IFFCO-Tokio General Insurance was incorporated in 2000, as a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO), which is one of the world’s biggest cooperative society, and Tokio Marine Group, which is also the largest listed insurance group in Japan. IFFCO holds 51 per cent in the company and the remaining 49 per cent is held by Tokio Marine Group.
The company offers a comprehensive product bouquet of all lines of business such as Car Insurance, Two-wheeler Insurance, Health Insurance, Travel Insurance and Home Insurance, including corporate policies such as property insurance and liability insurance. It is also the first company in India to underwrite mega policies for a fertilizer and an automobile company. The 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 also offers niche products such as Cyber Insurance, Credit Insurance, Fine Arts Insurance, P & I Insurance, Errors & Omission 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, Mahila Suraksha Bima Yojana and Janata Bima Yojana for the masses.
IFFCO Tokio has a wide presence in rural areas and Tier B & C cities, too. It is the first private insurer to establish Bima Kendras, which are single person operated centres, to increase insurance penetration in rural areas at the customer’s doorstep. As and when these Bima Kendras reach desired size in terms of premium and growth potential they get converted into Strategic Business Units.