IFFCO-TOKIO General Insurance Company (GIC) is celebrating its 25th anniversary, having been established in 2000 as a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and Japan-based Tokio Marine Group. The company’s Managing Director and CEO, Subrata Mondal, stated that the insurer’s vision has expanded over the years to align with the changing aspirations of people and the growing economy, while remaining committed to the Insurance Regulatory and Development Authority of India’s (IRDAI) goal of “Insurance for All by 2047”.
To achieve this goal, IFFCO-TOKIO GIC has introduced affordable insurance solutions for under-covered communities, taking inspiration from various IRDAI initiatives. The company has partnered with several cooperatives to distribute micro insurance for package policies, health, and motor policies. This move aims to increase insurance penetration among under-served segments of the population.
IFFCO-TOKIO GIC offers a range of retail products, including motor, health, travel, home, and personal accident insurance, as well as corporate insurance products. The company’s focus on affordable insurance solutions and partnerships with cooperatives is expected to help bridge the insurance gap in the country. By providing accessible and affordable insurance options, IFFCO-TOKIO GIC hopes to contribute to the government’s vision of universal insurance coverage by 2047.
As the company celebrates its silver jubilee, it can look back on 25 years of growth and progress in the Indian insurance market. With its commitment to providing affordable insurance solutions and its partnerships with cooperatives, IFFCO-TOKIO GIC is well-positioned to continue playing a significant role in the Indian insurance industry. The company’s efforts to increase insurance penetration and provide coverage to under-served communities are likely to have a positive impact on the overall development of the insurance sector in the country.