Table of Contents
➢ Acknowledgement 3
➢ Topic and Objective 4
➢ Executive summary 5
➢ Research Methodology 6
➢ Introduction to Life insurance 8
➢ Introduction to organization15
➢ Process of New Business Processing21
➢ Process of Compliance activities23
➢ Process of TAT Comparison25
➢ Process of Underwriting Department27
➢ Data Analysis38
➢ Bibliography and references56
To understand the basics of Operations of SBI Life Insurance
➢ To study the process of New Business Processing
(Individual and Group Insurance)
➢ To measure the customer satisfaction from Policy Serving and Customer Service Compliance activities
➢ To analyze Turn Around Time (TAT) between various function
➢ To study the Underwriting aspects
The internship facilitates a student to explore the new horizons of learning. Therefore, it may also require data generation, analysis of data, understanding it in the company’s context and to help in the value addition in the services of organization and thus it also helps student in understanding the procedure to be followed by the organization This is my report on the work done at SBI Life Insurance Company Limited during summer internship. This report focuses on the Underwriting, Claims and Risk Management Department.
It also contains the procedure of Claims, Underwriting and Risk-management Department which we have gone through during the internship.
This report shows the work and enhancement of the knowledge in all the three departments.
• In rural area the access to services is also a problem, So SBI Life should open their branches to the district level so that more agents will be there and customers quarries will solved easily
• SBI Life Insurance agents should work upon at Transparency area so that customers have full knowledge about the policy in which they are investing
• SBI Life Insurance should also deal in General Insurance sector so that customers get more benefit
• Premium should be less according to the policies so that customer can easily pay the premium
Descriptive – This research includes surveys and fact-finding enquiries of different kinds. The major purpose of descriptive research is description of the state of affairs as it exists at present. The main characteristics of this method are that researcher has no control over the variables; he can only report what has happened or what is happening.
Quantitative Research: The research is qualitative in a way that we learn about the customers’ satisfaction level and reason behind the problem. Qualitative Research: The research is quantitative in a way that we calculate numerically that how many insurance companies fall under this category and how many customers are satisfied with kind of facilities they want.
Non-probability sampling is any sampling method where some elements of the population have no chance of selection (these are sometimes referred to as 'out of coverage'/'under covered'), or where the probability of selection can't be accurately determined. It involves the selection of elements based on assumptions regarding the population of interest, which forms the criteria for selection. Hence, because the selection of elements is nonrandom, non-probability sampling does not allow the estimation of sampling errors. These conditions give rise to exclusion bias, placing limits on how much information a sample can provide about the population. Information about the relationship between sample and population is limited, making it...