space. The company has already received the final approval from insurance regulator, Irda.

"We have received the mandatory clearance from IRDA and are gearing up to launch Liberty Videocon General Insurance operations in India," company's CEO-designate and director Roopam Asthana said.

"Supported by a strong and experienced leadership team, which is already in place and market expertise of our parent companies in their respective domains, we are looking forward to making a substantial difference in the Indian non-life insurance market," Asthana said.

Headquartered in Mumbai, the company will start operations with an initial capital of Rs 300 crore. "With the approval in place, we are now getting ready to file documents
with the Irda for approval of our proposed products. We intend to build a customer-focused business, which will address the distinct needs of individual and corporate customers through both direct and intermediary relationships backed by a prudent and disciplined underwriting philosophy and strong actuarial capability," Asthana said.

He said the company is in the process of implementing a technology platform for seamless and speedy experience. The partnership between Videocon Industries and US-based Liberty Mutual Insurance Group, a leading global property and casualty group,
Liberty Videocon General Insurance is geared to provide multi-line insurance underwriting capabilities nationally, with an emphasis on personal insurance products, it said.