Founded in the year 2000, IFFCO Tokio is a joint venture between Indian Farmers Fertilizers Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, one of Japan’s largest insurance companies. As an entity, IFFCO’s list of directors is distinguished to say the very least.
IFFCO Tokio has not only registered steep growth in the very first year of its formation, but also established itself as one of the top general insurance companies in the private sector in India. The factors that prompted its growth to such heights include -
Wide business network
One of the first features that help the Company maintain its position as one of the leaders in the Indian BFSI sector is its extensive business network. IFFCO Tokio General Insurance possesses 78 business units, 400 Bima Kendras and 171 lateral spread centres within the nation. On top of this, IFFCO Tokio is also the only general insurance company in India to have completely-owned subsidiary (IFFCO Tokio Insurance Services Ltd.), a distribution channel that services retail clients in more than 350 towns.
Transparency in services
Another factor that places IFFCO Tokio above many other insurance providers is its conformation and promotion of transparency in business. The Company offers complete and detailed information about its insurance products, covering health, motor, travel, home, business and other sectors, on its website online. Customers are free to purchase products after due diligence, with IFFCO Tokio.
Convenient purchase
The Company also operates through multiple channels which involve brokers, insurance agents, IFFCO Tokio branch offices, company website and websites of its partner companies. Even though the company encourages customers to check out plans online and then make informed purchases, they are free to decide which channel they want to opt for, based on their convenience.
Prompt claim settlement
IFFCO Tokio is also highly recognized as a leader in claim services. The Company not only has simple and easy claim procedures but also an incredibly high claim settlement ratio of 91.94%. Besides, it is also one of the few insurance companies in India to offer full reimbursement of claim amount up to the maximum sum insured.
Apart from all the above, IFFCO Tokio also benefits from the good reputation of its parent companies. Where on one hand, with over 120 years of existence Tokio Marine & Nichido Fire Insurance Co, is among Japan’s oldest and most notable insurance companies, IFFCO happens to be the largest co-operative fertilizer manufacturer in the world. U K Awasthi, IFFCO’s Managing Director is listed among the most notable personalities within the nation, which adds to its repute even more.