Anjali Verma- Final Presentation

8/8/2019 Anjali Verma- Final Presentation

1/39

SUMMER TRAINING PROJECTSUMMER TRAINING PROJECT

REPORT AT IFFCO TOKIOREPORT AT IFFCO TOKIO

INSURANCE SERVICES LtdINSURANCE SERVICES Ltd..

PRESENTED BY:ANJALI VERMA


2/39

OUTLINE OF THE PRESENTATIONOUTLINE OF THE PRESENTATION

Company Profile.Various assignments.

Summer training project Analysis of theBusiness Practices of the Company .

Learnings.


3/39

SECTION - 1SECTION - 1COMPANY PROFILECOMPANY PROFILE


4/39

IFFCO-Tokio Insurance Services Limited (ITIS) is awholly owned subsidiary and a retail marketing arm of

IFFCO TOKIO General Insurance Co. Ltd. (ITGI).

It was incorporated on 1st August 2003.

ITIS has its own offices known as Lateral Spread Centersin 103 locations as on April 2010.

ITIS targets Cooperative premium through Bima Kendraswhich are 265 as on April 2010.

The strength of ITIS as on April 2010 is 1343.


5/39

SECTION - 2SECTION - 2

VARIOUS ASSIGNMENTSVARIOUS ASSIGNMENTS


6/39

OBJECTIVE OF THIS SECTIONOBJECTIVE OF THIS SECTION


7/39

BENEFITSBENEFITS

It helps to understand the insurance sector from widerrange.

It gives the knowledge of new concepts.

It helps me to understand the structure and the service

being provided by the company.


8/39

SECTION 3SECTION 3PROJECTPROJECT

ANALYSIS OF BUSINESS PRACTICES OFANALYSIS OF BUSINESS PRACTICES OFTHE COMPANYTHE COMPANY


9/39

OUTLINE OF THE PROJECTOUTLINE OF THE PROJECT

Need of the study.Objective of the study.

Limitations of the study.

Research Methodology.

Findings and Analysis.

Suggestions.


10/39

NEED OF THE STUDYNEED OF THE STUDY

To get the framework of the companysworking.

To analysis the business practices of the

company.


11/39

OBJECTIVE OF THE STUDYOBJECTIVE OF THE STUDY

To understand the concept of insurance.To analyse the overall business practices of the company.

To analyse the retrospective growth and performance ofthe company.

To analyse various threats and opportunities for thecompany.


12/39

LIMITATION OF THE STUDYLIMITATION OF THE STUDY

The research was carried out in a short period of 6 weeksas a part of summer training.

The analysis was done on business practices so it was not

possible to have confidential data being used for theproject.


13/39

RESEARCH METHODOLOGYRESEARCH METHODOLOGY

RESEARCH METHOD:- Observation and interviews with the employees of the

company.

DATA COLLECTION:-

PRIMARY COLLECTION- Information from the employeesof the company deputed into different departments.

SECONDARY COLLECTION- Annual reports, MIS,monthly reports and companys websites


14/39

INSURANCEINSURANCE


15/39

Insurance is defined as the equitable transfer of the risk of aloss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed smallloss to prevent a large, possibly devastating loss.

An insurer is a company selling the insurance

An insured is the person or entity buying the insurance.

The insurance rate is a factor used to determine the amount

to be charged for a certain amount of insurance coverage,called the premium.


16/39

CATEGORIES OF INSURANCECATEGORIES OF INSURANCE


17/39

The Insurance Regulatory andThe Insurance Regulatory and

Development Authority (IRDA)Development Authority (IRDA)

IRDA was set up asan independent

regulatory authority,IRDA has been

framing regulationsand registering the

private sectorinsurancecompanies.


18/39

FINDINGS AND ANALYSISFINDINGS AND ANALYSIS


19/39

ITGI Premium Share in the InsuranceITGI Premium Share in the Insurance

IndustryIndustry


20/39

ANALYSIS OF BUSINESSANALYSIS OF BUSINESS

CONTRIBUTION BYCONTRIBUTION BY ITISITIS

ITIS CONTRIBUTION IN BUSINESS OF ITGI

Amount in CroreIT IS ITGITOTAL

% CONTRIBUTION OF

ITIS2007-08 383 1235 26.16

2008-09 555 1515 31.88

2009-10 651 1639.56 35.34


21/39


22/39

CONTRIBUTION FROM VARIOUSCONTRIBUTION FROM VARIOUS

BUSINESS MODELS OF ITISBUSINESS MODELS OF ITIS


23/39

RECOMMENDATIONSRECOMMENDATIONS

The maximum premium is procured from LSCs which amountto around 71% of the total business. The company canincrease the percentage by increasing the number of LSCsand transferring manpower to more potential LSCs.

The company can to focus more on Banc assurance andCooperative models as they are the potential models andgain lot of opportunity for the company.


24/39


25/39


26/39


The maximum premium is achieved during the month ofFebruary.

The company can focus on On- Job training with senior

employees rather than focusing on Back officetraining.


27/39

PRODUCT WISE PREMIUMPRODUCT WISE PREMIUM

SERVICED BY ITISSERVICED BY ITIS


28/39


The company can focus more on micro insuranceproducts .

The company can also focus on servicing unique healthproducts.

The company can also focus on servicing Marineinsurance as it is the emerging area with lots of

opportunity.


29/39

ACHIEVEMENT ANALYSISACHIEVEMENT ANALYSIS


30/39


Achievement analysis helps the company to set target for nextfinancial year in order to procure more business than

previous financial year.

Company can to focus on states like West Bengal where

premium achieved is more than target. The target set wasalso low compared to other states. Thus the company need

to focus on setting high target for such LSCs in order to

increase business procurement.

The company can gain opportunity by looking towards states

like Karnataka, west Bengal, etc


31/39

ANALYSIS OF EILR OF LSCsANALYSIS OF EILR OF LSCs


32/39

Earned Incurred Loss Ratio (EILR) = Net IncurredLoss / Net Premium Earned.

The company has set a particular benchmark for differentLSCs which is of 50%.

There are certain LSCs which has EILR above the

benchmark. The reasons are: 1. High claims: - this may occur due to poor

underwriting. Thus the particular LSCs need to go forproper underwriting for reducing risk and reducing EILR.

2. High Expenses and Running Cost


33/39


The company can focus on minimising the budgetedexpenses.

The company can focus on low EILR LSCs like Kerala,

Tamil Nadu and Gujarat to generate more premiumand growth of the business.


34/39

ANALYSIS OF EXPENSE RATIOANALYSIS OF EXPENSE RATIO

OF LSCsOF LSCs


35/39

Expense ratio = Total premium / Runningexpenses

The benchmark for expense ratio is 4%.

The reason for expense ratio above the benchmark may be high expense or lowpremium earned.


36/39


LSCs can look their budgeted expense cost and can sketchcertain limits for that.

LSC under Delhi & NCR has more fixed expense compared toLSC under Gujarat, Punjab, and Kerala (through the

analysis from fixed and variable expense of LSCs) which is78.18% of Delhi & NCR. This shows that the LSC has moremanpower and thus they can earn more premiums to reducethe expense ratio.


37/39

SECTION - 5SECTION - 5LEARNINGSLEARNINGS


38/39

Learnt communication skills.

Learnt how to draft an official mail.

Learnt negotiation skills.

Learnt Team work.

Learnt Punctuality.

Learnt formal etiquettes.

Learnt how to improve personality.

Learnt to cope up against unfortunatecondition.


39/39

Documents

Anjali Verma- Final Presentation