Final Internship Report

As Marketing Intern under SURETI IMF

Final Summer Internship report submitted in the partial fulfilment of requirements for
the Master of Business Administration Program

By Debopriyo Roy
(MBA20074)
Supervisors: 1. Organization Mentor: Lidiya Dominic
2. Faculty Guide: Prof. Archana

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 PREFACE

This present report is the outcome of the Summer Internship Program(Sip) of Indian Institute
of Management Jammu in collaboration with Sureti IMF which is a marketing insurance firm
based in Coimbatore. The objective of this internship was to make the management students
gain practical knowledge in the field of marketing and sales and to work in an organizational
setup where one can apply their management skills.

The whole duration of 2 months of the internship was completed through work from home
mode. Even though the unprecedented situation of the coronavirus outbreak prevented me
from working in an in-office setup in Coimbatore my mentors during the internship period
were really helpful which helped me gain invaluable learnings from the internship. There
were regular sessions held with experts in the insurance field which helped us gain more
knowledge about the sector as a whole.

Primary responsibilities during my tenure as an intern for Sureti IMF included sales roles
where we had to collect premiums for the company selling different types of insurances. We
were given seminars by company experts in regard to the various policies each company was
providing for our better understanding. Considering the financial breakdown due to the
pandemic people were reluctant to buy new policies but with regular interaction with our
company mentors we were able to think of alternative measures and ideas. We were also
assigned duties of a digital marketing to increase the reach of the company by posting on
their various social media platforms. We were also assigned tasks to be completed during the
internship which included documenting a video explaining certain policies to customers as
well as group presentation on how to have a excellent sales pitch.

I have put my best foot forward during the whole internship trying to interact with as many
customers as possible to make as many sales as possible for the company. I have also tried
my best to complete my assigned tasks sincerely and punctually.

Debopriyo Roy

MBA20074

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 ACKNOWLEDGEMENT

The entire duration working as a Summer intern under Sureti IMF has been an valuable and
enriching experience for me. The internship started on 1st April 2021 and ended on 6th June
2021. During these two months I could better understand the whole insurance sector as whole
and various sales and marketing strategies. I was able to relate my theoretical learnings from
my MBA course in the practical field of insurance sector.

I would like to convey my deepest gratitude to my mentor Mrs. Lidiya Dominic who has
been a constant source of help and inspiration to me . I am also very thankful to the entire
management of Sureti IMF who interacted with us on a regular basis and guided us every step
of the way.

I would also like to communicate my appreciation towards Prof. Archana , Indian Institute of
Management Jammu, who has been guiding us throughout the internship tenure and been a
source of motivation while facing difficult situations during the internship. She has provided
me necessary support and was approachable at any time for queries.

Finally I would also like to thank my own parents, colleagues and friends who have been a
constant pillar of support and motivation.

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 EXECUTIVE SUMMARY

Through this report I intend to provide a description of the key learnings and experiences I
got working as an intern under Sureti IMF which is an insurance marketing farm. Prime
responsibilities included making sales for the company by selling policies of various nature
and digital marketing tasks to improve the online reach of the company.

This report includes the various sales strategies and techniques learnt during the internship
process which were helpful in generating more leads for the company.

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 LIST OF CONTENTS

Preface………………………………………………………………………………………... 2
Acknowledgement……………………………………………………………………………. 3
Executive Summary………………………………………………………………………….. 4
List of Figures, Tables……………………………………………………………………….. 6
Introduction………………………………………………………………………………… 7-9
Industry Profile…………………………………………………………………………...10-12
Company Profile…………………………………………………………………………….13
Objective…………………………………………………………………………………….14
Methodology……………………………………………………………………………...14-15
Competitor Analysis……………………………………………………………………. 16-19
Google Search Engine Marketing Case Study …………………………………………...20-22
Recommendations ……………………………………………………………………….23-24
References…………………………………………………………………………………...24

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 List of Figures, Tables

Fig 1 Types of Insurances 9

Fig 2 Partners of Easy Policy 18
Fig 3 Partners of Turtle Mint 18
Fig 4 Partners of Policy Bazaar 18
Fig 5 Website Interface of Easy Policy 19
Fig 6 Website Interface of Policy Bazaar 19
Fig 7 Website Interface of Sureti IMF 19

Table 1 Search Engine Keywords and their Ad 22

Prices

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 INTRODUCTION

Insurance is a term used to describe the process of protecting or safeguarding a large loss. It
is a form of risk management and wealth management technique used as part of a person's or
company's financial planning. “Insurance policy” refers to insurance businesses that provide
insurance products. In exchange for a small annual charge from the covered company, the
insurer can cover the cost of a potential loss in an insurance policy. Individuals, corporations,
and other organisations can insure themselves against catastrophic events at a fair cost. Risk
covers are typically necessary when a large sum of money or a high level of risk is involved.
You would not pay monthly or annual premiums if the risk of loss is modest.

Fundamental Principles of Insurance:

1. The Principle of Loss Minimization : The notion of loss mitigation is the most
fundamental principle in insurance principles. Under this theory, the insured must
give his or her all to safeguard his or her property, rather than simply sit by and watch
it deteriorate. Even if his property is insured, he should make every effort to limit his
losses.
2. The Principle of Good Faith : According to this specific principle, both insurer and
insured should sign the insurance contract with total good faith and belief.
3. The Principle of Insurable Interest : According to this principle, the individual who
is insured should have an insurable interest in the subject of insurance. When the
actual existence of the entity which is insured provides some benefit but its
nonexistence results in a loss, a person has an insurable interest.
4. The Principle of Indemnity : This principle says that the insurance contract is only
negotiated to protect against unanticipated financial depletion resulting from
uncertainty in the future. Insurance contracts are not designed to make money; rather,
they are designed to provide compensation in the event of a loss or harm.
5. The Principle of Contribution : Under this principle, the insured can only seek
compensation from all insurers or from a single insurer to the extent of the real
damage. If one insurer provides the full compensation, the other insurers must pay a
proportionate share of the claim.

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 6. The Principle of Subrogation : Situations where the insured person is reimbursed for
losses caused by damage to his insured entity, the ownership of that certain property
passes to the insurer under the subrogation concept.
7. The Principle of Proximate Cause : The principle indicates that in order to
determine whether or not the insurer is accountable for the loss, the proximal and not
the farthest sources must also be investigated.

Different Types of Insurance Policies :

 Life Insurance : A policyholder and an insurance company enter into a contract in

which the company commits to reimburse monetary benefits when faced upon the
death of a covered person or the maturity of the policy. This policy agreement can be
considered as a legal document that contains the list of all the things and events
accepted and excluded in regard to the policy.
 Health Insurance : A person's health insurance protects them against medical
expenditures or surgical procedures. It covers handicap as well as the accidental death
and dismemberment. It can be considered as a contract between an insurer and the
insured person which is renewable according to company's laws and regulations.
 Travel Insurance : Personal and business travel insurance are the two most common
reasons for purchasing travel insurance. Financial damages which are caused by
baggage damage, benefits upon death, medical expenditures, and even loss of
individual belongings while travelling are all covered by travel insurance. Depending
upon the policy coverage and criteria indicated in the policy, the travel insurance is
covered before the commencement of the trip, during the commencement of the trip,
and even after the trip is completed.
 Auto Insurance : The Automobile insurance includes all types of on-road vehicles,
such as trucks, cars, and motorcycles, as well as vehicle damage. It also covers any
liability that may arise as a result of the collision.
 protects you against financial losses caused by damage. According to the policy
agreement, most home insurance policies cover garages, dwellings, and other items.
The cost of home insurance is also determined by where you live.
 Disability Insurance: In the event of a permanent or temporary disability, disability
insurance covers the risk of losing income due to inability to work. If you are disabled
as a result of an accident, this type of insurance can assist cover a portion of your lost

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income as well as medical expenditures. It covers sick leave and provides short- and
long-term disability payments.

Fig 1 : Types of Insurances

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 INDUSTRY PROFILE

In legal terms, insurance is a contract in which one party, in exchange for a fee equal to the
risk, guarantees to the other party that he will not incur loss, damage, or prejudice as a result
of the risk. Since the pre-independence era, India's insurance market has mirrored the
country's economy. During independence, insurance businesses were nationalised, and this
sector was finally opened up for private entities after liberalization reforms in the year 1991.
With insurance penetration, the overall sum value of total gross premiums as collected by life
insurance firms has grown to nearly five trillion Indian rupees. The two types of insurances
available are life and non-life insurances. Both are overseen by the IRDAI, which is
responsible is to oversee the entire industry whilst protecting consumers' rights. There are 68
registered insurers in the country, 24 of whom are in the life insurance industry and 27 related
to the general insurance segment with the remaining being handled by standalone insurers. In
the non-life insurance business, private insurers have seen strong development. From the year
2019, private non-life insuring companies have edged over public insuring companies with a
whopping 48 percent share of the market as compared to public insurers' share of roughly 38
percent in the year 2020. Due to statutory third-party liability, the non-life insurance sector in
this nation has traditionally been commanded by the auto insurance sector. However, owing
to rising healthcare knowledge and high out-of-pocket healthcare costs, health insurance has
now become the fastest expanding market in recent times.

Some of the major insurance companies available in India :

Public Sector :

 “Life Insurance Corporation of India”

 “General Insurance Corporation of India”
 “United India Insurance Company Limited”
 “The New India Assurance Company Limited”
 “National Insurance Company Limited”
 “Oriental Insurance Company Limited”
 “Agriculture Insurance Company of India Limited”

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Private Sector Companies :

 “Aegon Life Insurance Corporation Limited.”

 “Aviva Life Insurance Corporation Limited.”
 “Bajaj Allianz Life Insurance Corporation Limited.”
 “Birla Sun Life Insurance Corporation Limited.”
 “ICICI Prudential Life Insurance Corporation Limited.”
 “Reliance Life Insurance Corporation Limited.”
 “SBI Life Insurance Corporation Limited.”

Role of IRDA in the Indian Insurance Sector :

The major organisation or supervisory body that supervises the insurance sector in the
country is the IRDA (Insurance Regulatory and Development Authority). It establishes rules
and the regulations that govern this industry's operations. Its only objective is to defend
policyholders' interests while also advancing the industry as a whole. In the event of
modifications to the laws and regulations, the IRDA or IRDAI offers advises to insurance
companies on a regular basis. The regulator assists the insurance industry in improving
efficiency in regard to how insurance business is conducted while also looking after
insurance prices and other fees. The department was established as an act of the Indian
parliament named the Insurance Regulatory and Development Authority Act of 1999. The
agency's headquarters are in Hyderabad, Andhra Pradesh, having relocated from Delhi in
2001. The IRDA has established a number of rules and regulations Under Section 114A of
the Insurance Act of 1938. The regulations cover everything from registering insurance
businesses to protecting policyholders' interests. The IRDA now has 31 General Insurance
firms and 24 Life Insurance companies registered as of September 2020.

Functions of IRDA :

 It can grant, renew, modify, suspend, revoke, or withdraw registration certificates.

 Protecting the policyholder's interests in topics such as policy grant, claim settlement,
nomination by policyholders, insurable interest, policy surrender value, and also other
policy terms.
 For intermediary or agents, provides them with a code of conduct, credentials, and
required training.

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  Inspections, requests of information, and investigations of insurance companies,
middlemen, and other organisations involved in the insurance sector, including an
audit.
 Regulate and control insurance premiums, terms and circumstances, and any benefits
that insurance companies may offer.
 Imposing fees and charges in order to carry out the Act's provisions.

India's Insurance Industry's Future

Even though LIC has continued to reign over the Indian insurance industry, the entry of new
private insuring companies has resulted in an expansion of the life and non-life insurance
segments in the country. The need for newer insurance policies with lower premiums is
growing in an exponential rate. Because the Indian economy cannot expand rapidly, the
insurance business is regulated to maintain a high level of growth. The insurance sector in
India has given rise to newer trends such as product innovation, diversification of
communication lines, optimized claim management, and changes in the Indian insurance
sector as income rises and purchasing power and household savings grow exponentially.

The national government body is also working hard to provide insurance policies to people
living below BPL through several initiatives like:

 PMSBY (Pradhan Mantri Suraksha Bima Yojana),

 PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana).

 RSBY (Rashtriya Swasthya Bima Yojana)

In the 2019 Union budget, the government approved 100 percent foreign direct investment
and removed several FDI restrictions. Under the National Health Protection Scheme, which
was inaugurated in September, the government has also taken steps to provide for 100 million
vulnerable households. This resulted in a 50 percent increase in regard to health insurance
business in the country. With the introduction of these plans it would enable people from
lower- and middle-class income groups in India to take advantage of such newer policies
which have lower premiums. Owing to the legislative developments in India's insurance
sector, the life insurance industry's future appears bright and prosperous. Various
demographic variables, such as increased insurance awareness, planning after retirement, a
ever-growing growing middle class population, and the youth would significantly boost the
insurance sector's growth in India.

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 COMPANY PROFILE

Sureti Insurance Marketing Private Ltd. is a Coimbatore-based IRDAI-certified firm that was
founded in 2018. Financial Products and Investments are the focus of Sureti IMF. It is an
insurance marketing firm that collaborates with leading insurers like the LIC (Life Insurance
Corporation of India), ICICI Prudential, ICICI Lombard, Religare Health Star Health
Insurance United India, and Care Health insurance. Sureti Insurance Marketing Private
Limited was established in the year 2018. This company which serves as a non-government
organisation is registered under the Registrar of Companies based in Coimbatore. Sureti IMF
is known to have a paid-up capital of Rs. 1,000,000 and also an authorised share capital of
Rs. 1,000,000. Except for mandatory social security, it is not involved in insurance or pension
funding.

VISION

“Create a Brand which is trusted by clients not for its size but its distinctive uniqueness of
delivering things blended with Quality, Reliability, Accountability & Sensibility while
maintaining Simplicity besides securing its Presence in the minds of clients.”

MISSION

“We shall be prompt, proactive and honest with our customer while Providing Total
Insurance-Solutions from efficient and transparent Insurance Companies. We shall go beyond
the call of duty during their troubled times. We shall provide cutting edge technology-based
services with a human touch. We shall secure our presence in every customers mind as an
extended family member.”

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 OBJECTIVES

Being a new relatively new entrant to the Insurance Marketing sector , Sureti IMF has
established itself to be a reliable and trustworthy firm. Having its office in Coimbatore its
business it densely concentrated in the southern part of India. With the objective of increasing
its reach across the nation and improving brand awareness we were assigned digital
marketing roles as well as creating video content and presentations. But our primary goal
were to achieve sales for the company. We were mentored by experts in the insurance
industry about the basics of policies , how companies differentiate themselves from others,
different kinds of insurances offered. These sessions were really helpful in gaining more
knowledge in the insurance sector and we were able to pitch the products in an more efficient
manner in front of potential customers. Due to the unprecedented situation of the pandemic it
was tough to find and convert potential leads as cities were put under lockdown and
financially people were in a tight spot. Irrespective of the impact of coronavirus pandemic
our mentors were helpful in finding out ways to deal with tough situations .

METHODOLOGY

Owing to the pandemic we were forced to serve the internship period in a work from basis.
So our first task was to generate leads individually. We were assigned a task of creating a
prospectus list of 250 people who would be potential customers for us. They could include
friends, family, neighbours etc. who we thought would be in our best interests to talk to
regarding selling policies . The following steps were included in creating and maintaining a
prospect list –

 Divide the prospect list according to friends , family, neighbours and others.
 Creating a column for assumed annual salary of each individual.
 Creating a column to know if the potential customer is employed or not.
 Next, we were supposed to find out if they have existing insurance or not.
 Next was getting more information of family members of those in the prospect list so
that we can personalize our pitch for them.
 Now we started to pitch the products to the people on the prospect list and mark them
as interested/not interested/little interested.
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 Next step included waiting for people to think about our pitch and if someone is really
willing to buy, they would contact you in a few days.
 Keep track of the people who showed interest in the products and try to keep in touch
with them.
 We also used social media platforms like Facebook, Instagram, twitter to find and talk
to potential customers.
 Finally when someone would buy a certain policy, we would inform our mentor to
login the premium collected.


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 COMPETITOR ANALYSIS

Under British India, the insurance industry had a huge number of general and life insurance
businesses. The Life Insurance Corporation of India (LIC) was established in the year 1956
when the life insurance sector wes nationalised. In 1973, 107 companies were merged into
four corporations to form the general insurance companies, which were also nationalised.
Following the establishment of the IRDA (Insurance Regulatory and Development Authority)
in 1999 to foster competition in business, there was a movement to establish the Insurance
IRDA (Insurance Regulatory and Development Authority) in 2000. Since 2000, private and
foreign firms have extended their presence in the area. The Indian insurance industry can
currently be separated into three main segments: life insurance (24 firms), general
insurance/non-life insurance (28 firms), reinsurance (28 companies). As a result, the entire
sector has faced increased rivalry since the year 2000. The government owned LIC continues
to dominate the life insurance business, with a market share of over 70%. The GIC Re
(General Insurance Corporation of India) has held a government monopoly in the reinsurance
sector for more than 40 years.

In 2014, the IRDAI looked into the possibility of creating a distribution mechanism similar to
that of IFAs in order to boost insurance penetration in India. On the 21st of January 2015, it
introduced the ‘Registration of Insurance Marketing Firm Regulations, 2015'. The
Regulations authorised a company, limited liability partnership, or cooperative society with a
net worth of Rs. 10 lakh or more to distribute insurance products by registering as a ‘IMF'
with the authority and meeting the criteria set forth in the Guidelines.

As on 31.05.2021 there are 431 insurance marketing firms registered under IRDA in India .
Some of the top players of this sector includes Policy Bazaar, Bank Bazaar. Coverfox.
Easypolicy, Acko, Turtle Mint, Funds India, Credit Mantri, Apna Loan Bazaar among many
others.

The partners of Sureti IMF include Star Health, Religare Health, UIIC, LIC, ICICI Prudential
and ICICI Lombard, Star Health. In comparison to its partners Sureti IMF has limited partner
companies.

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 FIG 2 : Partners of Easy Policy

FIG 3 : Partners of Turtle Mint

FIG 4 : Partners of Policy Bazaar

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In regard to the companies Sureti IMF website interface :

FIG 5 : Website interface of Easy Policy

FIG 6 : Website Interface of Policy Bazaar

FIG 7 : Website Interface of Sureti IMF

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In comparison to its competitor’s website Sureti IMF lacks behind in creating an optimized
interface for the customer . Policy Bazaar has an exceptionally well-designed website which
provides the customer ample information about the various policies well integrated according
to customer choice. The website helps the customer choose the policy which is most relevant
to him or her. Sureti’s website lacks on this front and should consider improving the interface
of its website . In comparison to Sureti most of its competitors have an mobile application
available for download for the users. In this modern age of smartphones it is essential to have
an application where users can easily login and save their information as well as browse the
different policies easily . Policy Bazaar, Easy policy et. Have their own applications released
to be used by customers.

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 GOOGLE SEARCH ENGINE MARKETING CASE STUDY

Search engine marketing is the technique of marketing or promoting company profile with
the help of paid adverts which would be displayed on the google search engine results. Search
Engine Marketers bid on certain keywords that the users of search engines might search for
when searching online for a specific product or service, providing them the opportunity to
have their personal adverts displayed with the results for their searched item. These ads,
which are also called pay-per-click ads can be sought out in multiple formats. The Shopping
ads which are alternatively known as PLA’s (Product listing advertising) are better in their
visual and aesthetic appearance. PLA’s also enables users to glance upon key information
such as pricing and reviews in a structured manner. One can argue that the greatest benefit of
search engine marketing is that it enables advertisers and companies to put up their ads in
front of potential customers who might be ready to buy at that exact moment.

Steps Involved in Search engine Marketing :

 Define an effective Search Strategy : Consider the short- and long-term objectives
when deciding whether to prioritise organic or paid search (or both). While improving
your organic search rankings takes time, you may start a sponsored search campaign
right away. Other factors to consider are the amount of traffic you require, your
budget, and your marketing goals.
 Generating Inbound Links : When other websites connect to yours, search engines
presume your site is valuable, and you will appear higher up in the search results.
Greater the “rank” of the sites that link back to you, the more impact they have in
your own rating. You want links from credible corporations and organisations, as well
as well-known industry experts and directories.
 Choose the Right Keywords : One should create list of keywords or terms our
potential customers use while looking for information which we can provide before
we improve your site or initiate a paid campaign in order to convert more leads. In
order to develop a list and traffic predictions, one can brainstorm, keep updates on
competitor’s keywords, or make use of tools on the internet.
Following list of keywords and their ppc prices are mentioned below for terms related
to insurance :

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TABLE 1: Search Engine Keywords and their Ad Prices

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 Utilize Google's Services for a Faster Ranking : In addition to the tactics described
above, Google offers a number of services that can help you increase your company's
visibility in search results quickly. Create a Google My Business page for your brick -
and - mortar shop to display your location, phone number, opening hours, aggregate
and reply to customer reviews, and communicate with customers.
 Manage a paid search campaign with a high return on investment : Pay-per-click
(PPC) advertisement in search results for sponsored links provides a compelling ROI-
driven business opportunity. Unlike traditional marketing, where you "pay for
exposure" regardless of outcomes, PPC does not require you to pay to appear in
search results. You only pay if somebody clicks on the ad and visits the B2B website,
making this an attractive "pay for performance" model of advertising.

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 RECOMMENDATIONS

 Increase the amount of tie-ups allowed and allow scope for specialisation - An
IMF should be able to generate more money, keep its ISPs, and stay competitive by
offering a wide range of products. It is difficult to cover the entire product range in
any Insurance area with only two insurers' product baskets. Sureti IMF should try to
keep tabs on the policies that are most favourable by the customers and accordingly
try to build ties with those insurance companies. This flexibility in tie-ups and
capacity for specialisation would allow IMFs to focus and advance in their core areas
of expertise while still having the ability to deliver a Comprehensive Insurance
Solution through other tie-ups.
 Build a better website : As compared to its competitors the website of Sureti IMF
lacks behind on many prospects . Emphasis should be put on maintaining the website
in a manner it caters to customer needs and demands . Other marketing insurance
firms have used selling techniques like on time discounts, Price comparison charts,
Live chatbox for customer queries, Online premium calculators and other tools and
features which makes it easier for the customer to choose a policy according to his or
her requirements.
 Develop an app for android/iOS : In the modern era of smartphones and tablets it is
much convenient for people to access the internet in their palms. Sureti IMF as a
company should put priority on developing an user friendly application for users .
 Focus on digital marketing : Even though Sureti IMF is a relatively new company in
the sector of insurance marketing it has established itself to be a trustworthy and
reliable firm. To further increase its reach among the Indian population it must focus
on the part of digital marketing. Digital marketing is one of the crucial aspects of
branding and increasing the reach of the firm. Sureti IMF must maintain its presence
across multiple social media platforms and post regularly to keep potential customers
engaged. Content must be posted in such a way that it created a mark in the minds of
people . It could be through creating awareness about different types of insurances
and policies and importance of policies etc.
 Better branding : As a relatively newer company in this sector it must focus on
better branding of the company in order to beat its competition. Various marketing

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 and advertising channels can be invested upon to create more awareness about the
brand. It must focus on innovative ways of promoting its products.

REFERENCES

 Official website of Policy Bazaar policybazaar.com

 Official website of Turtle Mint turtlemint.com
 Official website of Sureti IMF suretiimf.com
 Official website of Easy Policy easypolicy.com


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