6 Senior Iffco Tokio Executives Resign

At least half-a-dozen senior executives of Iffco Tokio General Insurance quit the company on Thursday.

Industry sources said a majority of them are slated to join Bajaj Allianz General Insurance.

Though Bajaj Allianz executives did not comment on whether the executives were joining them or not, Iffco Tokio sources confirmed the development.

They added that the organisation showed "tremendous flexibility and relieved the executives on the same day they put in their papers".

Those who quit Iffco Tokio include Amit Sinha (head of reinsurance), Sanjiv Bahadur (northern zone head for corporate business), A V Singh (head of strategic marketing), Aditya Khanna (claims head) and at least two other assistant vice-presidents in charge of company's offices.

This marks the largest enmasse shift from a company in one go since the insurance business was opened up to private competition.

The move also marks a shift in recruitment practices, with private players now eyeing human resources from rivals.

In the initial days, poaching was restricted to state-owned companies with a large number of middle and senior level executives from public sector insurance companies _ both life and non life _ shifting to the private sector.

In the recent past, however, particularly since the entry of brokers, a large number of executives have preferred to head brokerage firms instead of joining underwriting concerns.

Private players have also been facing a shortage of people with experience of the insurance business and have even recruited engineers and other sales executives from white goods and FMCG companies.