SIP

INTERIM
REPORT
 REPORT ON
“Comparative Study on Analysis to identify
the customer opinion towards Briisk Limited”

By:
DHANUSH BILLA
21BSPDD01C055
BRIISK LIMITED

A report submitted in partial fulfilment

of the completion of MBA Program of
IBS Dehradun
S.no Table Of Contents
1. Abstract
2. Introduction
3. Objectives of the report
4. About Insurance
5. Types of Insurance
 ABSTRACT

I joined Briisk Limited for internship program (as a part of MBA). I thank to my
faculty guide and my company guide for giving me an opportunity to implement
my knowledge in practical aspect.
My company mentor Mr. DILIP KUMAR has given me a full active support to
understand the different types of Insurances and the main objective of the
Insurances, I also learn to identify the key elements which builds the trust between
the customers opinion to promote the products promoted by the Briisk Limited
The project is also about to analyse the customer opinion towards the Briisk
Limited organization and to support that can help them to generate more business
and various types of solutions such as Savings solutions, to understand the sales
strategies of the company with the help of technological support and with
theoretical knowledge.
 INTRODUCTION

BRIISK LIMITED
Briisk is a late stage InsurTech start-up, founded in 2016. Hanno van Arde is the
CEO of Briisk Limited and Manish Jha is the Managing director for Briisk
Limited. Today Briisk is has a team of 23 with a focus on emerging markets.
Briisk local teams operate from Cape Town, London, Bangalore, Istanbul,
Munich and Nairobi.
Briisk have deep InsurTech and financial services expertise and are passionate
about creating innovative digital insurance and distribution solutions – enabling
their clients to digitise products at lower cost and scale distribution faster.

Briisk help their clients automate processes, digitise and innovate products and
explore new distribution channels, thereby reducing cost, increasing revenue and
delivering more value for their customers.
Alasdair Maclay, Hanno van Aarde, Ismail Mercan are the founders of Briisk
(Legal name Briisk Limited).
In year 2017, Single premium life insurance products were introduced in India,
Briisk had also took over Surebuddy in year 2017 underwritten by Shriram.
Which lead to adding up more angel investors into the organization in the same
year.
In year 2019, Briisk has focused on building up products and distribution
functionality on the Briisk platform. Briisk came up with combined life insurance
and savings products in India, underwritten by kodak life angel investment.
In the recent times i.e., year 2020 Briisk launched Simple product builder and
Distribution network Integration functionality on Briisk platform such as
Personal Accident, underwritten by Britam, Blow Medical Health underwritten
by Momentum.
 Briisk India

Manish Jha – Managing Director.

Pooja Priya – Product Director.

Briisk India is a subsidiary of Briisk Limited UK. They believe in small team
making a big impact. Briisk digital products and distribution-led insurance
solutions - Instant Transaction Platform (ITP) and Professional Services (BPS) -
transform the way insurance works.

Under the umbrella of Briisk Global, Briisk India envisions that right insurance
products reach out to the ones who need it the most, starting with 1 billion+
Indians.
Briisk has been actively working in the Indian market since 2017 in the General
Insurance as well as Life Insurance market. The primary ideology behind setting
up a local shop in India came after a successful micro insurance campaign run
by Briisk over a course of 2 years where more than 15,000 individuals from
financially disenfranchised society were brought under the umbrella of
insurance.
Following that, Briisk strengthened its stronghold in the Indian market through
our B2B and B2C clients and our strategic partners consisting of insurers and
distributors. While they served the farthest corners of the country, and
individuals and companies were resonating with Briisk’s products and services,
the foundation of Briisk India, a subsidiary of Briisk Limited, was laid.
The Aim of the Briisk Limited is, to digitising the Indian insurance while
ensuring that RIGHT insurance products reach the RIGHT customers at the
RIGHT price. At Briisk India, the only constant are continuous innovations,
research and development, along with our desi swag!
 OBJECTIVES OF THE REPORT

➢ To Understand the customer’s perception about insurance and

➢ To recommend the best market segment for the distribution of insurance
products and
➢ To study customers attitude towards investment in life insurance
company.

VISION
Briisk enables anyone to buy or sell digital fi nancial services, instantly and
seamlessly.

MISSION
We continuously build and advance an instant transaction platform that features
our unique core-tech architecture to power the open and transparent delivery of
three key financial services:

- Instant Insurance

- Instant Credit
- Instant Foreign Exchange (FX)

About Insurance

What is insurance?
Insurance is a contract, represented by a policy, in which an individual or entity
receives financial protection or reimbursement against losses from an insurance
company. The company pools clients' risks to make payments more affordable
for the insured.

Insurance policies are used to hedge against the risk of financial losses, both big
and small, that may result from damage to the insured or her property, or from
liability for damage or injury caused to a third party.

Evolution of the Indian insurance industry

History of insurance is deep rooted to a couple of centuries ago in the 1800s
▪ The life insurance business in India was introduced in1818 with
establishment of Oriental life insurance in Calcutta. However, the company
failed in1843.
▪ Then in1829, the Madras equitable set out with the business of transacting
life insurance in the Madras presidency.
▪ In 1870, the enactment of British insurance Act came into picture and
during the last three decades of the nineteenth century, the Bombay mutual
fund(1871), Oriental(1874), and Empire of India(1897) were begun in the
Bombay residency.
▪ The Era was evidently dominated by the foreign insurance office like
Albert life insurance, Liverpool and London Globe insurance, and Royal
insurance. These entities gave a hard competition to the being set in India
How insurance work?
Insurance is a financial product sold by insurance companies to safeguard you
and / or your property against the risk of loss, damage or theft.
Some types of insurance you have to take out by law such as motor insurance if
you drive a vehicle; some you may need as a condition of a contract such
as buildings insurance as a requirement of your mortgage; and others are
sensible to take out such as life insurance or saving for a pension.
While it is a good idea to make sure you are not paying for insurance that you
don’t need, you should always think about what would happen if disaster struck
and you didn’t have cover to protect you.
You can buy insurance policies for many aspects of your life, for example for
your health, home, car, business, or retirement.
An insurance policy is the contract that you take out with an insurer to protect
you against specific risks under agreed terms.
When you buy a policy you make regular payments, known as premiums, to the
insurer. If you make a claim your insurer will pay out for the loss that is covered
under the policy.
If you don’t make a claim, you won’t get your money back; instead it is pooled
with the premiums of other policyholders who have taken out insurance with the
same insurance company. If you make a claim the money comes from the pool
of policyholders’ premiums.

Why insurance is important?

Insurance plans are beneficial to anyone looking to protect their family,
assets/property and themselves from financial risk/losses:
▪ Insurance plans will help you pay for medical emergencies, hospitalisation,
contraction of any illness, and medical care required in the future.
▪ The financial loss to the family due to the unfortunate death of the sole
earner can be covered by insurance plans. The family can also repay any
debts like home loans or other debts which the person insured may have
incurred in his/her lifetime.
▪ Insurance plans will help your family maintain their standard of living in
case you are not around in the future. This will help them cover the costs
of running the household through the insurance lump sum pay out. The
insurance money will give your family some much-needed breathing space
along with coverage for all expenditure in case of death/accident/medical
emergency of the policyholder.
 ▪ Insurance plans will help in protecting the future of your child in terms of
his/her education. They will make sure that your children are financially
secured while pursuing their dreams and ambitions without any
compromises, even when you are not around.
▪ Many insurance plans come with savings and investment schemes along
with regular coverage. These help in building wealth/savings for the future
through regular investments. You pay premiums regularly and a portion of
the same goes towards life coverage while the other portion goes towards
either a savings plan or investment plan, whichever you choose based on
your future goals and needs.
▪ Insurance helps protect your home in the event of any unforeseen calamity
or damage. Your home insurance plan will help you get coverage for
damages to your home and pay for the cost of repairs or rebuilding,
whichever is needed. If you have coverage for valuables and items inside
the house, then you can purchase replacement items with the insurance
money.

Types of insurance

Life insurance
Life insurance is what you can avail in order to safeguard your family in case of
your death during the tenor of the policy. The most basic form of life insurance
available to buyers is term insurance. Life insurance helps secure your family
financially with a lump sum amount that is paid out in the event of the policy
holder’s death within the policy period.

Health insurance
This is purchased for covering medical expenses revolving around various health
issues, including hospitalisation, treatments and so on. These insurance plans
come in handy in case of medical emergencies; you can also avail of cashless
facility across network hospitals of the insurer.

Child plans
These insurance policies are savings instruments that help in generating lump sum
funds whenever children reach a certain age for pursuing higher studies. In these
plans, the life assured is that of the child or the recipient of the funds while the
parents are the policy owners.

Home insurance
These insurance plans cover any damages to the home on account of accidents,
mishaps and natural calamities, among other such events.

Auto insurance
These are insurance plans for vehicles, including cars and bikes. These offer
protection against natural calamities, damages to third parties (people who have
incurred losses or been hurt in an accident with the policyholder’s vehicle) and
also damages to the vehicle along with mishaps and accidents.
(The above are the several types of insurance plan which are preferred commonly)

What Is InsurTech
The insurance market and its legacies can create a prohibitive barrier to new
entrants and can be hard to penetrate. If you want to navigate these issues and
enable insurance online – Briisk tech makes it easy. With Briisk, you will get
access to a digital platform that can power any digital distribution strategy and
any insurance product. Ranging from short-term to life insurance, and medical
cover to niche markets such as drone insurance, we partner with insurers to off
er a broad list of insurance products across many geographical locations. We
administer the insurance product’s complete value chain, from reinsurer to end-
customer. With Briisk, there is no need to hire and manage an IT team or
infrastructure. You are free to focus on what you do best, creating innovative
insurance opportunities and marketing these to the end customer.
The Briisk Insurtech Solution gives you access to the full stack of Briisk tech.
This includes the Briisk Instant Transaction Platform, Briisk Instant Insurance
API and the Briisk Interfaces, including the Briisk White Label, the Briisk e-
commerce API and the Briisk Mobile App. This complete solution allows you
to digitise any insurance product and map it on any online marketplace.
 CONCLUSION

Insurance is a tool by which fatalities of a small number are compensated out of

funds collected from plenteous. Insurance is a safeguard against uncertain
events that may occur in the future. Over the last 3 to 4 years, the BRIISK
LIMITED insurance company have tripled investors money than the other
competent, this progress leads to increase the company image and makes a way
to lead the total insurance market.
Thus the study also comprise company image is the highly important criteria
that consumers consider before taking up a life insurance. This is mainly
because people expect safety and secure for their money which they invest,
followed by the factor Premium which we pay to the insurer and then Bonus and
Interest paid by the company, services etc.