Bagi Final 1

Bharti Axa General Insurance (Training Report)
SUMMER TRAINING REPORT ON
INTRODUCTION OF GENERAL INSURANCE AND END TO END OPERATIONAL PROCESS
Submitted in partial fulfillment of requirement of Bachelor of Business Administration (B.B.A) General
Submitted to
Submitted by
JAGANNATH INTERNATIONAL MANAGEMENT SCHOOL KALKAJI 1
ACKNOWLEDGEMENT
I would like to express my sincere gratitude to my project guide for giving me the opportunity to work on this topic. It would never be possible for mes to take this project to this level without her innovative ideas and relentless support and encouragement.
PREFACE
Practical training is an important part of management courses. Theoretical studies are not sufficient to get into corporate world and understand the Complexities of large-scale organizations.
Practical training exposes us to real practices of management in the organization. It also exposes students to the treasures of experience, knowledge and leaning which prerequisites of making a successful career.
I deem it privilege to have undergone this project. I acknowledge that the practical training that I got from this cannot be gained otherwise. I found my project very interesting and challenging. It is done with the help of guidance provided by my R (external mentor.)
CONTENTS
Description
Page No.
Acknowledgement (i)
Preface
Brief Summary Introduction to topic Company Profile Research Methodology ( LIMITATIONS & OBJECTIVES )
5 6 - 21 22 - 41 42- 46
Analysis & Interpretation (SURVEY)
47 -57
Findings , Inferences, Recommendations and Conclusion ,Suggestions
58 - 61
Annexure
62 - 66
Bibliography
67 - 69
Brief summary
Introduction:
A general term insurance is related to service sector. Insurance is concerned with the protection of economic value of assets. For example in case of a factory or a cow, the product generated by it is sold and income is generated. In this project the Bharti AXA General Insurance Company is undertaken which is one of the popular in insurance sectors. The analysis of Bharti AXA General Insurance is taken from different sectors. For creating strong relationship and for a success full business every insurance company required financial planner.
Objective of the study:

To study the various stages of quality checking To understand the policy issuance process in general insurance. To know why people are going for general insurance To know how to resolve the various QCs.
Need of the study:

The study is undertaken to know how policy is being made after step by step QC is done and policy generated, @ Bharti AXA General Insurance.
Industry Profile
WHAT IS INSURANCE
The business of insurance is related to the protection of the ECONOMIC VALUES OF ASSETS. Every asset has a value. The asset would have been created through the efforts of the owner. The asset is valuable to the owner, because he expects to get some benefits from it. It is a benefit because it meets some of his needs. The benefit may be an income or in some other form. In the case of a factory or a cow, the product generated by it is sold and income is generated. In the case of a motor car, it provides comfort and convenience in transportation. There is no direct income. Both are assets and provide benefits. Every asset is expected to last for a certain period of time during which it will provide the benefits. After that, the benefit may not be available. There is a life-time for a machine in factory or a cow or a motor car. None of them will last for ever. The owner is aware of this and he can so manage his affairs that by the end of that period or life-time, a substitute is made available. Thus he makes sure that the benefit is not lost. However, the asset may get lost earlier. An accident or some other unfortunate event may destroy it or make it incapable of giving the benefits. An epidemic may kill the cow suddenly. In that case, the owner and those enjoying the benefits therefore, would be deprived of the benefits. The planned
substitute would not have been ready. There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce the effects of such adverse situations. It promises to pay to the owner or beneficiary of the asset, a certain sum if the loss occurs.
HISTORY OF INSURANCE
Insurance has been known to exist in some form or other since 3000 BC. The Chinese traders, traveling treacherous river rapids would distribute their goods among several vessels, so that the loss from any one vessel being lost, would be partial and shared, and not total. The Babylonian traders would agree to pay additional sums to lenders, as the price for writing off the loans, in case of the shipment being stolen. The inhabitants of Rhodes adopted the principle of general average of general average, whereby, if goods are shipped together, the owners would bear the losses in proportion, if loss occurs, due to jettisoning during distress. {Captains of ships caught in storms, would throw away some of the cargo to reduce the weight and restore balance. Such throwing away is called jettisoning}. The Greeks had started benevolent societies in the late 7th century AD, to take care of the funeral and families of members who died. The great fire of London in 1666,in which more than 13000 house were lost, gave a boost to insurance and the first fire insurance company, called the fire office, was started in 1680. The origins of insurance business as in vogue at present, is traced to the Lloyds Coffee House in London. Traders, who used to gather in the Lloyds coffee house in London, agreed to share the losses to their goods while being carried by ships. The losses used to occur because of pirates who robbed on the high seas because of bad weather spoiling the goods or sinking the ship. In India, insurance began in General Insurance in India has its roots in the establishment of Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of general insurance business.1957 saw the
formation of the General Insurance Council, a wing of the Insurance Associaton of India. The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices.
The History of General Insurance in India

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu ( Manusmrithi ), Yagnavalkya (Dharmasastra ) and Kautilya ( Arthasastra ). The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular. The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a legacy of British occupation. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of general insurance business. 1957 saw the formation of the General Insurance Council, a wing of the Insurance Association of India. The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices. In 1968, the Insurance Act was amended to regulate investments and set minimum solvency margins. The Tariff Advisory Committee was also set up then. In 1972 with the passing of the General Insurance Business (Nationalization) Act, general insurance business was nationalized with effect from 1st January, 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd.
The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1st 1973. This millennium has seen insurance come a full circle in a journey extending to nearly 200 years. The process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been opened up substantially. In 1993, the Government set up a committee under the chairmanship of R N Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector. The objective was to complement the reforms initiated in the financial sector. The committee submitted its report in 1994 where in , among other things, it recommended that the private sector be permitted to enter the insurance industry. They stated that foreign companies be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders interests. In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and at the same time GIC was converted into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002. Today there are 24 general insurance companies including the ECGC and Agriculture Insurance Corporation of India and 23 life insurance companies operating in the country.
General insurance: a major industry

THE GENERAL INSURANCE INDUSTRY makes a major contribution to the Indian economy. This provides an overview of this contribution on key indicators referring to: the nature of services provided; the value of services provided; the contribution to national output; and employment offered.
The company generally bifurcate the policies in two parts i.e. Retail & Commercial which include all type of non-life policies. With the help of following fig. one can easily interpret that our country have a large scope and opportunity in general insurance sector which needs a better penetration whole over the country. The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the countrys GDP. A well-developed and evolved insurance sector is a boon for economic development as it provides long- term funds for infrastructure development at the same time strengthening the risk taking ability of the country.
General Insurance a Basic Need

General insurance is a contract providing for payment of a sum of money to the person assured or, failing him, to the asset entitled to receive the same, on the happening of certain event. In this dynamic environment, nothing is certain & secure so securing the assets by taking general insurance in case of meeting any accident with the future makes people secure & ready to face the adverse situations.
Source: Swiss Re, Sigma No. 3/2010.
Role of Insurance in Economic Development

THE TRUE VALUE OF THE INSURANCE INDUSTRY lies in the unique nature of the services that it provides.
Economic contribution
This provides economic contribution to the industry.
Works by pooling risk.

At its most basic, insurance is an agreement where, in exchange for the payment of a premium, the insurer agrees to pay the policyholder a defined amount in the event of a specific loss. The premiums paid by an individual policyholder become part of an insurance pool which is at the disposal of the insurer. In setting premiums, the insurer considers the expected losses across the insurance pool and the potential for variation. The aim is to charge premiums that, in total, will be sufficient to cover all of the projected claim payments for the insurance pool. This involves balancing a complex range of factors (Anderson and Brown 2005).
Helps to manage risk.

Risk management is a key contribution of the industry. Uncertainty and risk accompany most economic activities. The acquisition of assets that characterizes most investments also implies the acquisition of risk. Physical assets in particular are subject to unexpected but costly damage. New endeavors, which are particular drivers of economic growth, are typically accompanied by even more risk. Many individuals are risk averse and prefer to avoid or minimize risk. Even entrepreneurs in new businesses prefer to shed risk in areas that are outside of their control if they can. Insurance frequently provides the answer to risk management issues.
Market functioning
Insurance provides the vital market function of allocating and pricing risk The efficient pricing of risk and its transfer to those best equipped to handle it contributes significantly to resource allocation and economic growth. And without a reliable mechanism for pooling and transferring that risk, much economic activity just simply wouldnt take place.
Insurance facilitates innovation within an economy by offering to underwrite new risks. Insurers enable risk to be managed more efficiently in three ways, through:
Risk pricing; Risk transformation; and Risk pooling and risk reduction.
profits and employment. These arise not only from within the insurance sector but also outside it. As noted above, insurers cover individuals against losses or manage risks by pooling risks. Aggregation brings other benefits. By insuring a large pool of individuals who are facing similar risks, insurance companies can predict with greater accuracy the likelihood of an event occurring. This is based on the law of large numbers, which states that although single events can be random and largely unpredictable, the average outcome of many similar events can be ascertained more easily than the outcome of a one-off event. The greater the number of policyholders, the more stable and predictable is the insurers portfolio. This can lead to lower volatility, in turn enabling insurers to charge smaller risk premiums and maintain more stable premiums (Skipper, Starr and Robinson 2000).
Mobilises savings
In meeting insurance needs, insurance companies also act as financial intermediaries. In collecting and managing a pool of insurance premiums, insurers are part of the group of institutional investors which have become key holders of financial assets and have an increasingly important role in todays capital markets (OECD 2004). Insurance companies also play a secondary but increasingly important, intermediation role. They take funds from policyholders and invest them in financial and real markets. (Hodgson 1999, p. 3) Insurers help mobilize savings in three ways (Webb 2000). First, insurers lower transaction costs associated with drawing together savers and borrowers compared with direct lending and investing by policyholders. Second, they create liquidity. Insurers invest funds from customers to make long-term loans and other investments. Whereas policyholders have ready access to loss payments and savings, borrowers do not have to repay their loans immediately. Hence if individuals carried out the similar direct lending, the proportion of their personal wealth held in long-term, illiquid assets would be much higher.
Third, by gathering small sums from large numbers of policyholders, insurers are often able to provide finance on a scale required for large infrastructure projects. This assists the national economy in expanding the set of feasible investment projects and encouraging economic efficiency.
Facilitates strategic investments

Reflecting its savings mobilization role, the insurance sector now manages significant funds.
Contributes in many other ways

The insurance industry also facilitates economic growth through other mechanisms as follows:Promoting financial stability. Facilitating trade and commerce. Encouraging loss mitigation. Fostering more efficient allocation of capital More sophisticated and efficient financial sectors with a range of products and services on offer can aid economic growth by facilitating the allocation of capital. A study using data from 55 countries found that higher levels of banking and insurance in an economy positively impacted on economic growth (Webb, Grace and Skipper 2002). According to that study, the two sectors jointly provided a greater impact on economic growth than the sum of each sectors individual impact with synergies between financial intermediaries. For example, more efficient bank payment systems can lead to lower administrative costs for insurers. Also, growth in one type of financial intermediary can also have positive spillover effects on the demand for services offered by other financial intermediaries as consumer sophistication increases (Webb, Grace and Skipper (2002). So it is fundamental to the economy General insurance underpins key aspects of society by providing security and protection to individuals, communities and businesses. Through general insurance, entities are protected against bearing the full costs of an economic loss. It allows risk to be transferred and shared among many players, thereby reducing the burden of loss. It provides coverage for all aspects of modern living, from professional indemnity and public liability to natural disasters and personal property. Without it, fewer businesses could operate, jobs would be lost and families would not have protection against adversity.
How Insurance Works

The mechanism of insurance is very simple. People who are exposed to the same risks come together and agree that, if any one of the members suffers a loss, the others will share the loss and make good to the person who lost. All people who send goods by ship are exposed to the same risk related to water damage, ship sinking, piracy, etc. those owning factories are not exposed to these risks, but they are exposed to different kinds of risks like, fire, hailstorms, earthquakes, lightening, burglary, etc. like this, different kinds of risks can be identified and separate groups, made including those exposed to such risks. By this method, the risk is spread among the community and the likely big impact on one is reduced to smaller manageable impacts on all. If a Jumbo Jet with more than 350 passengers crashes, the loss would run into several crores of rupees. No airline would be able to bear such a loss. It is unlikely that many Jumbo Jets will crash at the same time. If 100 airline companies flying Jumbo Jets, come together into an insurance pool, whenever one of the jumbo jets in the pool crashes, the loss to be borne by each airline would come down to a few lakhs of rupees. Thus, insurance is a business sharing.
List of Listed General Insurance Companies

S.NO NAME OF THE COMPANY 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18 19 Bajaj Allianz General Insurance Co. Ltd. ICICI Lombard GI Co. Ltd. IFFCO Tokio General Insurance Co. Ltd. National Insurance Co.Ltd. The New India Assurance Co. Ltd. The Oriental Insurance Co. Ltd. Reliance General Insurance Co. Ltd. Royal Sundaram Alliance Insurance Co. Ltd Tata AIG General Insurance Co. Ltd. United India Insurance Co. Ltd. Cholamandalam MS General Insurance Co. Ltd. HDFC ERGO General Insurance Co. Ltd. Export Credit Guarantee Co. of India Ltd. Agriculture Insurance Co. of India Ltd. Star Health and Allied Insurance Company Limited Apollo Munich Health Insurance Company Limited Future Generali India Insurance Company Limited Universal Sompo General Insurance Co. Ltd. Shriram General Insurance Company Limited,
20 21 22 23 24
Bharti AXA General Insurance Company Limited Raheja QBE General Insurance Company Limited, SBI General Insurance Company Limited The IL & FS Financial Centre Max Bupa Health Insurance Company Ltd.
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OBJECTIVE OF STUDY
To study the various stages of quality checking To understand the policy issuance process in general insurance. To know why people are going for general insurance To know how to resolve the various QCs. To know how premium is calculated. To know the insurance selection by people.
Company profile
History of Bharti AXA General Insurance

Bharti AXA General Insurance is a joint venture between Bharti, one of Indias leading business groups with interests in telecom, agri business and retail, and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti and 26%stake of AXA. The company launched national operations in December 2006. Today, company have over 8000 employees across over 12 states in the country and a national footprint of distributors trained to provide quality financial advice and insurance solutions to the large Indian customer base. Open first branch office in Hyderabad. Introduces 2 unit linked products- future confident and wealth confident As it further expand its presence across the country with a large network of distributors, we continue to provide innovative product and service offerings to cater to specific insurance and wealth management needs of customers. Whatever plans in life, people should be confident that Bharti AXA will offer the right financial solutions to them.
AXA AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. AXA had Euro 1,315 billion in assets under management as of December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion, IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million.
The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA. AXA Asia Pacific Holdings AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock exchange and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SAs life insurance and wealth management businesses in the Asia -Pacific region. It has operations in Australia, New Zealand, Hong Kong, Singapore, Indonesia, Philippines, Thailand, China, India and Malaysia. AXA APH had A$106.4 billion in total funds under management and administration at 30 June 2007 and reported a profit after tax before non-recurring items of A$374.0 million for the six months ended 30 June 2007.
Bharti-AXA perform over following cities

Hyderabad Delhi Kolkata Chennai Hubli Ludhiana Surat Assam Hissar Kochi Nagpur Pune Vadodra Jaipur Salem Mumbai Bangalore Kanpur Coimbatore Ahmedabad Lucknow Orissa Baroda Jalandhar Indore Nasik Chandigarh Bhubneshwar Mohali Ahmedabad
Vision
To be a leader and the preferred company for financial protection and wealth management in India
professionalism
Team Spirit
Innovation
values
Pragmatism
Integrity
STRATEGY
To achieve a top 5 market position in India through a multidistribution, multi-product platform To adapt AXA's best practice blueprints as a sound platform for profitable growth To leverage Bharti's local knowledge, infrastructure and customer base To deliver high levels of shareholder return To build long term value with our business partners by enhancing the proposition to their customers To be the employer of choice to attract and retain the best talent in India To be recognised as being close and qualified by our customers
Products of Bharti-AXA General Insurance
Introduction of the process of end to end quality checking of various type of policies
Definition of QC
( QUALITY CHECK )
An intensive study of the document (relative to the size of the document) where every effort is made to attain the highest level of accuracy possible.
FUNCTION OF QC
Understanding the prospects needs and making correction according to the plan of general insurance that maintains the quality of policy to best. Complete the formalities:- paper work, rating examination, owner copy, inspection report, NCB(no claim bonus),OD(discount approval) requirement etc. which are necessary to get the policy expeditiously. Keep in touch with sales person to ensure that changing circumstances are reflected in the arrangements relating to premium payments, discount approval and other necessary alterations. Correct entries in policies facilitate quick settlement of claims. Be totally honest with both the prospect and the insurer. Not to induce prospects to submit wrong information.
Documentation Process
Receiving of document
Generating of client ID
Receipting of the money via various modes of instruments
QC 2
Inwarding QC 2 OK/FAIL
Scanning/Uploading QC 3
Policy issue
Procedure for doing QC

In terms of the Insurance Act, a POLICY will not be given if the product (a) (b) (c) Lacks the basic documents needed, Found to be of lack of details, Found guilty of criminal misappropriation or criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence. (d) Found guilty of or knowingly participation in or manipulative at any fraud, dishonesty or misrepresentation against an insurer. (e) (f) (g) Not possessing the requisite criteria. Found violating the code of conduct as specified in the regulations. Lacks the premium amount.
Point to be noted while doing QC

Work item no. should be mentioned on QC slip Reference no. mentioned in top of QC slip. We should ensure that we get a correct product type from the sales team on the closing slip to generate a correct ref no. Branch code & name, sales managers name & code should be checked Name of insured should be in clean handwriting or typed. Cheque copy should be duly attached. Present day stamp should be imposed as soon as receiving the document. Address along with the Pin code should be written carefully on the proposal form so that accurate client id will be generated. While receipting, the amount should be filled carefully in three different modes via cash, cheque or credit card, 64 VB violation (Cheque date should be earlier than the date of issuance of policy) must be checked.
Signature on the cheque must be there. Bank name, cheque number, local low value, outstation low value must be taken care of . At QC 2 starting first of all we match the IMD code & staff code. Going through cover note detail, first of all we check the vehicle detail (make & model of the vehicle, cubic capacity, year of manufacture, vehicle weight, body type, engine no. , chassis no. , cubic capacity, insured declared value, date & place of registration, etc.) . These all detail should be filled accurately. We cross check these things with RC copy too. In case of rollover & renewal, the IDV should not decrease less than 10%. Then we check the cheque details with cover note such that (premium amount, mode of payment, date & time of issuance of cheque, cheque number & bank name) should be duly filled. If mode of payment is cash, cash received date must be mentioned in QC slip. Co-insurance detail-BHARTI AXA GI-100% should be written. In case of followers or leaders (full details of the sharing pattern). Proposers signature & signature on the cheque must be same otherwise the case is failed while QC 2 & the case is processed only after the Regional
Manager approval . The other main thing to observe on cover note is the Policy inception time & date, authorized & proposers signature. Afterwards we go through the proposal forms, if the case is new then we have to check only the primary details filled, but while checking for rollover & renewal we have to check the NCB(no claim bonus) & OD(on damage) discount declared on it which must be same as on the rating sheet. In renewal & rollover case the renewal notice & PYP (previous year policy) copy respectively is must. The previous year policys covernote number and policy period must be entered on the proposal form. If the insurance period breaks then the inspection report is mandatory for all client & the policy should start only on the day of inspection. Other coverages detail should be filled in case (accessories, CNG, stereo system, AC, GPS navigation system) etc. is also present in the vehicle. Cross check of proposers signature with covernote must be done. Late submission of the case must be checked if the period of receiving of case & date of issuance of covernote does not exceed more than five working days. Case is processed only after the approval of finance department.
Subsequently going through the rating sheet, we cross check the vehicle detail (IDV, policy period, age of vehicle, zone of registration place, cubic capacity, seating capacity, type of cover) with the covernote. Every vehicle has its different OD approved from the company, if the Percentage differ from the companys sheet then OD approval is needed from the underwriter, otherwise the case is being failed in QC2. The premium calculation is divided in two parts i,e. OD calculation & TP calculation. These calculation is done with a calculator available to sales person. In this rating sheet, the amount must be charged according to the type of cover taken & the different facilities taken such as PA to Owner driver, Unnamed PA to passengers, LL to Paid driver. If any mistake is found then case is failed due to wrong rating sheet & processed after getting new & correct rating sheet. There is some case where those types of vehicle comes which are declared declined from the company. These vehicle models policy are accepted only after the Underwriter approval. Case is also considered failed during QC2 when there is a shortfall in the premium.
In the case of individual health, Occupation, Height, Weight, Name, DOB, nominee detail, product taken in the policy is verified. In the case of group health, the point which are checked are Risk location address, Name of business, Discounting, commission/brokerage percentage, financier details etc. KYC (know your customer) has to be done for any premium exceeding INR 1 lakh & INR 50000 for cash. For third party cheques- the KYC has to be done for Cheque issuing party & client as well. It is to be noted that we can not collect cash above of Rs. 49999/- for single customer its blocked in p400(backend database) also. In case of underwritten products, underwriter approved PDF quote/ closing slip, U/W approved PDF mail having the attachment of the closing slip is mandatory.
IN CASE OF CO-INSURANCE The following document is needed: QC Slip Premium Bifurcation with % of share of Co-insurer Leader/follower name, with DO Code & complete address for all PSUs Underwriter approved PDF closing slip U/W approved PDF mail having the attachment of the closing slip Cheque copy (if there is) Others documents- Leader Policy copy/cover note /insured letter /intermediary letter Please note: Leader Policy Copy/Cover note is mandatory for all co insurance cases.
Sending A Resolution For Commercial QC3 Failed

All resolution will be update in IAS only for an exceptional case we need to send resolution to Commercial BAGI Query (Group ID). Mail would be sent only for those cases which are not reflecting in IAS but showing in pending report. Express commercial policies Request will be sent to Commercial Express. We need to sure that approval for express policy should attached with scan document For getting some correction done in the policy wrongly punched we need to send such type of cases to commercial BAGI Query only. For any query in commercial details are given below Annexure for GPA & GMC send to commercial BAGI Query. Soft copy of GMC Policy BAGI Clarifications, and I policy from retail scan.
Refund Request for commercial line Need to send mail to concern authority along with scan & excel copy of refund request form.
Customer identification procedure documents that may be obtained from customers

Features Insurance Contracts with individuals Documents Passport PAN Card Voters Identity Card Driving license Letter from a recognized authority or public servant
Legal name and any other names used
Proof of residence
Telephone bill Bank account statement Letter from any recognized public authority Electricity bill Ration card
Insurance Contracts With Companies.
Certificate of incorporation and Memorandum & Articles of Association Name of the company Resolution of the Board of Directors to open an Principal place of business account and identification of those who have Mailing address of the company authority to open the account Telephone/Fax Number Power of attorney granted to its managers, officers or employees to transact business on its behalf Copy of PAN allotment letter
PREMIUM CALCULATION OF MOTOR
MOTOR TECHNICAL TERMS

Accident: An event or occurrence which is unforeseen and unintended. Assistance services: This cover provides roadside assistance at the time of emergency like, on spot repair services for minor breakdown, relocation to garage in case of major breakdown, changing flat tyre, assistance in case of lockout/ loss of key, emergency fuel, transport assistance to passengers to the nearest safe location. Classic cars: Any car manufactured after 31-12-1940, but before 31-121970, is considered as a Classic Car by the Vintage and Classic Car Club of India. Comprehensive Motor Insurance: Comprehensive Motor insurance covers natural and manmade calamities, such as lightning, floods, and so on, third party legal liability, collision and personal accidents. It doesn't cover normal wear and tear, depreciation etc. Cover Note: A cover note is a temporary insurance's certificate that is issued by the Insurer before the issuance of a policy after the Insured has given a duly filled in proposal form and has paid the premium in full. Coverage: The scope of protection provided under a contract of insurance; any of several risks covered by a policy. Deductible: This is the amount that customer have to bear at the time of claim. This amount in first deducted from the total assessed payable claims amount and then the insurance companys liability is determined. Depreciation: A decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the actual cash value of property at time of loss. Endorsements: An endorsement is a written evidence of an agreed change in the policy. It is a document that incorporates changes in the terms of the policy. This document is an attachment to an already existing document. An endorsement might or might not have an impact on premium.
General Insurance: General insurance or non-life insurance policies provide payments depending on the loss from a particular financial event. Hospital cash: This cover provides a sort of allowance per insured for per day of hospitalization caused due to injury caused by accident while travelling in insured car. IDV: All vehicles are insured at a fixed value called the Insureds Declared Value (IDV). IDV is calculated on the basis of the manufacturers listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the Indian Motor Tariff. Motor Policy Schedule: Includes details of insured / vehicle, effective date of policy, limitations as to use, Drivers clause, Premium computation table with endorsements, limits of liability. No Claim Bonus (NCB): It is discount on Own Damage Premium. An insured becomes entitled to NCB only at the renewal of a policy after the expiry of the full duration of 12 month, if there is no claim made or pending in the policy. Own Damage Claims: Claims for accidental damages Owner Driver: The owner of insured vehicle holding an effective Driving License is termed as an Owner Driver. PA Claims: Personal accident claims for injury / death Partial Disability : The result of an illness or injury which prevents an insured from performing one or more of the functions of his/her regular job. Private Car: Includes vehicles which are used for social, domestic & pleasure purpose & also for professional purposes (excluding the carriage of goods other than samples, goods) by an individual but not for any purposes in connection with Motor Trade.
Proposal form: Proposal form is the most basic requirement for the functioning of the General insurance contract between you and the General insurance company. A proposal form seeks basic information of the proposer and the life assured. This includes the name, age, address, education and employment details of the proposer. Renewal: Continuance of coverage under a policy beyond its original term by the insurer's acceptance of the premium for a new policy term. Sum insured: Is the value of asset for which asset has been insured. It is the highest amount that will be paid by insurer under insurance policy. Third Party Claims: Claims for third party losses (death, injury & property damages) Third Party Property Damage: Third Party Property Damage Car Insurance covers you for damage caused by your car to property owned by a third party in the event of an accident. Total Theft Claims: Claims for stolen Vehicles Two wheeler: Includes Motorized two wheelers which are used for social, domestic & pleasure purpose & also for professional purposes (excluding the carriage of goods other than samples, goods) by an individual but not for any purposes in connection with Motor Trade. Vintage car: Any car manufactured prior to 31-12-1940 and duly certified by the Vintage and Classic Car Club of India can be considered a Vintage car.
RESEARCH METHODOLOGY
OBJECTIVE SCOPE OF STUDY SAMPLING METHODOLOGY LIMITATIONS
To Study potential of general insurance TITLE JUSTIFICATION The above title is self explanatory. the study deals mainly with studying the buying pattern in the insurance industry with a special focus on Bharti axa general insurance. the various segments of the markets divided in terms of insurance needs, age groups, s atisfaction levels etc will also studied.
OBJECTIVE
main objective of the research is to have an analysis of general insurance industry. to accomplish this objective it has been divided into five. to determine reasons behind opting for an insurance. to know the most preferred policy. to determine customers perception towards private insurance companies and their expectation form private insurance companies. to determine the feedback on services provided by an insurance agent.
to study the types of benefits provided by insurance services.
SCOPE OF THE STUDY A big boom has been witnessed in Insurance Industry in recent times. A large number of new playershave entered the market and are trying to gain market share in this rapidly improving market. Thestudy deals with Reliance in focus and the various segments that it caters to. The study then goes on toevaluate and analyze the findings so as to present a clear picture of trends in the Insurance sector. SIGNIFICANCE TO THE INDUSTRY: This is a limited study which takes into consideration the responses of 100 people. This data can be explorated to take in the trends across the industry. The significance for the industry lies in studyingthese trends that emerge from the study. It is a rapidly changing and evolving sector. People are only beginning to wake up to its vast possibilities. A study like this can attempt to guide the future of theindustry based on current trends.
SIGNIFICANE FOR THE RESEARCHER: To facilitate and provide useful information for the study of the company and the insurance industryand also provide recommendations for Max New York Life.
RESEARCH DESIGN
NON-PROBABILITY EXPLORATORY & DISCRIPTIVE EXPERIMENTAL RESEARCH The research is primarily both exploratory as well as descriptive in nature. The sources of informationare both primary & secondary.
a well-structured questionnaire was prepared and personal interviews were conducted to collect the customers perception and buying behavior, through this questionnaire. SAMPLING METHODOLOGY Sampling Technique: initially, a rough draft was prepared keeping in mind the objective of the research. a pilot study was done in order to know the accuracy of the questionnaire. the final questionnaire was arrived only after certain i mportant changes were done. thus my sampling came out to be judgemental and convinient Sampling Unit: the respondents who were asked to fill out questionnaires are the sampling units. these comprise of employees of mncs, govt. employees, self employed etc. Sample size:
the sample size was restricted to only 100, which comprised of mainly peoples from different regions due to time constraints. Sampling Area: the area of the research was india.
LIMITATIONS OF THE RESEARCH 1. the research is confined to a certain parts of delhi and does not necessarily shows a pattern applicable to all of country.2. some respondents were reluctant to divulge personal information which can affect the validity of all responses.
SURVEY
GRAPH ANALYSIS
DATA INTERPRETATION
DATA ANALYSIS & INTERPRETATION
NUMBER OF PEOPLE HAVING INSURANCE
RESPONSE
NO. OF RESPONDENTS
SHARE %
YES NO TOTAL
70 30 100
70 30 100
INTERPRETATION of the sample size of 100 surveyed respondents 70% of the respondents are having insurance policy. 30% of the respondents are either not having any insurance policy at present or their policy is already matured. and at present 100% of the respondents are with the view that insurance is a tool to protect your family.
PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

COMPANY NAME
ICICI Lombard GI Co. Ltd. Bajaj Allianz General Insurance Co. Ltd. IFFCO Tokio General Insurance Co Ltd Bharti axa general insurace
NO.OF RESPONDENTS 35 15 10 40 100
SHARE% 35 15 10 40 100
TOTAL
BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS
BENEFITS
RESPONSE 55 20 25 100
SHARE % 55 20 25 100
CFU TAX DEDUCTION FUTURE INVESTMENT TOTAL
INTERPRETATION 55% of the respondents believe that covering future uncertainty is the biggest benefit of an insurance policy. Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and future investments respectively.
.PEOPLE PERCEPTION ABOUT INSURANCE RESPONSE NO. OF RESPONDENTS A SAVING TOOL 81 A TAX SAING DEVICE 74 TOTAL 100 SHARE % 81% 74% 100%
INTERPRETATION 81% Of The Respondents Have Perception Of Insurance Being A Saving Tool. And 74% Of The Respondents Have Perception Of Insurance Being A Tax Saving Device. But 100% Of The Respondents Are With The View That Insurance Is A Tool To Protect Your Family. Some Of The Respondents Opted For Two Or More Than Two Items
BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS
BENEFITS
NO. OF RESPONDENTS
SHARE %
COVER FUTURE UNCERTAINITY
55 20
55 20
TAX DEDUCTIONS 25 FUTURE INVESTMENTS 100 TOTAL 100 25
INTERPRETATION 5 5 % O f T h e R e s p o n d e n t s B e l i e v e T h a t C o v e r i n g F u t u r e un certainty Is The Biggest Benefit Of An Insurance Policy. Whereas, 20% And 25% Of Them Believe That The Other B e n e f i t s A r e T a x D e d u c t i o n A n d F u t u r e I n v e s t m e n t s respectively.
PREFERENCE OF RESPONDENS OF INSURANCE COMPANIES
COMPANY NAME
NO. OF RESPONDENTS
SHARE %
BAJAJ ALLIANZ GI CO. LTD.
74
74
ICICI LOMBARD GI CO. LTD
TATA AIG CO. LTD ORIENTAL INSURANCE CO. LTD NATIONAL NSURANCE CO. LTD. BHARTI AXA GI CO. LTD. TOTAL
2 3 8 10 100
2 3 8 10 100
INTERPRETATION :
74% Of The People Contacted Prefer LIC Policy To A n y other And Therefore It Is Ranked No.1 B y That Percent Of Respondents
SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY
RESPONSE SATISFIED NOT SATISFIED NOT RESPONDED
NO. OF RESPONDENTS 60 40 0 100
SHARE % 60% 40% 0.0% 100%
TOTAL
FINDINGS & RECOMMENDATIONS
1.As the people think that insurance is a tool to protect their family & a tax saving device. They are aware of the fact & realizing its, importance. There is a large potential for insurance in India. 2. The entrance of private players will increase the competition and it would be a tough task to secure a good position in market.. 3.Since BHARTI AXA GENERAL INSURANCE is leading with several companies policies it should be easy for them to penetrate into the market and secure a good position if they pay greater attention to the service part provided to their customer and thereby forming a long and trusted relationship . 4. As seen from the survey that at present 70% of the customer are having insurance policy out of which 87.5% of the customer are planning for
new investments. So it can be a good potential for the company and they should make an attempt to trap these customers.
5. As 43% of the customers are even ready to go for insurance if a service provider away from their city is providing it. But inturn they should provide good products and services. The company should try to convince these customers and get them in its favor
GROWTH POTENTIAL At present life insurance penetration in India is quite low 3% of G D P
PHASE OF TRANSITION GENERAL Insurance industry is under the phase of infancy after 50 yearsof monopoly. Competition from within and other sectors of financial market. Needs environmental support till it reaches a comfort zone
Limitations
Regular practice must be there for the accuracy as Practice makes a man perfect. Time was the major constraint for me to understand some of the tedious process of quality checking of the policies. Limited cases available during the project.
Findings
Why there is a need of QC again & again in the General Insurance Company? In these days employee turnover rate is quite high, new people are always coming to the organization & they dont have much knowledge to fill the document properly.
Due to non-availability of training at interval of short periods to sales people. Policy is a matter of great concern. So, each & every step should be checked properly & thoroughly. Maintaining the quality of document anywhere reflect the companys performance & reputation. It anywhere create a good image building in customer mind. Sales People think that the document should be processed as soon as possible so in this fast process so many needful document missed. General insurance is a matter of renewal of year after year of case, so having a good image in client mind makes the Customer Relationship Management strong. Due to implementation of new circulars & guidelines from IRDA.
Conclusion
In India, there is throat cut competition in the market of general insurance that brand service which adopt new strategies for Quality Check. I concluding the whole story it can be said that people are much more aware about the aspects of general insurance and also have knowledge about the policy details. QC of documents is a must important & must to be done process. There must be taken a much care & effort to make the process error free & efficient so that the image & quality of the company rises. As it is a new player in the area of General Insurance so in order to beat its rival & go up in the business with high profitability & settlement of claims it have a better opportunity to become the leader in General Insurance field.
Suggestions
Bharti-AXA general insurance company must give more advertisements on electronic media and print media, as it help in enhance its goodwill and more customer are willing to retain with reputed companies, through proper advertisement it become easy to sell the product. An insurance company must work with honesty to win the confident of its stakeholders and general public. Many other extra time to time training must be provided to agent to let them know the various new circulars & guidelines issued by the company. Bharti-AXA General Insurance Company must appraise the branchs employees where the QC is processed with high efficiency & accuracy. A special function must organize time to time in which the special prizes distribute among those employees who perform well.
ANNEXURE
QUESTIONNAIRE
1. NAME : 2. ADDRESS : 3. OCCUPATION:
4. ARE YOU EMPLOYED ? YES NO
5. DO YOU HAVE ANY INSURANCE POLICY ? YES NO
6. WHICH INSURANCE POLICY DO YOU HAVE ? LIFE NON- LIFE BOTH
7. WHICH COS INSURANCE POLICY YOU PREFER THE MOST ? a) b) c) d) e) BHARTI AXA GENERAL INSURANCE CO. ICICI LOMBARD GI CO. LTD. NATIONAL INSURANCE CO. LTD. BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD TATA AIG GENERAL INSURANCE CO. LTD.
8. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE PLAN ? (RANK THEM) a) COVER FUTURE UNCERTAINITY b) TAX DEDUCTIONS c) FUTURE INVESTMENTS d) ANY OTHER (SPECIFY)
9. WHAT S YOUR PERCEPTION ABOUT INSURANCE ? ( RANK THEM ) a) A SAVING TOOL b) A TAX SAVING DEVICE c) A TOOL TO PROTECT FUTURE
10.ARE YOU SATISFIED WITH THE SERVICE AGENT ?

a) b) c)
SATISFIED NOT SATISFIED NOT RESPONDING
11.ARE YOU SATISFIED WITH POLICY ? a) SATISFIED b) NOT SATISFIED c) NOT RESPONDING
12 DO YOU PAY TAXES ? YES NO
13.WHICH IS THE BEST FORM OF INVESTMENTS ?

a) FIXED ASSETS DEPOSITS b) BANK c) JEWELLERY ie. Bonds, MFs d) SECURITIES e) SHARES f) INSURANCE
14.WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS ? a) SAVING & RETURNS b) SECURITY c) TAX BENEFITS
15.WHAT WOULD YOU LOOK FOR IN AN INSURANCE COS ? ( RANK THEM )
a) A TRUSTED NAME b) FRIENDLY SERVICE & RESPONSIVENESS c) GOOD PLANS d) ACCESSIBILITY
INTERPRETATION OF QUESTIONNAIRE
ONLY 13% OF THE CUSTOMERS CONTACTED ARE NOT PLANNING FOR NEW INVESTMENTS PRESENTLY. WHEREAS, 87% OF THE CUSTOMERS ARE STILL PLANNING FOR NEW INVESTMENTS THIS CAN BE A GREAT POTENTIAL FOR BHARTI AXA GENERAL INSURANCE CO. TO TAKE THEM ON THEIR FAVOR. 82% CUSTOMERS LOOK FOR A TRUSTED NAME IN A INSURANCE. COMPANY FOR
81.5% CUSTOMERS LOOK FOR A GOOD PLAN IN A COMPANY FOR INSURANCE. FRIENDLY SERVICE & RESPONSIVENESS AND ACCESSIBILITY OF A COMPANY. [SOME OF THE RESPONDENTS OPTED FOR TWO OR MORE THAN TWO ITEMS] 75% OF THE RESPONDENTS ARE WITH THE VIEW THAT FIXED A S S E T S I S THE BEST FORM OF INVESTMENT FOR SECURING T H E I R FUTURE. 70% OF THE RESPONDENTS ARE WITH THE PERCEPTION THAT INSURANCE IS THE BEST FORM OF INVESTMENT FOR SECURING THEIR FUTURE, WHICH IS 2ND HIGHEST AND THIS SHOWS THAT INSURANCEIS AN IMPORTANT KEY FOR SECURING YOUR FUTURE.
55% OF THE RESPONDENTS BELIEVE THAT COVERING FUT U R E UNCERTAINTY IS THE BIGGEST BENEFIT OF AN INSURANCE POLICY. WHEREAS, 20% AND 25% OF THEM BELIEVE THAT THE OTHER B E N E F I T S A R E T A X D E D U C T I O N A N D F U T U R E I N V E S T M E N S RESPECTIVELY
BIBLIOGRAPHY
www.irdaindia.org www.bhart-axagi.com www.wikipedia.org www.ibef.org www.google.com
The opportunity About 2/3 of the Indian property is insurable High % of population is uninsured or underinsurance. We Indian are natural savers Indians save the maximum in the world. Those insured are underinsured.

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Bharti Axa General Insurance (Training Report)

SUMMER TRAINING REPORT ON

INTRODUCTION OF GENERAL INSURANCE AND END TO END OPERATIONAL PROCESS

Submitted in partial fulfillment of requirement of Bachelor of Business Administration (B.B.A) General

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Bharti Axa General Insurance (Training Report)

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Bharti Axa General Insurance (Training Report)

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Bharti Axa General Insurance (Training Report)

Analysis & Interpretation (SURVEY)

Findings , Inferences, Recommendations and Conclusion ,Suggestions

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Bharti Axa General Insurance (Training Report)

Objective of the study:

Need of the study:

Bharti Axa General Insurance (Training Report)

Bharti Axa General Insurance (Training Report)

Bharti Axa General Insurance (Training Report)

Bharti Axa General Insurance (Training Report)

The History of General Insurance in India

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Bharti Axa General Insurance (Training Report)

Bharti Axa General Insurance (Training Report)

General insurance: a major industry

General Insurance a Basic Need

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Bharti Axa General Insurance (Training Report)

Source: Swiss Re, Sigma No. 3/2010.

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Bharti Axa General Insurance (Training Report)

Role of Insurance in Economic Development

Works by pooling risk.

Helps to manage risk.

Bharti Axa General Insurance (Training Report)

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Bharti Axa General Insurance (Training Report)

Facilitates strategic investments

Contributes in many other ways

How Insurance Works

Bharti Axa General Insurance (Training Report)

List of Listed General Insurance Companies

Bharti Axa General Insurance (Training Report)

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Bharti Axa General Insurance (Training Report)

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Bharti Axa General Insurance (Training Report)

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Bharti Axa General Insurance (Training Report)

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Bharti Axa General Insurance (Training Report)

History of Bharti AXA General Insurance

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Bharti Axa General Insurance (Training Report)

Bharti-AXA perform over following cities

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Bharti Axa General Insurance (Training Report)

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Bharti Axa General Insurance (Training Report)

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Bharti Axa General Insurance (Training Report)

Products of Bharti-AXA General Insurance

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