INTERNSHIP REPORT On Insurance Company
INTERNSHIP REPORT On Insurance Company
INTERNSHIP REPORT On Insurance Company
Submitted by-
Shivani Singh
JLU06666
I express my deep gratitude to my family and dear friends for their co-operation
and support.
I express my deep gratitude to my family and dear friends for their co-operation and support.
Signature of Student
DECLARATION
I, declare that the work which is being presented in the Internship Report entitled
“MARKETING INTERN”, in the partial fulfillment of the requirements for the award of
the MASTER’S IN BUSINESS MANAGEMENT SPECIALIZATION IN
MARKETING is an authentic record of my own work carried out during session JUNE-
AUGUST, 2022 III SEMESTER from “BRIISK INSURTECH PVT. LTD.”.
The matter presented in this report has not been submitted by me for the award of any
other degree elsewhere.
Signature of Student
Date:
1 Executive Summary
2 Introduction
Role
Scope
3 Industry Profile
Overview
Trends of the company
4 Company Profile
Objectives
Brief History
SWOT Analysis
Organisational Structure
Value Chain
6 Conclusion
7 Bibliography
EXECUTIVE SUMMARY
Briisk is a late stage insurtech startup, Founded in 2016. Today we are in a team of 23 with a
focus of emerging market. Our local team operate from Cape Town, London, Banglore,
Istanbul, Munich and Nairobi.
We have deep InsurTech and financial services expertise and are passionate about creating
innovative digital insurance and distribution solutions – enabling our clients to digitise
products at lower cost and scale distribution faster.
We help our clients automate processes, digitise and innovate products and explore new
distribution channels, thereby reducing cost, increasing revenue and delivering more value
for their customers.
Our Timeline:
2016 — Briisk is founded. Single premium insurance products in South Africa. Surestart's
Travelsafe, underwritten by Hollard. Angel Investment.
2018 — More complex life, health and device recurring premium insurance products in Sub-
Saharan Africa. Upendo, underwritten by Prudential Life. Finchoice, underwritten by
Guardrisk. Easy Gap, underwritten by Turnberry/ Lombard. Funeral Fundi, underwritten by
TPI/Guardrisk. DroneCovered, underwritten by TPI/Mutual & Federal Risk Finance. Angel
investment.
2019 — Focus on building product and distribution functionality on the Briisk platform.
Combined Life insurance and savings product in India, underwritten by Kotak Life. Angel
Investment.
2020 — Launch of simple product builder and distribution network integration functionality
on the Briisk platform. Personal Accident, underwritten by Britam. Bloom Medical Health,
underwritten by Momentum. Pre-series A fundraising round currently open.
Briisk India is a subsidiary of Briisk Limited UK. We believe in small team making a big
impact. Our digital products and distribution-led insurance solutions - Instant Transaction
Platform (ITP) and Professional Services (BPS) - transform the way insurance works.
Under the umbrella of Briisk Global, Briisk India envisions that right insurance products
reach out to the ones who need it the most, starting with 1 billion+ Indians.
Briisk has been actively working in the Indian market since 2017 in the General Insurance as
well as Life Insurance market. The primary ideology behind setting up a local shop in India
came after a successful micro insurance campaign run by Briisk over a course of 2 years
where more than 15,000 individuals from financially disenfranchised society were brought
under the umbrella of insurance.
Briisk is a high growth technology company. Our core service is an instant transaction
platform for the digitisation of the insurance and financial services sector.
Connected to this instant transaction platform, we provide the simple click-and-transact of
insurance products and financial services at any online market place:
Instant Insurance
Instant Credit
Instant Foreign Exchange
Briisk's business model is built on #FinTech and #InsurTech solutions and technology
innovation to deliver an instant customer-centric digital insurance and financial services
distribution solution.
Our clients range from Online Merchants, Reinsurers, Insurers, InsurTech companies,
Brokers, FX Brokers, Authorised Dealers, Credit Providers, Credit Originators to Developers.
Value propositions are access to instant transactions in the online marketplace, the
automation and digitisation of business processes, to the access to regulations-compliant
innovative insurance and financial services products.
Insurance products available for click-and-transact: Travel Insurance, Funeral Insurance,
Social Liability Insurance, Medical Emergency Insurance, Medical Gap Cover, Car Hire
Excess Insurance, Mobile Screen Cover Insurance, Travel Booking Guarantee, a.o.
Some functionality of our platform:
- Click-and-transact Insurance Product Builder for product features and pricing
- Regulation compliant landing pages for customer journey and UX for transactions of
insurance products
- REST API marketplace integration:
- Instant Insurance Product API
- Instant Credit API
- Payment service integration: Credit card, EFT, direct debit
- E-commerce dash boards, tracking and reporting for insurance product transactions:
conversion and attribution data.
- Omni channel integration: Web, mobile
- KYC and FICA Verification
- WordPress Plug-in Further:
- Product development expertise: Technical implementation and integration, A/B testing
INTRODUCTION
As a part of Masters of Business Administration course of Jagran Lakecity University
Bhopal, and for the fulfillment of this course, I had to go through a seven to eight weeks of
summer training in a reputed organization, which would lead to the development of my
managerial skills and gives me a glimpse of practical knowledge and market dynamics.
I joined Briisk Insurtech Pvt. Ltd. Hydrabad Branch for the successful fulfillment of my
summer training program, and my tenure of summer internship program was from 17 june
2022 to 10 August 2022. Briisk Insurtech Pvt. Ltd. is one of the big insurance providers and
project specialists Founded in India in 2017, Briisk Insurtech Pvt. Ltd. offers Insurance
policies such as individual plans and group plan for the customer.
ROLE
As a part of internship of Briisk Insurtech Company in a light of mentor Mr. Maheshwar Sir.
He taught me about the life Insurance terms and policies and he also let me know how to deal
with people, how to start conversation with rendom, how to let they know about your work
between conversation.
He taught me digital marketing plateform after completing the session our mentor gives us
target that you have to covert atleast five people and sale our Life Insurance Policy.
I had done my internship from Briisk Company and my job role was to covence people and
motivate to purchase our policies. Then I started making calls to my family, relatives, friend,
neighbour everyone whom I know and covence them to purchace the Life Insurance Policy.
This is our role in intership and mandatory too get internship certificate.
SCOPE
The study will help to understand the marketing scenario of insurance industry.
It may help the company to know its strength and weakness.
The study may help to know the drawbacks of HDFC Sanchay Plus Life Insurance Policy as
a competitor in the insurance industry.
This study may help the company to know its position as a competitor in the insurance
industry.
This will add value to know the most preferable product of the company among the
customers.
INDUSTRY PROFILE
Briisk is a late stage insurtech startup, Founded in 2016. Today we are in a team of 23 with a
focus of emerging market. Our local team operate from Cape Town, London, Banglore,
Istanbul, Munich and Nairobi.
Industries
B2B
B2C
Financial Services
FinTech
Information Technology
Insurance
InsurTech
Software
Operating Status Active
Also Known As Briisk
Legal Name Briisk Ltd.
Company Type For Profit
Contact Email Hanno@briisk.io
Briisk is a late-stage InsurTech start-up, founded in 2016, with a focus on emerging markets.
Briisk helps its clients to automate processes, digitise and innovate insurance products and
explore new distribution channels, thereby reducing cost, increasing revenue and delivering
more value for their customers. Local teams operate from Cape Town,
London, Bangalore, Istanbul, Munich and Nairobi. Vision: Briisk connects insurers to
uninsured and underinsured mass-market customers across Africa and India through fully
digitised, scalable distribution channels. Briisk Connecting > Insurers | Distributors |
Customers
Details of the last annual general meeting of Briisk Insur- Fintech Private Limited are not
available. The company is yet to submit its first full-year financial statements to the registrar.
Briisk Insur- Fintech Private Limited has two directors - Manish Kumar Jha and Devaraj
Sudha.
The Corporate Identification Number (CIN) of Briisk Insur- Fintech Private Limited is
U72900TG2021PTC148309. The registered office of Briisk Insur- Fintech Private Limited is
at VILLA-23, GOKUL BRINDAVANAM, BORRAMPET KPHB COLONY,
KUKATPALLY, HYDERABAD, Hyderabad, Telangana.
LIMITED
CIN
U72900TG2021PTC148309
INCORPORATION DATE / AGE
04 February, 2021 / 1 yrs
LAST REPORTED AGM DATE
Not Available
AUTHORIZED CAPITAL
INR 1.0 Lacs
PAIDUP CAPITAL
INR 1.0 Lacs
INDUSTRY
Computer Related Services
TYPE
Unlisted Private Company
CATEGORY
Company limited by Shares
SUBCATEGORY
Non-govt company
EMAIL ADDRESS
Login for email address.
WEBSITE
Website not known. Click here to let us know.
REGISTERED ADDRESS
VILLA-23,GOKUL BRINDAVANAM, BORRAMPET
KPHB COLONY, KUKATPALLY
HYDERABAD
Hyderabad - 500085
Telangana - India
The longest serving director currently on board is Manish Kumar Jha who was appointed on
04 February, 2021. Manish Kumar Jha has been on the board for 1.558904109589041 years
and 0.0 months. The most recently appointed director is Devaraj Sudha, who was appointed
on 23 June, 2022.
Manish Kumar Jha has the largest number of other directorships with a seat at a total of 1
companies. In total, the company is connected to 0 other companies through its directors.
04 February, 2021
DEVARAJ SUDHA
Director
Trends of Company
COMPANY PROFILE
Definition of “ Bank “
The term bank apparently owes its origin to the “bank” or bench used by the moneychangers
during the middle ages.
In some legal texts in India, the banking company is defined as the one which transacts the
business of banking which means accepting, or the purpose of lending and investment of
deposits of money from the public, repayable on demand or otherwise and withdrawals by
cheques, draft, order or otherwise.
Phases of Banking
The Banking system in 3 phases.
Phase 1: 1786-1969 > The Pre-Independence Era
Phase 2: 1969-1991> The Post independence Era
Phase 3: 1991- Present> The Modernization Era
History of Insurance
• Origin & evolution of the insurance sector
• Origin of insurance
• Evolution of insurance through the ages
• Different phases of insurance in India
• Current scenario & challenges
• History in the Early Ages of Human Society:
• Insurance in some form is as old as a historical society.
• Back in 3000 BC Insurance had a broader, more charitable purpose. For instance,
ancient societies will pool money, so that deceased members of the society could
receive a proper burial.
• The Babylonian merchants of that time called Insurance as Bottomry contracts
History of Life Insurance
• The origins of life insurance can be traced back to 600–100 BCE in ancient Greece
and Rome. Some of the residents of these advanced early societies were covered by
health and life insurance.
• In ancient times, a Roman military general named Gaius Marius is said to have
devised a sort of "burial club" among his fellow soldiers in which, if one of them was
killed in a military campaign, the survivors would join together to pay for the funeral
expenses.
• While the concept was initially applied primarily to soldiers, it expanded across
ancient Rome and was eventually accepted by ordinary residents. These tiny
organisations eventually expanded on this concept to provide a financial safety net for
the families of those who had died in combat.
Objectives
1. Product
Integrate a product API from any insurer. Configure and customise any insurance product
2. Distribution
Identify and integrate into new distribution networks
3. Underwriting
Automate quoting and underwriting processes
4. Policy Sales
Create simple customer onboarding processes and points of sale
5. Administration
Manage customer and product data to create policies and integrate into policy and
CRM systems
SWOT ANALYSIS
Organisational Structure
Value Chain
ROLE/ TASK/ EXPERIENCES/ OBSERVATIONS
We are interns in Briisk Insurtech pvt.ltd where our job is to convince people for purchase the
life insurance and health insurance policies etc. So for selling insurance we have to call the
people or meet people like our Neighbors, Family, Friends, Reletives and we let them know
the benefits of insurance and trying to convince them. Then after convincing our clients we
provide the best deals for them so that they can buy insurance easily. After that we call our
Coordinator Mr. Maheshwari sir for further process and that's how we do our job.
KRAs
We had to find someone in our area who can take insurance who needs insurance. We used
to talk to many people but we did not get success everywhere, someone refused and there
were many people who did not trust this company. Then we had to assure that this company
is trustworthy. Its branch is all over the world. Every noon we used to have a session in
which our mentor used to ask us till where the production took place. What is the status of
production? We faced a lot of challenges because people already knew about a big company.
After a lot of effort we did the production and we made profit to the company then after
going we completed our internship and we got internship certificate.
Observations/Challenges
1. Lack of trust
This is a reason why many individuals don`t bother with insurance. Many insurance firms fail
to pay claims, and they don`t own up to offering some benefits. Therefore, most people just
see insurance as one of the unnecessary expenses. Many insurance firms do shut down
because of financial challenges and individuals who are the victims of the loss don`t even
think twice about purchasing insurance policies.
2. Competition
Today, there are many insurance firms on the market and therefore there is an intensive
challenge for insurers. Each company looks for the best way of selling their insurance
products in the best possible way and targets a particular group of individuals. Most
insurance businesses, especially the new ones are the most doubted companies. In fact, most
people trust some of the existing insurance firms compared to the new businesses since the
new enterprises are operated on a thin line between failure and success—and no one will
want to take such risks with the little among of money that they have.
3. Mismanagement
As the owner of the insurance business, one is solely responsible for all issues that his or her
clients may have regarding the management of the insurance business. All insurance firms
that are mismanaged can`t hide their faults for a longer time without the clients noticing. As
time move, there will be a constant increase in the number of clients` complaints, and if his or
her insurance firm is not transparent, then he or she will lose more customers. Also,
incompetent management may cost the company a lot, particularly if they have poor
communication with their clients.
In case an individual`s premiums are high, he or she should not advertise. They should look
for a market for that policy instead of lying to the general public or even form strategies
whereby the clients cut on expenses like providing no-exam life insurance quotes.
4. Economic instability
When the country`s economy is down, all insurance companies will be affected. At such
situations, the rates can be affected such that the insurance companies might be forced to
increase their rates, just like interest rates on credit facilities provided by financial
institutions.
Of course, no client will appreciate this, even if it is stated clearly in the contract that the
insurance rates might change from time to time. Therefore, such situations might create a bad
image for a company since costumers can spread the information about a service or product
they were not happy with very fast.
5. Weak manpower
Non-professionals run many of the insurance companies today. In fact, many people think
that what it takes to be an insurance professional is just some knowledge of monetary studies
with no specialized training. Indeed, this has majorly affected the dependability and
operations of insurance firms in this century.
These are some of the biggest challenges that are faced by insurance companies. They
include mismanagement, economic instability, lack of trust, and competition among others.
Frederick Winslow Taylor developed and published his Scientific Management Theory in
1909. At its core, scientific management theory believes that it is vital to find the most
effective way to complete each and every task, no matter how small. In the early 1900s,
managers would give orders to their workers with no guidance on how to accomplish them.
Managers and employees rarely, if ever, had interaction with one another. Taylor believed
this was an inefficient way to operate a business and recommended some key changes.
Taylor argued each task should be completed as efficiently as possible. In addition, everyone
should be assigned a particular job based on their skills and abilities and must be evaluated
based on the quantity and quality of their work. Taylor did not think it was fair or cost
effective to pay every employee the same amount, regardless of their output. While this may
sound like common sense today, this was a ground breaking idea in the early 1900s. Another
big component of scientific management theory is the idea of training and development.
Taylor argued it was extremely important to monitor and train your employees on the tasks
they are assigned to. By ensuring your employees are efficient at their work, the output will
be larger and of a higher quality.
One part of the scientific management theory that is not common today is the idea that
managers strictly manage and employees simply work. Nowadays, most companies offer
room for growth and advancement for their employees as opposed to keeping a distinct
barrier between management and employees. This theory had a huge impact on the way
companies operated and how they were able to create a more balanced pay system, better
training, and a more efficient workforce.
Administrative management theory was developed by Henri Fayol in the early 1900s and is
considered to be highly relevant even today. Fayol created fourteen principles which he
believed outlined the basis for strong and successful companies. It is important to know that
Fayol agreed with many of Taylor’s ideas and ideologies, however, the main difference is
that Taylor focused on the process of completing the work most effectively, and Fayol
focuses on the organizational structure of a company as a whole.
Some of Fayol’s principles included a clear division of labor, ensuring each employee had
only one direct manager to report to, and a healthy manager-employee relationship. Another
important part of Fayol’s administrative management theory is the idea that everyone in a
company should be aligned by organizational goals. Fayol believed that organizational
structure was vital to the success and productivity of a company
As the title implies, Human Relations Management Theory is centered around human
interactions and relationships. Elton Mayo believed that all early management theories only
focused on how money affects employee performance. He believed there were more factors
that influenced how employees behaved and performed at work. To test his theory, he began
a study at Chicago’s Western Electric Hawthorne Plant in the 1920s and 1930s and created
his own management theory based on his findings which are more commonly known today as
The Hawthorne Effect.
The initial goal of the Hawthorne Study was to determine how changing the lighting would or
would not affect employee productivity. They began the study with a small group of
employees who they interacted with throughout the process. The study found that regardless
of how they changed the lighting, productivity increased. When they were unable to make a
connection as to why productivity improved, they began branching out to other departments
to see if the results were similar. They realized that the lighting changes did not affect
productivity but instead the daily interactions with the employees throughout the process
motivated them to work more efficiently and increase their output. They allowed employees
to voice their opinions, frustrations, and successes which in turn helped the employees feel
more valuable. In addition, since they knew they were being monitored, they were more
motivated to perform on a higher level. This was a revolutionary discovery that put the
spotlight on human relations and highlighted the importance of individual and group
dynamics.
Learning lessons
Be flexible.
knowledge. During the course of my internship with Max Life Insurance, I got
the opportunity to learn a lot about insurance in general and was able to study in
detail the various plans offered by them. This also provided me with the
exposure to be able to understand the insurance industry better and the various
can conclude that there have been a lot I’ve learnt from my work at Briisk . It
was a good experience and memory with my other intern and mentor. Needless
to say, the technical aspects of the work I’ve done are not flawless and could be
fonctional web service. Two main things that I’ve learned the importance of are
https://www.briisk.io/
https://www.crunchbase.com/organization/briisk-f63f
https://cdn2.hubspot.net/hubfs/4828551/briisk_brochure
https://research-methodology.net/british-airways-value-chain-analysis/
https://www.toppr.com/guides/business-studies/organising/organisation-
structure/