Liberty GeneralInsurance is banking on its geographical footprint in the country and superior customer experience to sustain its industry-beating growth.

The general insurance industry is facing multiple challenges at present such as double digit inflation and awareness of its products vis-a-vis mutual funds.

Competition may further intensify as the InsuranceRegulatory and Development Authority of India is exploring the possibility of allowing life insurance companies to sell indemnity health insurance products.

Speaking to The Telegraph, Roopam Asthana, CEO and whole time director, Liberty General, said the topline of the industry expanded around 15.4 per cent between April and October, while the insurer enjoyed a growth of 32 per cent.

Besides growth, Liberty’sincurred claims ratio — proportion of total claims settled— has remained strong even as the insurer continues to remain well capitalised with a solvency ratio of 2 which is above the regulatory minimum of 1.5.

Asthana said in health insurance alone, Liberty has seen a 43 per cent growth in premiums which is double the industry growth of around 20per cent.

“Health insurance has a different dynamics (than motor insurance). It is sold through different channels. Though we are considered a fairly recent entrant in the industry, our growth rates have been strong and this has been due to the customer experience that we have been able to provide,’’ he said.

Liberty has started operations in 2013 and its focus on claims management has helped the insurer to get more customers and retain the existing ones.

One of the initiatives that were launched was the ‘‘Liberty 365’’ scheme wherein claims are serviced throughout the entire year that include even public holidays. In a contrarian strategy, Liberty analyses and processes the claim in-house instead of outsourcing.