ASIET- T3 MBA 2017-Justina Joy @ New India Assurance Co, Valanjambalam, Ernakulam
The Internship study was done at “The New India Assurance Company Limited, Valanjambalam,
Ernakulam” was undertaken with the objective to get an idea about overall functioning of an
organization. The period of internship was from 2nd May 2018 to 14th June 2018. This study helps
to understand the various functions and products provided by New India.
The insurance market consists of the non-life insurance sector and the life insurance sector.
General insurance is basically any insurance that is not life insurance. General insurance can cover
insurance of property against burglary, fire, theft. It can cover legal liabilities. General insurance
can also be in the form of personal insurance that covers health, travel and accidents. Motor
insurance, marine insurance, travel insurance, all these forms of insurance fall under the
category of general insurance.
In global general insurance industry was sized at around USD 2.1 trillion in terms of premium as
of 2016. Asia is the third largest market for general insurance, The global general insurance
industry has been growing at a healthy rate in recent years, with growth expected to remain
significantly strong in the coming years. In India there are four wholly owned subsidiaries under
General Insurance Corporation (GIC), namely National Insurance Company Limited, New India
Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance
Company Limited
Insurance Regulatory and Development Authority (IRDA) is a statutory body set up for protecting the interests of the policyholders and regulating, promoting and ensuring orderly growth of the insurance industry in India. Since 2000, IRDA has been serving as an independent regulatory authority for the insurance industry and to instill confidence among the policyholders in the financial viability of the insurance companies. IRDA has been playing a pivotal role in the insurance sector with a fundamental commitment to discharge its mandate for orderly growth of insurance sector. The New India Assurance Company Ltd comes under Non-Life Insurance sector. New India Assurance Company wsa incorporated on July 23rd, 1919 Founded by Sir Dorab Tata in 1919, New India is the first fully Indian owned insurance company in India. New India has become one of the largest non-life insurance companies, not only in India, but also in the Afro-Asian region. The New India Assurance Company Ltd has recorded 22% growth in profit after tax in the last financial year 2016-2017. During the year, the company posted profit after tax of Rs 1,008 crore.
I worked in the finance department of the organization especially underwriting of policy. The person to whom I had to report in the finance section was Cashier Mr. Sunil Raj. In the Underwriting section
I had to issue and renew various Insurance Policies.. It is a part of data management and it also has implications on the management information system. The areas which I dealt have impact on the items of financial statement of the company because the Insurance premium o
n the policies are the incomes received by the company and it comes in the credit side of the profit and loss a/c. There are Regular Staffs as well as Temporary staffs. When the firm lacks regular staffs they hire employees on Temporary basis. There were two temporary staffs during my internship period
The major jobs were assigned to me include Underwriting of Policies, Clearance of Cheques and Sales. I had to handle two types of policies, they were Motor Vehicle Insurance Policy and Health Insurance Policy. Underwriting of policies takes place when an existing policy expires or any customer requires fresh policy. We have to verify documents of the customers and also have to calculate amount of premium in order to issue a policy. Another thing which I did was clearance of cheque. If the premium collected by cheque, then my job was to enter minimum data contained in that cheque to the computer system. Then comes sale of insurance policies. The turnover of the company will increase only if the volume of sales increase. So if anyone visits the company we have to convert them into customer. It can be done by explaining and make them understand about various kinds of policies available in the company. If they are convinced they will buy that policy. So that the sales can be increased. It was an absolute worthwhile experience at New India Assurance Co. Ltd. The welcoming staff and the space they created for intern allowed me with opportunities to learn and know myself. The experience brought out my strength and also the areas i needed to improvise, it added more confidence to my professional approach built a stringer positive attitude. The primary objective of an internship is to gather a real life working experience and put their theretical in practice. There are lots of factors behind the Assurance industry. New india has overcome lots of challenges hence it became one of the largest insurance companies among the world. So the Internship program helped in linking theoretical understanding in college to the practical scenario in a financial organization. It allowed me to gain and develop new skills and knowledge. The program also enabled me to build up on my network conncetions. The internship helped me understand the interpersonal skills, communication and etiquette required ina professional environment thus helping in the overall development as an individual. So I can sum up by saying that my internship experience was a milestone to my academic and professional experience.
Insurance Regulatory and Development Authority (IRDA) is a statutory body set up for protecting the interests of the policyholders and regulating, promoting and ensuring orderly growth of the insurance industry in India. Since 2000, IRDA has been serving as an independent regulatory authority for the insurance industry and to instill confidence among the policyholders in the financial viability of the insurance companies. IRDA has been playing a pivotal role in the insurance sector with a fundamental commitment to discharge its mandate for orderly growth of insurance sector. The New India Assurance Company Ltd comes under Non-Life Insurance sector. New India Assurance Company wsa incorporated on July 23rd, 1919 Founded by Sir Dorab Tata in 1919, New India is the first fully Indian owned insurance company in India. New India has become one of the largest non-life insurance companies, not only in India, but also in the Afro-Asian region. The New India Assurance Company Ltd has recorded 22% growth in profit after tax in the last financial year 2016-2017. During the year, the company posted profit after tax of Rs 1,008 crore.
I worked in the finance department of the organization especially underwriting of policy. The person to whom I had to report in the finance section was Cashier Mr. Sunil Raj. In the Underwriting section
I had to issue and renew various Insurance Policies.. It is a part of data management and it also has implications on the management information system. The areas which I dealt have impact on the items of financial statement of the company because the Insurance premium o
n the policies are the incomes received by the company and it comes in the credit side of the profit and loss a/c. There are Regular Staffs as well as Temporary staffs. When the firm lacks regular staffs they hire employees on Temporary basis. There were two temporary staffs during my internship period
The major jobs were assigned to me include Underwriting of Policies, Clearance of Cheques and Sales. I had to handle two types of policies, they were Motor Vehicle Insurance Policy and Health Insurance Policy. Underwriting of policies takes place when an existing policy expires or any customer requires fresh policy. We have to verify documents of the customers and also have to calculate amount of premium in order to issue a policy. Another thing which I did was clearance of cheque. If the premium collected by cheque, then my job was to enter minimum data contained in that cheque to the computer system. Then comes sale of insurance policies. The turnover of the company will increase only if the volume of sales increase. So if anyone visits the company we have to convert them into customer. It can be done by explaining and make them understand about various kinds of policies available in the company. If they are convinced they will buy that policy. So that the sales can be increased. It was an absolute worthwhile experience at New India Assurance Co. Ltd. The welcoming staff and the space they created for intern allowed me with opportunities to learn and know myself. The experience brought out my strength and also the areas i needed to improvise, it added more confidence to my professional approach built a stringer positive attitude. The primary objective of an internship is to gather a real life working experience and put their theretical in practice. There are lots of factors behind the Assurance industry. New india has overcome lots of challenges hence it became one of the largest insurance companies among the world. So the Internship program helped in linking theoretical understanding in college to the practical scenario in a financial organization. It allowed me to gain and develop new skills and knowledge. The program also enabled me to build up on my network conncetions. The internship helped me understand the interpersonal skills, communication and etiquette required ina professional environment thus helping in the overall development as an individual. So I can sum up by saying that my internship experience was a milestone to my academic and professional experience.
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