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Dreams Come True with IFFCO-Tokio Insurance

Published by J Smith | January 20th 2010 | Views:

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IFFCO-Tokio General Insurance (ITGI) was incorporated on 4th December 2000 with a vision of being industry leader by building customer satisfaction through fairness, transparency, and quick response. It is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associate and Tokio Marine and Nichido Fire Group, the largest listed insurance group in Japan.

ITGI has Pan India presence with 51 ‘Strategic Business Units’ and a wide network of over 110 offices. It offers a wide range of uniquely customized policies covering a wide range of customers, from farmers to some of India's largest automobile manufacturers. From a modest Rs 2130 Million of GWP (Gross Written Premium) in 2001-02 it has achieved an impressive Rs 12350 Million in 2007-08, thereby becoming one of India’s leading private players.

ITGI has got the Technical Support for underwriting and reinsurance from Tokio Marine and on Risk Management from Tokio Risk Consulting (TRC). It is the first company in India to underwrite mega policies like medical insurance online for a fertilizer and an automobile company. This comprehensive policy is based on international rates and optimizes the premium outflow for clients even as it offers a one-stop, all-risk cover. Other than the conventional products, it has been able to come out niche products like Credit Insurance, Fine Arts Insurance, P & I Insurance, Errors & Omissions Policy for the IT Sector etc. At the same time it has steadfastly carried out its rural centric initiatives by launching products like Sankat Haran Bima Yojana, Mausam Bima Yojana, Mahila Suraksha Bima Yojana and Janata Bima Yojana for the masses.

It is also the only insurance company in the country to have a 100%-owned distribution channel to service its retail customers called IFFCO-TOKIO Insurance Services Ltd (ITIS). Today, ITIS has a highly motivated workforce of over a 1000 employees in over 200 towns.

As a customer focused company, it conducts bi-annual customer satisfaction surveys through independent agencies to gauge its operational efficiencies. This is backed by a robust IT infrastructure, which has enabled, among other things, speedy settlement of claims.


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