Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI)

Delivering One-Stop Insurance Solutions in India’s Dynamic Insurance Landscape
Takayuki Ueda - Managing Director, CEO & Principal Officer - Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI)

Takayuki Ueda - Managing Director, CEO & Principal Officer - Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI)

The CEO Magazine - Spotlight -Toyota Tsusho Insurance.pdf

Thriving on the momentum of rising incomes and heightened awareness, India’s Insurance Sector is positioned as the world’s fifth-largest life insurance market, boasting annual growth rates of 32-34%. Amidst the industry’s innovation and competition, the influx of insurance companies has added complexity to the task of selecting suitable coverage for organisations. It is within this dynamic environment that Toyota Tsusho Insurance Broker India Private Limited (TTIBI), established in 2008, and distinguishes itself as a Key Player. Recognising the paramount importance of Customer Satisfaction for organisational success, TTIBI is propelled by a skilled team dedicated to addressing corporate insurance needs with customised products and services. The commitment of TTIBI extends to providing expertise through prompt and value-added services to clients, ensuring optimisation of costs and timely delivery on every occasion.

Leading the charge is Mr. Takayuki Ueda (Ueda), the Managing Director, CEO and Principal Officer of TTIBI. Focused on delivering Professional, Transparent, and Efficient insurance solutions to both clients and partners, Mr. Ueda envisions TTIBI becoming the most preferred Broker for both Direct and Reinsurance businesses in the country.

Strategic Insurance Solutions and Comprehensive Risk Management Services

As the sole Indo-Japanese Composite Insurance Broker in the country, TTIBI is licensed by IRDAI to facilitate comprehensive insurance programs in the Life, Non-Life, and Reinsurance segments. Backed by VikramGeet Investments and Holdings of Kirloskar’s—a venerable Indian business house—and Toyota Tsusho Corporation, Japan—a trading and services conglomerate with a global presence in insurance distribution spanning 13 countries—TTIBI stands as a unique and trusted entity.

TTIBI is committed to provide all-encompassing client service covering essential aspects of Risk Management. Their varied services include Corporate Insurance, Employment Benefit Insurance, Life Insurance, Reinsurance, Retail Business, and Risk Management Consulting. This positions TTIBI as a prominent ally in their clients’ comprehensive risk management strategies.

Commencing its operations from Bangalore as its headquarters, TTIBI has expanded its presence with offices strategically located in Delhi, Chennai, Pune, Ahmedabad, Mumbai, Hyderabad, and Indore, and has a footprint in over 30 cities nationwide.

TTIBI’s Unique Positioning

The insurance industry in India has proliferated in recent years; TTIBI has not only kept pace with the increasing competition but has also consistently remained at the forefront.

Dedicated to fostering enduring and steadfast relationships with clients, TTIBI has maintained long-standing associations with many clients, showcasing a steadfast commitment to prioritising their interests at every stage of business. Their strong and trustworthy bonds with Corporate Entities and Original Equipment Manufacturers (OEMs) are rooted in mutual trust and reliability, assuring them of unwavering support in times of crisis or loss. This distinctive strategy has played a pivotal role in establishing the brand as a prominent force within the industry.

Crafting Work Ethos with a People-Centric Approach

Established on the foundational pillars of Professionalism, Commitment, Reliability, Transparency, and Integrity, TTIBI’s core values form the Bedrock upon which every aspect of its business is meticulously crafted.

“Our workforce is our most valuable asset and a pivotal factor in our success. Our HR policies are crafted with a fundamental principle to empower and fortify our employees With Self-Reliance, Transparency, and an Empathetic Approach.” He also adds, “We firmly believe that a content and fulfilled employee is adept at ensuring client satisfaction, thus contributing significantly to our Employee Retention. We take pride in maintaining a retention ratio that surpasses industry standards.”

Mr. Takayuki Ueda

Navigating Transformative Shifts in the Evolving Insurance Arena

Experiencing notable Dynamism, the insurance industry, particularly in India, has witnessed transformative changes in recent years. The introduction of key elements like POSP, IIB rates, EOM, Use and File, has brought forth both opportunities and challenges. Embracing a philosophy of agility in response to the ever-changing landscape while maintaining a firm foundation in the fundamentals, TTIBI navigates challenges through the seamless integration of Technology and Changing Regulations. These dual factors work in tandem to ensure Adaptability, Success with Compliance in the ever-evolving dynamics of the industry.

A Decade and a Half of Delivering Excellence

Thriving in the Insurance industry for a steadfast 15-year tenure, TTIBI has consistently expanded its market share, a testament to its resilience and the unwavering trust of clients. Their enduring relationships with a majority of clients underscore a mutual journey of evolution and growth, aligning seamlessly with the overarching vision: to emerge as the premier choice for both the Direct and Reinsurance business in the country.

On the leadership front, Mr. Ueda defines the zenith of leadership achievement as nurturing a team driven by intrinsic motivation and prioritising customer service through their profound professional expertise. He says,

“Establishing a culture of constructive competition and fostering mutual support among teams is the hallmark of my greatest accomplishment, culminating in the delivery of innovative and effective solutions to our clients.”

Adapting to Tomorrow

Recognising the significance of aligning with industry trends and technological advancements, the team at TTIBI conducts a thorough analysis, emphasising key areas like AI, InsurTech, Product Innovations, Regulatory Landscapes, Business Trends, and Geopolitical Situations. This proactive approach brings forth new dimensions of Risks and Opportunities. Engaging in intensive brainstorming sessions, the team formulates solutions and develops strategies to leverage these evolving trends adeptly. Mr. Ueda shares,

“We are presently assessing a range of strategic initiatives, encompassing the exploration of InsurTech, the expansion of our Reinsurance Portfolio, the Standardisation of Processes, and the implementation of Automation to enhance client services across Motor, Health, and Employee Benefits Insurance.”

Future Endeavours

At a pivotal juncture, the insurance sector in India is poised for remarkable growth, with a projected market size of $280 billion by 2025. Factors such as Robust Economic Expansion, Favourable Demographics, Evolving Digital Behaviours, the rise of Electric Vehicles (EVs), and a supportive Regulatory environment have propelled Indian insurance into the spotlight, garnering optimism from reinsurers who predict it to be the fastest-growing market among G20 countries.

Despite this, the industry grapples with challenges, particularly in Catastrophic Losses and a Discernible Gap between insured assets and actual losses. The future trajectory of the insurance sector will be shaped by technology, including data analytics, artificial intelligence (AI), Internet of Things (IoT), telematics, health tech, and wellness initiatives.

Mr. Ueda says, “It is evident that there is a pressing need for all stakeholders in the insurance community to transition from traditional perspectives to actively embrace innovation.” Product innovation, encompassing Parametric Insurance, Agreed Value Insurance, specialised Motor Insurance for EVs, and inventive Liability Insurance solutions, will be pivotal for deeper penetration and widespread acceptance in the dynamic market environment.

“Positioning ourselves as industry frontrunners, we aim to capitalise on technology and innovation, perpetually transitioning from conventional insurance support to assuming the role of a strategic partner in our clients’ risk management strategies,” asserts Mr. Ueda.

While their emphasis remains on fostering growth and innovation, they are steadfastly committed to anchoring themselves in fundamental values of professionalism, unwavering commitment, reliability, transparency, and the preservation of integrity with their esteemed clients.

Leadership Advice

Advising aspiring entrepreneurs, Mr. Ueda shares, “With several decades of experience in the industry, we have unravelled numerous challenges and opportunities. As previously highlighted, the Indian Insurance landscape is currently undergoing transformative growth and expansion. New entrants entering this dynamic environment are likely to be captivated by the unfolding changes, presenting a plethora of opportunities.”

He emphasises, “The industry has the capacity to embrace and accommodate additional entrants, thereby injecting new perspectives and diversifying the range of opportunities available. Simplicity and adherence to fundamental principles are integral to achieving success. An organisation’s actions should be fundamentally driven by the genuine interests of the customer, serving as the guiding force for success without any inherent barriers.”

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