A

PROJECT REPORT

ON

“Insurance”

AT

Royal Sundaram Insurance Company

BY

Ms. Prasad Kritika Nandlal

Name of the guide

Prof. Mangesh Javkhedkar

SUBMITTED TO

SAVITRIBAI PHULE PUNE UNIVERSITY

In partial fulfillment of Master of Business Administration (MBA 2018-2020)

JIMS JAYAWANT INSTITUTE OF MANAGEMENT STUDIES,

TATHAWADE PUNE 411033

 DECLARATION

I hereby declare that the Project work entitled “Insurance” At

Royal Sundaram Insurance Company submitted to the requirement for the
award of degree of Master of Business Administration University of Pune, is a
record of original work undertaken by me and the conclusion drawn therein
are based on the material collected by myself under the supervision and
guidance of Prof. Mangesh Javkhedkar, Jayawant Institute of Management
Studies, Pune.

I also declare that this project work has not been submitted to
any other university or institution for award of any degree.

Place: Prasad Kritika Nandlal

Date:
 ACKNOWLEDGEMENT

I am very much thankful to the management of Royal Sundaram Insurance

Company for following me to complete the project entitiled “Insurance”.

I would like to thank Ms Reshma Sambre and Team for giving me a great
opportunity to carry out the project in this business organization.

I am also thankful to Dr. Priyanka Singh – Director JIMS, Prof. Mangesh

Javkhedkar, Mr. Manesh Palav and all the staff memebers who indirectly gave
me their valuable time and the information whenever needed and all the
operators who made it possible by giving their information and time.

Last but not the least, I would like to thank y college JAYAWANT INSTITUTE OF
MANAGEMENT STUDIES, TATHAWADE. And HOD Dr. Bipin Bankar and my
project guide Prof. Mangesh Javkhedkar for encouraging inspiring me
throughout the work.

Project guide for their suggestion guidance and inspiration

that facilitaties successful completion of this assignment.

Prasad Kritika Nandlal

 INDEX

SR. No. CONTENT Page No.

I Company Certificate

II College Certificate

III Declaration

IV Acknowledgement

1 Executive Summary 1

2 Introduction 2

3 Company Profile 4

4 Objective and Scope 5

5 Research Methodology 7

6 Data analysis and interpretation

7 Finding

8 Suggestion

9 Conclusion

10 Limitation

11 Bibliography
 EXECUTIVE SUMMARY

The project “Insurance” it is a means of protection from

financial loss. It is a form of risk primarily used to hedge against the risk of a
contingent or uncertain loss.

 An entity which provides insurance is known as an insurer, insurance

company, insurance carrier or underwriter. A person or entity who buys
insurance is known as an insured or as a policyholder.
 The insurance transaction involves the insured assuming a guaranteed
and known relatively small loss in the form of payment to the insurer in
exchange for the insurer's promise to compensate the insured in the
event of a covered loss.
 The loss may or may not be financial, but it must be reducible to
financial terms, and usually involves something in which the insured has
an insurable established by ownership, possession, or pre-existing
relationship.
 The insured receives a contract, called the insurance policy, which
details the conditions and circumstances under which the insurer will
compensate the insured.
 The amount of money charged by the insurer to the policyholder for the
coverage set forth in the insurance policy is called the premium.
 If the insured experiences a loss which is potentially covered by the
insurance policy, the insured submits a claim to the insurer for
processing by a claims adjuster.
 The insurer may hedge its own risk by taking out reinsurance, whereby
another insurance company agrees to carry some of the risk, especially
if the primary insurer deems the risk too large for it to carry.

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 INTRODUCTION

In ideal risk management, a prioritization process is

followed whereby the risks with the greatest loss (or impact) and the
greatest probability of occurring are handled first, and risks with lower
probability of occurrence and lower loss are handled in descending order. In
practice the process of assessing overall risk can be difficult, and balancing
resources used to mitigate between risks with a high probability of occurrence
but lower loss versus a risk with high loss but lower probability of occurrence
can often be mishandled.

Intangible risk management identifies a new type of a risk

that has a 100% probability of occurring but is ignored by the organization due
to a lack of identification ability. Risk management also faces difficulties in
allocating resources.

Insurance allows individuals, businesses and other entities

to protect themselves against significant potential losses and financial hardship
at a reasonably affordable rate. We say "significant" because if the potential
loss is small, then it doesn't make sense to pay a premium to protect against
the loss.

Insurance is appropriate when you want to protect against a

significant monetary loss. Take life insurance as an example:- If you are the
primary breadwinner in your home, the loss of income that your family would
experience as a result of our premature death is considered a significant loss
and hardship that you should protect them against. It would be very difficult
for your family to replace your income, so the monthly premiums ensure that if
you die, your income will be replaced by the insured amount.

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 A large group of people who want to insure against a
particular loss pay their premiums into what we will call the insurance bucket,
or pool. Because the number of insured individuals is so large, insurance
companies can use statistical analysis to project what their actual losses will be
within the given class.

They know that not all insured individuals will suffer losses
at the same time or at all. This allows the insurance companies to operate
profitably and at the same time pay for claims that may arise.

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 COMPANY PROFILE

Royal Sundaram General Insurance Co. Ltd. (formerly known

as Royal Sundaram Alliance Insurance Company Limited), a subsidiary
of Sundaram Finance Group, is the first private sector general
insurance company in India to be licensed in October 2000 by the Insurance
Regulatory and Development Authority of India.

The company was initially promoted as a joint venture between

Sundaram Finance, one of the most respected Non-Banking financial
institutions (NBFCs) in India.

Royal Sundaram Insurance Company have different branches but

the main company is in Chennai and one of the branch is located in
Shivajinagar, Pune. The organisation is a congregation of highly motivated
team of professionally qualified and experienced persons who are committed
to add value and optimize the benefits accruing to clients.

This organisation is very well known in the market for all types of
insurance that is Home insurance, Health insurance or Life insurance, Car
insurance and also they clear the claims but this is cleared only when the
customer issues the car insurance policy.

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 OBJECTIVES

My project on “Insurance” is meant to study the nature of

different insurance available in the market and then finally suggest the same to
the clients in the form of a structured product. I do this by suggesting the sales
manager to go for all the insurance that can fetch out real goods returns to
them in future, as per their risk appetite regarding the insurance and their
needs. I also suggest them about the schemes that can opt for and the one’s
which can bring a huge value addition in insurance.

Objectives are given below:

 To study the insurance

 To study the various competitors available in the market

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 SCOPE

This study reveals the various insurance avenues available in

the market. It focuses the various factors that are to be considered for the
performance evaluation of the fund. It gives guidelines regarding how one can
maximize his returns with minimum risk. The study of covers that are
mentioned in insurance which becomes easy to explain to the clients.

The study of various schemes does not try to say that a particular scheme is
best for all Insurance. Each scheme has its respective risk – return profile.

The following insurance avenues has been studied by the researcher:

 Life Insurance

 Property Insurance

 Car Insurance

 Family Insurance

 Travel Insurance

 Fire Insurance

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 RESEARCH METHODOLOGY

Research has its special significance in solving various

operational and planning problems company. Research methodology is a way
to systematically analyze the research problem.

Development of Working Hypothesis:

When you buy an insurance policy, you make yearly

payments called premiums, to purchase protection from monetary
repercussions related to things like accidents, illness or even death. The
amount of the premiums is based on the coverage needs, your personal history
and in some cases, your age, health and even where you live.

Collection of Data:

The research is solely based on primary research done by

means of questionnaires targeted to respondents who primarily belong to the
company.

It is very essential in the research process to know the accuracy of finding’s

which depends on how systematically the study has been carried out so that it
can make sense.

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I have executed