Liberty General Insurance names Parag Ved as Director & CEO Designate

Liberty General Insurance, one of India’s largest general insurance firms, named Parag Ved’s nomination as Director & CEO Designate, from September 20, 2023. He was the President of Consumer Lines at Tata AIG General Insurance before joining Liberty.

Ved has committed nearly two decades of his successful career to the insurance industry, holding senior leadership roles in notable organisations such as ICICI Lombard General Insurance. He is well-known in the General Insurance market for his commitment to innovation and excellence, as well as his ability in managing numerous strategic channels.

Ved’s career in the insurance industry has demonstrated his ability to achieve long-term success by developing and personalising products to the specific needs of the Indian market. His experience working with industry titans indicates his expertise and effectiveness in managing multiple strategic channels.

Ved graduated from K.J Somaiya College of Engineering in Mumbai with a bachelor’s degree in electronics engineering and a master’s degree in management from SVKM’s Narsee Monjee Institute of Management Studies (NMIMS).

Welcoming the new Director & CEO designate, Defne Turkes, President – Asia Retail Markets, Liberty Mutual Insurance, said, “We are pleased to welcome Parag Ved to Liberty General Insurance. His vast experience, coupled with his visionary approach, positions him uniquely to lead the future of Liberty General Insurance in India. His inclusion not only marks the dawn of an exciting new chapter but also reinforces our unwavering dedication to offering top-tier insurance solutions to our customers. We look forward to his contributions and innovations that will certainly propel the company to newer heights and achieve sustainable profitable growth.”

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Commenting on his appointment, Parag Ved, Director & CEO designate, Liberty General Insurance said, “Over the last few years Liberty has carved a niche for itself, and it is indeed a privilege to lead the organization, especially in the given interesting times and evolving insurance landscape. As the industry undergoes rapid transformations, my focus will be on harnessing innovation, reinforcing operational efficiency, and optimizing stakeholder engagement. Further, leveraging a data-driven approach would emphasize continually refining and expanding the product offerings to align with customer needs and industry standards. I am looking forward to working closely with the team. Together, I believe we can make a significant contribution towards taking Liberty to new heights. As we progress, the commitment remains unyielding to also align strategies and operations with the regulator’s goal of achieving widespread insurance coverage across the nation by 2047”.

Ved takes over after Roopam Asthana, who was key in developing Liberty’s business activities in India, retires. For more than a decade, the company thrived and set key industry benchmarks under Asthana’s innovative leadership.