The Indian general insurance industry is witnessing a steady growth, in a range of 10-15%, driven by increasing awareness, regulatory reforms, and rising demand across sectors.
About Mr. Subrata Mondal
Mr. Subrata Mondal is a veteran in the Indian insurance industry with an illustrious career spanning over 36 years, marked by strategic leadership, technical expertise, and a deep understanding of risk management and commercial insurance. He is currently the Managing Director & Chief Executive Officer of IFFCO-TOKIO General Insurance Company Ltd., a position he assumed in September 2024.
An Electrical Engineer from the prestigious Indian Institute of Technology (IIT), Kharagpur, Mr. Mondal has built a distinguished career across diverse functions in the general insurance sector. His core strengths lie in commercial lines of insurance and risk management, with hands-on experience across all major classes of insurance, including Property, Engineering, Marine, Liability, Credit, Health, and Miscellaneous segments.
Since joining IFFCO-TOKIO in 2001, Mr. Mondal has held several key positions of increasing responsibility:
As Chief Underwriter (2015–2024), he led underwriting across multiple lines of business, along with overseeing risk management, product development, and reinsurance functions.
Between 2010 and 2015, he served as the Regional Head for Delhi NCR, where he was responsible for business development and client servicing.
Earlier, from 2005 to 2010, he led corporate marketing for the Northern Region, focusing on large-scale business acquisition and client engagement.
He began his journey at IFFCO-TOKIO managing business development across Allahabad, Lucknow, and Eastern Uttar Pradesh, contributing to the company’s foundational growth in emerging markets.
Over the years, Mr. Mondal has also spearheaded insurance solutions for major corporate houses and infrastructure projects, bringing a solutions-driven and client-focused approach to every role he has undertaken.
His leadership continues to shape IFFCO-TOKIO’s growth, innovation, and operational excellence in India’s dynamic general insurance landscape.
Q: How do you assess the current state of the general insurance industry in India, and what are the major growth opportunities for insurers?
A: The Indian general insurance industry is witnessing a steady growth, in a range of 10-15%, driven by increasing awareness, regulatory reforms, and rising demand across sectors. Investments in Infrastructure, Renewables, and Green Energy presents an excellent opportunity for growth. Growing affordability has also resulted in increased penetration in Health and Motor Insurance.
Q: How is IFFCO Tokio working towards product innovation to cater to the evolving needs of retail and corporate customers?
A: IFFCO Tokio stands committed to IRDAI’s vision of ‘Insurance for All’ by 2047. We are poised to reach new milestones through innovative products, digital transformation, and a customer-centric approach.
On the retail front, we are putting greater emphasis on Health insurance offering for all segments – low, middle or high net worth Individuals. Considering the medical inflation, we have both Base as well as Top-up variants to meet the need of our customers. Additionally, we also have inbuilt wellness covers to promote healthy lifestyle.
On Motor Insurance, we are exploring telematics-based policies to encourage safer driving habits and offering competitive premiums .We also have host of value-added covers to provide wider insurance and chain of preferred garages for faster claim service.
We continue to develop innovative products for Corporate Clients, like tailor-made Construction Risks, D&O liability, Cyber risk, Drone Insurance, Multimodal Transport Operator’s liability, and Surety Insurance for specialized segments.
Q: What role does technology and digital transformation play in IFFCO Tokio’s future strategy?
A: Technology is at the core of IFFCO Tokio’s business process, be it policy delivery or claims processing.
With close to 10 million customer base, all our core activities starting from client on-boarding, documentation, policy issuance, and post sales services are digitally connected. Similarly, all stakeholders related to claims be it motor garage, Hospitals, and/or other service providers are seamlessly linked.
Recently, we’ve been awarded with the ‘BFSI Tech Award’,2024 for Excellence in Operational Efficiencies Using Technology, as well as the ‘Best Digital Strategy Award’ at the ‘7th Edition Technology Excellence Awards 2025’ These awards are a testament to our commitment to tech innovation, digital transformation and operational excellence.
Q: How does IFFCO Tokio leverage reinsurance and global best practices from Tokio Marine to enhance its offerings?
A: As part of the Tokio Marine Group, IFFCO Tokio benefits from global expertise especially in risk management frameworks, and advanced underwriting techniques, and digital advancements
The alignment and Synergy between us ensures better risk absorption and innovative product offerings tailored to the Indian market.
Q: How is IFFCO Tokio enhancing its customer service experience, claims settlement process, and policyholder engagement?
A: Claim settlement has always been our focus area with one of the Best Claims performance in Crop & Health Insurance. We invest largely to train our workforce to ensure superior customer interaction and claims support.
Customer satisfaction remains our top priority, with a focus on simplified claim processes, digital self-service platforms, and proactive communication.
Q: How does IFFCO Tokio plan to strengthen its distribution channels, including agents, brokers, bancassurance, and digital platforms?
A: IFFCO Tokio has been strengthening its presence across all distribution channels with an aim to reinforce the collaboration with all channel partners.
Additionally, we have continuous engagement sessions throughout the year to build a strong and up-to-date distribution network cater to diverse customer segments, ensuring financial protection for all.
Q: What are the biggest challenges facing the general insurance industry today, and how is IFFCO Tokio preparing for the future?
A: Our key challenges include extremely competitive pricing, climate change-related risks, and evolving consumer expectations especially with new generation who have a fresh perspective shaped by the digital age. Ongoing Global events also have serious impact on General Insurance market.
It is a challenge with all of Insurers, but we are focusing on advanced data analytics to improve risk assessment, and with better-placed Retention and Reinsurance arrangements, we are certain in positioning us for sustained success in this competitive marketplace.
Q: Any message would you like to share with readers of our Journal?
A: The insurance industry plays a crucial role in providing financial security and fostering economic resilience. We still have a long way to go to ensure ‘Insurance for All ‘, but with right tools and being well informed in this changing digital landscape, the goal is attainable.
At IFFCO Tokio, we are committed to driving innovation, enhancing customer experiences, and contributing to a more inclusive India. We remain dedicated to serving our customers with trust, transparency, and excellence.
