J&K Bank adds IFFCO Tokio as another insurance partner
Srinagar, Feb 12: Expanding the insurance options further for its customers across the state and beyond, J&K Bank today entered into a tie-up with IFFCO-Tokio General Insurance - a joint venture between one of the world’s biggest cooperative society, Indian Farmers Fertilizer Co-operative (IFFCO) and the largest listed insurance group in Japan, Tokio Marine Group.
The agreement between the two leading companies was signed in presence of Chairman and CEO Parvez Ahmed and Managing Director IFFCO Tokio Warendra Sinha, Director Marketing Anamika Roy Rashtrawar and Director Operations Jun Matsui here at the bank’s Corporate Office.
Executive Presidents RK Chibber, Ab Rashid Shiegan, President M Younis Patoo, Vice Presidents Vibhakar Khajuria and Roshan Khayal Khan were also present on the occasion.
The bank’s President Insurance M Younis Patoo signed the MoU on behalf of the bank while as Anamika Roy Rashtrawar put in her signatures representing IFFCO Tokio.
Speaking on the occasion, Chairman Parvez Ahmed while hailing the tie up conveyed the insurance company to deliver the best available products and services to the customers of J&K Bank and script a next-level service set-up for them.
“In J&K, our bank is not merely a brand or a company but an institution of critical importance to the financial architecture of the state itself. Being partners here means a lot more than garnering business for both the companies. It is a responsibility to deliver and deliver better than your competitors”, he said.
He further added, “Since customers remain at the center of our strategy, every effort of the bank is therefore aimed at adding value to its products and services so as to serve and satisfy them. Through this MoU with us, your products have already reached the largest retail chain of finance in the state. Therefore, it is all up to your business acumen to generate not only goodwill among our customers but a healthy competitive ambiance for best insurance products within Jammu and Kashmir.
Elucidating further, Chairman and CEO said, “The penetration of non-life insurance in India is below 1 percent, in terms of gross premium as a percentage of GDP, therefore allows ample headroom for growth through multiple players especially in retail, small and medium enterprise segments. Now the challenge lies in designing customized products that suit the needs of customers across the state.”
“I am sure that IFFCO-Tokio will live up to their brand reputation along with our expectations and deliver its products and services to the satisfaction of our customers in J&K”, he added.
Terming the signing of the agreement as a “momentous occasion”, Managing Director IFFCO-TOKIO, Warendra Sinha acknowledged the positive role of the bank in the financial and social set-up of the state and asserted that J&K Bank is the true leader when it comes to empowering people in the state of Jammu and Kashmir and beyond.
“Like J&K Bank, customers come first for our company. For us it is important that people at large perceive us as a company sensitive to their needs and expectations. We will definitely take the customer service to the next level as desired by the bank and fill the existing gaps by providing customized products and personalized services,” he said while adding that the company will work for the welfare and inclusivity of the people of the state in line with the vision of the bank.
Executive President R K Chibber while speaking at the occasion maintained that both the institutions are committed to work for the welfare of the people besides extending value added services to customers while also adding that under the dynamic leadership of Chairman and CEO, the bank works with a missionary zeal to provide world class services to its customers and signing of the MOU is yet another step in that direction.
Through this agreement, the bank shall act as a corporate agent to IFFCO-Tokio General Insurance and sell their insurance products which include motor, travel, health, home insurance including corporate policies such as property insurance and liability insurance.
Incorporated in 2000, IFFCO-TokioGeneral Insurance is a joint venture wherein IFFCO holds 51 percent in the company and the remaining 49 percent is held by Tokio Marine Group.
The insurer shall start its operations in two districts, Srinagar & Anantnag to start with, effective from 1st April, 2019.