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HARD WORK PAYS – A REAL STORY
We have always known about the various moral stories which brought out the significance of hard work and that it always pays. It is not confined to the fables and stories. We want to highlight the success stories of one of our own , who has surpassed his sales targets by innovation and hard work.
Selva Kumar is now an ME in Madurai SBU. He became part of IFFCO TOKIO family in 2006, as a CCA. He is a diligent worker Looking for a faster growth and challenge and for future prospects ,he took the decision to resign from his job as CCA and rejoined the company as ME. He re joined us on April 1, 2010.
He quickly understood the vacant space in the market created by the withdrawal of Bajaj and Chola from TWP renewals in the area of Madurai and went forward to work on it. Of course, the course if arduous, to say the least because the average premium was in the area of Rs.700 and clients were willing to give it to a new insurer only if they were approached at their doorsteps. Selva ,thereafter reached out to each of those customers with doorstep cheque pick up and delivery of policy in stipulated time.
To quote him “service” was the essence as every client he serviced referred new clients to him.
In the short span of 5 months he has completed the yearly premium target of ME. He has about 432 TWP customers (almost all are renewals) which would have meant 5 fruitful customers for every working day. All of us in the business of sales would know that it would mean at least meeting 10 customers a day even with a high hit ratio of 50%.
I quote the ME – Selva Kumar about this “ I deliver the policies to the customers on same day without any delay. Most of all the customers are satisfied with the service provided by me and they use to refer their friends, I feel that I have got more reference from this” – he talks about delivering the policies to TWP customers.
Here is a person who represents the Mission of our company and is a good example of our SPIRIT.
Service
Passion
Integrity
Reliability
Interaction and
Transparency.
KUDOS ,Well done !!!
Read Full Post | Make a Comment ( 17 so far )LSC MEETS FOR 2010 -From the CEO’s Desk
We have completed three LSC Heads meets covering 103LSC ‘s in all 4 Zones . The first was in Udaipur , the second in Igatpuri and the third in Ooty. Around thirty five heads were in each conference not counting the corporate office delegates. This was designed to be a two day conference. The first day was when the LSCs were reviewed against their first three months performance. The second day began with a training session on leadership skills. Post lunch we had the business sessions. It ended with a get together where prizes for the regional bests were presented.
The winners were :
North Zone:
Winner:Ambala
Runner Up:Faizabad
East Zone:
Winner:Ranchi
Runner Up:Berhampore
West Zone:
Winner:Panjim
Winner:Sangli
There was a tie for the Winner Place and hence no Runner Up.
South Zone:
Winner:Tirunalveli
There were two Runners up !
Runner Up:Bellary
Runner Up:Poonamalee
The conferences brought in good mixing and knowing one another. Over and above that it gave all the opportunity to actually know the persons who are behind those mails from Corporate office or those proposals from the operating levels. These interactions goes a long way in smooth functioning of the organizations. In an Insurance company we do not have machines or raw materials on which our capital gets outlay-ed. People are “The Capital”. In these conferences its our people who come together and are helped to think in the same line. That directed force is what takes the company forward.
MD Iffco Tokio ,Mr Naraynan – added the Zing in last meet at South by announcing a special Campaign for LSC’s for the period Sept to Dec 2010 .
Football and Insurance ?
While we Indians are celebrating India’s Asia Cup Winning Campaign, much of the world is glued on to the Football World Cup in South Africa. It would be a surprise if any of us have not watched the carnival of football that is in World cup. To see the favourites tumbling like Italy did yesterday and to see the very last-minute goal of USA is enough reasons for the world to enjoy the World Cup and the uncertainties’ it holds.
Talk of Uncertainty – we would have to talk of Insurance. This time we are not going to get into details of the insurance of the World Cup Football event,but something slightly different and interesting.
If you are an insurance employee in South Korea – What would you pray for – South Korea to go further and further in the World cup – Quite naturally is it not. Please read further to see if you want to revisit this prayer.
In South Korea, Insurers provide cover to the retailers and finance company which lottery for World Cup Football results. Six leading insurers including Samsung have covered the contingency. So the further the Korean team advances, the more is the pay out. The Sum Insured is about RS.20 Crores which means the sum is not so high that the insurance companies pray for the exit of their national team.
That is the world of insurance to you, having a foothold on anything and everything happening in the world.
(contributed by K Venkatesan )
Read Full Post | Make a Comment ( None so far )What is a Referral ?
What is a Referral ?
A customer who is sweet enough to give you name ,contact details of a potential customer .
Totally wrong !!!!
It is not about being SWEET !
It is about TRUST
Referral means a customer is ok with taking the risk – risking his contact with the other person to give you a lead .
When offering a lead they expect you to deliver best service .
To get referral you need to ask but what is important here is TIMING
Don’t ask for referral at time of closing a sale ,you may sound greedy and the customer has agreed to buy from you but you have not really earned his trust .
It is important that to earn the “Trust “ you anyway provide great service , understand the needs of customer , become friends , help customers gain customers for their business etc.
At this point where you have earned a customers trust ,he will provide a referral – but don’t just ask for contact details – go a step further – get the customer to call or email the referral .
At your end ,besides giving top class service to referral you must ensure that you keep the customer in the loop – call him when you touch base with the referral and don’t forget to Thank him when you convert referral to sale !!
When does the Customer come back ?
If customers are treated right, they’ll come back.
– J Marriott Junior
I thought these words have a certain profoundness.Read from left to right we all agree to it. But I think They only come back when they are treated right and the test of you’r doing business well is whether your customers are coming back. So lets look for that refill order that renewal, that cross sell and see whether we are doing it right.
(Contributed by Joydeep Roy )
Read Full Post | Make a Comment ( 2 so far )SECTION 64VB
Indian law does not permit insurance companies to accept risks without receiving premium first. This is mentioned in Sec-64VB of Insurance Act.
Sec-64VB of Indian Insurance Act 1938 reads : No insurer shall assume any risk in India in respect of any insurance business on which premium is not ordinarily payable outside India unless and until the premium payable is received by him or is guaranteed to be paid by such person in such manner and within such time as may be prescribed or unless and until deposit of such amount as may be prescribed, is made in advance in the prescribed manner.
Mr. Abhay Kumar has posted a new circular today with reference to Motor for compliance .Have a DEKHO (look) on Lotus notes Circular Mgt.
This is what you need to do in case of dishonor of cheque :
In case of dishonor of the Cheque of the customer a fresh policy or Covernote to be issued after inspecting the vehicle properly and the policy will commence from the date on which the customer has made the fresh payment to the company. Further the customer can make the payment either in form of Cash or DD (Demand Draft), no re-issue or fresh cheque will be accepted from the insured.
(Pragati Kakkar)
Read Full Post | Make a Comment ( 7 so far )Strategy Workshop for SBU’s
The strategy workshop for SBU’s of East and West zone has concluded and we are getting on with the one for North and South zone .
It is possibly the most important meet of Iffco Tokio where goals and directions are set for the year. Various departments of Corporate office talk about their observations and strategies for the year and have a healthy debate. After the common session is over, the SBU Heads in geographical groups meet the top management committee for goal settings , the support group for underwriting claims IT and like issues and the HR group for ITGI and ITIS human resource support. All the commitments are documented and signed off as MOU. It is hard to change that during the year.
The MD gave a detailed address where the hopes aspirations and directions for the company is revealed. Like this time he mentioned formation of a new training department with a nominated principal and 2 or three permanent faculties and administrative staffs.
MD also mentioned that the target this time will be 1650 crores and a profit of 68 crores need to be done. To achieve this we need to grow by at least 15% .I am sure the SBU Heads who have been attending the workshop would debrief you on the other aspects.
Last but not the least, there was announcement of two internal blogs that have been created. Please make good use of the platforms. A little democracy would not hurt, you know!
( contributed by Joydeep Roy )
Read Full Post | Make a Comment ( 2 so far )BURJ KHALIFA
World’s tallest man made miracle is BURJ KHALIFA.
With a height of 828 meters, it is almost double the height from its successor (Taipei 101). Imagine 1000 African elephants or 170 adult blue whales kept on one side and the weighting machine and the materials used for construction of this tower on the other, it is almost the same. Some of the mind blowing records are like… Tallest free standing structure, building with more number of floors, world’s highest elevator installation, and world’s fastest elevator installed, world’s highest mosque, world’s highest swimming pool. If someone wishes to jump from top of the tower it will take ONE AND HALF MINUTES to reach the bottom of the tower at a rocking speed of 220 kmph.
BURJ KHALIFA is a mind blowing structure, having said that “it is quite challenging for the insurers”. Insurers and Risk Managers around the world discuss and debate about the safety and extent of loss that might happen due to any accidents. In any Risk Managers view, following are the key points of concern.
“1. High speed Elevators operating at a speed of 64kmph
2. Wind velocity
3. Gravity and
4. Fire safety”
The tower has designated elevators featuring a “life evacuation” mode, allowing fire brigade personnel or rescue crew to transport occupants from upper portions of the tower to designated discharge levels. Elevators can operate in full capacity on both primary and emergency power. There are highly fire resistant concrete walls surrounding all stairs. To tackle the effect of wind velocity “The building has the changing shape at various elevations/ levels to confuse the wind and avoiding the buckling or twisting effect”. To make the building stable a new concept of “buttress core” was adopted (Y Shaped).Building has three wings and within the buttress core the elevators are placed at the centre “that keeps the building from twisting”.
As regards Fire safety the length of the building from basement to level 160 is fully sprinkler-fed. It adopted on the important strategy and focus moved from evacuation to “ISOLATION STRATEGY”, to be very precise it uses the DEFEND IN PLACE STRATEGY, where the structure is geared towards isolating the problem and protecting the residents within. A crisis command Team is also available and they are operating 24*7 to help occupants.
We normally think ice cubes may be used for fruit juice, food processing, storage, liquor etc… Think differently during construction of BURJ KHALIFA huge quantity of ice is mixed along with the concrete to get a uniform curing and to tackle the cracking of concrete.
(contributed by VIVEKANANDAN G,Chennai )
Read Full Post | Make a Comment ( 4 so far )POST FROM JOYDEEP ROY
One more year has passed and one more year has been added to our experience.
Each one of us have learnt a different thing during the year depending upon the point of view taken . As for me I learnt that:
As an executive I will have to generate operating margins for our promoters. They are entitled to a reasonable return on their outlay.
Market share is lost faster that it is acquired. You need to protect whatever you have and go on acquiring some as you are bound to lose some anyway.
All stake holders ( employees ,customers, associates , promoters) need to be protected but may not be all at the same time.Before any action is taken the effects that it will have on each of the stake holders need to be considered.
We shall try this year to strengthen the processes in LSCs and Bima Kendra to bring in operational efficiency . We believe operational margins can be generated out of this.
We will improve the technical and managerial efficiency of the employees by trainings and interactions.
We will spread into B & C Class of cities and generate a good spread and profitable business.
We will strengthen and expand channels like Direct ( ME& Sr ME) Individual Agency and Banca (including coop banks) to bring to IFFCO TOKIO profitable business.
We will try to link employee remuneration more closely with business achievements made by them in the direction preferred to by the principal company.
( CEO -IFFCO TOKIO INSURANCE SERVICES (ITIS))
Read Full Post | Make a Comment ( 14 so far )Satellite Technology in Cattle Insurance
Satellite Technology in Cattle Insurance
All of us are now familiar with the use of RFID (Radio Frequency Identification Device) in Cattle Insurance. We have seen press coverage of our innovation in the Indian Market with RFID. For the information of those of us who have not seen this, RFID is a small device that is injected into the cattle to identify the same for purpose of cattle insurance.
We are also equally familiar with Barish Bima Insurance where we pay claims based on rainfall. The recent change there is that there is a pilot project where we are measuring the growth of vegetation through satellite photos instead of rainfall measurement. You may click here to reach to a news item quoting Director Marketing on this topic.
But the latest news in this area is the use of the same for cattle insurance. That is satellite photos track the vegetation growth and thereby determine when the claim payouts must occur. This is the first time this technology is being used for cattle insurance and was launched on 22nd of January this year. Click here to see the news item on the same
Cattle insurance has thus moved from physical ear tags to injectible RFID to that based on satellite imagery which may do away with the need for identifying the cattle.
(contributed by K Venkatesan )
Read Full Post | Make a Comment ( 2 so far )Inspection….a must
I would like to relate an incident that made it clear that accepting a commercial risk without inspection can be disastrous.
We had insured Graphite plant in Bangalore.This was on of our oldest client. We first got a coinsurance share and then inched ourselves in as leaders.
Every year before the renewal we used to visit the plant and sit with the GM Insurance to finalise the sums insured and the premium.For years we insured, among other itrems , 6 cooling towers in that schedule.
Then in one of the years when I was taking a walk around the place I counted 9 cooling towers . Startled, I walked up to the GMs office and asked when the 3 new towers were added. The GM was equally surprised and said that it was added two years before and he had insured the project with us only.
He also said that the towers were duly capitalised after comissioning and the sum Insured was increased to that effect. However , while all of us was concentrating on the sum Insured and premium, none of us paid any attention to the misdesription that was there in the schedule.
Had there been a loss it would have been almost impossible to identify which of the 6 were insured. The Insured inspite of having paid premium would have had difficulty/delay in realising their claims. All this would be for a lack of paying attention to details and could not have been corrected if somebody did not see the risk , physically.
(contributed by CEO -ITIS – JOYDEEP ROY)
Read Full Post | Make a Comment ( 5 so far )Indian Premier League – IPL
IPL is the toast of the season and is catching the eyeballs of everyone in the evenings. What would be the consequences of a match or more of IPL not taking place for any reason from rains to man made calamities. For us as fans, it might be a boring day in the evening; for the teams it could be a decisive match gone waste; for those of us having tickets to the match, it is loss of money and for the organizers it would mean loss of revenue. The Television today is a huge participant in the revenue building process of any event and TV rights are sold for huge values. So the TV channel which has rights to the telecast of the match loses huge advertising revenue.
What do they all do – The fans at home do nothing but to hope for the match to happen and so do the playing teams. But the fans who bought tickets ask the organizers to refund the money and the organizers and TV channels insure this eventuality.
So IPL and Set Max (The TV Channel) have insured themselves for loss of revenue. Set Max, it is reported, has insured loss of revenue to the extent of a whopping Rs.600 Crores. This is a 50% jump from the last year value of Rs.400 Crores. In addition to this there is also cover taken against terror attacks. BCCI has insured the 45 day event for about 1000 Crores. The franchisees have also taken separate covers for their players based on their perception of risk.
In all, the insurance premium is expected to be in the region of 15 to 20 crores in all.
Read Full Post | Make a Comment ( 4 so far )The Pareto Principle
Vilfredo Pareto was a 19th-century Italian social scientist and critic. He observed that 80% of the wealth in Italy, at the time, was concentrated in 20% of the population – something he felt that was not good for society. While the genesis of his work is very seldom discussed, his name lives on in what is known as The Pareto Principle, or “the 80/20 rule” – a concept that is a relevant today as it was when it was first developed. Talk to contemporary entrepreneurs and most will tell you that 80% of their business comes from 20% of their customers. Human resources executives will typically suggest that 80% of the employee relations problems and issues they have to deal with come from just 20% of the employees. These examples of ,the Pareto Principle suggests that we should pay attention to, and focus our efforts on, the critical few (the 20%) rather than the trivial or average many (the 80%).
Read Full Post | Make a Comment ( 5 so far )Welcome to ITIS
Welcome to the training blog of ITIS –IFFCO TOKIO INSURANCE SERVICES
This blog is dedicated to all of us – It is going to be our medium of communication ,sharing issues and updating ourselves with happenings around us and making our opinion matter .It is
1. A common platform for communication.
2. An interactive medium breaking the barriers of distance and time.
3. Showcase of solutions to problems being encountered.
4. Sharing space for best practices.
Please post your comments on the blog along with your basic information like
your name,place,branch etc.
We welcome feedback and suggestions to improve the blog and ensure active participation of
every ITIS employee.
About US
IFFCO-Tokio Insurance Services Limited (ITIS) is a wholly owned subsidiary and a retail marketing arm of IFFCO -Tokio General Insurance (ITGI). It was incorporated on 1st August 2003. Developing of retail and personal lines has been the major focus of the company along with spreading into Tier II; III towns and developing co-operative initiatives for IFFCO -Tokio.
ITIS recognises that effective training and development offers benefits to the individual and the organisation as a whole, which ultimately contribute to the achievement of ITIS’s objectives. These benefits include:
higher standards of work performance
greater understanding and appreciation of factors affecting work performance
sharing of ideas and dissemination of good practice
effective management and implementation of change
encouragement of team spirit
increased motivation and job satisfaction for the individual
greater understanding of ITIS business
Read Full Post | Make a Comment ( 1 so far )
GURUKUL 
