Internship

@
Shikhar
Insurance Company
Ltd
Prepared by: Bishnu Dhamala

Introduction

This report has been prepared as per the

requirement of the internship program
conducted as a part of the study of Master of
Business Administration by International
American University.
Internship in the Shikhar Insurance Company
Ltd., at MBA six trimester
The internship period was of two 3 Months i.e
3 credit hours. The internship period was
dated from July 07, 2015 to Oct 06,2015.

Introduction

Through out the internship period, I have

involved following department:
Underwriting 30 Days
Claim
- 12 Days
Re-Insurance 15 Days
Account
- 30 Days
Human Resource & Administrative
Department -3 Days
Work and Supervisor is as per the
Department

Trust us, we will deliver

www.shikharinsurance.com

SHIKHAR INSURANCE COMPANY LTD.

Shikhar Insurance Company Ltd.

In General Insurance, Non-Life insurance,

Leading insurance company in terms of Profit
and Premium collection
Promoted by a Young team of Industrial and
Business Industrial and Business houses
Company Registrars Office
2061.02.15(March28,2004)
Beema Samiti (Regulatory Body)
2061.07.26(Nov 11,2004)
Tax Office 2061 (Vat Regd. No. 301517445)

Shikhar Insurance Company Ltd.

Total Branches 22 with 3 Extension Counter

First in Nepal, Issues Health Insurance to its
Customer
Highest Employee in Comparison with any
General Insurance Company In Nepal
High Growth Rate, within 10 Years of its
establishment it has been one of the leading
General Insurance Company
Target Group Consists of Individual house
owner to Large Corporate

Involved Department

Underwriting Department
Claim Department
Re-Insurance Department
Account Department
Admin and HR Department

Underwriting Department

Rating and Issuing, Complete proposal form of

different Insurance Product, some of them are
as follow:
Fire Insurance
Marine Insurance
Household Insurance
Travelers Mediclaim Insurance & Miscellaneous
Insurance Product
Motor Insurance Including Motorcycle, Private
Vehicle, Commercial Vehicle

Claim Department

Under Claim Department, I have involved in

below broad Headings,
Preliminary procedures
When Customer notify what they incur loss,
my responsibility is to fill up in the Claim
Form
Claims assessment procedures
Some times, I also involved with claim
assessment process, how much they got the
loss, most of claim will be assess by the
Surveyor

Claim Department

Surveyors have been classified into five

categories as below:
Class 'A' those working as surveyors for more
than 15 years
Class 'B' those working as surveyors for more
than 10 years
Class 'C' those working as surveyors for more
than 5 years
Class 'D' those newly licensed or working as
surveyors for
less than 5 years.

Re-Insurance Department

In Re-Insurance Department I have learnt

following things,
Why Re-Insurance
To create Capacity
To bring Flexibility offer new products
To maintain stability To Protect the
company from fluctuation of claims
experience year to year. Without
reinsurance facility , companys accounts
would have swept out with one bigger or
accumulation of many small claims

Process : Insurance /Reinsurance

INSURE
D

Intermediary
1. Insurance
Agent
2.R/I
Insurance
Broker
Broker

INSURE
R
Reinsur
er
Syndicate
Specialist R/I
s
Direct
(Lloyds)
Company
Retrocessi

Re-Insurance Department

Method Re-Insurance
Treaty Reinsurance
Automatic arrangement
So, low admin cost
High Commission & local taxes borne by
Reinsurers
Facultative Reinsurance
Full details of risks each time
Right to accept or reject
Commencement & end with period of Policy

Re-Insurance Department

Method Re-Insurance
Facultative Reinsurance
Full details of risks each time
Right to accept or reject
Commencement & end with period of Policy
Also Deals in respect of Segregation of Sum
insured for Co-Insurance/ Facultative/Treaty
Parts as per the arrangement made by the
Company
Supervisor of this Department was Mr. Bijay
Dahal

Account Department

Under this department I have performed

following responsibility:
Issue payment vouchers and record the
receiving cash.
Posting all the booking transaction in to
respective ledger as per the index number of
respective book.
Preparing monthly report.
As, the Insurances accounting treatment shall
be done as per the rule prescribed by the
insurance Board,

HR & Admin Department

Preparing Roster duties which are prepared by

assigning the duties of staff during the holidays.
Preparing quotation for CCTV installation and
involved in the selection process.
Preparing Vacancy advertisement notice for
Messenger.
Managing file in the drawer, as per date.
Recording keeping of all incoming and outgoing
documents, letters in different department as
per the specification.

Major Achievements

Develop new skills and refine others in terms

of General Insurance Practices
Rating of General insurance product
including Fire, Marine, TMI, Motor, Household,
Burglary, Cash in Transit
Prepared and Checked document for Claim
settlement of 11 Claim
Was able to segregate sum insured of 5
Insurance Product under Re-Insurance
Department

Success factor of Internship

8th August, 2015, With absent of related

staff, got a succeed to issue the Marine
policy, Through this, staffs were so
impressed.
Succeed to update staff insurance with
United Insurance under HR & Admin
Department, latter on and End up internship,
handover this to related staff.
Fully prepare the report of fire insurance
Claim of Mr. Ram Krishna Shrestha of
amounting Rs. 7,500,000.00.

Example of Solving
Under theProblem/Challenge
underwriting department, there is
one system, where one person segregate
work to different person. In 10th august, 2015,
A newly staff was given to make a policy of
Trekking, but was unable to do, Coz there was
conflict raised between staff
Under knowledge management, first I
developed a sheet that show knowledge and
capacity of each staff,
And finally came up with conclusion which
work should be given to each and every staff.

Applying knowledge from course

to workplace
As I already Discussed
in the above, how I
was able to managed conflict, its all about
from Problem Solving Approach which I got
from the MBA Class.
Through motivational theory, I was able to
manage how them to treat which is one of
the biggest lesson.
Through team work approach, I was able to
accomplished the work of organization in

Learning & recommendation

From the Internship, Learnt three important
topic
Setting Prioritizing, small and big!
Self-Awareness and Self-Trust
Solving Problems and Tensions created by
others
The Company Shikhar Insurance has huge
number of potential employee, Thus it
should find out who is best for what, which
can be able reduce staff turnover.
My Suggestion to the College, College should

Photos of workplace (if

any)

Thank You