Vision, Strategy, and Impact: An Exclusive Interview with IFFCO-TOKIO’s MD & CEO Subrata Mondal

BR Team | Jaipur | An Exclusive Interview with IFFCO-TOKIO’s MD & CEO Subrata Mondal

Question 1. Please Tell us about your educational and professional background?
Answer:- I am an Electrical Engineering graduate from the Indian Institute of Technology (IIT) Kharagpur. Over the past 36 years, I have worked across various disciplines of insurance in different capacities. My professional journey began with the Steel Authority of India. Subsequently, I joined the Insurance Industry as a Risk Engineer and got the opportunity to work closely with major corporate clients and mega projects. I am serving as the Managing Director and CEO of IFFCO TOKIO General Insurance Company since September’24.

Question 2. What is your growth strategy for IFFCO TOKIO?
Answer:- Our growth strategy is built around innovation and sustainability. We are focusing on diversifying our product portfolio to meet the evolving needs of customers, and investing in digital transformation to provide seamless customer experiences. We will also expand our network to tier II/ III and IV cities to penetrate untapped markets.

While we will continue to focus on traditional distribution channels of Broking, Agency, Motor dealers and Online platform, our diversification will include partnerships with Cooperatives and Cooperative Banks for distribution of Insurance. We will be focussing on health, motor and package policies in rural areas.

Question 3. How were the company’s financial results during 2024–25
Answer:- The financial year 2024–25 has been a steady and strategically sound year for us. We have made some strategic correction to balance our portfolio in terms of territory and product mix. We have grown in commercial line of business and retail health but curtailed our exposure in Corporate Health. In totality, there was some de-growth in top line but there has been substantial strengthening of other financial parameters. Our solvency stands at 1.85 at the end of FY’24-25. With a disciplined approach, we have reinforced the company’s consistent focus on operational efficiency, prudent underwriting, and efficient claims service.

Question 4. What has been done in the year to promote health insurance in the country? What should be done to increase its penetration?
Answer:- IFFCO TOKIO has made consistent efforts to promote and simplify health insurance through awareness campaigns and product innovation. We have seen more enrolment in the wellness program which forms part of most of our retail health products.
Our Essential Health Protector Retail Health Policy, aimed at mid segment customers, provides cover for a range of contingencies, including hospitalization, medical expenses, surgical procedures, and organ transplantation. Available under the policy are add-ons such as OPD, Dental and Maternity Cover, ensuring tailored protection to meet diverse healthcare needs. Further, in FY’24-25, we have added around 1200 hospitals in our existing network of cashless hospitals which now stands about 4360 hospitals.

Question 5. How is your company growing in the car insurance and bike insurance segment?
Answer:- We are seeing stable and focused growth in the motor insurance segment, driven by innovation, enhanced customer engagement, and new and responsive product offerings. We have introduced innovative motor add-ons for ‘Private Car Act & Comprehensive Policies’ to cater to evolving customer needs. One such feature is the “Pay How You Drive” add-on, which is a usage-based cover, that will determine the premium of the Own Damage section of the policy based on how the Insured Vehicle is driven and/or used.

Battery protection and accessories cover is also another add-on for Private Cars that covers battery, Drive Motor/Electric Motor. With such personalized and tech-enabled offerings, we aim to create more value for our customers and strengthen our position in the rapidly evolving motor insurance market.