#IFFCO-Tokio General Insurance – Career Opportunities 28 January 2019


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IFFCO-Tokio General Insurance – Career Opportunities: As we all know that there are various Career options in India and that too in IFFCO-Tokio General Insurance Company. So, all the candidates who aspire to get a job in the Insurance sector are requested to check all details covered in the article properly and apply for the post of your choice. The Following article will help you with all the important updates about the company and also about its working.

IFFCO-TOKIO General Insurance, also known as ITGI, was formed on 4th December 2000. It is a joined venture of Tokio Marine and Nichido Fire Group, and IFFCO (Indian Farmers Fertilizer Co-operative) and its associated companies. Tokio Marine and Nichido Fire Group are one of the biggest insurance group whose stocks are openly traded.

IFFCO-Tokio Office Network

IFFCO-Tokio General Insurance has built up a  good Indian network with sixty-five strategic business units. The Company has more than two hundred and fifty-five Bima Kendras and one twenty Lateral Spread Centers.  Currently, the Bank operates in more than three fifty towns in India.

Industry Standing

ITGI is famous for its diverse bunch of plans that are designed in a unique way and support to a varied clientele that includes some of the biggest automobile makers in India along with farmers. In the year 2001-02, it had earned a Gross Written Premium (GWP) worth Rs. 213/- crores. That figure has increased to Rs. 2248.16/- crores in 2011-12.

The organization leading private insurers in the country. ITGI optimize the technical support of Tokio Marine for its reassure and underwriting operations. For its risk management functions, it depends on Tokio Risk Consulting’s (TRC) support. The organization has more than 1500 employees.

Products of IFFCO TOKIO

IFFCO TOKIO is the first insurer to endorse major policies for automobile, and fertilizer companies. Its policies are made according to global rates and offer inclusive and assured coverage.

Along with the normal products, IFFCO TOKIO has come out with various products as follows:

  • Credit Insurance
  • P&I Insurance
  • Fine Arts Insurance
  • Errors & Omission Policy for IT Sector

The organization has carried out various initiatives to improve standards in rural areas. Some of them are as follows:

  • Sankat Haran Bima Yojana
  • Mahila Suraksha Bima Yojana
  • Mausam Bima Yojana
  • Janata Bima Yojana

The organization has also achieved success for its innovative use of technology in its product operations like the following:

  • Normalized Difference Vegetation Index (NDVI)
  • Radio Frequency Identification Device (RFDI)

Its products may be divided into three categories – Commercial Insurance, Speciality Insurance, and Retail Insurance. we have listed the complete list of the products offered by IFFCO TOKIO:

Commercial Insurance Policies are as follows:

  • Standard Fire & Special Perils Insurance
  • Public Lia Industrial Insurance
  • Consequential Loss Insurance
  • Public Lia Non-Industrial Insurance
  • Contractors All Risk Insurance
  • Marine Cargo Insurance
  • Contractors Plant & Machinery Insurance
  • Electronic Equipment Insurance
  • Boiler & Pressure Plant Insurance
  • Bankers Blanket Insurance
  • Erection All Risks Insurance
  • Burglary Insurance
  • Industrial All Risks Insurance
  • Fidelity Guarantee Insurance
  • Machinery Breakdown Insurance
  • Money Insurance
  • Machinery Loss of Profit Insurance
  • Workmen’s Compensation Insurance
  • Product Liability Insurance

Retail Insurance Policies

  • Motor Private Car Insurance
  • Individual Personal Accident Insurance
  • Home and Family Protector Insurance
  • Swasthya Kavach (Family Health Insurance)
  • Trade Protector Insurance
  • Group Personal Accident Insurance
  • Industry Protector Insurance
  • Critical Illness Insurance
  • Office Professional Establishment Insurance
  • Travel Protector Insurance
  • Home Suvidha Insurance
  • All Risk Insurance
  • Trade Suvidha Insurance
  • Health Insurance
  • Individual Medishield Insurance

Speciality Insurance

  • Credit Insurance
  • Sagar Bandhu Bima Policy Insurance
  • Multi-Modal transport (MTO) Insurance
  • Aviation Insurance
  • Marine Hull & Machinery Insurance
  • Errors and Omissions (Technology) Insurance
  • Jeweller’s Block Insurance
  • Fine Art Insurance  – Private Collectors
  • Barish Bima Yojna (Weather Insurance)
  • Fine Art Insurance Policy – Art Dealers & Gallery Owners

Distribution Network of IFFCO-Tokio General Insurance

IFFCO-Tokio General Insurance is the main insurer in India to have a totally owned distribution channel for providing service for various clients. Because of its unique methods, they were mentioned at the Capgemini World Insurance Report 2009.

Surveys  of IFFCO-Tokio General Insurance

The ITGI plan customer satisfaction surveys after every two years. These are done through autonomous companies in order to determine how effectively the company is functioning. It also has a good infrastructure for information technology and this has been a major contributor to the increase the pace at which the company settles its claims.

IFFCO TOKIO Financial Highlights

The  highlights of the financial performance of IFFCO TOKIO from the year  2010 to 2012 are as follows:

Area Details for the year 2010-11 in INR crores Details of the year 2011-12 in INR crores
Gross Written Premium Rs. 1988.87/- Rs.2248.62/-
Less Reinsurance Premium Rs. 736.58/- Rs. 825.32/-
Net premium Rs. 1252.29/- Rs. 1423.30/-
Unexpired risk reserve Rs. 117.19/- Rs.90.62/-
Earned premium Rs. 1135.10/- Rs. 1332.68/-
Total underwriting revenue Rs. 1120.39/- Rs.1345.73/-
Net incurred claims Rs. 990.46/- Rs. 1233.67/-
Management expenses Rs. 318.64/- Rs. 352.57/-
Total underwriting expenses Rs. 1309.94/- Rs. 1587.34/-

News IFFCO-Tokio General Insurance

IFFCO-Tokio General Insurance has recently invested more than Rs. 125 crore for expanding its funds. This figure takes its approx infusion of capital from promoters to Rs. 526.2 crore in March 2012. S Narayanan, the then managing director of IFFCO-Tokio General Insurance, had said that the company is looking to increase its market share and also earn greater profits over the long term in order to maintain itself well.

The company has also provided compensation to fifty farmers at Tohana in Fatehabad, Haryana for damages sustained by their paddy crop. The checks were provided according to Barish Bima Yojana that was started during April 2004 and covers the paddy cultivators.

At present, the program covers more than 200 districts and insures more than 10 lakh farmers. Almost 3.35 lakh farmers have already received their claims through a program.

Management  Body of IFFCO-Tokio General Insurance

We have listed the Management  board of directors at ITGI:

Name Designation
K Srinivasa Gowda Chairman
Rakesh Kapur Director
Lee King Chi Arthur Vice Chairman
SK Kanwar Director
Balwinder Singh Nakai Director
Bahushrut Lugani Director
Dr. BS Vishwanathan Director
Yogesh Lohiya Managing Director and Chief Executive Officer
Dr. US Awasthi Director
NK Kedia Director (Marketing)
PS Gahlaut Director
Y Fukuda Director (Operations)

We hope that our article about IFFCO-Tokio General Insurance – Career Opportunities will surely help you.


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