Iffco Tokio appoints APSFC as its corporate agent in Andhra

Iffco Tokio General Insurance Company (ITGI), which signed an MoU with the state-owned Andhra Pradesh State Financial Corporation (APSFC), appointing the former as its corporate agent in the state here on Monday, said that Andhra will be one of the focus states for its operations, both in the industrial and farm sectors.

Addressing mediapersons after signing the MoU, Ajit Narain, managing director of ITGI, said, "With 15 out of our 200 outlets operating from here, our business potential in Andhra Pradesh is already evident."

According to him, the company, through the state financial corporation, will extensively cover industrial loans apart from offering other life insurance products and a rain deficit insurance scheme "� Barish Bima "� for the farmers.

Speaking on the occasion, Ajeya Kallam, managing director of APSFC, said that the corporation will market the ITGI products, including extensive coverage of industrial loans, especially taken by small and medium enterprises.

"We expect the insurance premium collection to reach Rs 2-3 crore from the present Rs 75 lakh," he said.

Though APSFC and ITGI have a marketing tie up for the past three-and-half-a-year, they have given a formal shape to their relation by bringing the insurance operations as one of the important businesses for the future in the state.

According to Ajeya Kallam, the state government has asked APSFC to devise special insurance products for the export-oriented industries in the state.

He said that services of rice millers will be utilised to spread the coverage of the 'Barish Bima' scheme to the farmers in the state.