Marketing Mix of IFFCO Tokio General Insurance Company Limited and 4Ps (Updated 2023)

The Marketing mix of IFFCO Tokio General Insurance Company Limited analyses the 4Ps of IFFCO Tokio General Insurance Company Limited, including Product, Price, Place, and Promotions. IFFCO Tokio General Insurance Company Limited is a private company associated with the insurance industry. It is of Indian origins and was founded in 2002. IFFCO Tokio is a joint venture between Tokio Marine, Nichido Fire Group, and Indian Farmers Fertiliser Cooperative. According to the latest figures, IFFCO-Tokio is India’s third-largest general insurance company. Some of its competitors are as follows-

• Bajaj Allianz General Insurance
• ICICI Lombard

About IFFCO Tokio General Insurance Company Limited

• Type: General insurance company
• Industry: Insurance
• Founded: 2009
• Founder: IFFCO and Tokio Marine Holdings
• Headquarters: New Delhi, India
• Area served: India
• Key people: Uday Kotak (Chairman) and Ranvir Singh (CEO)
• Number of employees: 1,200

IFFCO Tokio General Insurance Company Limited Product Strategy

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

IFFCO Tokio General Insurance Company Limited, a leading player in the insurance sector in India, offers a comprehensive range of insurance products catering to individual and corporate clients.

The new Product Mix of IFFCO Tokio General Insurance Company Limited in 2023 is as follows (Source).

1. Motor Insurance: This includes insurance for cars, two-wheelers, and commercial vehicles. These policies typically cover loss or damage due to accidents, theft, natural disasters, and third-party liabilities.
2. Health and Personal Accident Insurance: They offer various health insurance policies for individuals and families and personal accident insurance. These policies cover medical expenses and hospitalization and provide financial support in case of accidents leading to disability or death.
3. Travel Insurance: Catering to travelers, these policies provide coverage against travel-related emergencies and incidents, such as trip cancellations, lost luggage, medical emergencies abroad, and other travel inconveniences.
4. Home and Property Insurance: This includes insurance products for residential and commercial properties, protecting against damages from natural disasters, fires, theft, and other risks.
5. Liability Insurance: IFFCO Tokio offers liability insurance covering legal liabilities arising from accidents, errors, and omissions in professional services, product liabilities, and other public liability scenarios.
6. Marine Insurance: They provide insurance solutions for the marine sector, covering the loss or damage of ships, cargo, terminals, and any transport by which goods are transferred, acquired, or held between points of origin and final destination.
7. Micro and Rural Insurance: Recognizing the needs of the rural sector, IFFCO Tokio offers micro-insurance products catering to the agricultural and rural markets. These include insurance for livestock, agriculture, and other rural-specific risks.
8. Commercial and Business Insurance: This segment covers various business-related insurance needs, including corporate health insurance, business property insurance, and specialized insurance products for industries and sectors.

IFFCO Tokio’s product mix focuses on providing diverse and comprehensive insurance solutions, addressing the insurance needs of a wide range of customers across different segments of society and industry.

IFFCO Tokio General Insurance Company Limited Place Strategy

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

Here’s its place strategy.

1. Wide Network of Branches and Offices: IFFCO Tokio General Insurance Company Limited boasts a vast network of branches and offices across India. This extensive physical presence ensures accessibility for customers in diverse geographic locations, including urban and rural areas.
2. Online Presence and Digital Platforms: Understanding the growing digital trend, the company offers a robust online platform. Customers can purchase and renew policies, file claims, and access customer service online, catering to the tech-savvy and those who prefer digital transactions.
3. Tie-ups with Banks and Financial Institutions: IFFCO Tokio has strategic partnerships with banks and financial institutions. These collaborations facilitate the distribution of their insurance products through banking channels, expanding their reach to the banks’ customer base.
4. Collaboration with Agents and Brokers: The company works closely with an extensive network of agents and brokers. These intermediaries are crucial in reaching out to potential customers, understanding their needs, and helping them choose the right insurance products.
5. Rural and Agricultural Outreach: Recognizing the importance of the rural market in India, IFFCO Tokio has tailored its outreach strategies to penetrate this segment. They focus on offering insurance products that cater specifically to the needs of rural customers and agricultural businesses.

IFFCO Tokio General Insurance Company Limited Pricing Strategy

IFFCO Tokio General Insurance Company Limited employs a strategic pricing model attuned to its insurer’s diverse needs and vast customer base while maintaining a competitive edge in the insurance market. Here’s an overview of their approach:

1. Competitive Pricing Strategy: IFFCO Tokio sets its insurance premiums at competitive rates, closely aligning with industry standards. This ensures that their products are attractive to cost-conscious consumers while balancing the need for financial sustainability and profitability.
2. Risk-Based Pricing: The company adopts a risk-based pricing model, where premiums are determined based on the individual risk profile of the customer. Factors like age, health history for health insurance, driving record for vehicle insurance, and property location for home insurance significantly influence the pricing.
3. Customized Pricing for Tailored Products: IFFCO Tokio offers customized pricing for specialized insurance products, recognizing the diverse needs of different segments. This approach allows flexibility in pricing for corporate clients, rural insurance products, and niche insurance offerings.
4. Discounts and Loyalty Programs: The company offers discounts and loyalty program benefits to retain customers and attract new ones. These may include no-claim bonuses, discounts for buying multiple policies, and special rates for long-term customers.
5. Dynamic Pricing Based on Market Trends and Regulations: The pricing strategy is also dynamic, adjusting to evolving market trends, regulatory changes, and economic factors. This flexibility ensures that IFFCO Tokio remains relevant and competitive in the ever-changing insurance landscape.

Through this multifaceted pricing strategy, IFFCO Tokio caters its services to a wide array of customers, from individual policyholders to large corporate clients, ensuring affordability without compromising the quality and comprehensiveness of its insurance offerings.

IFFCO Tokio General Insurance Company Limited Promotion Strategy

IFFCO Tokio is a reputed brand, and the company has adopted several marketing strategies to promote its products far and wide among 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 positive visibility. The company has been the recipient of several awards. In 2012-13, it was awarded the CIO100 Super Achiever Award and the Best Employer Award. 2013-14, IFFCO Tokio was awarded the National Award for successfully implementing RSBY. The company was also featured in The Japan Times in 2014 after a visit by the Prime Minister of India to Japan.

Some Recent Video ads and Print ads of IFFCO Tokio General Insurance Company Limited are:

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