New Delhi, September 21, 2017: Liberty Videocon, a joint venture between Liberty Citystate holdings PTE Ltd., and Video Industries limited, has been ranked at top amongst the small private sector insurers for highest claim settlement efficiency ratio.
The apex body of licensed insurance brokers, Insurance Brokers Association of India (IBAI), asked the general insurance companies to disclose the claim amounts paid in order to publish a handbook for policyholders. The handbook has claim insights of each quarter of some of the biggest insurance companies in India.
Sanjay Kedia, President of IBAI, said that it will be insight information for the policyholders if claim amount is reported for each quarter. He further added that the same suggestion has been made to Insurance Regulatory and Development Authority of India (IRDAI).
According to the data published by IBAI, Liberty Videocon is ranked at the top amongst the small private sector insurers for the highest claim settlement efficiency ratio of 67.4%.The Insurers were evaluated and ranked on five criteria: Motor Third Party, Motor Own Damage, Marine Cargo, Fire, and Miscellaneous.
The Motor Own Damage and Motor Third Party report included car insurance as well as 2-wheelers insurance claims.
The report stated with respect to Motor Own Damage that the claim pendency ratio i.e. claims pending for more than 1 year of most of the insurers was less than 5%. Liberty Videocon was ranked second in the list amongst the small private sector insurers with claim pendency ratio of 0.25%. Claim pendency ratio is the number of claims pending for more than a year calculated against the total number of claims available for processing.
Furthermore, in the Motor Third Party claim pendency ratio, Liberty Videocon again found itself at the first position of with lowest ratio of 25.91%.
About the Company
Liberty Videocon General Insurance is joint venture of Liberty Citystate holdings PTE ltd. and Videocon Industries Limited. Liberty Citystate holdings PTE Ltd is a US-based Group Company of Liberty Mutual Group.
The objective of Liberty Mutual Insurance Group is to help people protect and preserve what they own, cherish, earn, and build. Based on the 2015 direct written premium data, reported by the National Association and Insurance Commissioners, Liberty Mutual Insurance Group was ranked fifth largest property and casualty insurer in USA.
A global business conglomerate, the Videocon Group has strong presence in the Power sector, Consumer Electronics, Retail, Telecom, DTH TV, and Global Oil & Gas. The company has a worth of $5 Billion and it has fostered innovation since its inception to develop a wide range of products that has changed the current Indian market. The Videocon Group has been included the Top 100 Emerging Giants of the world, Top 15 Private Business Houses, and Top 15 Busiest Brands. Moreover, it has emerged as the world’s most successful Global Oil & Gas explorer via their initiatives in Indonesia, Brazil, Mozambique etc.
Together, since its commencement of operations in 2013, Liberty Videocon General Insurance have had a steadfast aim to provide all-encompassing industrial, private, and commercial insurance solutions.
For more information, visit: https://www.libertyvideocon.com/two-wheeler-insurance