MUMBAI, India, Dec. 27, 2024 /PRNewswire/ -- Liberty General Insurance, one of India's leading general insurance companies, has been felicitated with the 'Prompt Insurer' award at the ET Now Insurance Summit and Awards 2024 held recently. This recognition underscores Liberty's commitment to operational efficiency and delivering timely, customer-focused claims settlement services, further reinforcing its position as a trusted player in the non-life insurance sector.
In addition to this recognition, Liberty General Insurance has delivered a strong performance in CY 2024–25, with notable achievements in both the Motor Own Damage (OD) and Accident & Health (A&H) segments. In the Motor OD segment, Liberty recorded a settlement ratio of 97.43% and a claims paid ratio of 94.18%. Furthermore, 90% of claims were settled within 30 days, demonstrating its commitment to timely service. The company also maintained a disposal ratio of 100%, and an in-house claims handling ratio of 90%. Notably, the company's cashless network of over 5000 garages ensures efficient service delivery to policyholders.
In the A&H segment, Liberty's performance reflects its focus on operational efficiency and customer-centric processes. The company achieved a settlement ratio of 97.39%* and a claims paid ratio of 87.23%, with 96.215% of claims settled within 30 days. The disposal ratio of 100.17%* highlights its ability to handle claims effectively. The extensive cashless network of over 6,300 hospitals further enhances Liberty's ability to provide streamlined healthcare solutions to its customers.
Commenting on the recognition, Mr. Parag Ved, CEO & Whole Time Director, Liberty General Insurance, said, "This award reflects our ongoing efforts to provide efficient and transparent claims resolutions to our policyholders. The results we've achieved in both Motor and Health Insurance are a testament to our focus on improving service delivery and meeting customer expectations. By leveraging technology and maintaining a customer-first approach, we are committed to continuously enhancing the value we provide to our policyholders."
Liberty's recent recognition also includes the Finixx 2024 Award for Best Use of Content Marketing – Insurance Services, for its impactful Independence Day brand video campaign. This award celebrates Liberty's creative storytelling and content strategies that resonated with audiences nationwide.
Liberty General Insurance remains committed to driving operational efficiency and delivering reliable services to its customers. As a key player in India's non-life insurance sector, the company continues to focus on innovation and customer-centricity to create meaningful impact.
*Figures sourced from NL 35 and NL 37, which refer to public disclosures made by insurers on their respective websites. These metrics are based on data published by insurers as part of regulatory requirements. This is for the period Jan'24 – Nov'24.
Period considered: January 1, 2024 – November 30, 2024
About Liberty General Insurance
Liberty General Insurance Ltd. (LGI) is a joint venture between Summit Asia Investment Holdings PTE Ltd. — a group company of Liberty Mutual Insurance Group, a diversified global insurer with over 900 offices across the world, headquartered in the U.S., Enam Securities, and Diamond Dealtrade. LGI commenced operations in 2013 with the aim of providing comprehensive retail, commercial and industrial insurance solutions. The company has an employee strength of 1100+, with a presence across 100+ locations in 28 states and UTs. Its partner network consists of about 6300+ hospitals and more than 5000 auto service centres. The company offers health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, engineering insurance, marine insurance, liability insurance and property insurance, among other products, in India.
(Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR
PWR