ON THE JOB TRAINING REPORT

ON

IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED

SUBMITTED IN PARTIAL FULFILMENT OF

THE REQUIREMENT FOR THE AWARD OF THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION (MBA)

(SESSION 2021-2023)

SUPERVISED BY: SUBMITTED BY:

Dr. Puneet Bhushan Dhriti

210521220043

HIMACHAL PRADESH UNIVERSITY BUSINESS SCHOOL

HIMACHAL PRADESH UNIVERSITY

SUMMERHILL, SHIMLA-171005
TRAINING CERTIFICATE
 DECLARATION

I, Dhriti , hereby declare that the On The Job Training report in “IFFCO Tokio General
Insurance Company Ltd. ” under the guidance of Dr. Puneet Bhushan submitted by me as
partial fulfilment for the award of Master Of Business Administration at HPUBS is a record of
bonafide work done by me. I also declare this report has not been submitted to any other
university or institute for completion of any degree.

………………………(Sign.)
Name: Dhriti
Date:
Place:

3
 TABLE OF CONTENT

SR. NO. TOPICS PAGE NO.

1. Title Page

2. Training Certificate i

3. Declaration ii

4. Acknowledgement 1.

5. Executive Summary 2.

6. Chapter – 1 : introduction 3-6

7. Chapter -2 : Overview of Organisation 7-22

Chapter -3 : Specialisation -1
8. 23-34
o Marketing

Chapter-4 : Specialisation -2

o Human resource
9.  Recruitment 35-44

 Selection
 Training and Development

10. Chapter -5 Conclusion & References 45-47

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 ACKNOWLEDGEMENT

I express my sincere thanks to my report guide, Dr. Puneet Bhushan, for guiding me right from
the inception till the successful completion of the project. I sincerely acknowledge him for
extending their valuable guidance, support for literature, critical reviews of projects and the
report and above all the moral support he had provided to me with all stages of this project.
I would also like to thank the supporting staff of IFFCO Tokio General Insurance Pvt. Ltd. for
their help and cooperation throughout our project.

Name: Dhriti
Roll No. : 210521220043

1
 EXECUTIVE SUMMARY

IFFCO Tokio General Insurance Company Limited was established in the year 2000 as a joint
venture that was held between the Indian Farmers Fertiliser Cooperative Limited (IFFCO),
which is the world’s largest fertilizer manufacturer, and Tokio Marine Group, which is one of the
largest insurance groups in Japan. The company wishes to win the trust of individuals, industry
and commerce, corporates, cooperatives as well as international investors in India.

The company focuses on providing insurance facilities to the consumers and ensuring that if
something happens, the company is beside them to protect them.
Thus, it was a great experience while working in such a sector and as an Marketing and Human
Resource intern, it helped in providing great learning and understanding the complete sector.
Although, due to shortage of time it is not possible to learn the minute details but overall this
winter internship provide me with better understanding of the different tasks and activities an HR
and Marketing team needs to perform in order to excel in insurance sector.

2
 CHAPTER-1

INTRODUCTION

Insurance is a contract, represented by a policy, in which a policyholder receives financial

protection or reimbursement against losses from an insurance company.
The insurance sector is made up of companies that offer risk management in the form of
insurance contracts. The basic concept of insurance is that one party, the insurer, will
guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the
policyholder, pays a smaller premium to the insurer in exchange for that protection on that
uncertain future occurrence.

India’s Insurance industry is one of the premium sectors experiencing upward growth. This
upward growth of the insurance industry can be attributed to growing incomes and increasing
awareness in the industry. India is the fifth largest life insurance market in the world's emerging
insurance markets, growing at a rate of 32-34% each year. In recent years the industry has been
experiencing fierce competition among its peers which has led to new and innovative products
within the industry. 

TYPES OF INSURANCE:
The many types of insurance plans available today may be grouped into two groups:
1. Life Insurance 
2. General Insurance

Life Insurance: Life insurance comes in a variety of forms. The most prevalent types of life
insurance policies offered in India are as follows:
 Term Life Insurance 
 Unit-Linked Insurance Plans
 Whole Life Insurance
 Endowment Plans 
 Child Plans for Educations 
 Retirement Plans
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 General Insurance : Some of the kinds of general insurance offered in India are as follows:
 Health Care Coverage
 Automobile Insurance
 Homeowners' Insurance
 Insurance against fire
 Insurance for Travel

COMPONENTS OF INSURANCE

Three components of any insurance type are the premium, policy limit, and deductible.

1. Premium A policy’s premium is its price, typically a monthly cost. Often, an insurer takes
multiple factors into account to set a premium. Much depends on the insurer's perception of
your risk for a claim. For example, suppose you own several expensive automobiles and have
a history of reckless driving. In that case, you will likely pay more for an auto policy than
someone with a single midrange sedan and a perfect driving record. However, different
insurers may charge different premiums for similar policies. So finding the price that is right
for you requires some legwork.

2. Policy Limit The policy limit is the maximum amount an insurer will pay for a covered loss
under a policy. Maximums may be set per period (e.g., annual or policy term), per loss or
injury, or over the life of the policy, also known as the lifetime maximum. Typically, higher
limits carry higher premiums. 

3. Deductible The deductible is a specific amount you pay out of pocket before the insurer pays
a claim. Deductibles serve as deterrents to large volumes of small and insignificant
claims.Deductibles can apply per policy or claim, depending on the insurer and the type of
policy. Health plans may have an individual deductible and a family deductible. Policies with

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 high deductibles are typically less expensive because the high out-of-pocket expense
generally results in fewer small claims.
HOW DOES INSURANCE REDUCE YOUR FINANCIAL RISK?

Imagine you’re driving your car and you hit a deer, which damages your car. If you have the
right kind of auto insurance policy, the insurance company will pay the costs of the car repairs
(minus the deductible — the portion you have to pay). Now, imagine a water pipe bursts in your
bathroom, ruining everything in that room and in the bedroom next to it. Typically, if you have
homeowner’s or renter’s insurance, the insurance company will pay to replace some or all of the
damaged property, once you pay your deductible. Insurance policies will only pay for things that
are described in the policy. So it’s important to read a policy carefully before you buy it so you’ll
know exactly what’s covered.

WHY IS INSURANCE IMPORTANT ?

All of us wish to achieve financial freedom at some point in our life, and when it comes to doing
that, we tend to believe that savings are enough to be financially stable. But, if you look at life
from a practical perspective, you would understand that savings alone are not enough to achieve
financial freedom; insuring your assets with general insurance policies is equally important.
However, some people believe that they do not require general insurance policies as they can
save enough money to replace their assets should anything happen to them.
But, consider a situation when you have to wipe off all that you’ve saved all your life, just to pay
for your medical bills or a car that is damaged beyond repair.
Buying insurance is important as it ensures that you are financially secure to face any type of
problem in life, and this is why insurance is a very important part of financial planning.
A general insurance company offers insurance policies to secure health, travel, motor vehicle,
and home. The convenient part of it is that you can purchase all these insurance policies online
nowadays.
Here are the Main Reasons Why Having Insurance is Necessary: -

1. Financially Security: No matter how much you are earning or how much you
have saved; your financial position can be dented by an unexpected event in a

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 moment. Therefore, the best way to become financially secure is to cover
yourself, your family, and your assets with insurance

2. Transfer of Risk: The contract of insurance works on the ‘principle of transfer of

financial risk from the insured to the insurgency company’. As an insured, you
pay premiums to receive compensation from the insurer, in case of occurrence of
an unforeseen event. So, having insurance reduces the financial burden on your
shoulders.

3. Complete Protection for You and Your Family: Family is the most important
asset that you have and your family depends on you for financial support. This is
why it is important to make sure that you and your family are completely secure
to face any emergency.

4. No More Stress or Tension during Difficult Times: None of us can see the
future or predetermine the future events. Any unforeseen tragedy can leave you
physically, mentally, and financially strained. Therefore, if you have insurance to
take care of the outcomes of such tragedies such as illness, injury or permanent
disability, even death- you save yourself and your family from tension and stress.
With insurance in place, any financial stress will be taken care of, and you can
focus on your recovery.
5. Some Types of Insurances are Compulsory: Insurance is necessary because
sometimes it is mandatory as per the law. An example of this is motor insurance.
As per the Motor Vehicle Act of 1988, it is compulsory to have at least a third-
party motor insurance for every motor vehicle plying on road in India.
Motor insurances come in really handy during claims. At IFFCO Tokio, we have
improved it even further with our Quick Claim Settlement process, which, as the
name suggests, expedites the settlement of claims.

6. Peace of Mind: Having insurance like health insurance offers you financial
security and also peace of mind. No amount of money can replace your peace of

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 mind. So, when you have insurance you know that you are secured against any
unforeseen events in life, and this gives you complete peace of mind.

CHAPTER -2
OVERVIEW OF ORGANISATION

IFFCO GENERAL INSURANCE PVT. LTD.

IFFCO Tokio General Insurance has a network of branches and offices across India, including
their branch in Kaithal, Haryana. These branches serve as customer service points where
individuals can purchase insurance policies
IFFCO-Tokio General Insurance Co. Ltd. is a general insurance company based in India. It is a
joint venture between the Indian Farmers Fertiliser Cooperative (IFFCO) and Tokio Marine
Group, a leading insurance group from Japan. The company was established in 2000 and has
since grown to become one of the prominent insurance providers in India.
IFFCO-Tokio General Insurance offers a wide range of insurance products to cater to the diverse
needs of individuals, families, and businesses. Their product portfolio includes motor insurance,
health insurance, travel insurance, home insurance, commercial insurance, and rural insurance.
The company is known for its customer-centric approach and innovative insurance solutions.
They aim to provide comprehensive coverage and excellent customer service to their
policyholders. With a strong network of offices across the country, IFFCO-Tokio General
Insurance has established a significant presence in the Indian insurance market.
IFFCO-Tokio General Insurance has received various accolades and awards for its performance
and service excellence. They have also embraced digital technologies to enhance customer
experience and provide convenient access to insurance services through their online platforms
and mobile applications.

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OBJECTIVES OF THE COMPANY

Before launching the product in rural market there is need to understand four P’s of marketing
i.e. Product, Place, Price, and Promotion.

 Product of the company is obviously the general insurance policies. There are different
policies for different sections. Industry has different policies while rural area has different
policies.
 Place of the company is rural area of Kaithal district of Haryana.
 Price means insurance premium paid by the insured person.
 Insurance company uses agents, brokers, and marketing associates for selling the product
which is called the promotion.

Main objective of the study is to know possible strategy for penetration in the rural area
of Kaithal district. Other objectives of the study are given below:

 To know the awareness of general insurance and products in the rural area. It is necessary
to find customer awareness about various nationalized and private companies. Also the
information about consumer awareness about different policies will help in making
decision.

8
  To know the awareness regarding the company. How many people know about the
company is necessary to know.
 To know the ways of promoting the company’s product in rural area.
 To know the need of different products of
general insurance in rural area.
 To know the services expected by
customers

PROMOTERS OF THE COMPANY

1.Indian Farmers Fertiliser Cooperative Limited (IFFCO)

Indian Farmers Fertiliser Cooperative Limited (IFFCO) is the world's largest fertilizer
manufacturer & marketer in the cooperative sector. It was incorporated on 3rd November,
1967 and since then is committed to achieving its prime role of providing quality fertilizer
and agricultural services to India's farming community. Over the years, the cooperative
society has evolved into a gigantic Indian Multinational and set records for excellent and
consistent performance in the field of production, marketing, and services to farmers. As a
society "of the farmers, by the farmers and for the farmers", IFFCO has firmly established
itself as a true Cooperative and perfect role model for others to emulate on the path of
economic development.
IFFCO has steadily grown from strength to strength from a modest membership of 57
societies in 1967-68 to more than 36,000 societies at present. The initial equity capital of
₹6 lakh contributed by cooperatives in 1967-68 has also risen to ₹4.26 Million in 2010-

9
11. Having the Largest Market share of Fertilizer Production in India with 30% in
Complex Fertilizers and 21% in Urea it has also become the First Cooperative in India to
set-up first-ever Kisan SEZ (Special Economic Zone) at Nellore, Andhra Pradesh.
At IFFCO, the thirst for ever-improving the services to farmers and member co-operatives
is insatiable, commitment to quality is insurmountable and harnessing of mother earth'
bounty to drive hunger away from India in an ecologically sustainable manner is the prime
mission.
All that IFFCO cherishes in exchange is an everlasting smile on the face of Indian Farmer
who forms the moving spirit behind this mission. IFFCO, today, is a leading player in
India's fertilizer industry and is making a substantial contribution to the efforts of the
Indian Government to increase food grain production in the country.
IFFCO holds 51% shareholding in IFFCO-TOKIO General Insurance Company Ltd. 
2..IFFCO-TOKIO Marine Group

TOKIO Marine Asia Pte. Ltd holds 49% shareholding in IFFCO-TOKIO General
Insurance Company Limited. TOKIO Marine Asia is a subsidiary company of TOKIO
Marine Holding Inc Japan; a holding company for TOKIO Marine & Nichido Fire
(TMNF) Insurance Company.
TOKIO Marine & Nichido Fire Insurance Company has over 140 years of experience in
the general insurance business and is the largest and oldest general insurance company in
Japan. It is a member of the highly diversified Mitsubishi group comprising over 600
companies. 

10
The company is rated 'A'+ by international rating agency Standard & Poors. 
Based in Singapore, today TM Asia is an established regional headquarters and
intermediate holding company, based at the TOKIO Marine Centre in Singapore. Our
organization oversees 12 regional companies in 7 countries, which employ over 5,000
people across the region. This includes 7 General Insurance companies and 5 Life
Insurance companies. TM Asia is with 100% shares held by TOKIO Marine & Nichido
Fire Insurance Co., Ltd. TM Asia also holds the shares of its regional companies which
are widely represented in Asia with operations in Singapore, Malaysia, Thailand,
Indonesia, Philippines, Vietnam, and India.
TM Asia provides support to new and current business activities for both TOKIO Marine
P&C and Life insurance operations within the region. TM Asia’s expertise lies in
providing management and technical support to new business activities, as well as the
development and enhancement of products and services.
VISION, MISSION AND VALUES

IFFCO TOKIO is committed to being an organization and brand of wide repute on the basis of
its clearly outlined goals of performance and delivery vis-a-vis the following:
 
o Vision
To be the industry leader by building customer satisfaction through fairness, transparency
and quick response.
 
o Mission
To win the trust of individuals, trade, industry and commerce and protect citizens,
corporates, cooperatives and international investors in India.

o Values
IFFCO TOKIO believes that healthy competition is the inherent basis for providing true
value to consumers and is committed to the growth and development of the Non Life
insurance sector via best practice and bench mark initiatives that enhance the consumer’s
quality of life.

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CORPORATE SOCIAL RESPONSIBILITY (CSR)

IFFCO TOKIO believes in Creating Shared Value, or CSV which is based on the idea that
corporate success and social welfare are interdependent. At IFFCO-TOKIO we believe in giving
back to society. Our CSR initiatives are executed keeping economic, environmental and social
objectives in mind.
We are committed to the growth and development of the rural and social sector, fulfilling its
social responsibilities above and beyond the prescribed regulatory obligations. We have a fully
dedicated rural team working to overcome challenges like low awareness, general apathy
towards insurance, high distribution & development costs and low profitability. Our innovation
goes beyond product development to the real task of effectively delivering the product to its
target population.
COMPANY OFFICIALS
IFFCO-TOKIO has an impeccable industry reputation and is spearheaded by a visionary Board
of Directors committed to ensuring best practice and consumer satisfaction in all company
offerings and across all initiatives.

MR. K. Srinivasa Gowda MR. AKIRA

(Chairman) (VICE CHAIRMAN)

12
Mr. H. O. Suri Mr. Shinjiro Hamada

(MD & CEO) (Director Operations

PRODUCT
IFFCO-TOKIO General Insurance is among the largest and most reputable non-life insurance
providers in India. IFFCO-TOKIO General Insurance  has demonstrated excellence in the field
of general insurance and this has been recognized nationally through the various awards and
accolades it has won.

 GENERAL INSURANCE :
General Insurance is non-life insurance product that protects certain things, having individuals or
businesses value, such as vehicles, health, homes, travel, marine and other. The policy offers
payment to the policyholder based on the loss incurred from a specific financial event such as
flood, earthquake, fire, storm and earthquake, and from theft, accidents, or mishaps. General
insurance, by definition, is the group of non-life insurance policies that provide insurance cover
for motor vehicles, houses, health, and travel. These policies have to be renewed according to the
tenure prescribed in their respective policy documents, and these have a particular sum insured
which is reimbursed depending on the loss from a particular financial event. Typically, it is
defined as any insurance type that is does not come under life insurance.

13
DIFFERENCE BETWEEN LIFE INSURANCE AND GENERAL
INSURANCE

General Insurance Life Insurance

Covers non-life assets like car, house, health Covers the life risk of an individual

It is not a type of savings This insurance can helps you accumulate savings
for future

Generally it is short term contract i.e. for 1 Generally it is a Long-term contract

year

IFFCO TOKIO has provided a range of insurance

products across key verticals. Few key products are - 
 Motor Insurance
 Health Insurance
 Travel Insurance
 Home Insurance
 Other Insurance

1. Motor Insurance
A motor insurance is mandatory for all kinds of vehicles to drive in India.  A motor
insurance policy provides financial protection against natural calamities, manmade
incidents as well third party liabilities.  
Key Features of Motor insurance policy offered by IFFCO TOKIO are –
 Customizable IDV Value
 Vast Garages Network
 4 Hour Quick Claim Settlement

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  4.8 Customer ratings

Types of Motor insurance policies

i. Car Insurance
Starting at only ₹6 per Day

ii. Two Wheeler Insurance

Starting at only ₹1.5 per Day

iii. Commercial Vehicle Insurance

Buy/Renew Commercial Vehicle Insurance Policy Online 

2. Health Insurance
A health insurance policy provides protection against any kind of medical expenses
occurring due to any kind of illness or you meet with an accident.
Key Features of Health insurance policy from IFFCO TOKIO are –
 7500+ Cashless Hospitals

 Instant Claim Settlement 

 4.8 Customer ratings

 Save upto ₹1,00,000 Tax Deductions under section 80D

15
Various Health Insurance Plans from IFFCO TOKIO
IFFCO TOKIO has specifically designed health insurance plans to provide coverage for you and
your loved ones. You can also customize health insurance according to your needs. You can be
in relief and peace of mind because we will be there for you when you need us.

 Family Health Protector (Coverage upto Rs 30 Lakhs)

 Family Swasthya Kavach Policy (Coverage upto Rs 5 Lakhs)

 Individual Health Protector (Coverage upto Rs 20 Lakhs)

 Individual Health Medishield (Coverage upto Rs 5 Lakhs)

 Personal Accident Insurance

 Critical Illnesses Benefit

 Health Insurance Top Up

 Swasthya Raksha Bima

 Mosquito Bite Insurance

 Arogya Sanjeevani Policy

 Corona Rakshak Policy

 Corona Kavach Policy

3. Travel Insurance
A travel insurance policy provides protection against financial liabilities occurring due to
medical emergencies when you travel beyond the Indian boundaries.   
Key Features of Travel insurance policy from IFFCO Tokio is –
 No medical check-up required

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  Instant Policy issuance
 COVID-19 covered
 4.8 Customer ratings

4. Home Insurance
Home insurance covers losses and damages to an individual’s residential property against
natural calamities as well man-made calamities. 
Key Features of Home insurance policy from IFFCO TOKIO is
o Affordable premium

o Building, Content & Valuable Coverage

o Super-Fast Claim Settlement 

o India wide network

5. Other General Insurance

Until now, we have mentioned about Motor insurance, Health Insurance, Home insurance
and Travel Insurance. There are many other types of general insurance, which provide
coverage to your business, goods, crop, property etc. Few of other general insurance are
– 

i. Bank Locker Insurance

ii. Trade Insurance

iii. Business Insurance 

iv. Micro & Rural Insurance

v. Specialty Insurance

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i) Trade Insurance : Provide protection to your shop or small business against natural
calamities like fire, earthquake, flood etc. It also offer financial help in case of any man-
made calamities like burglary, robbery etc. 

ii) Business Insurance This insurance provides protection to your business against various
financial risks. IFFCO Tokio offers business insurance specifically as per your
requirement. Various types of business insurance are –
o Workmen’s Compensation
o Liability Insurance
o Marine Insurance
o Property Insurance
o Corporate Health
o
iii) Business Insurance This insurance provides protection to your business against various
financial risks. IFFCO TOKIO offers business insurance specifically as per your
requirement. Various types of business insurance are –
o Janata Suraksha Bima Yojna
o Jan Sewa Bima Yojna
o Tractor Insurance
o Kisan Suvidha Bima
o Pashu Dhan Bima Yojna
o Unified Package Insurance Scheme
o Jan Suraksha Bima Policy

iv) Speciality Insurance The policy to cover the special needs of your business like credit
insurance, fine arts insurance, Errors and Omissions Indemnity cover etc.  Various types
of specialty insurance are –
o Comprehensive General Liability
o Credit Insurance
o Errors & Omissions Insurance

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 o Fine arts Insurance

AWARDS & RECOGINITION

 Awards Won in 2021-22

 IFFCO TOKIO has won "Best Chief Human Resource Office of the Year Award"
for Mr. Ramesh Kumar, Senior Executive Director (HR, Admin. & Training) at
the 5th Annual India Insurance Awards 2022"
 IFFCO TOKIO won 'L&D Excellence Award 2022' at the 9th Edition of Future of
Learning and Development Summit and Awards” organized by UBS FORUMS
 'Chief Learning Officer of the Year' has been awarded to Pragati Kakkar (General
Manager- Training, IFFCO-TOKIO) at the 9th Edition of Future of Learning and
Development Summit and Awards” organized by UBS FORUMS
 IFFCO-TOKIO Received 'Best Good Company Initiative Award 2021' By
TOKIO Marine Asia

 Awards Won in 2020-21

 The Great Indian Marketing Awards 2021 in the Category Social Media
Campaign on "No Tobacco Day"
 Best in Future of Digital Innovation Awards 2021 for Crop Claim Monitoring in
the Category IDC Future Enterprise Awards for India

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  Women Vice President of the Year Award for Ms. Pushpa Hariharan by Insurance
Alert

 Awards Won in 2019-20

 Women Technology Officer of the Year Award for Mrs. Seema Gaur by
Insurance Alert’s.
 Women Vice President of the Year Award for Mrs. Pallavi Roy by Insurance
Alert’s.
 Women General Manager of the Year Award for Mrs. Preeti Bali by Insurance
Alert’s.
 IFFCO TOKIO won BFSI Digital Innovation Award by Express Computers,
Indian Express Group.

 Awards Won in 2018-19

 IFFCO TOKIO has won the ‘2018 Asian Awards for Best Company Initiative ' by
TOKIO Marine Insurance Group.
 "Women Achiever of the Year 2018" for Ms. Anamika Roy Rashtrawar by
Insurance Alert’s International Women’s Day Confluence.

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MUSKURATE RAHO CAMPAIGN

New Delhi, October 13, 2008: IFFCO-Tokio General Insurance Co. Ltd. , a trusted player in
general insurance, has rolled out its new  Muskurate Raho  ad campaign. The campaign which is
titled  Albert Pinto kyon muskura raha hain  features Paresh Rawal as Albert Pinto. Paresh Rawal
will be the brand ambassador for the Company for its newly launched advertising campaign.

Muskurate Raho is the need for Indian Masses in present-day life which is full of risks and
tension. IFFCO-Tokio General Insurance is providing a means for transferring these risks and
tensions through its line of insurance products and unmatched service quality. The new IFFCO-
TOKIO brand film which will go on air from October 15 on almost all the national channels will
see a general insurance company engaging with a celebrity for the first time.

Albert Pinto will be seen in the main brand film and also in the advertisements of other general
insurance products of the Company i.e. Motor, Health, Home, etc. The first campaign to be
executed by Publicis after bagging the IFFCO TOKIO account, the project is headed by
Emmanuel Upputuru (National CD), Vishal Chemjong (CD) and directed by Shiven of Big
Picture Fame. The advertisement was shot in Mumbai. The TVC campaign will be supported by
other brand initiatives to generate higher visibility and better recall for the brand

Speaking about the new campaign, NK Kedia, Director (Marketing) IFFCO-TOKIO General
Insurance said, The idea presented by Publicis about Albert Pinto is in line with our brand

21
objectives. Since IFFCO-TOKIO is a pan-India brand, we wanted to appeal to the masses and
Paresh as Albert Pinto was a perfect fit. We are confident that the ad will touch a chord with the
people.

On the creation of this ad, Emmanuel Upputuru, NCD Publicis India, said, Great work happens
when you have a good client. It's been a great experience working on IFFCO-TOKIO, who gave
us complete freedom. The pressure is entirely on us and I hope the communication does the job
we've been signed for.

COMPANY’s FINANCIAL REPORT

Honorable Members, Your Directors have the pleasure to present the Twenty Second Annual
Report and Audited Financial Statements of the Company, for the Financial Year 2021-22.
GENERAL INSURANCE INDUSTRY SCENARIO: The non-life insurance industry reported a
11 per cent growth in premiums to Rs. 2,20,772 Crore in 2021-22, after dismal growth in the
year 2020-21, wherein Rs. 1,98,735 Crore worth of premiums were collected. 25 General
insurers collected premiums to the tune of Rs. 1, 84,775 Crore in 2021-22, up 8.79 per cent as
compared to last year; with private insurers growing at 12 per cent and state-owned insurers
registering a growth of just 4.55 per cent. Standalone health insurers, collectively, reported a
premium growth of 32.53 per cent in Financial Year 2021-22 to Rs. 20,880.08 Crore in Financial
Year 2021-22, their premium collections stood at Rs. 15,755.18 Crore. Specialised PSU insurers
reported a premium growth of 14 per cent to Rs. 14,979 crore. Post COVID-19, Health has
become the largest line of business in the non-life insurance industry. The health segment
premiums have grown by 25.58 per cent while motor segment premiums have grown by 3.28 per
cent. The general and health insurers have also paid heavily on account of COVID-19 related
health claims, which have eroded their profitability.

22
23
BENEFITS OF BUYING TRADE SUVIDHA POLICY FROM IFFCO-
TOKIO

 The biggest danger to any business in India is due to burglary. Any shop in the business
of selling goods like jewelry, clothes, electronics, etc becomes easy targets for people
looking to make a quick buck.

 Any businessman will tell you that one of the most dangerous and unpredictable causes
of loss in business is Natural Disasters. Considering there is no way to predict them, there
is no way to absolutely safeguard them.

 Even if you could guarantee the safety of your contents while they were on-premise,
there are still dangers to be considered in transit. 

 In business, while it is scary to consider, there is an actual possibility of somebody

getting injured, even to the point of disablement or death.

 With a great amount of money involved, businesses are very susceptible to fraud. While
most try to protect their business from threats originating outside the company, more
often than not, the culprit is somebody working for the company.

 Anybody working in the IT sector will tell you that the most precious commodity for
their business is electronic equipment like computers, printers, scanners, etc. Any damage
to equipments like these is not only very costly to repair or replace, but it may also lead
to a decrease in productivity.  

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 CHAPTER 3
MARKETING MANAGEMENT
MARKETING – MEANING

Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large.
Marketing is the process of interesting potential customers and clients in your products and/or
services. The key word in this marketing definition is "process"; marketing involves researching,
promoting, selling, and distributing your products or services.

MARKETING – DEFINITION BY AUTHOR

 According to AMA , Marketing is the activity, set of institutions and processes for
creating, communicating, delivering and exchanging offerings that have value for
customers, clients, partners, and society at large
 According to Mark Burgess, “Marketing is the process by which a firm profitably
translates customer needs into revenue”.
 According to Chris Garrett, “Marketing is the process of building relationships &
Customers so that you can profitably develop & promote products & services”.

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ROLE OF MARKETING

1. Raising Brand Awareness

This is important because it gets people acquainted with your brand and the products or
services you provide. It also makes you memorable to customers who can begin to trust your
brand, become loyal clients, and tell their network about you.
2. Generating Traffic

Growing the number of visitors to your site means getting more qualified leads ( lead
scoring can help determine this) and ultimately increasing your sales . An effective marketing
strategy will help you through this process. 
 
3. Increasing Revenue

Every business wants to increase its sales and marketing can help achieve this goal through a
variety of strategies like optimizing your website and SEO, creating email campaigns,
performing A/B tests to pinpoint the best strategy for you, and much more.
 
4. Building Trust in Your Brand

Creating a high level of trust in your brand leads to customer loyalty and repeat purchases.
This not only increases revenue but also leads to great reviews both online and by word of
mouth, which is still one of the most effective types of promotion.
 
5. Tracking Your Metrics

Metrics are incredibly helpful when it comes to creating your marketing strategy. They not
only drive the strategy and help track its progress but also inform what can be adapted or
adjusted to continually optimize your campaigns. 

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DIFFERENT MARKETING STRATEGIES  

 Marketing Plan:  Discover what a marketing plan is, why you need to design one,
and the keys to creating a strong plan. Without a marketing plan, a company or
brand can’t reach its goals.

 Digital Marketing:  Digital marketing is the discipline of marketing which focuses

on developing a strategy solely within the digital environment.

 Direct Marketing:  Direct marketing is a type of campaign based on direct, two-

way communication that seeks to trigger a result from a specific audience.

 Email Marketing:  Email marketing is one of the most profitable and effective
techniques in terms of return. Naturally, it consists of sending emails to your
audience, but make sure to define your segments well in order to be effective.

 Mobile Marketing:  Mobile marketing is a broad concept which brings together all
marketing campaigns and actions focused exclusively on mobile platforms and
applications  (i.e. smartphones and tablets).

 Viral Marketing:  Having something go viral is every company’s dream. Viral

Marketing spreads from one person to the next and is capable of going incredibly
far incredibly fast

 Performance Marketing:  Performance marketing is a methodology which applies

various marketing methods and techniques and guarantees advertisers that they
only have to pay for achieved results.

 Inbound Marketing:  This methodology focuses on creating valuable content to

attract qualified web traffic and work towards the final sale.

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MARKETING MIX OF IFFCO TOKIO GENERAL INSURANCE
COMPANY LIMITED

The marketing mix refers to the set of actions, or tactics, that a company uses to promote its
brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product,
Promotion and Place. However, nowadays, the marketing mix increasingly includes several other
Ps like Packaging, Positioning, People and even Politics as vital mix elements.

IFFCO Tokio General Insurance Company Limited is a private company associated with the
insurance industry. It is Of Indian origins and was founded in the year 2002. IFFCO Tokio is a
joint venture between Tokio Marine and Nichido Fire Group and Indian Farmers Fertiliser
Cooperative. According to latest figures, IFFCO-Tokio occupies the third position as a largest
general insurance Indian company.  Some of its competitors are as follows-

 Bajaj Allianz General Insurance

 ICICI Lombard

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 1. PRODUCT

IFFCO Tokio is a cooperative undertaking with diversified insurance types made for the
rural sector, urban population, groups and individuals. Some of the items from its product
portfolio are as follows-

Commercial Insurance is based on specified needs and requirements of the customer

because of unforeseen events that might lead to huge losses.

It is better to insure such items via the following policies-

 Workmen’s Compensation Insurance Policy

 Money Insurance Policy
 Fidelity Guarantee Insurance Policy
 Burglary Insurance Policy
 Bankers Blanket Insurance Policy
 Electronic Equipment Insurance Policy
 Marine Cargo Insurance Policy
 Public Liability Non-Industrial Insurance Policy
 Public Liability Industrial Insurance Policy
 Product Liability Insurance Policy
 Machinery Loss of Profit Insurance Policy
 Machinery Breakdown Insurance Policy
 Industrial All Risks Insurance Policy
 Boiler and Pressure Plant Insurance Policy
 Contractors Plant and Machinery Insurance Policy
 Contractors All Risk Insurance Policy
 Consequential Loss Insurance Policy
 Standard Fire and Special Perils Insurance Policy

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 2. PLACE
IFFCO Tokio is one of the in-demand insurance companies in India and has its headquarters base
at Gurgaon. A company has spread its reach to most cities and towns in India and is able to
provide best services through its efficient workforce. It is the only Indian insurance corporation
to have a fully-owned network for distribution called IFFCO-TOKIO Insurance Service Limited
or ITIS so that it can provide efficient services to its retail customers. Its wide-spread distribution
channel involves the services of sixty-five strategically placed business units, two hundred and
fifty-five Bima Kendra and lateral spread-centres that number one hundred and twenty-two.

3. PRICE
IFFCO Tokio started its operations with nearly 231 crore rupees and by the year 2009-10, it had
become of the leading private insurance companies with 1639.5 crore rupees. Pricing policy of a
company to a great extent depends on perceived value-deliverability by a customer and IFFCO
Tokio has adopted a value-based pricing strategy. For every policy, the policyholder has to pay a
premium that can be monthly, quarterly, half-yearly or annually. Some policies are rigid and
have only one or two-time terms whereas in some cases the policyholder has the option of
choosing according to personal suitability. It is the management of IFFCO Tokio who decides
the premium and term times and implements them by maintaining a balance between both
insurer and insurance company.

4. PROMOTION
IFFCO Tokio is a reputed brand and the company has adopted several marketing strategies to
promote its products far and wide amongst its customers. Its ads are shown via television, radio,
newspapers, billboards and social media platforms. Actor Paresh Rawal has been roped in as its
brand ambassador and his ad campaigns have created a positive visibility. The company has
been the recipient of several awards. In the year 2012-13, it was awarded CIO100 Super
Achiever Award and also Best Employer Award.  In the year 2013-14 IFFCO Tokio was
awarded National Award for successful implementation of RSBY. The company also featured in
The Japan Times in the year 2014 after a visit by Prime Minister of India to Japan.

30
LEARNING PROCESS IN MARKETING

 Handling phone calls : Since I was working in the Agency Service Department (ASD), I
was assigned to receive the phone calls and nswer the queries of the office staff members
and various clients. I had to forward or transfer the call to the supervisor or other staff
according to the need of the clients or customers.
 Dealing with customer : The agency service department (ASD) is all about dealing with
customers so one of the major activities I had to perform in the organization was to deal
with the client queries. My task involved solving queries and assisting customers to fill
out the different types of policy opening forms, adopting all necessary Covid-19
protective measures. I dealt with the customers regularly who came for the information
regarding the company policies, those who were interested to ensure their properties, and
those who visited for the claim purposes and about their renewal of the policy.
 Maintaining Know Your Customer’s updates : KYC is the fundamental principle
used in identifying who the customer is, their background information, and monitoring
their transactions to mitigate the risk arising out of these customers. As an 17 intern, I
was assigned to maintain KYC updates, where I had to assist the customers to fill up the
KYC form.
 Policy checking, scanning, and photocopy : I was also allowed to check the policy
asked by the customer under the supervisor’s authority. Policy inquiry can only be done
by the account holder. Any information regarding the account’s holder is not exposed to
any third person. I also learned to scan the forms before keeping the records of the new
account holder and filing them along with some other important documents. Similarly, a
photocopy was to be done frequently in the department, to provide ease to the customer
 Study of personal auto policy and types of reinsurance : Since I had less knowledge
regarding general insurance, I was assigned to study various terms of general insurance
which included four components of personal auto policy and types of reinsurance. Major
terms studied by me was liability insurance, medical payments, physical damage,
uninsured motorist policy, facultative or street reinsurance, treaty or automatic,
proportional, and excess loss.

31
AGENT PORTAL

SWOT ANALYSIS

Strength
IFFCO Tokio General Insurance in general has a strong brand image nationwide. The ISO
certification has made it to become a well-known reputed insurance company with highly
educated and experienced officers. Furthermore, IFFCO Tokio General Insurance carries out
regular in-service training for her employees. These in-service training includes: short courses
for capacity building skills, staff training abroad in different countries with experts who orientate
on industry trends and updates. Overall, this intends serves as strength since it enhances
personnel skills and thus productivity. More so, IFFCO Tokio General Insurance strictly
complies with government rules and regulation and does not engage in unfair insurance
practices.

Weakness
Some branch offices lack autonomy on vital aspects of insurance. This is due to centralization.

32
Opportunities
IFFCO Tokio General Insurance takes initiatives to provide high quality services that meet
international standards. IFFCO Tokio General Insurance can also increase its portfolio by
capitalizing on its social Medias platform.
Furthermore, IFFCO Tokio General Insurance is ISO certified which in simple terms means
IFFCO Tokio General Insurance meets the criteria for quality management principles including a
strong customer focus, the motivation and implication of top management, the process approach
and continual improvement in its service provision.

Threats
First, the number of competing insurance companies is increasing. Secondly, Public authorities
like the Police do not fully cooperate with Insurance Group especially in cases of prompt
production of police reports after an accident. Increase in government rules, regulations and tax
are not so inspiring.

33
INSURANCE MARKETING
The term insurance marketing refers to the marketing of insurance service with the motto of
customer-orientation and profit-generation. The insurance marketing focuses on the formulation
of an ideal mix for the insurance business so that the insurance organizations survive and thrive
in a right perspective. They quality of services can be improved by formulating a fair mix of the
core and peripheral services.
 
The marketing concept in the insurance business is concerned with the expansion of insurance
business in the best interest of society vis-à-vis the insurance organisatoins.

WE UNDERTOOK THE HELP OF CERTAIN MEASURES IN ORDER TO PUBLICISE

ADVERTISING
Advertising a paid form of persuasive communications is found important to promote the
insurance business. The advertising professionals bear the responsibility of making the
advertisement slogans, appeals, campaigns creative so that process of sensitizing the prospects is
found proactive. The insurance companies advertise through telecast media, broadcast media and
the print media.

34
PERSONAL SELLING
The personal selling occupies a place of outstanding significance. This is due to the fact that the
insurance business is substantially influenced by the instrumentality of agents and the rural
career agents. It they are aware of the art of informing, sensing and persuading the potential
policyholders, the task of insurance organisations is simplified considerably.

SALES PROMOTION
Sales promotion is a temporary device which is adopted only for a particular period. In the
insurance business, the incentives to the policy holders users or to the agents, rural career agents
or even to the insurance personnel for promoting the business are the sales promotion tools.
Incentives to the end users for taking a policy play an incremental role in promoting the
insurance business. The offering of small gifts during a particular period, the rebate, discount,
bonus can be instrumental in increasing the business of insurance organizations.

WORD-OF-MOUTH
The word-of-mouth communications result into wider publicity which substantially sensitive the
process of influencing the impulse of users/ prospects of the insurance services. The satisfied
group of customers, the opinion leaders, the social reformists, the popular personalities acts as
word-of-mouth communicators.

35
 CHAPTER 4
HUMAN RESOURCE MANAGEMENT

It is the process of recruiting, selecting, inducting employees, providing orientation, imparting

training and development,  appraising the performance of employees,
deciding compensation and providing benefits, motivating employees, maintaining proper
relations with employees and their trade unions, ensuring employees safety, welfare and healthy
measures in compliance with labour laws of the land and finally following the Orders /
Judgements of the concern High Court and Supreme Court, if any.

WHY DO WE CALL IT AS HUMAN RESOURCE MANAGEMENT?

Human : refers to the skilled workforce in an organization.

Resource : refers to limited availability or scarce.

Management : refers  how to optimize  and make best use of such limited or scarce resource so
as to meet the organization goals and objectives.

Acc. To Edwin Flippo :

Human Resource Management as “planning, organizing, directing, controlling of procurement,

development, compensation, integration , maintenance and separation of human resources to the
end that individual, organizational and social objectives are achieved.”

HUMAN RESOURCE MANAGER

The Human Resource Manager will lead and direct the routine functions of the Human
Resources (HR) department including hiring and interviewing staff, administering pay, benefits,
and leave, and enforcing company policies and practices. The role of a human resources manager
will largely depend on the size of the company. In some smaller companies, you may serve as an

36
HR generalist, overseeing the entire scope of human resources. In other companies, there may be
more than one HR manager in the human resources department, each with their own specialty. 

PRIMARY RESPONSIBILITIES OF THE HUMAN RESOURCE

MANAGER:

1. To develop a thorough knowledge of corporate culture, plans and policies.

2. To act as an internal change agent and consultant.
3. To initiate change and act as an expert and facilitator.
4. To actively involve himself in company’s strategy formulation.
5. To keep communication lines open between the HRD function and individuals and
groups both within and outside the organisation.
6. To identify and evolve HRD strategies in consonance with overall business strategy.
7. To facilitate the development of various organisational teams and their working
relationship with other teams and individuals.
8. To try and relate people and work so that the organisation objectives are achieved
effectively and efficiently.
9. To diagnose problems and to determine appropriate solution particularly in the human
resources areas.
10. To provide co-ordination and support services for the delivery of HRD programmes and
services.
11. To evaluate the impact of an HRD intervention or to conduct research so as to identify,
develop or test how HRD in general has improved individual or organizational
performance.

37
MODEL OF SMALL ORGANIZATION AND LARGE ORGANIZATION
Organize the human resources activity of the small organization and large organization. Small
organization department are usually limited, to maintain employee record and helping manager
and find new recruits. The large organization, the head of department directly report to the
company president. The large organization’s specialist does the recruiting, training, and other
necessary task. HRM are two model of HRM as following:
1. System model of HRM
2. Applied system of HRM

RECRUITMENT
Human resources management will determine the requirement of each HR need and requirement
of HR need through the job analysis and job description. What is the need of the job applicant
and what are requirement of the people and who will fill the vacancy.
 Contents of Job Application for Recruitment –
 Personal data and information –
 Employment status –
 Education and skills –
 Work history –
 Military background (if needed) –
 Membership hobbies award –
 References –
 Signatures line or signatures block

38
HIRING PROCESS AT IFFCO TOKIO :
How to become an Insurance Agent:

1. Eligibility :

 Citizens of India.

 Age should be 18 yrs.

 Minimum Qualification:

o Rural: - 10th Pass (Rural proof is required. It is a certificate issued by BDO or

Sarpanch stating that the person is a resident of a particular village which has a
population below 5000 ).
o Urban: - 12th pass.

 PAN No.
 No relative of his/her, at the time of entering into the Agreement, is employed with the
Company in any capacity whatsoever. (“Relative” shall include spouse, dependent
children or dependent stepchildren whether residing with the employee or not )
 A person should not have an agency license from any General Insurance Co.( Life
Insurance agents needs to follow the composite process).
2.Documents Required :
 Agent Application form.
 Sponsorship Form.
 Date of Birth proof.
 Qualification proof.
 PAN card.
 Three stamp size photographs.
 Address proof.

39
  Mobile No.
 Email address.
 Photo and signature in jpg format(File size should be less than 50Kb for photo and 10KB
for signature).
3.IRDA Training :
An applicant applying for a license to act as an insurance agent will have to complete training
from an IRDA-approved institution with at least 50 hours of practical training in general
insurance business, which may be spread over a week. For the renewal of his license, the agent
will have to undergo training for just 25 hours. The training cost would be Bourne by IFFCO
TOKIO.

WORKING ON RECRUITMENT WHILE IN HRD :

The head office of IFFCO TOKIO is in Gurugram, Haryana, so the management present in the
office provide the human force requirement to the main head office. From there HR manager
provide us with the requirements of the particular branch and later on provide us with the certain
resumes directly received by the company.

Later on, the certain series of steps is followed to recruit the candidate.

2.
3.
1. Preparing
Sourcing
Evaluation

40
  Step 1 - Preparing : In this stage, it’s about gathering information from the hiring
manager. As soon as the job requisition has been approved internally, the recruiter will
contact the hiring manager to make an appointment for the vacancy intake

 Step 2 - Sourcing : Once the foundation for the candidate search has been laid (i.e. the
job advert is ready), it’s time to start sourcing. This is where it’s easier if the full cycle
recruiter is, for example, only focusing on highly specialized roles.  

 Step 3 - Evaluation of Applicants : The third step is to assess the process at a

fundamental reporting level by looking at what is known as conversion rates or click-
through rates. It is about providing the salary and details about the work to be performed.

SELECTION

Selection Process is a series of specific steps used to decide which recruits should be hired.
Selection is an hectic task in any organization and it became tough to satisfy the needs of both
management and employee.

In IFFCO TOKIO a series of steps is needed to be followed in order to select employee after
recruitment.

41
 Preliminary
Selection Test : Interview
Screening

References and
Onboarding Hiring Background
Checks

Step – 1 : Preliminary Screening : Here the employee is observed whether the details
provided while recruiting are true or not and then they are promoted to next level.

Step - 2 : Selection Test : There are different set of questions prepared for different positions
and the candidates who scored maximum are shortlisted. It is done using pen and paper.

42
Step - 3 : Interview : It is conducted in two steps

i. The basic information is collected by the team present in the office.

ii. Video call interview with the HR manager.

Step - 4 : References and Background Checks : In this system of selection process that we
uses some references background cheek to examine or verity or acquires of the data and
information.

Step - 5 : Hiring : Once selected, you will submit a formal offer letter to your candidate. It
would be best if you were willing to answer any candidate’s questions before they accept the
offer.

Step - 6 : Onboarding : Upon the candidate accepting your offer, I start familiarizing them with
the organization and team.

It may include a formal orientation, mandatory training programs, and an organized lunch with
the new hire and their colleagues.

TRAINING

For the newly hired employees briefing is done with the help of senior managers so that the
employee can adapt to the organization’s culture.

43
Different types of training is provided in coordination with the HR manager in the form of

 ON THE JOB
 OFF THE JOB

In case newly joined faces any problem they can directly report and resolve their queries. The
senior team puts in efforts so that the work could be understood easily.

EVALUATION OF EFFECTIVE TRAINING PROGRAM

After complete the training program manger can be evaluated by applying the following
outcome of training and development:

i. Reaction of the trainees to the content of training and process of training program.
ii. The knowledge and learning that the trainees acquire through the training
program.
iii. The changes in the behavior of the trainees that resulted from the training
program.
iv. The measurement result or improvement in the trainees of a training program.

SALARY STRUCTURE KEY OFFICIALS IN IFFCO TOKIO

44
CHAPTER-5
CONCLUSION

45
Insurance is a large investment and you will most likely purchase multiple policies
throughout your lifetime. It is essential that you know what each type of insurance
covers and how it works so you can make the best decision about what to buy. Do
not base your decision on just what is cheapest, but look at what it provides.

IFFCO TOKIO is one of the companies in the private sector which are doing exceptionally good
in this sector due to their policies to which are people find very attracting according to their
needs. It can be seen from the study that people have started recognizing IFFCO TOKIO as a life
insurance and hence it will grow at a much faster pace in the future.

The project helped me to find out the customer satisfaction and expectations from the various
plans offered by insurance companies with specific reference to market linked insurance plans.
Appropriate suggestions have been given based on the research findings. It was a great learning
experience and I will carry this experience with me in all my future endeavors.

REFERENCES

46
 Wikipedia. (2023). Retrieved from https://www.iffcotokio.co.in/about-us

 Bhasin, H. (2019). Retrieved from

https://www.marketing91.com/marketing-mix-iffco-tokio-general-insurance-company-
limited/#:~:text=IFFCO%20Tokio%20is%20a%20reputed,billboards%20and%20social
%20media%20platforms.

 Coursera (2019). Retrieved from

https://www.smartrecruiters.com/resources/glossary/recruitment/

 Recruiter, S. (2019). Retrieved from

https://www.smartrecruiters.com/resources/glossary/recruitment/

 Insurance Marketing. (2023). Retrieved from

https://www.brainkart.com/article/Insurance-Marketing_6028/

 M, M. (2016). Retrieved from https://businessjargons.com/selection-process.html

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