Liberty Videocon General Insurance Company Ltd, a joint venture between US-based Liberty Mutual Insurance Group and Videocon Industries Ltd, is targeting to achieve a premium of Rs 100 crore this year.
The company expects to break-even in six years of operations, said a senior official from the company.
The company, which had launched its operations with commercial products on January 2013 and motor insurance in February 2013, is also expected to expand its geographical presence from the present eight branches to 25 branches during the second year of operations.
It has branches in Mumbai, Delhi, Gurgaon, Bangalore, Pune, Ahmedabad, Hyderabad and Chennai.
Speaking to the reporters here, Roopam Asthana, CEO and director of Liberty Videocon, said: "Considering that the general insurance companies break-even at a gross premium of Rs 1,200 crore, the company expects to reach the mark in six years' time. The capital base of the company would be around Rs 600 crore by that time".
Presently, the company has an active tie-up with more than 140 brokers and 700 retail agents and motor dealers besides having a network of around 700 cashless motor repairing centres in eight locations.
The distribution focus would be on auto dealers, agents and brokers with development of bancassurance and affinity capabilities.
The company started its operations with an initial capital of Rs 350 crore, which it claims to be one of the highest ever in the industry.
In order to maintain quality service, it has a strategy to own data entry and call centres and would have minimal outsourcing in operations, claims in a centralised set up.
The company's portfolio is balanced between retail, which includes motor and health and commercial, which includes fire, engineering and group health insurance products, added the company.
