Iffco-Tokio ties up with Peerless Group

New Delhi, Feb 19: Iffco-Tokio General Insurance Co Ltd (ITGI) today tied up with financial service provider Peerless group to market its retail and commercial line of products across the country.

The tie-up will be rolled out in three phases, wherein the first quarter of the year will witness the launch in West Bengal and Orissa, followed by Tamil Nadu, Gujarat, Maharashtra and Goa in the next six months. The following year will cover the rest of the country.

''Iffco-Tokio is committed to the eastern market, and our tie-up with Peerless Group is a step in this direction. We hope to leverage the Peerless Group's prolonged experience, unrivalled credibility and vast distribution network and ITGI's expertise in insurance and technology to serve the customers better,'' ITGI Managing Director and Chief Executive Officer Ajit Narain said.

A distribution model has been set up under which designated Iffco-Tokio teams will work closely with clusters of Peerless branches to provide different insurance policies.

''Our association with Iffco-Tokio will enrich the basket of our financial products adding non-life insurance to our portfolio. We are very excited about this tie-up which will enable us to play a major role in spreading awareness about general insurance in the less exposed segments of the country,'' said Peerless Group Managing Director S K Roy.

Iffco-Tokio will also work closely with the Peerless Group to provide training and operational expertise, through marketing, manpower support and regular insurance and product training.

ITGI is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoter's contribution is 74 per cent, while Tokio Marine has contributed 26 per cent through group company Tokio Marine Asia Pte Ltd.

UNI