A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Internship Report on
“A Study on Agency Channel in IFFCO TOKIO
General Insurance Company”
Submitted in partial fulfillment of the requirements

of

BACHELOR OF COMMERCE DEGREE OF

BENGALURU NORTH UNIVERSITY

Submitted by

KUSUMA.M

U19CJ22C0007

Under the Guidance of

MS. NAVYA LAKSHMI N

Assistant Professor

Department of Commerce and Management

NAGARJUNA COLLEGE OF MANAGEMENT STUDIES

Chikkamarali Village, Nandi Hobli, Chikkaballapur Karnataka 562101

2024-2025
A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

CERTIFICATE OF INTERNSHIP

GUIDECERTIFICATE
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

This is to certify that the Project titled "A STUDY ON AGENCY CHANNEL IN
IFFCO TOKIO GENERAL INSURANCE COMPANY, is the Bonafide work
carried out by MS.KUSUMA.M Bearing Reg. No.U19CJ22C0007 in the partial
fulfilment of the requirement for the award of BCOM Degree of Bangalore North
University, under my guidance and supervision.

The Project submitted by her has been successfully completed and reflects her
hard work and sincere effort.

Place: Chikkaballapur Navya Lakshmi

Date:
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

DECLARATION

I KUSUMA. M (U19CJ22C0007), a Student of Bachelor Of Commerce at Nagarjuna College

Of Management Studies hereby declares that the project report on “A Study On Agency
Channel in IfficoTokio General Insurance Company at Hoskote, prepare by me under the
guidance of Ms. Navya Lakshmi, Nagarjuna College of Management Studies and external
assistance by Manjunath B manager an of IFFCO TOKIO GENERAL INSURANCE
COMPANY Hoskote. I also declare that this project work is towards the partial fulfilment of the
university regulations for the award of degree of B.com Bangalore North University. I have
undergone a project for a period of four weeks. I further declare that this project based on the
original study undertaken by me and has not been submitted for the award of any degree / from
any other university / institution.

Place: Kusuma

Date: U19CJ22C0007
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

ACKNOWLEDGEMENT

The Successful completion of this internship report required significant guidance and
assistance from many individuals, and I am truly grateful for their support throughout this
journey.

I would like to express my sincere heartfelt thanks to Dr. Anandamma N, Principal Nagarjuna
College of Management Studies, Dr. Kiran Kumar T N, Head of Department Commerce and
Management, and I also express my sincere thanks to my guide Ms. Navya Lakshmi,
Assistant Professor of Commerce and Management, for her valuable guidance and timely
suggestion at every stage of this project.

I would like to express my sincere gratitude to MR. MANJUNATH B Manager of IFFCO

TOKIO GENERAL INSURANCE COMPANY, for providing me an opportunity to intern
at their esteemed organization.

I would like to extend my heartful thanks to my parents for their permission and constant
encouragement throughout this internship. I am thankful to my friends for their support
whenever I need their assistance during this project.

I would like to express my profound gratitude to all individuals who directly or indirectly
contributed to the completion of this report.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

CONTENTS

CHAPTE CONTENT PAGE

R NO
NO

1 Introduction 01-07

2 Description of the organization 08-16

3 Experimental Learning 17-18

4 Learning Outcomes and Conclusion 19-21

5 Bibliography
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

EXECUTIVE SUMMARY

This study explores the agency channel of IFFCO Tokio General Insurance Company, a key
distribution and customer engagement platform for its insurance products. The agency channel
plays a crucial role in reaching a diverse customer base across urban and rural markets.

The objective of the study was to analyze the structure, performance, challenges, and growth
potential of the agency channel within IFFCO Tokyo. Through interviews with agents, company
officials, and analysis of sales data, the research highlighted how agents contribute significantly
to new policy acquisition and customer servicing, especially in Tier II and Tier III cities.

Findings reveal that while the agency network remains a dominant force in policy distribution, it
faces challenges such as high attrition rates, limited digital adoption, and increasing competition
from online channels. However, the study also identified strong opportunities for improvement
through agent training, digital integration, and incentive restructuring.

The report concludes that a strategic enhancement of the agency channel-by empowering agents
with technology, streamlining on boarding, and offering performance-based rewards-can
significantly boost both customer satisfaction and business growth for IFFCO Tokyo General
Insurance Company
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

CHAPTER-1

INTRODUCTION

The Agency Development Manager plays a significant role in shaping the growth and direction
of an insurance company’s network of agents. By focusing on recruiting, training, and
supporting agents, this position ensures that the agency network is both robust and effective.
The manager works to enhance the performance and productivity of agents through strategic
planning and targeted development programs. This role involves a blend of leadership,
mentorship, and strategic oversight, aiming to expand the agency’s reach and impact in the
market. Through fostering strong relationships and providing ongoing support, the Agency
Development Manager contributes to the overall success and sustainability of the agency’s
operations.

The insurance industry is a vital sector of the global economy, providing financial protection
and risk management solutions to individuals, businesses, and governments. The industry
generates significant revenue primarily through the collection of premiums, which are
payments made by policyholders in exchange for coverage against specific risks, such as
health, life, property, or liability.

The global insurance industry generates trillions of dollars in revenue annually. The size and
growth of the market are driven by several factors, including economic conditions,
demographic trends, regulatory changes, and advancements in technology. Major insurance
markets include North America, Europe, and Asia-Pacific, with emerging markets also showing
significant growth potential in the coming years.

In summary, insurance companies generate their revenue through premiums, investments,

reinsurance, and fees, with profitability depending on effective risk management, underwriting,
and investment strategies. The industry's ability to adapt to new challenges and opportunities
ensures its continued growth and relevance.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Customer expectation

Customer expectations in the insurance industry have evolved significantly over time, largely
driven by advancements in technology, increasing competition, and changing consumer
behavior. In today's market, customers expect not only financial protection but also
personalized, seamless, and transparent experiences.

Customer expectations in the insurance industry have evolved significantly, with consumers
seeking more than just financial protection. Today, customers expect transparency, clear
communication, and personalized service.

They want insurance products that are tailored to their specific needs, as well as easy-to
understand terms and conditions without complex jargon. The rise of digital technology has
also made seamless, 24/7 online access to accounts, policy management, and quick claims
processing a key expectation. Customers are increasingly looking for competitive pricing that
offers value over the cheapest options, as well as a strong reputation for reliability and
trustworthiness,

Particularly when it comes to claims handling. Fast response times, proactive communication,
and easy access to customer support are also vital.

Security is a major concern, with customers expecting insurance companies to protect their
personal and financial data while complying with privacy regulations. Additionally, many
customers now expect insurers to innovate, using AI, big data, and automation for better
service.

Finally, there is growing demand for ethical and sustainable business practices, with consumers
favoring companies that align with their values, such as those that prioritize environmental
sustainability or social responsibility. Meeting these expectations is crucial for insurers to build
trust, enhance customer satisfaction, and remain competitive in the market

Agency Development Manager Job Duties:

Recruit and onboard new agents by identifying potential candidates, conducting interviews, and
overseeing the training process to ensure they meet the agency’s standards.
Develop and implement sales strategies tailored to the agency’s goals, including setting sales
targets, identifying key markets, and creating promotional campaigns.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Monitor and evaluate the performance of agents, providing regular feedback, coaching, and
support to help them achieve their sales targets and improve their skills.

Foster a positive and motivating work environment by organizing team-building activities,

recognizing achievements, and addressing any conflicts or issues that arise.

Manage the agency’s budget, including allocating resources for agent incentives, marketing
campaigns, and operational costs to ensure profitability.

Liaise with the company’s product development and marketing teams to ensure agents have up
to-date information on products, services, and market trends.

Oversee compliance with industry regulations and company policies, conducting regular audits
and implementing corrective actions as necessary to mitigate risks.

Explore and establish partnerships with other businesses or organizations to create referral
opportunities, expand the agency’s reach, and enhance its service offerings.

Agency Development Manager Job Requirements:

Education: An Agency Development Manager typically holds a Bachelor’s or Master’s

degree, with majors in Business Administration, Marketing, Finance, or related fields being
advantageous. Coursework in leadership, strategic planning, sales techniques, and
organizational behavior can provide a solid foundation. Additionally, studies in communication
and interpersonal skills are crucial for effectively managing and developing agency talent,
fostering client relationships, and driving business growth. Advanced degrees may offer a
competitive edge in understanding complex market dynamics and strategic decision-making.

Experience: Agency Development Managers typically possess a blend of experience in

sales, marketing, and team management. Their background often includes a progression
through roles that have honed their skills in strategic planning, client relationship management,
and leadership. On-the-job training is common, allowing them to adapt to specific industry
demands and company protocols. Many have also participated in formal training programs
focused on sales techniques, digital marketing tools, and effective communication, ensuring
they are well-equipped to drive agency growth and mentor their teams. Continuous professional
development is encouraged to stay abreast of market trends and innovations.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Certifications & Licenses: Agency Development Managers typically do not require

specific certifications or licenses. However, if involved in selling or overseeing the sale of
insurance or financial products, a relevant state-issued license, such as a Life and Health
Insurance License, may be necessary.

Agency Development Manager Skills

Strategic Planning: An Agency Development Manager crafts long-term growth strategies
while pinpointing immediate expansion opportunities, ensuring alignment with market trends
and client needs. The role involves competitive landscape analysis, realistic target setting, and
team mobilization towards these goals through a clear, actionable roadmap.

Sales Forecasting: Setting realistic targets and allocating resources efficiently is made
possible by predicting future sales. Agency Development Managers analyze market trends,
historical sales data, and economic indicators to inform decisions that underpin strategic

Team Leadership: Inspiring and guiding a diverse group of professionals towards

collective sales and client satisfaction goals is a critical function. It blends strategic planning
with empathetic communication and the creation of a collaborative environment that spurs
innovation and accountability.

Performance Monitoring: Tracking and analyzing team performance metrics allows for
the identification of trends, forecasting of future performance, and strategic adjustments. This
ongoing evaluation aligns individual and team efforts with agency goals, facilitating targeted
coaching and development to optimize performance.

Recruitment and Training: Attracting top talent to build a robust sales force involves
recognizing potential and effectively communicating the agency’s value proposition.
Implementing comprehensive training programs aligned with agency goals ensures new
recruits become high-performing agents capable of navigating the competitive landscape.

Client Relationship Management: Maintaining strong, lasting relationships with clients

is crucial for retaining existing accounts and generating new business opportunities through
referrals and positive word-of-mouth. It requires regular communication, personalized service
offerings, and proactive problem-solving to preemptively address client needs.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Agency Development Manager Work Environment

1. Product Development:

Gather feedback from agents on market trends, customer needs, and product gaps to inform the
product development process. Collaborate with the product team to ensure new products and
features are aligned with the needs and preferences of the agent network.

Provide input on product training, marketing materials, and sales support resources to enable
agents to effectively sell and service the products.

2. Underwriting:

Advocate for agent perspectives and priorities when it comes to underwriting guidelines,
policies, and procedures. Facilitate open communication and feedback channels between
agents and the underwriting team to address any pain points or challenges. Work with the
underwriting department to streamline the application and approval processes, reducing
friction for agents and their clients.

3. Claims:

Serve as a bridge between agents and the claims department, ensuring that agents have a
clear understanding of the claims process and can effectively support their clients.
Collaborate with the claims team to develop training and resources for agents on how to
guide

their clients through the claims experience. Gather feedback from agents on the claims process
and work with the claims department.

4. Marketing:

Provide insights and data from the agent network to help shape the company's marketing
strategy, messaging, and campaigns. Work with the marketing team to create compelling and
effective marketing materials, sales collateral, and digital assets that agents can utilize to
attract and retain customers. Maintain transparency by clearly communicating the rationale
behind any major decisions or changes that impact the agent network.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

5. Information Technology (IT):

Collaborate with the IT department to identify, implement, and optimize technology solutions
that streamline agent workflows and enhance the customer experience. Advocate for agent
feedback and requirements when it comes to the development and deployment of new
technology platforms, tools, and applications. Provide training and support to agents to ensure
they can effectively utilize the available technology resources.

6. Human Resources (HR):

Work closely with the HR team to develop comprehensive recruitment, onboarding, and
training programs for new agents. Provide input on agent compensation, incentive structures,
and career development opportunities to ensure the company remains competitive in the
market.

Collaborate on initiatives that support agent well-being, such as mental health resources, work-
life balance initiatives, and professional development opportunities.

Objectives of the study:

 To understand the customer centric general insurance solutions with fairness,
transparency, and prompt service.
 To understand the trust and long term relationships with individuals, businesses, and co
– operatives.
 To understand the inclusive insurance by reaching rural and underserved communities.
 To understand financial protection through a wide range of innovative and reliable
insurance products.

Scope of the study:

Offers retail insurance product like motor, health, travel, and home insurance. Provides
corporate and commercial insurance including property and liability coverage. Develops
specialized insurance products like cyber risk, credit insurance, and IT sector policies. Operates
across urban and rural India, with initiatives like Bima Kendras to improve rural insurance
access.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Limitation of the study:

 General insurance policies often have exclusions and may not cover all type of risks or
damages.
 Policyholders may be required to pay a portion of the loss themselves before the
insurance kicks in.
 General insurance polices are usually short – term and missing a renewal can result in
loss of coverage.
 Claims can be denied due to incorrect documentation, non – disclosure of facts, or
violations of policy terms.
 High risk for individuals or properties may attract high premiums, making insurance
expensive.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Chapter 2

Company profile

IFFCO-Tokio General Insurance Co. Ltd. (ITGI): IFFCO Tokio General

Insurance Limited laid its foundation in the year 2000. It was incorporated as a joint venture
between the Tokio Marine Group which is Japan‘s largest insurance group and the Indian
Farmers Fertilizer Co-operative (IFFCO) Limited – one of the biggest co-operative
societies of the country. IFFCO Tokio General Insurance Company‘s 51 per cent stake is
held by IFFCO, while Tokio Marine Group holds the remaining 49 per cent.

IFFCO Tokio General Insurance provides a comprehensive bunch of products of all lines of
business like health insurance, bike insurance, home insurance, travel insurance and car
insurance and also includes corporate policies like liability insurance and property insurance.
IFFCO Tokio General Insurance is also the first insurance provider in the country to
underwrite mega policies for an automobile and fertilizer company.

The comprehensive insurance policy depends on the international rates and enhances the
outflow of the premium for its clients as it provides one-stop, all-risk cover. Apart from the
traditional insurance products, it also provides niche insurance products including Credit
Insurance, Errors & Omission Policy for the IT sector, Cyber Insurance, P & I Insurance, etc.
In addition to this, the company has sincerely accomplished its rural centric initiatives by
introducing products such as Mahila Suraksha Bima Yojana, Janta Bima Yojana, and Sankat
Haran Bima Yojana for the masses.

IFFCO Tokio General Insurance has marked its presence in rural areas along with Tier B and
C cities. This is the first private insurance provider to set up BimaKendras that are single
individual operated centers. These BimaKendras were established with an intention to grow
the insurance penetration in the rural areas. Whenever these centers reach the desired size in
terms of the growth potential and premiums, they are converted into the Strategic Business
Units.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

IFFCO-Tokio General Insurance Co. Ltd. (ITGI) is a joint venture between IFFCO and The
Tokio Marine and Fire Insurance Co. Ltd, Japan. Incorporated on 4th December, 2000 and
within this short span it has become a leading Insurance Company in India. ITGI is also the
pioneer in launching innovative products like "Sankat Haran Policy" for farmers. With the
Corporate office in Gurgaon and operating offices in 26 offices, ITGI is looking at expanding
the market base of general insurance in India by opening Offices in most major cities in
India. The company believes in educating the general masses about insurance and bringing to
the market simple and customised insurance policies. With a claim process as simple and
friendly as can be, it promises to give its policyholders "The Life They Deserve". To be
approachable from all places, ITGI has also opened up call centres with a universal toll-free
number that can be accessed throughout India.

Indian Farmers Fertiliser Co-operative Limited (IFFCO) is well known as a pioneer in large-
scale fertiliser manufacturing and is the leading fertiliser producer in the country. IFFCO has
a membership of about 35,000 Co-operatives at State, District and Primary level spread in 22
States and 2 Union Territories. The manufacturing plants are at Kalol, Kandla, Phulpur and
Aonla which have been consistently operating at a capacity utilization of more than 100% for
the past several years.

The Tokio Marine & Fire Insurance Co.Ltd. has over one hundred and twenty years of
experience in general insurance business and is the largest and oldest general insurance
company of Japan. It is a member of the large and highly diversified Mitsubishi group
comprising of over 1500 companies. The company is rated 'AA' (strong financial security
characteristics) by the international rating agency Standard & Poor's. Tokio Marine has been
continuously serving as one of the important reinsurance companies to the nationalized
Indian Insurance market.

ITGI Mission:

To win the TRUST of Individuals, Trade, Industry and Commerce and protect Citizens,
Corporates, Cooperatives and International Investors in India.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

ITGI Vision:

To be the INDUSTRY LEADER by Building customer satisfaction through Fairness,

Transparency and Quick Response; Providing Innovative Products and Service to suit every
Customer's need; Being Technology Driven, Cost Conscious and Price Competitive;
creating a niche in the Rural Segment.

Notable Features of IFFCO Tokio General Insurance

The IFFCO Tokio General Insurance Company won Insurance Asia News Awards for
Excellence in 2019 under two categories - P&C Insurer of the Year and Digital Insurer of the
Year.

The company won six awards/ Order of Merit at SKOCH Awards under the various
categories including BIMA Kendra, CSR Activities, Cyber Security Protocol, BIMA App,
Quick Claim Settlement App and Rural Expansion through Bima Kendra.

IFFCO Tokio General Insurance Co Ltd won India Insurance Awards in 2015 under three
categories - Socially Responsible Insurer, Under Served Market Penetration and
Personal Lines Growth Leadership.

The company received a feature in the special edition of ‗The Japan Times‘ in 2014 after the
Prime Minister of India visited Japan.

The Swasthya Kavach family health policy by IFFCO Tokio General Insurance was rated in
2013 as the BEST BUY under Premium Policy category and GOOD BUY under Overall
Product category by Consumer VOICE.

IFFCO Tokio Motor Insurance was ranked number 1 in a customer satisfaction survey
conducted by Consumer VOICE in 2006-07

IFFCO Tokio General Insurance offers the following insurance products:

• IFFCO Tokio Health Insurance

• IFFCO Tokio Car Insurance

 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

• IFFCO Tokio Two Wheeler Insurance

• IFFCO Tokio Home Insurance

• IFFCO Tokio Travel Insurance

• IFFCO Tokio Personal Accident Insurance

INDIAN POTASH LIMITED

The company was incorporated in 1995 as a consortium of importers of Muriate of Potash

(MOP) who are primarily in the private sector. The company started in a small way in south
India but very soon expanded their marketing network to the whole of India.

On the recommendations of National Commission on Agriculture, the Government of India

expanded the equity base of the company with majority of equity holding and Board seats
with cooperative and Public Sector Fertilizer companies.

Today, Cooperative and State/Central Public Sector Companies hold more than 90 per cent
equity with IFFCO as the largest shareholder with 33.98 per cent.

Indian Potash Limited (IPL) remained as the sole agency for import, handling, distribution
and sales promotion of Potassic Fertilizers in the country from 1970 to 1992 when import of
Potassic Fertilizers was decontrolled and decanalised. However, the company continues to be
one of the three state Trading Enterprises and is also entrusted with the responsibility of
maintaining buffer stocks on behalf of Ministry of Chemicals & Fertilizers for decontrolled
fertilizers.
IPL is registered as a Public Limited Company under the Companies Act 1956 and has its
own Memorandum and Articles of Association. Its annual turnover is USD 330 million
(approx.) and it has an uninterrupted record of making profit and paying dividend to the
shareholders except for one year in its history.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Foreign Partners: MILLEA ASIA

As a part of Tokio Marine Group vision which is to provide the customer with a new total
Risk Management service, Millea Asia Pvt. Ltd has come into existence with a concrete plan
to provide maximum value to customers and share holders by concentrating on the strengths
of each company and form a new insurance group which integrates with life, property &
causality business under the integrated management.

Millea Asia Pvt. Ltd considers the Asian market as top priority area and has assumed the role
of regional management head quarters and as a technical support center for the Asian
subsidiaries / affiliates like ITGI. Management skills and insurance technical knowledge
is centered at this management entity and shared with and transferred to ITGI for the
betterment in all respects.

TOKIO MARINE GROUP

Headquartered in Tokyo, Japan, Tokio Marine has a worldwide network in 41 countries or

regions to meet our customers' various demands.

Over 3,400 employees, with different nationalities, backgrounds and languages work within a
total of 35 subsidiaries and affiliated companies forming the Tokio Marine Group, in order to
support our customers.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

IFFCO-TOKIO Insurance Services Limited (ITIS) .

IFFCO-TOKIO General Insurance Company Limited (ITGI) has recently formed a wholly
owned subsidiary called IFFCO-TOKIO Insurance Services Limited (ITIS) for the purpose of
marketing and distribution of insurance products. To begin with it shall sell the General

Insurance Products of ITGI and from there, grow on to become a one-stop financial solutions
provider.

The company would comprise of well-trained marketing professionals. The objective is to

offer world-class services to the clients. Such a model has been implemented to great success
by Tokio Marine and Fire Insurance, which have operations in 41 countries across the world.
The elite channel of marketing professionals are set to redefine the way financial services are
offered to customers.

ITIS while consolidating marketing through the conventional channels would also develop
and implement models of insurance distribution with alternative channels like cooperatives,
associations etc. It is envisaged that the new outfit shall bring the spread and reach for ITGI
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

while at the same time ITGI can have a more focused approach on the higher end of general
insurance business. The focus would be on the retail and the SME sector.

ITIS would, to its marketing team offer an excellent pathway and a fast track growth by
rewarding the high performers and thus stimulating growth.

The Products

The products under the Retail Lines cater to the insurance needs where the insured is an
individual or small/medium units.

Examples of insurances which an individual may require to undertake:

Motor Vehicle Insurance

Travel Overseas Insurance

Home
Critical Illness

Surgery Protector

Personal Accident

One way ITGI achieved this rapid growth was by leveraging its reach as a fertilizer company
to penetrate India‘s agricultural industry. One of the company‘s most innovative policies,
called ―Sankat Haran‖ (which translates as something that protects against troubles),
provides farmers a free year of personal injury coverage with each purchase of a 50kg bag of
fertilizer — and introduces those farmers to ITGI‘s coverage for indemnity against Personal
Accident.
To date over a million Indian farmers are covered under Sankat Haran.

Commercial Products

The products under the Commercial Lines cater to the insurance needs of
mainly industrial houses with few exceptions which may also be applicable to
Individuals or small/medium units.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Examples of some products under this category are as follows:

• Standard Fire & Special Perils Policy

• Burglary Policy

• Marine Policy

• Engineering Policies

• Liability Policies

ITGI‘s Turnkey System

Integration with ITGI‘s turnkey system to let partners and agents process and issue policies
on demand, at point of sale, with minimal training and without compromising security.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Organization Structure:
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Customer Need:

1) Quickly penetrate India‘s wide-open market for personal insurance lines by extending a
turnkey insurance administration application to widely distributed retail partners and agents.

2) The ability to generate the insurance documentation at the point of sale without
compromising the security.

Solution:

The Front Office System, an IBM® Lotus® Notes® and Domino™ based application, that
integrates with ITGI‘s turnkey system to let partners and agents process and issue policies on
demand, at point of sale, with minimal training and without compromising securites
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Chapter 3:
Experiential Learning

Task Undertaken:

 Underwriting to Assessing the risk and deciding the terms and premiums for insurance
policies.
 Claims in the processing, verifying the documents and settling the payouts fairly and
efficiently in the management.
 Promoting insurance products, acquiring the new customers, and building the
relationships between the customer and organization.
 Servicing the customer by assisting the policyholders with there queries, renewals, and
policy servicing.
 Development in product by designing new insurance products based on market needs
and regulatory guidelines.
 Assessing the risk and management by identifying risks potential and creating strategies
to mitigate.
 Ensuring all the activities by comply with IRDAI regulations and other legal standards.

Skills Acquired:

 Developed communication and interpersonal skills by dealing with customers, agents,

and with the colleagues effectively.
 Handling multiple polices or claim cases within strict timelines.
 Understanding the technical knowledge in understanding the insurance product,
documentation, and the regulatory processes.
 Resolving the customer complaints and policies – related to the issues efficiently.
 Assessing the analytical thinking the risk profiles, interpreting the policy terms, and
processing claims logically.
 A STUDY ON AGENCY CHANNEL IN IFFCO TOKIO GENERAL INSURANCE COMPANY

Lessons Learned:

 Approaching the customer centric by trust and clarity are vital when dealing with the
insurance clients.
 Adapting the every case or customer is different in flexibility is key in device and
operations
 Collaboration with team for success in the insurance often depends on seamless
teamwork between sales, claims, and supporting team to complete the work.

Challenges Faced:

 Handling the difficult customers in managing the disputes or misunderstandings

about the claims or coverage of the insurance.
 Meeting the sales or service targets in maintaining the quality under pressure to meet
the goals.
 Dealing with the complex claims in especially when documents are missing or fraud
is suspected.
 Keeping up with policy changes for frequent updates in insurance rules and
regulations require constant learning.
 High workload and managing multitasking in processing large volumes of claims or
policies with accuracy under time constraints.
 Facing delays due to system outages, software glitches, or slow internal tools or
some technical system issues.
 Educating the customers about the policies by giving explanation for the complex
policy terms to clients with little or no insurance knowledge.
 Delays or errors due to lack of clear communication between underwriting sales, and
claims teams across co-ordination departments.
 Maintaining data accuracy without a single mistake in entering the customer details
or policy data can be lead to the serious errors.
 Dealing with the fraud by identifying and preventing false claims without affecting a
genuine policyholder.
 A STUDY ON AGENCY CHANNEL IN IFFICO TOKIO GENERAL INSURANCE COMPANY

Chapter-04

Internship outcomes and conclusion

Findings
• High awareness of life insurance.
• Low awareness of general insurance some people have one policy.
• Some of people have Auto(Vehicle) policy and some have policy from New India Assurance
Co.Ltd.

• People were unaware about IFFCO-Tokio General Insurance Company Limited

• They pay premium of less than 5,000 Rupees and Government Company doesn‘t provide fast
payment of claim amount.

• People expect from Company that it should provide fast payment of claim amount and get the
information about private company from agents.

• There is no office at near place, people have less trust on private companies.

• To get customer trust, private company should appoint one agent in each village.
• They believe that co-operative societies as agents are more reliable than ordinary agents.
• People shows intention to buy personal accident policy and home insurance policy while less
intention to buy fire policy.
• Traders/shopkeepers shows intention to buy Trade/Shop Insurance policy while less `intention
to buy Personal Accident Insurance policy.

Suggestions:

• Indian insurance industry has begun a new growth phase with liberalization of the sector. The
awareness on insurance in rural India is low.

• There is a pressing need for increased awareness, suitable rural insurance products, effective
distribution systems and importantly, orientation of insurance products towards financial
risk protection.

• With low Sum Assured and small premiums, the distribution cost of rural insurance products
is high compared to that of urban products.
 A STUDY ON AGENCY CHANNEL IN IFFICO TOKIO GENERAL INSURANCE COMPANY

• As in the case of micro credit, it is necessary to have effective insurance distribution systems
to serve the large un-served rural market.

• Under the present regulations there are obligatory minimum insurance business targets
prescribed for achieving in rural and social sectors.

• The targets are meant to encourage every insurer enter the rural insurance market. However, it
is to be seen whether a proactive approach will prevail on the part of insurers to Indian rural
market.

Learning outcomes:

• The agency channel can grow a lot in the future and reach more people with the help
of new tools and higher demand.
• It has agents who sell insurance, and managers who guide and support them.
• Agents help more people, especially in villages, to understand and buy insurance.
• Agents are trained to improve their skills and serve customers better.
• Agents help companies earn more money by selling many insurance policies.
• Technology like apps and online tools helps agents work faster and smarter.
• Agents get help through training, guidance, rewards, and tools from the company.

Conclusion:
 A STUDY ON AGENCY CHANNEL IN IFFICO TOKIO GENERAL INSURANCE COMPANY

As an Agency Channel Manager, responsible for prospecting new personal business Actively
Recruitment and Hiring new Agency sales reps meeting with business owners and presenting
core products, and also managing all business to business. And business too.

Conducted field training and joint field work with your agency team, Oversaw sales meetings
and orientations for new and veteran sales agents, supported business to business employee
benefits sales activity and accounts, Built and maintained relationships with business owners,
Hr professionals. And other, supported corporate culture that thrives on high energy,
competition, collaboration, and fun, Developed and maintained broker relationships, Trained,
mentored, and motivated a team of sales managers.

Responsible for the recruiting and training of qualified benefits specialists , oversee and
develop growth in order to reach sales initiatives review vendor invoices resolving disputes
and reporting on fees and costs , building and maintaining relationship with health and
retirements plan providers, locate and assess talented candidates with the skills ability and
desire own and insurance agency Develop a active recruiting strategy to, As a business to
business insurance provider duties include direct marketing to business via visiting and
calling, Meeting with business owners and enrolling employees with voluntary benefits.

Bibliography

• www.itgi.co.in
 A STUDY ON AGENCY CHANNEL IN IFFICO TOKIO GENERAL INSURANCE COMPANY

• http://www.basixindia.com/insurance.asp

• http://www.mib.com/kd/html/India_InsuranceMarket_Next.html

• Power-Point Presentations available at http://www.ficci.com

• IRDA Annual Report 2002-2003 in PDF format available atwww.irdaindia.org