Learning as a Student Intern

Duties and Responsibilities

I joined Head office of ASIC insurance for my internship of six weeks. There was a lot of work and opportunity for me to understand how work is carried out. I tried my best to exploit this opportunity.

Following are the duties and responsibilities which are assign to me in the ASIC.

• · Check the intimations on daily bases
• · Preparation of Folder (Insured)
• · Collect Insured Details
• · See the premium is paid or not.
• · Check the surveyor which one is hire, list down the name of surveyor
• · See the Estimate of losses
• · Read out the surveyor reports
• · Compare the Pre-Insured Pics and Damage pics
• · Policy and claims preparation
• · HR Duties

Accomplishment

I've gains the following types of accomplishments

• a) Meetings facilitated
• b) Paperwork processed
• c) Teamwork
• d) Teamwork
• e) Customer service excellence
• f) Positive attitude
• g) Company support
• h) Morale boosting
• i) Time Management

New Knowledge Acquired

· During the training I worked in different departments of the ASIC.

I was able to get a complete idea of the working of an insurance company.

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It was a very knowledgeable experience for me. · One can have a complete picture of the different activities and expenses by sitting in "Claims". From this perspective it was a knowledgeable experience for me.

· I got knowledge how to verify the information and documents according to various angles and after verification of documents and prices than issue the claim check. By working with him the claim settlement Procedure became very clear. During work in claim department I got knowledge about various forms and their uses like policy form, claim intimation form, accident report form, survey form, satisfaction note, claim disbursement voucher, bank payment voucher etc.

· For better productivity, the higher management must conduct proper seminars, workshops for all the employees so that they can have up-to date knowledge and they would be able to increase their skills. · I Learn, how the HR, Claim and accounts department are working. · How to satisfy or solve the query brought by the employees or the higher officials. · How to face the problems and get the solution to it.

Problems Encountered

During the internship I face some problems and difficulties.

• · Oracle software is very slow, sometimes it's stops working. Our work is stop when Oracle is going to slow or stop.
• · They have some excel sheets, it is very difficult to arrange and maintain these sheets. It's takes much time. For these, they must have software.
• · Past year folders are also pending, this is very difficult to me for finding past year folders and their details

Impact of Internship in Career:

With the internship we get a lot of knowledge. For the student it is very good opportunity the learn about the Industries, which is useful in future for their profession. Every Industry see your experiences in your cv. And internship have vital role for the Career. It is better than Career.

Internship Weekly Report

There are the following my weekly activities as I've done during the internship

8 hrs. - Tuesday (Week 1)

This was my first day as an internee in Asia Insurance Company Limited (ASIC). And following activities I've done as an internee.

• · Basic Knowledge about Insurance
• · Read the Insured Folder
• · Enlist the attachments (needed) in the Insured Folder
• · Type of Intimations

8 hrs. Tuesday (week 2)

Second week activities

• · External Surveyor Report
• · Internal Surveyor Report
• · Types of Policies
• · Types of Claims
• · Satisfactory Note

8 hrs. Tuesday (Week 3)

• · Claim Form
• · Policy Form
• · Surveyor estimate and actual bill report
• · Underwriting
• · Under Insurance Policy
• · Learn about excel sheets and Oracle Software
• 8 hrs. Tuesday (Week 4)
• · Use Oracle Software - Hire the Surveyor
• · Use Oracle Software - Make the Claim Report
• · Use Oracle Software - Attach the Policy Report
• · Use Oracle Software - Make the Comprehensive private vehicle list
• · Use Oracle Software - Make the Comprehensive Public Vehicle List
• · Use Oracle Software - Make the Miscellaneous Report

8 hrs. Tuesday (Week 5)

• · Excel sheet - Updating Claims records
• · Resignation Letter
• · Appointment Letter
• · Offer Letter
• · Job Reporting
• · Cover Letter
• · Salary Sheet

8 hrs. Tuesday (Week 6)

• · Issuance of Cheque & Letter
• · Auditing of Surveyor Bill
• · Billing Record
• · Petty Cash Record
• · Payroll
• · Tax and VAT Calculation

And the end of the day of my internship I met to management of Claims, Accounts, Underwriting, and HR. And discuss about what I learnt and how actually they are working.

Conclusion and Recommendation

One of the most important aims of the student life is to express him / her correctly and adequately. This was believed in my mind when I first decided to go to Asia Insurance Company Limited (ASIC) to complete my internship program.

The company has been growing both in size and profit for past few years and has a good repute in the market. It is expected to offer increased competition in the business as more insurance companies are in the market. With their focused strategy and product development initiatives planned for the year, ASIC is strongly positioned to meet these challenges. ASIC has very well repute in the market overall insurance company is going well and doing a good business. At present there is no such organization in the world that is free from problems and challenges. Every concern has to strive and struggle a lot to be more profitable and to get a more competitive edge.

While conducting this report I faced some problems in getting the data as at websites data and Financial Reports are not managed very well. The knowledge of what I have studied in B.com (Hons.) also came in handy. Once everything was found out it got very interesting.

I am very thankful to all the employees of ASIC, my friends and teachers and my brother. Who all help me in the preparation of this internship report.

Recommendation

I will like to give some recommendations because it is requirement of my report. There are few problems for that I have tried to give few recommendations that might help company to improve.

• · Better training courses should be arranged for the up lifting and improving the quality of work of employees.
• · There is also a problem of work overload for the employees and it should be control properly so that the employees are motivated. Responsibilities are also not equally divided between employees.
• · System and operations should be more defined and organized.
• · ASIC management should give more incentives to the staff because they are the asset of company. There are so many incentives for officers, but staff is ignored that is why staff members looked some demotivated.
• · IT draw backs should be improved.
• · Expenses must be control, which are very high.
• · Islamic mode of insurance is emerging rapidly so ASIC should reorganize its strategies and introduce some pure Islamic products or invest only in interest free business. Takaful as an Islamic insurance working but not progressing very well