L&T General Insurance, the general insurance arm of the technology, engineering and construction group Larsen & Toubro (L&T), has received the necessary license from the Insurance Regulatory and Development Authority (IRDA) of India for commencing its insurance business operations.
The insurance business will be lead by CEO Joydeep Roy, with an initial team of 100 employees, and 20 insurance products.
The company is expected to to increase the number of employees to 300 by the end of the financial year and to launch standard non-life products in the next three months.
N Sivaraman, senior vice president of L&T, said: Our general insurance venture would help synergise with L&T’s existing financial services business by deepening and widening its services. We would offer a suite of products, subject to approval of the regulatory authority IRDA, in the coming months.”
Mr Roy said: “With the R3 approval, we are now in the process of filing further documents with the regulator for our proposed products. We intend building a customer focused business which will address distinct needs of the individual and corporate customers through sustained innovation backed by a prudent and disciplined underwriting philosophy.