...A REPORT ON INDUSTRIAL ATTACHMENT AT CORPORATIVE INSURANCE COMPANY UNIVERSITY OF ELDORET SCHOOL OF BUSINESS AND MANGEMENT SCIENCE PRESENTED BY KENNEDY OCHIENG` OBIERO REG. NO: BBU/008/2011 September, 2014 CIC Insurance Group Acknowledgement This attachment was possible thanks to the cooperation and support of a number of people, who have enabled me gain much more than what the scholastic or industrial aspects of the program could have given. I am grateful to them all, and would like to express my appreciation to the following people: Mr. Joel Ochieng`, my Industrial Attachment supervisor in CIC, for sharing enthusiastically with me his experiences in insurance. I am sincerely indebted to him for supporting and assisting me thus contributing to the success of this industrial attachment. ................., the school supervisor from the University of Eldoret, who has helped in coordinating with the administration stuffs and provide valuable assistance in my logbook and report writing. I wish to thank the Almighty God for seeing me through all circumstances during the course of my study. Let his holy name be glorified. More thanks go to my group mates for their constructive criticism that enriched my way of thinking. Table of content Summary of the report Life insurance is an important aspect of the social-economic development of the society. It helps to safeguard the future while also ensure some savings that can be used in a later date. Despite...
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...+ = INSURANCE OVERVIEW Understanding Insurance INSURANCE LIFE GENERAL Insurance is a system to alleviate financial losses by transferring risk of loss from one entity to another. ‘Insurance’ is basically a sharing device. The losses to assets resulting from natural calamities like fire, flood, earthquake, accidents, etc. are met out of the common pool contributed by large number of persons who are exposed to similar risks. This contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events which are beyond the human control. Secondly insured person should not make any gains out of insurance. It is natural to think of insurance of physical assets such as motor car insurance or fire insurance but often we forget that creator of all these assets is the human being whose efforts have gone a long way in building up the assets. In that sense, human life is a unique income generating assets. Unlike the physical assets, which decrease in value with passage...
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...The Germania Life Insurance Company survived the Civil War, World War 1 and 2, the depression, recessions, and more. The company has learned to grow and adapt to the many changes that it faced. In the first two years of its operation, the company had insurance agencies all across the US in states that included Colorado, the Dakotas, New Mexico, and Arizona. In 1868 they became the first US insurance company to open an office in Europe. However, with the changes in the business world brought about by World War 1, Germania discontinued doing business in Europe 1917. At the end of that same year their name changed to The Guardian Life Insurance Company of America. In 1911 they moved to Union Square in Manhattan and for 85 years this office would serve as the headquarters for Guardian. After the company saw many years of growth and expansion the decision was made to provide more regionalized home office functions. Therefore, in 1982 three branch offices were created in Pennsylvania, Wisconsin and Washington State. Guardian started out as a company that was based on mixed stocks and mutual but in 1925 they switched to a full mutual company. Therefore, there are no stockholders or private owners. Policyholders own Guardian and when the company experiences monetary growth; it is shared with the policyholders in the form of a dividend. Guardian has been paying dividends every year since its inception in 1868. Today Guardian, well known as a strong and stable company, has grown to become...
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...leader in contract-based business process outsourcing services, has been successful in acquiring high-profile customers (e.g. Verizon, FedEx & Starbucks, among others) across a wide variety of industries. Despite Convergys’ impressive customer list, the company has seen its operating margin decrease about 20% over the past 5 years. Key decision makers within the company believe that this decline is due, at least in part, to issues relating to client retention and acquisition strategies. At present, Convergys classifies its customer accounts into 3 tiers: A, B & C. “A” customers are considered to be of highest value, followed by “B” and “C” customers. Although the idea of internally segmenting customers to most effectively allocate company resources (to maximize profit) is sound, the segmentation strategy ought to be well designed and it must incorporate metrics that reflect specific attributes of the industries being served, while at the same time aligning with Convergys’ overall philosophy and business objectives (such as growth, for example). As evidenced by the continuous decline in Convergys’ operating margins over the past 5 years, contrasted with the high quality service it provides and the growth of the specific companies and industries it services, it is apparent that Convergys’ approach to growth is not particularly effective. In this case analysis, we will provide recommendations on strategies Convergys could implement to better segment and service key customers,...
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...Insurance Matrix Type of Insurance Functions Example of Company Coverage Characteristics Auto The function of auto insurance is to protect drivers when they are involved in a collision or other type of incident such as fire, theft, or a natural disaster. The insurance company will pay the cost of repairing the vehicle or vehicles dependent upon which type of insurance the person at fault has purchased. Some types of insurance will also cover medical bills for injuries received as the result of an accident. State Farm Insurance Shelter Insurance USAA Allstate Insurance Geico Insurance Progressive Insurance AIG Insurance Medical payments Bodily injury Collision Comprehensive Uninsured motorist No fault Liability Underinsured motorist Towing Home Home insurance provides coverage for damage or destruction of the policyholder's home. It pays for damage by certain events such as fire, rain, wind, hail, or other natural occurrences. It can also cover losses due to theft or injuries on the property. Some areas have insurance specifically for earthquake or flood damage. State Farm Insurance AIG Insurance Allstate Insurance USAA Insurance Progressive Insurance Geico Insurance Farmer’s Insurance Liability Protection • Injuries and accidents • Lawsuits Personal Property Protection • Buildings and structures • Personal items • Living expenses Health Health insurance is purchased to pay expenses incurred as a result of an accident or illness. It covers...
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...Associate Level Material Appendix E Insurance Matrix |Type of Insurance |Functions |Example of Company |Coverage Characteristics | |Auto |To provide financial protection against physical |Nationwide, GEICO, State Farm, Progressive, Allstate, |Liability coverage pays for the legal responsibility | | |damage or bodily injury resulting from traffic |Amica. |to others for bodily injury or property damage. | | |collisions. | |Policies: (PAP) Individual coverage and family | | | | |automobile. (FAP) for several people in a family who | | | | |are driving the same car. | |Home |To cover the cost of re-building or fixing a home |Farmers, Allstate, Liberty Mutual. |Liability; responsibility for another person’s losses.| | |damage or destroy by fire, theft or other...
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...Top 10 Insurance Companies in India Author: Administrator Saved From: http://www.knowledgebase-script.com/demo/article-994.html The insurance sector in India has undergone a number of phases since its inception in 1818. The insurance sector gained real momentum in the last decade when the Indian government allowed private insurance companies to furnish insurance products. Moreover, India welcomed foreign direct investment up to 26% in the insurance sector and since then it has been booming, capturing every opportunity for growth. Top 10 Insurance Companies in India Here is the list of top 10 insurance companies in India. 1. Life Insurance Corporation of India (LIC) Selling Point: India's largest Insurance Company With estimated assets of Rs. 8 trillion (approximately $170 billion) and 2048 branches spread across India, LIC is not only the largest but the most popular life insurance company in India. Government-owned LIC still remains on the top even in the phase where there are many new players entering in the ring with customized insurance products. LIC has gained the consumer trust and credibility over the time that is essential to sustain in the insurance business. 2. Tata AIG Life Insurance Company Limited Selling Point: Insurance provider with the most reliable brand names Tata AIG offers a variety of insurance plans. The company has plans for everyone from children to students to corporate executives to senior citizens and it is the first private sector insurer...
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...Insurance is something that every individual should have in one way or another. Insurance is a form of risk management where the insured party has the authority to transfer the cost of the potential loss from an incident to another party in exchange for a premium. A premium is a document detailing the terms and conditions of the insurance contract. Insurance companies issue policies that protect individuals, business and other parties from the risk of a loss. Some insurance policies are a requirement of some companies for their employees. However, many policies are purchased to make the policy-holder’s feel at ease. Whether its auto, medical, life, liability, disability, or any other form of insurance there are, having the right kind of insurance is an important factor of any great financial plan. There are many different types of policies that insurance companies offer such as auto insurance, motorcycle, ATV, umbrella, homeowner’s, renters, condo, co-op, RV, life, boat, personal watercraft, flood, mobile home, overseas, commercial auto, business, identity protection, snowmobile, collector car, and even pet insurance. There are also many different insurance companies out there who offer some, if not all, of those insurance policies. Three popular and widely known insurance companies are Allstate, Geico, and State Farm. Each of them have their own specific target markets and have to work each day to attract new and existing customers. The Allstate Corporation was founded...
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...Persuasive Speech Persuasive Speech Purpose: Explain to the class the dangers involved with texting while driving and persuade them to stop allowing their phone take their mind off the road using the Monroe’s Motivated Sequence. Body First and foremost, texting while driving has become such a big issue among teenagers. Texting, in general, has become the thing to do. Student’s text now more than they talk on the phone. DWT has become most common in kids. A study conducted by Nationwide Mutual Insurance that was released this year found that 19% of all drivers -- and 37% of drivers between the ages of 18 and 27 ---text message behind the wheel. Secondly, the importance of not texting while driving is obvious; we all want to make it to our destination safely. According to SADD (Students Against Destructive Decisions) and Liberty Mutual Insurance Group, instant and text messaging while driving leads the list as the biggest distraction while driving. The study, released in July 2007 and conducted with more than 900 teens from 26 high schools nationwide, revealed that text-messaging while driving is becoming as dangerous as drinking and driving, in terms of inhibiting a teen’s driving abilities. Yet even while 37 percent of teens rated text messaging while driving as “extremely” or “very” distracting, they continue to send and receive text messaging in their moving vehicles anyway...
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...Initiatives Page - Recommendations Page - References Executive Summary This paper is designed to explain the diversity audit on New York Life. They are a large organization that has been around since 1869. They have been a life insurance company that has survived through many tragedies. They claim to be a very diverse workplace. New York Life has established a diversity program that states “The New York Life Supplier Diversity Program is designed to ensure that diverse businesses have equal access to our procurement processes. Currently, the businesses we include as diverse suppliers are minority-owned, women-owned and Lesbian, Gay, Bisexual and Transgender (LGBT)-owned businesses. Our program has the enthusiastic support of our Chairman, President and CEO, Ted Mathas. Some of our current initiatives involve exploring innovative approaches to facilitate diverse business inclusion in non-traditional areas like management consultants and investment firms. We will continue to expand our customer base for diverse businesses and participate in activities that will introduce the company to new diverse suppliers. We are also encouraging our prime suppliers to subcontract with diverse businesses in the performance of our contracts.” They have many company functions that live up to their diversity program. Now I want to find out if they live up to these standards. Do they really follow what they claim? Also, how well does the program work? Organizational...
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...Managerial Appls of Info Tech Table of Contents 1. Business problem statement 2. Company background 3. Discussion of business issues 4. Benefits of solving the problem 5. Business/technical approach 6. High level solution 7. References 1. Business problem statement Their mission is to provide financial security and insurance products and has a very important purpose, annuity and investment services for insurance products. Also to provide incentives for families and business owners to reach agreement to set appointments for financial services and several charities that with being a resource center of influence, and investigative units around them. 2. Company background Established in 1845 and located in New York, New York Life Insurance Company is a Fortune 100 company and is the oldest and one of the largest mutual life insurance companies in America. The New York Life maintains operations in all 50 states and many markets in Asia and Latin America. The Company holds the highest rating for financial strength from four major players in the industry life insurance rating. In 2010, New York Life Insurance Company posted record sales in the U.S. individual life insurance, an increase of 39% 1 in 2009 and far above the industry growth of 12% in 2010.2. The New York Life offers a large staff of experts to support all products and give them to personnel training for their first 36 months to guarantee they are fully informed of any decision...
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...Tourism KH travel company MGT 401 Entrepreneurship Prepared for Md. Lutfar Rahman Faculty of CBA, IUBAT Prepared by Name | ID | Program | Jasia Ahmed Romana | 09102088 | BBA | Md.Alamgir Hossian | 08102058 | BBA | Tahmina Akter Shilpi | 09102084 | BBA | Kh. Masrur Ferdous | 09102089 | BBA | Md. Saiful Islam | 09102068 | BBA | IUBAT— International University of Business Agriculture and Technology July 27, 2011 Letter of Transmittal July 27, 2011 Md. Lutfar Rahman Faculty College of Business Administration (CBA) IUBAT — International University of Business Agriculture and Technology Uttara, Dhaka Subject: Report on “Tourism (KH Travel Company).” Sir We are the attentive student of BBA program at IUBAT. We are so much glad to submit this report on “ Tourism (KH Travel Company).” with an Introduction to kind your appreciation. It was a great opportunity for us to work for a report on “ Tourism (KH Travel Company).” to implement the knowledge that we have learned in our academic career, mostly in activies, destination and business. We tried our level best to make this report to the required standard. We hope that this report will fulfill your expectation. We therefore, hope that you would be kind enough to go through this report for evaluation. Thanking You Jasia Ahmed Romana 09202088 __________ Keya Moni 09102046 __________ Tahmina Akter...
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...fulfilment of the B.Com Honours Degree in Insurance & Risk Management TiB INSURANCE BROKERS A Member of Trust Holdings Limited ATTACHMENT REPORT TiB INSURANCE BROKERS A Member of Trust Holdings Limited PREPARED BY: Seth Chimeri PROGRAME: B. Com Honours Degree in Insurance and Risk Management REGISTRATION NUMBER: N00801170C 1 SETH CHIMERI N00801170C 3RD YEAR WORK RELATED REPORT NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY (NUST) 2010/2011 Prepared in partial fulfilment of the B.Com Honours Degree in Insurance & Risk Management TiB INSURANCE BROKERS A Member of Trust Holdings Limited Executive Summary The National University of Science and Technology (NUST) was established by an Act of Parliament in 1992 and through the years it has become a beacon in churning top class graduates into the commercial and science industries in Zimbabwe. In a bid to preserve its well deserved reputation NUST ensures that all its students undergo one year work related learning in their respective career lines. This serves the imperative opportunity to bridge the gap between theory and the actual practice in the industry, thus enabling graduates from National University of Science and Technology to be the favourites countrywide, regionally and internationally. This report details my enriching experience during my work related learning at TiB Insurance Brokers as a fulfillment of the requirements of the Bachelor of Commerce Honours Degree in Insurance and Risk Management with the National...
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...Table of Contents Why Do Car Insurance Companies Use Credit Scores……….……………page 3 Information considered too determines score…………………….………..page 4 Professionals opposes this policy………………………..…………………page 5 Implementing Step Decrease Program………………………….………….page 6 Why Do Car Insurance Companies Use Credit Scores? Depending on which state an individual lives in , when a motorist submits for automobile coverage they will have their credit history searched by the insurer which is used to gauge for "insurance or credit scores" which are then analyzed to establish the possibility of a probable policyholder filing a claim; carriers think that the financial background of motorists show a direct connection with the chances of them being tangled in accidents or claims and there are reports that show this to be accurate. A company will assess individuals that have been previously insured centered on claim history along with their credit report and assign groups for drivers with similar characteristics. (Online Auto Insurance 2013) When a person submits for an auto insurance policy they will be placed in a unit based on their credit background; comparable to the way insurers use driving reports to assign risks. The riskier a person may be to insure the more likely they will have to pay a lot more for their insurance; the opposite applies as well. If a person has an firt-rate credit history they would probably receive a discount, whereas a poor credit statement may result in...
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...Internship Report “The Insurance Act 2010 for Non-life Insurance; Problems & Prospects of Peoples Insurance Company Limited” Submitted To: Sharmin Shabnam Rahman Lecturer BRAC Business School, BRAC University Prepared & Submitted By: Name Shamima Aktar Student ID 08104057 Date of Submission: May 20 , 2012 “The Insurance Act 2010 for Non-life Insurance; Problems & Prospects of Peoples Insurance Company Limited” ii Letter of Transmittal May 20, 2012 Sharmin Shabnam Rahman Lecturer, BRAC Business School, BRAC University Subject: Submission of Internship Report (BUS-400). Dear Madam, With due respect, I would like to inform you that, I have completed my internship at Peoples Insurance Company Limited. Throughout the internship period, I have found the company getting ready to adopt with changes brought by the Insurance Act 2010. Hence, I chose ―The Insurance Act 2010 for non-life insurance; the Problems & Prospects of Peoples Insurance Company Limited‖ as the topic of my internship report. In order to prepare the report, I have collected required information through qualitative research and finally completed the report which is now ready to submit. It was really enjoyable to work on the report as it has provided me with an opportunity to know about realistic fact of the influence of Insurance Act 2010 on the overall operation of PICL. I have learned a lot about the non-life insurance industry after preparing this term paper and got...
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