In our unpredictable modern lives, there is an increased risk of facing unfortunate incidents. In the post-pandemic scenario, that risk has increased tenfold. In these situations, second to the personal loss is the financial and economic stress borne by the affected individuals leads to safeguarding them in advance against future contingencies.
Although nobody can guarantee anything, as a financially prudent option, insurance claims to be the most effective risk-mitigating option when the chips fall. Many modern insurers proclaim loud promises before selling you their products and solutions. However, when it comes to claim settlements, most of them fall short of fulfilling even their basic responsibilities.
“We are the leaders in changing this perception into a positive opinion,” says H. O. Suri, MD and CEO of IFFCO Tokio General Insurance Co. Ltd. Under Mr Suri’s exemplary and successful leadership of over four decades and with the highest claim settlement ratio of 95.82%, IFFCO Tokio is rated as one of the industry leaders in fair settlement of claims.
According to Mr Suri, there are no shortcuts to success. “It’s your dedication and hard work which always pays back.”
A Saga of Trusted Champion
As a Chartered Accountant (CA), he started his career with IFFCO Ltd in 1982. During his tenure with IFFCO, he had the opportunity to hone his skills by handling various important portfolios of Finance and Accounts. Associated with IFFCO-Tokio since 2000 and has completed 22 years with this organisation.
Mr Suri furthers that he is always grateful to IFFCO and IFFCO-Tokio management for garnishing and recognising his leadership traits during all these years. Providing an opportunity to represent as “Managing Director and CEO” of IFFCO-Tokio.
During his entire career journey, he always believed in teamwork, motivating and supporting his teammates to perform better in the organisation’s best interest. The dedication and commitment of team members towards the assigned responsibilities scripted this success story. It’s the collective efforts of all the colleagues and business partners to construct IFFCO-Tokio as a “Good Company”.
Further, the constant innovation of products and agility in planning and execution enabled the company to serve efficiently.
Sharing his inspiration behind venturing into the corporate world, Mr Suri says that he is always passionate about showcasing his skills for the welfare, development and growth of Society. With this objective, he joined IFFCO, the world’s largest fertilizer Cooperative and fertilizer manufacturer. The same has been continued at IFFCO-Tokio with the support of his team members.
The Firm Believer in Compassion and Modesty
With such a vast repertoire of experience today, Mr Suri is renowned for his many leadership skills, values and qualities that his clients admire most in him and his company. The clients, employees, stakeholders and customers admire his accessibility, decisiveness, commitment and modesty towards them. He believes, “As a true leader, it’s our responsibility to ensure they always feel trusted and valued.” Thus, he provides them with opportunities to excel in their growth trajectory.
The concerted efforts of all evolved IFFCO Tokio into one of the most trusted Private General Insurance companies. “We are a firm believer in long-term relationships and always deliver with empathy and humility,” says Mr Suri.
Sharing more USPs of IFFCO Tokio, he claims they are currently positioned as one of the best insurance product/service/solution providers. IFFCO-TOKIO is a Joint Venture promoted by India Farmers Fertilizer Cooperative Ltd (IFFCO) (51% stakes) and Tokio Marine & Nichido Fire Insurance (Tokio Marine) Co Ltd., Japan (49% stakes).
A Billion Dollar Might of A Progressive Company
The combination of two giant promoters brings confidence in the minds of customers and business partners. The Company has completed 22 years of operations and is a billion-dollar Company. He adds, “We have a huge network of business partners/associates. We have a presence in more than 1200 locations on the Pan India level. We established our brand in the market with our innovative products, customer-centric services, seamless processes and handholding to our customers and business partners.” The company also provides the highest penetration of its products in Rural and Urban territories of India. It also makes it unique in comparison with other private insurance Companies.
IFFCO–TOKIO has been at the forefront of serving the farmers and rural population of the country, ensuring they are protected from insurable risks, and the same has been achieved due to the huge network of Cooperative Societies of IFFCO. The flagship insurance product, “Sankat Haran Bima Yojna,” marketed with the slogan “Khaad to Khaad Bima Bi Saath,” provided personal accident insurance coverage to over 50 crores of farmers till now.
The company actively participates in Crop Insurance under Pradhan Mantri Fasal Bima Yojna and has covered about 90 lakhs of farmers in the last three years.
Ensuring their Stakeholders Keep Smiling
IFFCO-TOKIO is considered one of the preferred General Insurance Companies in the Industry for prompt claims settlement, hence justifying its tagline “MUSKRATE RAHO.”
IFFCO-TOKIO has state-of-the-art internal systems for underwriting and policy issuance. The professional team of underwriters, product development etc., have years of industry experience and contributed towards various innovative insurance products such as –
- First Mega Risk Policy for Fertilizer and Automotive Sector in the industry was developed by their team.
- First P&I Policy was designed by their Cargo Underwriters in the industry for Small Vessel Owners.
- Pioneers in developing Micro Insurance products such as Sankat Haran Bima Yojana for farmers.
In addition to Commercial Insurance Products, the bouquet includes insurance products for Motor, Health, Travel, Home Insurance etc., for individual clients. Further, to meet the demands of their corporate clients, Mr Suri and his team have developed niche products like Cyber Insurance, Credit Insurance, etc.
Embracing Advanced Tech
They have adopted the latest technology to offer efficient and effective customer service at all parameters. Customer and business partners’ satisfaction is at the top priority, be it regarding the issuance of the policy document or claims settlement.
They have a presence in almost all the districts of the country through our unique two-tier Marketing and Servicing setup, which comprises about 1200 Strategic Business Units (SBUs), including Emerging Bima Kendra’s offices (EBKs) along with 13 State Offices and 13 Customer Service Centres (CSCs). “Our huge office network reflects our commitments to provide door-step services to our customers and stakeholders,” he states.
IFFCO-Tokio has displayed exceptional business growth through professionalism, innovation, and sound management. The company has actively leveraged new technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA), to name a few.
To bolster customer service and bring innovation to their services, Mr Suri and the team have launched Chat-Bot IRA. It is a virtual insurance assistant available on their website and WhatsApp with various self-service options. It helps their customers to purchase, download and renew the insurance policy. The customer can now update address details, check claim status, and locate – garages and network hospitals through digital modes. They are replacing their existing Core IT System with a more advanced technology-driven System to automate all processes to cater to the ever-increasing market expectations.
The Power of Modern Innovations
Mr Suri claims, “We truly believe in innovation’s power. No Company can survive without investing in modern technologies and tools. He furthers that they treat challenges as an opportunity to grow faster and are fully geared up to provide efficient service to customers through the leverage of technology.
The challenges faced during the recent pandemic have drastically compelled every organization to revamp its work culture and customer service. Post-pandemic, the priority is to run the show uninterruptedly and to arrange seamless services to their customers. With this background, they have invested much in digitalising their existing processes. They have introduced a platform for quick settlement of claims; enhanced usage of Robotic Process Automation (RPA) and Artificial Intelligence (AI) in their routine processes for the ease of their customers.
The Industry is evolving rapidly to increase insurance penetration to the country’s last mile with changes in Distribution channels, new innovative products and digitalization of Channels and processes. It will be a game changer in terms of opportunities to increase the organizations’ market share driven through various measures with a focus on geographical expansion.
The Passionate Visionaries
To boost the penetration of Health Insurance, the company advertised the benefits of Health coverage through its channel/media partners and ran a campaign that “Health insurance is the need of the hour for Indians.”
In his advice to all the budding entrepreneurs who aspire to venture into the insurance space, he says
- To work with Passion and dedication as a Team.
- To keep upgrading their knowledge for distinct performance.
- Stay Persistent. It is perhaps the most important quality every budding entrepreneur should have. Entrepreneurs might face challenges someday, but they must be able to handle them throughout their entrepreneurial journey and do it with a smile in achieving their goals.
According to Mr Suri, there are some qualities/traits a modern-age CEO must possess.
- Vision:Should have a clear Vision and direction for what he wants to achieve; in his business.
- Acceptability:Welcome others’ opinions and suggestions;
- Trust:Trust in his team, guide and delegate the desired work. It will help the team to become leaders.
- Passion:Should truly be passionate about the Company he leads.
- Motivation:Inspire his team to feel motivated through communication, interaction and leadership programs.
Committed to Scaling New Success Echelons
On envisioning scaling IFFCO TOKIO’s operations and offerings in the future, Mr Suri reveals that to meet the growing pace of digitalization, they introduced various IA tools and reduced paperwork through the indulgence of their robust IT infrastructure which resulted in the reduction of operational TAT.
They have also revamped their existing insurance products and introduced new insurance products in the market to meet the requirements of their customers.
They sell Microinsurance products through their EBKs network to the rural populace in tier 2, 3, and 4 cities. Thereby not only spreading the awareness of insurance at the grass-root level but also protecting them from insurable risks. “We are committed to achieving 15K Crores GWP by FY-2025-26,” he says.
Further, sharing the list of recent accolades highlights the strength of IFFCO-Tokio in the Insurance Industry.
- IFFCO-TOKIO has been awarded several times as Best Company for Prompt Settlement of Claimsby IBA.
- IFFCO Tokio has won the “Best Chief Human Resource Officer of The Year Award” at the 5th Annual India Insurance Awards 2022.”
- IFFCO-Tokio General Insurance Company Ltd. has been awarded ‘the 3rd Annual BFSI Technology Excellence Awards 2022’ in the ‘BEST DIGITAL AWARENESS CAMPAIGN’
- IFFCO-Tokio General Insurance Company Ltd. won the ‘IT SECURITY INFLUENCER OF THE YEAR‘ award at the CISO Summit & Awards
- IFFCO-Tokio Received the ‘Best Good Company Initiative Award 2021‘ From Tokio Marine Asia.
- IFFCO Tokio won ‘L&D Excellence Award 2022’at the 9th Edition of the Future of Learning and Development Summit and Awards” organized by UBS FORUMS.
- IFFCO Tokio General Insurance Company Limited was honoured with the prestigious ‘Mahatma Award‘ for CSR.
- Excellence on 1st October 2021 IFFCO Tokio won the “Best Chief Human Resource Officer of The Year Award” at the 5th Annual India Insurance Awards 2022.”
Testament of Triumphs
Finally, Mr Suri says, “Here’re a few testimonials of our clients/customers – Health Insurance Reviews.”
*Ratings: 4.8/5
Sekhar Abbasi: Health Insurance
“I have bought health insurance through the website of IFFCO Tokio. It gave me full support, and when I contacted the customer care of IFFCO Tokio to clear some of my queries, they provided me with very good service.”
Ritu Aditya: Health Insurance
“IFFCO Tokio offers a completely transparent process. I recently bought from the Corona Kavach Policy and made the payment transparently. Also, I received the documents on time. Thank you, IFFCO Tokio, for the help.”
Pooja Aabnave: Health Insurance
“I chose to buy IFFCO Tokio health insurance policy not only because the premium is affordable but also because I liked the coverage benefits.”
Pradeep Agarwal: Health Insurance
“I recently bought Arogya Sanjeevani Policy from IFFCO Tokio. The policy offers me and my family cover for in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, daycare procedures etc. It is affordable, and I recommend it to others too.”
Motor Insurance Reviews
*Ratings: 4.8/5
Pradeep Agarwal: Car Insurance
“I bought zero depreciation car insurance from IFFCO-Tokio, and I am truly relieved to see that I get the entire claim amount without the depreciation of my car being taken into consideration.”
Sagar Agarwal: Car Insurance
“When my car suffered an accident and incurred damages, I was glad to have the support of IFFCO-Tokio in paying the bills.”
Rakesh Agarwal: Car Insurance
“IFFCO-Tokio has been a great help whenever my car has suffered a mishap. I am very satisfied with my car insurance purchase.”
Sachin Agarwal: Car Insurance
“I want to thank Mr Dipesh for assisting me in buying the exact kind of car insurance I needed. IFFCO-Tokio staff is indeed very reliable.”
