IFFCO Tokio General Insurance Company Limited
IFFCO Tokio General Insurance is a joint venture between Indian Farmers Fertiliser Cooperative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group. The group is chaired by Mr. M. K Srinivasa Gowda while Managing Director and CEO is Yogesh Lohia. In 2013–14 it was the third-largest private general insurance provider in India.
History
IFFCO-Tokio General Insurance was incorporated on 4 December 2000 and with 65 Strategic Business Units, a wide network of 122 Lateral Spread Centers and 255 Bima Kendra.IFFCO holds 72.64% shareholding and its Associate M/s Indian Potash Ltd. holds 1.36% shareholding in IFFCO-Tokio General Insurance. In 2009, it found a place in the Capgemini World Insurance Report as an innovative distribution channel. In 2013–14, IFFCO-Tokio won the National Award for successfully implementing the Indian Government's Labor Department’s RSBY.
Products and services
Business products
Property insurance
Property insurance protect from financial loss of houses, factories, stocks and other contents are damaged by Fire or by water, be it flood or extinguishment water. There are nine different categories for property insurance. i.e.
- Boiler & Pressure Plant (BPP) Insurance
- Consequential Loss (Fire) Insurance
- Contractors All Risk Insurance
- Contractors Plant & Machinery Insurance
- Electronic Equipment Insurance
- Industrial All Risk Insurance
- Machinery Breakdown Insurance
- Machinery Loss of Profit Insurance
- Standard Fire & Special Perils Insurance
Marine insurance
Marine Cargo Insurance will provide the indemnity & financial protection for loss of or damage to the cargo during transit. Cargo may be carried by Sea, Air, Rail and Land. Sagar Bandhu Bima Insurance provides cover for Hull and Machinery of inland/coastal vessels as per Institute Time Clause Hulls.
Liability insurance
Liability Insurance covers the business against all kinds of liabilities and offers wide range of liability products like Directors & Officers Liability Insurance, Product Liability Insurance, Professional Indemnity Insurance, Public Liability Insurance, Public Liability Industrial & Storage Insurance, Public Liability Non-Industrial Insurance.
Corporate health
It covers for employees and their family members from hospital and medical expenditure that accompany an illness or accident. The products are:
- Group Mediclaim insurance
- Group Personal Accident Insurance
Other business products
The products are designed to meet your business needs across the commercial spectrum.
- Bankers Blanket Insurance
- Burglary Insurance
- Fidelity Guarantee Insurance
- Industry Protector Insurance
- Jewellers Block Insurance
- Money Insurance
- Office & Professional Establishment Protector Insurance
- Workmen's Compensation
Health insurance
- Critical Illness Insurance Policy
- Individual Medishield Policy
- Individual Personal Accident Insurance Policy
- Family Health Insurance Policy
- Family Health Protector Policy
- Health Protector Plus Policy
- Health Protector Policy
Micro and rural insurance
Iffco Tokio is very strong in selling micro insurance.Some of the products are : -
- Jan Kalyan Bima
- JAN SURAKSHA Bima
- Janta Bima Yojana
- Kisan Suvidha Bima
- Pashu Dhan Bima Yojana
Travel insurance
Travel Insurance refers to the security for the risks that might surface on a trip, overseas or domestic. It basically covers personal accident, medical expenses, repatriation, loss/ delay of checked baggage, passport loss and third party liability depending on the plan chosen. Iffco Tokio Travel Insurance plans ensure that the individual are not stuck in case of any emergency while on a trip.
- Pravasi Bhartiya Bima Yojna
Home insurance
Home Insurance Policy may include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
- Home Family Protector Policy
- Home Suvidha Policy
Trade policy
Trade Protector Policy gives complete protection to your business against a wide range of risks and perils
- Trade Protector Policy
- Trade Suvidha Policy
Speciality policies
- Comprehensive General Liability (CGL)
- Credit Insurance
- Errors and Omissions (Technology) Insurance
- Fine Arts Insurance – Private collectors, Dealers and Gallery owners
- Multi Modal Transport (MTO) Insurance
Awards and recognition
2013–2014
- IFFCO-Tokio wins National Award for the successful implementation of RSBY by Ministry of Labor, Government of India.
2012–2013
- IFFCO-Tokio Wins the CIO100 Super achiever Awards
- IFFCO-Tokio Conferred "Best Employer Brand " at IPE BFSI Awards
- AITA E-commerce Award for IFFCO-Tokio
2011–2012
- CIO 100 Award for Operational and Strategic Excellence in IT by M/s IDG for the year
- IFFCO-Tokio General Insurance Bags Silver Edge Award for 2011 “Automated Motor U/W”
- IFFCO-Tokio General Insurance was awarded C – Change Enterprise Gold Award 2011 for implementing of Motor CRM escalation process
- IFFCO-Tokio General Insurance Wins Top 100 CISCO Award 2011 for demonstrating excellence and achievements in IT Security.
2009–2010
- Uptime Champion award for using IT to secure competitive advantage by M/s Express Computers
Amity HR Excellence award for the year
- Institute of Chartered Accountants (ICAI) award for excellence in financial reporting
2006–2007
- Ranked No.1 in motor insurance across industry in a Customer Satisfaction Survey conducted by Voluntary Organization in interests of Consumer Education (VOICE)
2005–2006
- Second prize as company of the year based on overall performance by TMA
- Best project award for developing an integral brand strategy for insurance brands.
References
- Iffco-tokio launches accidental hospitalisation policy moneycontrol.com Retrieved 2008-12-08.
- Iffco Tokio General Insurance Company Profile policybazaar.com Retrieved 2012-08-03.
- 1 Iffco Tokio General Insurance Company Official Website.Retrieved 2014-08-26