INTERNSHIP 2019

Second Report (Annexure-II)

STUDENT ENROLMENT NO : PGD18045

STUDENT NAME : HARSHINI.K
COMPANY : PRAGMATIC INSURANCE
BROKING SERVICES LTD
LOCATION : SUITE NO 306 ,ASHOKA
SCINTILLA BUILDING,
HIMAYATNAGAR,
HYDERABAD-500029
NAME OF FACULTY GUIDE : K.KIRANMAYI

On-job Training:

Topic of Internship : Practice of Underwriting of General Insurance

Policies

 I was assigned to study about various policies usually issued to cover the Industrial
Risks, Mega Risks and Project Site Risks like Fire Insurance, CPM, EAR,IAR,
CAR, Plate Glass Insurance, Burglary & Theft Insurance, Money insurance and
many more.
 Once I gained with regard to various polices ,I have studied and understood the
format for preparing the RFQ by referring to past RFQ’s of the firm , so that I
could prepare it in an efficient manner.
 Preparation of RFQ for International paper manufacturing industry -Based on their
risk coverage requirement ,I have suggested Mega Industrial All Risks Insurance
policy, which covers fire and Machinery breakdown as the client has heavy plant
and machinery equipment .I have prepared RFQ considering the risk and added
coverages like involuntary betterment clause, Interdependency clause etc and
forwarded the RFQ to various insurance companies and they have calculated the
premium accordingly and sent the Quotes.The client had decided to take Insurance
policy with United India New Assurance Co Ltd ,which quoted a least sum insured.

 Preparation of RFQ for a group health policy -The client ,Telangana Advocates
Association, requested for a group health policy covering the health of its
employee’s as well as the family of the employee i.e self, wife and children aged
above 21 .I have prepared a tailor made Group Mediclaim Floater policy with sum
assured between 3 Lakhs – 5 Lakhs and the cover included day care treatment
,ailment caps, maternity ,pre and post hospitalization expenses etc, and prepared
the RFQ after and forwarded to various insurance companies and closed the deal
with National Insurance company ,which as quoted the sum insured with least
premium depending on the age of the employees and family members.

 Apart from working on my project, I got to work in Intech solutions ,which is a

surveyor and loss assessor and which deals with claims settlement of various
policies like CAR, fire etc. I got an opportunity to understand claims process by
referring to claim files and prepare a Survey Report.

Synopsis:

 Firstly, I gathered insight of the role of a broker in Insurance industry by

thoroughly understanding the rules and regulations they abide to and the
functioning of a broking firm by referring to the IRDAI guidelines to the
Insurance Brokers.They work on behalf of the clients and assist them in choosing
the policy that are as per their requirement .With the information obtained they
provide requisite underwriting information as required by an insurer in assessing
the risk to decide pricing terms and conditions for cover and prepare Request For
Quote (RFQ) on behalf of their clients and negotiate with various insurance
companies in order to get the policy with least sum insured.
 I got an in depth knowledge about all the non-life policies and the various
inclusions, exclusions, conditions, warranties, clauses and many more.
 This gained expertise helped me to have an in-depth as well as practical
knowledge about the rating procedure of different policies and preparing the
“Request for Quote” for mainly GPA, GMC, Fire and other policies that can be
issued to cover the mega risks.

Date:16-5-2019
Name of the faculty :K. Kiranmayi Signature of the Faculty: