Professional Documents
Culture Documents
TABLE OF CONTENTS
1. EXECUTIVE SUMMARY ......................................................................................... 4 2. INTRODUCTION TO THE TOPIC ............................................................................ 6 3. COMPANY PROFILE .............................................................................................. 10 3.1 Organization Structure......................................................................................... 11 3.2 FAIRFAX ........................................................................................................... 12 3.2.1 INTRODUCTION ........................................................................................ 12 3.2.2 GROUP COMPANIES ................................................................................. 13 3.2.3 ICICI GROUP .............................................................................................. 15 4. PRODUCT RANGE ................................................................................................. 19 4.1 Product Range ..................................................................................................... 20 4.1.1 Business Solutions ........................................................................................ 20 4.1.2 Project Solutions ........................................................................................... 20 4.1.3 Liability Solutions ........................................................................................ 20 4.1.4 Export Solutions ........................................................................................... 21 4.1.5 Rural Solutions ............................................................................................. 21 4.1.6 Personal Solutions ........................................................................................ 21 4.1.7 Travel Insurance ........................................................................................... 21 4.1.8 Motor Insurance ............................................................................................ 22 4.2 Home Insurance................................................................................................... 23 4.3 CHANNELS ....................................................................................................... 25 4.4 TRAVEL INSURANCE ...................................................................................... 30 4.5 HEALTH INSURANCE...................................................................................... 41 4.6 HOME INSURANCE.......................................................................................... 45 5. MANAGEMENT INFORMATION SYSTEM .......................................................... 51 6. CONCLUSION ......................................................................................................... 66 7. RECCOMENDATIONS ........................................................................................... 69 8. BIBLIOGRAPHY ..................................................................................................... 71
ACKNOWLEDGEMENT
Every task big or small needs someone to lend his or her shoulder to make that task easy. In this project, I consider myself lucky for the cooperation and help extended to me, by my project guide, Ms. POOJA SOOD (AREA BRANCH MANAGER) in the completion of this project. I would like to take this opportunity to express my gratitude to her, for giving me the opportunity to work under his esteemed guidance. I sincerely acknowledge the insights and suggestions provided by her. I would also like to express my sense of gratitude to other team members like Mrs. RIDHIMA SETH(Branch Manager),Mr. RAHUL ARORA, Ms. SWATI
AGGARWAL & Mrs. JYOTSNA KUMARI for their spirited guidance and inspiration, which helped me immensely in completing this project. Training at ICICI Lombard General Insurance Company Limited has not only been beneficial in the technical aspects (as it has given an unprecedented opportunity to exercise and put into practice, some of the theoretical aspects of insurance), but also contributed immensely and actively towards growth in the personal capacity, as a more thinking, efficient, organized and aware
1. EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
In my project I have gone through the whole process of operation of non- motor department and the verticals I have gone through in non-motor are travel , health and home and there I have analyzed the problems in non- motor that were faced by the companys operation department during the issuance of the policy.
The main problem was that the details provided to the companys operation department were not complete because of which the policies were kept on hold which causes delay in its issuance. Further there were many other problems related to travel, home and health. Travel : Travel insurance that is intended to cover medical expenses, financial (such as money invested in nonrefundable pre-payments), and other losses incurred while traveling, either within one's own country, or internationally.
In travel I have studied the whole process how the policy no. is generated and its process. Its a three step process : 1st is transact, 2nd is PID and the last step is tagging. Travel cases are mainly entered with the help of online manager.
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In simple terms it is a contract between the person who buys Insurance and an Insurance company who sold the Policy. By entering into contract the Insurance Company agrees to pay the Policy holder or his family members a predetermined sum of money in case of any unfortunate event for a predetermined fixed sum payable which is in normal term called Insurance Premiums.
Insurance is basically a protection against a financial loss which can arise on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. By paying a very small sum of money a person can safeguard himself and his family financially from an unfortunate event.
For Example if a person buys a Life Insurance Policy by paying a premium to the Insurance company , the family members of insured person receive a fixed compensation in case of any unfortunate event like death.
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As with most insurance policies, life insurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy.
Serious illness: Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.
Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.
Insurance other than Life Insurance falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.
Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown, there are policies that cover the hull of ships and so on. A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life
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insurance business. Abbreviations y y y y y y y TTS - Transaction Tracking System ITS Inward tracking System CCR Centralized Cheque Report PID Payment ID HTS Health Tagging Form PDC Post Dated Cheque MIS Management Information System
ALLIED
Allied cases are the fresh cases ( new cases) which are sourced by the agents or the sales employees.
RETENTION
Retention are the renewal cases.
IL POS
These cases are of two wheelers and the premium of which is not more than 1500.
SPILL
Spill cases are those cases which should have been completed last month but because of the reasons analyzed and mentioned below ,it is not completed and are carried forward to next month.
Booked
Booked means the case have been completed and is issued to the customers.
Unbooked
Unbooked means the policy have been made and the cheque has also been accepted for CCR by the banking department but not yet cleared by the COPS.
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Cancelled
It means the policy is been cancelled because of the following reasons: y y y Cheque bounced Post dated cheque Medical reports not provided
Under processed
Cases which are forwarded to the respective department for its processing.
Incomplete
Cases which are not complete because of some pendency on part of sales employees or agents
Pending
Cases which are pending due to IT error.
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3. COMPANY PROFILE
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ICICI LOMBARD General Insurance Organization Structure & Over View Of Insurance Industry
Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001
The company started with an initial capital of Rs.1.10 billion which has subsequently been increased to Rs.2.20 billion. Fairfax has nominated its 100% subsidiary, Lombard Canada Ltd. (Lombard), to acquire and hold the 26% stake in the joint venture Company.
Why ICICI Lombard y y y y y y y India 's number one private general insurance company First general insurance company in India to be ISO 9001:2000 certified Assigned the iAAA rating by ICRA indicating highest claims paying ability Simple and fast documentation Lightning fast claims settlement Instant online policy issuance Comprehensive product line
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Highest security level offered through 128-bit encryption in case of online data exchange
y y y y
First company to provide digitally signed documents through an online interface Achieved financial breakeven in first full year of operations Achieved underwriting breakeven in second year of operations Adjudged as the 'General Insurance Company of the Year' at the 11th Asia Insurance Industry Awards 2007
Awarded the NDTV Profit Business Leadership Awards 2007 in the General Insurance category on July 27, 2007
Adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya Global Connect Customer Responsiveness Award 2006
Awarded the Best Housing Insurance in the Smart Living Awards by 360 degrees, a Times of India Group subsidiary, in Nov 2006
Awarded the Gold Shield for "Excellence in Financial Reporting" by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006
Adjudged amongst the top three in the Insurance Website of the Year category at the 9th Asia Insurance Industry Awards function held in Singapore during September, 2005
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Lombard Canada Ltd. has achieved a reputation for providing solid underwriting performance, diversified books of business and strong capital positions. It has received an A- rating from A.M. Best Company and claims paying ability received an A+ rating from Duff & Phelps Credit Rating Co.
India's second-largest bank with asset size of over Rs. 3,446.58 billion (US$ 79 billion) and profit after tax of Rs.31.10 billion for the year ended March 31, 2007
A network of over 950 branches and extension counters and over 3,300 ATMs in India and presence in 17 countries.
y y y
Presence across all financial products Only FI in India to pierce sovereign rating Currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International Finance Centre and representative offices in the United States, United Arab Emirates, China, South Africa and Bangladesh, Thailand, Malaysia and Indonesia
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y y
Listed at the NYSE, around 72% of the companys equity is held by foreign investors Technology-enabled products and processes
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Over the years, ICICI has evolved into a diversified financial institution. ICICIs principal business activities include medium-term and long-term project financing for the infrastructure and manufacturing sectors, corporate finance to meet the treasury requirements of Indian Companies, lease financing as well as a comprehensive range of financial and advisory products. ICICI today covers entire gamut of financial services. ICICI has set up subsidiaries in the areas of Commercial Banking, Investment Banking, Non-Banking Finance, Investor Services, Brokerage, Venture Capital Financing and Insurance (Life & General).
Lombard is a subsidiary of Fairfax, a Canada based financial services holding company engaged in property and casualty, life insurance, reinsurance, risk advisory services, investment management and insurance claims management, in Canada, USA and other parts of the World. Fairfax is a conglomerate of about 20 insurance and reinsurance companies spread over Canada, USA and parts of Asia. The companys assets are approximately $2 billion (Canadian) and gross premiums approx. $6billion (Canadian).
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In Commercial lines the Casualty, Property and Liability insurance products launched by the JV cater to most of the insurance requirements of the corporate sector. In the retail side, our thrust is Motor Insurance.
The JV leverages on ICICI Groups brand, extensive distribution networks and sound technology infrastructure for efficient back office processing. Lombard guides on the domain knowledge, product innovation and business processes based on high technology. This alliance offers a wide range of products required in todays challenging business environment.
y y y y y y y y
India 's number one private general insurance company First general insurance company in India to be ISO 9001:2000 certified Assigned the iAAA rating by ICRA indicating highest claims paying ability Simple and fast documentation Lightning fast claims settlement Instant online policy issuance Comprehensive product line Highest security level offered through 128-bit encryption in case of online data exchange
y y y y
First company to provide digitally signed documents through an online interface Achieved financial breakeven in first full year of operations Achieved underwriting breakeven in second year of operations Awarded the NDTV Profit Business Leadership Awards 2007 in the General
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Insurance category on July 27, 2007 y Adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya Global Connect Customer Responsiveness Award 2006 y Awarded the Best Housing Insurance in the Smart Living Awards by 360 degrees, a Times of India Group subsidiary, in Nov 2006 y Awarded the Gold Shield for "Excellence in Financial Reporting" by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006 y Among the top three General Insurance Companies to be awarded the "General Insurance Company of the Year" at the 10th Asia Insurance Industry Awards y Adjudged amongst the top three in the Insurance Website of the Year category at the 9th Asia Insurance Industry Awards function held in Singapore during September, 2005
Financial Year No. of policies sold No. of claims handle No. of employees No. of offices
Board Management:-
Mr. K. V. Kamath, Chairman Mr. R. Athappan, Director Mr. B. V. Bhargava, Director Mr. Dileep Choksi, Director Mr. James F Dowd, Director Ms Kalpana Morparia, Director
Mr. S. Mukherji, Director Mr. Chandran Ratnaswami, Director Mr. H. N. Senior, Director Mr. V. Vaidyanathan, Director Mr. Sandeep Bakhshi, Managing
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4. PRODUCT RANGE
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Direct: The companys sales force -- sales executives and sales officers form the companys backbone and are the most powerful assets behind our growth.
Indirect: Brokers: Insurance broking plays a vital role in distribution of insurance solutions. Through this channel, we plan to reach out to a wider customer base to increase our market share. Customers look forward to insurance brokers for expert advice on customized insurance solutions.
Agents: Agents are the face of the company and are critical to companys growth. The company has individual and corporate as its agent.
4.3.2 ONLINE
ICICI Lombard has developed a web-based system to meet all the pre- and post-policy transaction and MIS needs of its customers. The online initiative supports online policy sales, which is directly linked to our payment gateway server for online payments. The company uses the web integration process with its channel partners to streamline its sales process, increase revenues and reduce costs, delays and buyer dissatisfaction.
y y y y y y y y y y
Do It Yourself architecture Fast, convenient and easy Buy / renew policies 24\7 access to all your policy details Regular premium renewal reminders Single view of all insurance policies held by an individual Online Manager: A tool to manage your entire insurance portfolio Instant issuance of digitally signed policies Most advanced technology and state-of-the art infrastructure Online claim intimation and status-tracking
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4.3.3 BANCASSURANCE
Bancassurance channel has been successfully deployed internationally to distribute insurance products. ICICI Lombard is the only company with a dedicated bancasurance distribution channel servicing over 50 locations through a dedicated team of product managers, sales managers and sales executives.
The main role of tele sales is: y y y As leads routers As leads converter As service support to Agency and other Sales Force
SYSTEMS - Various Systems that are used with Motor Products are as follows: y y y y y Motor Policy Booking Systems Pathfinder Online Manager Premia File Tracking Systems Inward Tracking System (ITS)
PATHFINDER: Following types of policies are issued through Pathfinder (Genisys) System. y Private Car Package Policy.
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y y y y y
Two Wheeler Package Policy. Passenger Carrying Vehicle Package/Third party Policy. Goods Carrying Vehicle Package/Third party Policy. Miscellaneous D Vehicle Package/Third party Policy. Renewal Cases for Private Car to be booked only through Pathfinder (Renewal Link Underwriting>Motor>Private Car Package Policy> Renew Policy)
ONLINE MANAGER: Private Car Liability Only Policy, Two Wheeler Liability
Only Policy, Contractor Plant & Machinery Policy.
PREMIA: All Motor Products, which cannot be booked in Pathfinder and Online
Manager, are booked in Premia - Private Car Fire Only Policy, Private Car Theft Only Policy, Private Car Fire and Theft Only Policy
Offline Policies: Motor Road Transit risks (Class E) Policies, Road Risks / Trade plate
/ Trade Certificate (Class F) Policies, Internal risks (Class G) Policies.
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MOTOR
NON-MOTOR
PREMIA
PRIVATE CARS
TWO WHEELERS
HEALTH
TRAVEL
HOME
GCV
FAMILY PROTECT
IDIVIDUAL OVERSEAS
STRUCTURE
PACKAGE POLICY
PCV
HEALTH PLUS
FAMILY TRAVEL
CONTENTS
TRAILERS
CRITICAL CARE
STUDENT TRAVEL
MSC.
SENIOR CITIZEN
MOTOR TRADE
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Travel insurance can usually be arranged at the time of booking of a trip to cover exactly the duration of that trip or a more extensive, continuous insurance can be purchased from (most often) travel insurance companies, travel agents or directly from travel suppliers such as cruise lines or tour operators. However, travel insurance purchased from travel suppliers tends to be less inclusive than insurance offered by insurance companies.
Travel insurance often offers coverage for a variety of travelers. Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel are all various options that can be insured.
The most common risks that are covered by travel insurance are:
y y y y y y y y
Medical expenses Emergency evacuation/repatriation Overseas funeral expenses Accidental death, injury or disablement benefit Cancellation Curtailment Delayed departure Loss, theft or damage to personal possessions and money (including travel documents)
y y y
Delayed baggage (and emergency replacement of essential items) Legal assistance Personal liability and rental car damage excess
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Some travel policies will also provide cover for additional costs, although these vary widely between providers.
And in addition, often separate insurance can be purchased for specific costs such as:
y y y
pre-existing medical conditions (e.g. asthma, diabetes) high risk sports (e.g. skiing, scuba-diving) travel to high risk countries (e.g. due to war or natural disasters or acts of terrorism)
Common Exclusions:
* Pre-Existing Medical Conditions * War Or Terrorism - But Some Plans May Cover This Risk * Pregnancy Related Expenses * Injury Or Illness Caused By Alcohol Or Drug Use
Travel insurance can also provide helpful services, often 24 hours a day, 7 days a week that can include concierge services and emergency travel assistance.
Typically travel insurance for the duration of a journey costs approximately 5-7% of the cost of the trip.
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R R
Travel policies are made in online manager. Online Manager enables the customers to track their entire insurance portfolio in a single view. All one needs to do is log on through a specific user identification and password provided by ICICI Lombard. The most unique feature is that all users (including ICICI Lombard employees) will be accessing the same system and hence there is no need for follow-up or verification, and interdependencies are dramatically reduced.
SIGNIFICANCE OF ONLINEMANAGER
y
Single view of all insurance policies (at company / intermediary / individual levels)
y y y y y y y
Buy policies online Management of declaration policies like Fire Stock, Marine, etc. Real-time information on utilization of the premium deposits Online Payment towards premium Comprehensive Reports at Policy-level and Transaction-level. Email and Mobile alerts on policy renewals, premium payment, deposit Replenishment.
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Online Manager brings complete transparency in transactions, operational flexibility, and eliminates unnecessary steps and delays in getting the insurance service.
y y y y y y y y
A very easy-to-use and interactive navigation DO-IT-YOURSELF Architecture Complete transparency - What You Do is What You See. Flexibility of operations - Can request for endorsements and changes Reminders to ensure you dont miss your events Can work on the system any time, be it at 12 in the night or on a holiday! Everything at a click of a button Everything in the comfort of your office or home.
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1. TRASACT
y y y y
y y y y
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On the basis of these details a policy is generated and a number is given to every policy which is called a policy number
Loopholes
Problem in getting agent name Details not complete Id lock due to non payment of the policy amount Premium amount mismatch. Wrong plan selected
y y y y y
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2. Payment ID
Once the policy number is generated the cheque or any other payment mode through which the payment is made is attached along with the proposal form and is then sent to the banking department for CCR (centralized cheque register) acceptance. After its acceptance, banking department provides a CCR number which is required for making Payment ID. Payment Id - it is made on the basis of the details given on the cheque or DD or credit card. For e.g.
y y y y y y
Cheque or DD or credit card number Cheque or DD or credit card amount Date on the cheque or DD or credit card Signature of the insured on the cheque Bank and its branch Expiry date of credit card
With the help of these details payment id is made and a PID number is generated
y y y y
Amount not clear Overwriting on the cheque Date not mentioned Alterations made on the cheque
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Last step in travel Proposal Tagging In this the unpaid policies are tagged (attached) with the payment id number
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Health insurance works by estimating the overall risk of healthcare expenses and developing a routine finance structure (such as a monthly premium or annual tax) that will ensure that money is available to pay for the healthcare benefits specified in the insurance agreement. The benefit is administered by a central organization, most often either a government agency or a private or not-for-profit entity operating a health plan.
HEALTH
TTS ENTRY
PAYMENT ID
TAGGING
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Health TTS -
The Health Transaction Tracking System (TTS) is used for inwarding of Health cases.
The brief explanation of the various files is as under: 1) Complete Health TTS Process- Normal Inwarding of proposal form by Sales and its flow through BOPS & COPS. 2) Rejection in HTTS Process- Case Scenario: When a proposal Inwarded by Sales is rejected by BOPS as QC Not OK and its resolution by Sales 3) COPS Incomplete Process- Case Scenario: When a proposal is marked Incomplete by COPS and actionable put on BOPS/Sales 4) Reports from TTS- Reports available in TTS.
In health the proposal forms go through a manual QC, then the cases are forwarded in online manager TTS under sales proposal entry. The details of the customer, product and plan selected and cheque are forwarded in TTS. On the basis of these details TTS number is generated. Then again a PID number is made from the details given on the cheque and finally it is given for CCR acceptance. Last step is tagging which is done from Bombay head branch.
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The cost of homeowners insurance often depends on what it would cost to replace the house and which additional ridersadditional items to be insuredare attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to earthquakes, floods, "Acts of God", or war (whose definition typically includes a nuclear explosion from any source) are excluded. Special insurance can be purchased for these possibilities, including flood insurance and earthquake insurance. Insurance must be updated to the present and existing value at whatever inflation up or down, and an appraisal paid by the insurance company will be added on to the policy premium
Home process
CUSTOMER INFORMATION
POLICY NUMBER
PAYMENT ID
TAGGING
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First Step to be followed in home insurance is: y Customer Information. y All the details of the customer who is taking the policy are entered. For e.g. y Name of customer y Address of the customer y Date of birth On the basis of above details customer ID is generated.
Second step in home process is policy number In home insurance the policy is made on the basis of the details of the home. 1. structure - it includes area of the house , location of the property, construction rate, sum insured and policy tenure 2. content it includes jewelry , electronic item and domestic appliances 3. structure and content both
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After the policy number is generated the cheque is sent for CCR acceptance by the banking department, CCR number is provided and with that number payment id is made.
4. Tagging The unpaid policy is then tagged (attached) with the payment id number. The following screen shot on the next page for HOME Insurance policy shows the policy.
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'MIS' is a planned system of collecting, processing, storing and disseminating data in the form of information needed to carry out the functions of management. According to Phillip Kotler "A marketing information system consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers."
The terms MIS and information system are often confused. Information systems include systems that are not intended for decision making. MIS is sometimes referred to, in a restrictive sense, as information technology management
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Total no of cases in the month June 2008 Allied cases Retention Ilpos Total 1062 175 89 1326
1200 1000 800 600 400 200 0 Allied cases Retention Ilpos Series1
Findings y y y y Total inflow of cases in the month of June are 1279. 80.09% are allied cases 13.2% are retention cases 6.71% are il plos cases
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TYPE OF PRODUCTS
Travel Health Motor Home Others Total 209 471 531 45 23 1279
4%
2%
41%
y y
Maximum number of cases are of motor i.e. 41% Minimum number of cases are of others which includes
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Products under different heads Type of product Travel Health Motor Allied 208 375 412 Retention 1 96 78 ilpos 0 0 89
1000 900 800 700 600 500 400 300 200 100 0 Allied 208 78 96 1 Retention 375 motor health travel 412
0 41 0 ilpos
y y y
In travel 99% cases are allied and 1% cases are of retention In health 79.62% are of allied and 20.38% of cases are of retention In motor 77.58% cases are of allied , 14.68% cases are of retention and 7.72% cases are of ILPOS
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Status of Non motor cases (allied) Status Travel Home Health Total Booked 169 31 44 244 Unbooked 32 16 6 54 Cancelled 3 0 25 28 Incomplete 4 0 2 6 Pending 0 0 0 NM 0 0 4 4 Under processed 1 0 2 3
no.of cases
BO O KE D UN BO O KE CA D NC EL LE IN CO D M PL ET E PE N DI NG
status
TRAVEL INSURANCE
y y y y y y y 81% cases are booked 15% cases are Unbooked 2% cases are cancelled 2% cases are incomplete
HOME INSURANCE
66% cases are booked 34% cases are Unbooked
HEALTH INSURANCE
y y y 53% cases are booked 7% cases are Unbooked 30% cases are cancelled
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UN
DE RP RO C
ES SE D
NM
Booked Unbooked 1 6 12 24 1 3 1 1 1 0
Cancelled 0 0 6 16 3
Incomplete 1 0 0 1 0
Pending 0 0 0 0 0
NM 0 0 1 3 0
Under processed 0 0 0 1 1
Spill Travel TW Pvt. car Home Health Other Total cases 15 93 28 5 34 5 180
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k b k ll m l i g
rprocessed
tw
vt c r
y y y y y y
180 cases that are not booked that should have been booked last month .i.e may Out of which the maximum cases are of two wheeler i.e.52% 18% cases are of health 15% cases are of private cars 8% cases are of travel And minimum number of cases are of home and others(fire, marine,etc) i.e.3%
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! !
# "!
! "
tr v
ct r18 v N t r r
N wD N wD NO.OF CASES N wD 1 N wD N wD
- Utt -R j
tN
20 40 BRANCH NAME
60
Maximum number of business comes from noida sector-18 and Connaught place i.e.14% and 13%.
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BOOKED 31
CANCELLED 3
INCOMPLETE 2
NM 0
UNBOOKED 11
UNDERPROCESS 1
25
45
24 17
2 2
0 1
0 1
12 7
0 13
38 41
G r aon - Sector14
EL LE
BO O KE
PL E
O KE
ES S
BO
Stat s
elhi - La pat a ar
% %
$ ' $ $
35 30 25 20 15 10 5 0
Count of status
oida-Sector18
S i s1
BO O KE D CA NC E ED IN CO M ET E
O KE D
UN
BO
STATUS
y y y
57% cases were booked 25% cases were Unbooked 18% cases are ( incomplete, pending, nm, under processed and cancelled)
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UN
DE R
RO C
ES S
NM
2 1 1
Noida-Sector18 New Delhi - Connaught Place Gurgaon - Sector14 New Delhi - Saket NEW DELHI - PUNJABI BAGH New Delhi - Vivek Vihar New Delhi - LajpatNagar New Delhi - Rohini Sahibabad New Delhi - Uttam Nagar Total
31 25 24 24 18 18 17 17 16 15 205
G r aon - Sector14 NEW DELHI - PUNJABI BAGH NewDelhi Conna htPlace NewDelhi - La patNa ar NewDelhi - Rohini NewDelhi - Sa et NewDelhi - Utta Na ar NewDelhi - Vive Vihar 1 branc name Noida-Sector18 Sahi a ad
35 30 25 booked cases 20 15 10 5 0
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Noida-Sector50 New Delhi - Vivek Vihar Naya Bazaar-RMAG RAOG-VT New Delhi Panchsheel Park New Delhi Rajouri Garden RAOG-GREEN PARK Delhi - University New Delhi South Extension II Ghaziabad Total
5 4 4 3 3 3 3 3 2 2 32
i - Chan niCh wk
N wD lhi - R hini N i at 18
17% cases are the maximum cases that get cancelled in Faridabad main branch.
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REASONS
Reasons of Travel Insurance
GURGAON NOIDA AS DISSCUSSED WITH SM deal expire deal not required FOLLOW UP FOR AUTH ID LOCKED ON HOLD AS PER SM Alt In Chq Required Sign/BACK TO MO Back To Mo As Travel Date Of Oct Total 20 4 3 3 2 2 2 2 1 1 40
25 20 15 10 5 0 1 Reasons
OI A
9 8 5 9 @ 6 37 5 6
Count of reasons
FOLLOW I LO KE
6 95 7 6
P FO A
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@ 4
OL AS PE S
9 3 4 8
6 5
43
GAO
ID
CKED
UR A N 17% 10% 49% 10% 7% 7% APPR VA REQD IN R t iff l RISK ADDRESS N i v li t u tu , i k mum i T t l mf AS APPR VA REQD. 4 BACKDATI N
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Count of reasons Bounced Gurgaon Lajpat nagar Pdc Deal no & insured details required Plan incorrect/back to mo Insured details required Insured sign required. Grand total
Fpt 12 11 6 25 0 0 0 0 54
Cc 2 0 0 0 1 1 1 1 6
Ha+ 2 0 0 0 2 2 4 2 12
INSURED SIGN RE D. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 2 health 3 GURGAON b unc insu ails
count of reasons
46% are the maximum number of cases that are delayed due to PDC in FPT.
* the explanations for the abbrevations used are explained in the introduction above.
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6. CONCLUSION
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CONCLUSION
In the process of issuance of policy to the customer, I have analyzed the following problems:
Gurgaon cases are updated in MIS and punched in Gurgaon itself. Because of Lack of communication this problem occurs. Gurgaon MIS is not updated on time with the regional office.
Id locked- this problem is faced by most of the SM and USM .The sales employees or the Unit Sales Manager have a limit of 30000 in their account and when they bring proposal form to get the policy they do not provide the cheque along with the proposal form because of which their limit decreases and as a result no policy could be punched unless and until the payment is being submitted to banking department.
A common loophole in home insurance plan has to do with structural damage caused by termites, etc. Most insurance companies will not cover minor damages because they were present at the time of buying the house.
Another loophole has to do with coverage of personal belongings. One needs to make sure that his home insurance policy covers personal effects in the first place. Many policies do not. Even if the home owners insurance policy does cover personal property, people who have lost everything due to a disaster are shocked to find that the insurance company will not reimburse them because they could not produce receipts for their personal property. Sometimes the home owner did have receipts, but the receipts were destroyed along with the home. For this reason, it is extremely important to document each and every personal item in the insureds home with verifiable dated photographs and, if possible, receipts. Write down the serial numbers and other identifying
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information and then place this inventory, along with the receipts and photos, in a safety deposit box at the bank or in a fireproof and waterproof safe at home.
For all the three heads mentioned above the company should make sure that the sales team is constantly updated with the latest information about the product modifications and proper training should be provided to them at regular intervals of time.
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7. RECCOMENDATIONS
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RECOMMENDATIONS
1. Proposal forms should not be accepted by the agents unless and until it is complete. 2. Proper proposal forms should be provided which can cover all the details that are required for making the policy 3. Cheque should be provided along with the proposal form so that it should not cause nay unnecessary delay in the issuance of the policy. 4. System should get updated after every interval of time so that it does not get slow. 5. The cases that are kept on hold by the SM (sales manager) should be submitted to the operation department by them on time. 6. Updation and regular cross checking of MIS needs to be done through pivot table. 7. Proper Quality Check to be done while taking up the proposal form. 8. Online manager is a time consuming process. The IT team should be made aware of the delays caused by the Online Manager and a proper changes should be made. 9. At the time when travel rate chart is revised it should be provided to all the sales employees so as to minimize the inconvenience faced by the customers as more premium is charged from the customers because of the old travel rate chart.
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8. BIBLIOGRAPHY
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