INVESTMENT IN HEALTH

INSURANCE

SUBMITTED BY:
HARSHITA SINGH
MBA ITM
2001920700022
CERTIFICATE
EXECUTIVE SUMMARY:
 PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life
insurance companies in India. PNB MetLife has as its shareholders MetLife International
Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank
Limited (JKB), M. Pallonji and Company Private Limited and other private investors,
MIHL and PNB being the majority shareholders. PNB MetLife has been present in India
since 2001.
 
 This report has been prepared for explaining the task carried out by me during my
internship period with The Capital Box. This is prepared using the standard format that
was designed by the Institution. The task was to convince the customers to buy the
policies from the company as a loss protection even when they have other policies with
them.
 
 The methodology used by me to sell the insurance policies was based on interaction with
customers, their need and then advise them the suitable product. The other major objective
was to convince customers who were having insurance policies with other competitors by
highlighting the major benefits of different policies in accordance with their requirement.

The learning’s of the project was that customers are slowly learning about importance of
the health insurance. Convincing power, objection handling was the main learning from
the task given to us which lead to discussion with many potential customers.
OBJECTIVE OF INTERNSHIP:

 To study about the brand awareness and brand

recognition of PNB METLIFE Insurance Company.

 To study about investors consideration of insurance as a

platform for investment.

 To develop skills and techniques required to grow and

sustain in this industry and to get well versed with its
dynamic and diverse environment.
OBJECTIVE OF THE REPORT:
 
 To properly analyze and have an in depth understanding
of the insurance industry and it's structure
 To understand the willingness of people and the aligned
reasons and benefits for investing in insurance industry
 To analyze the impact of COVID on Indian Insurance
industry and forecast the possible and related outcomes.
 To identify and understand the major market players in
the industry, types of products, premium range,
penetration level and growth trends.
 To meet the requirements and internship guidelines of
both my Institute and PNB METLIFE.
RESEARCH METHODOLOGY:
 DATA COLLECTION METHOD:
 The data collection method for this report can be classified into
primary data and secondary data.
 Primary data
 Secondary data
 PRIMARY DATA:
 Primary data has been collected through Questionnaire and telephonic
interviews. The experience gained through and observations made during
my internship period at PNB METLIFE insurance also plays an important
role.
 SECONDARY DATA:


The data has also been collected using secondary sources. The secondary sources of
data collection include internet, blogs, PNB METLIFE insurance's brochures and
newspaper as well as interaction with company’s professionals. These sources have
mainly been used for market analysis and having an in-depth knowledge
about the insurance sector.
 Impact of COVID on insurance sector:
 

Since my internship was done during the pandemic, I realized and felt deeply
the impact of COVID on insurance sector particularly in health insurance sector.
 

Pandemic has quite literally changed the way people look at insurance and has
forces insurance companies as well to tweak their product strategies.
The insurance sector is also facing the impact of a regressing economy due to
Coronavirus and the need to come up with products to suit the demand with
COVID-19 specific policies.
with the advent and continuation of pandemic, people has become more health
conscious and thus, investment in Insurance will be given due importance.
With the increase in digital presence of insurance companies, cyber security
risks, online frauds, privacy risks and data leak risks will also rise
With the changing scenario, insurance companies have lost complete control on
external factor analysis and there is the risk of under pricing or over pricing the
product
The insurance companies are innovating and experimenting with the new
products to meet the new market demand
Overall market volatility and falling interest rates have taken the focus away
from products that have long term savings and variable returns through linked
instruments and annual bonuses
Learnings and outcomes from my Summer Internship:
My roles and responsibilities included:
Designing and implementing a strategic sales plan that expands company’s
customer base and ensure its strong presence
Identifying business opportunities by identifying prospects and evaluating
their position in the industry; researching and analysing sales options.
Selling products by establishing contact and developing relationships with
prospects; recommending solutions.
Maintaining relationships with clients by providing support, information,
and guidance; researching and recommending new opportunities;
recommending profit and service improvements.
Identifying product improvements or new products by remaining current
on industry trends, market activities, and competitors.
Preparing reports by collecting, analysing, and summarizing information.
Maintaining professional and technical knowledge by attending
educational workshops; reviewing professional publications; establishing
personal networks; benchmarking state-of-the-art practices; participating in
professional societies.
Contributing to team effort by accomplishing related results as needed

  Learning outcomes:
Theory and practical coherence: I learnt a lot about the insurance sector, investment
opportunities and applied all my sales and finance concepts which l have learnt in my
MBA
Handling pressure: during the course of internship, I was required to work under
deadlines for meeting the sales and delivery of goods. It helped me learn how to deal with
pressure and work under stressful situations as well.
Skills: This internship helped a lot in gaining practical experiences, skills and techniques
required in the industry. From improving on the Communication skills, to meeting targets,
selling technique, network building etc, I learned and improvised on these skills.
Values: I realized how an ethical person or the person with values are appreciated and
respected in any organization. I tried to develop the sense of responsibility, commitments
punctuality and strived to become a trustworthy and self spirited person.
Networking: in my first hand experience in the industry, I got to build networks and
learnt to manage rich professional networks.
Client management and CRM: interacting with clients to pitch for the products and
selling it to the prospects involved frequent communication and client management.
Social media marketing: my role involved active use of various social media like
LinkedIn, Facebook and WhatsApp to generate leads, nurture them and convert them into
sales.
CONCLUSION AND RECOMMENDATIONS:
 Words won’t be sufficient to describe my experience with PNB METLIFE INSURANCE
COMPANY Ltd and now that the internship is over, I truly am overwhelmed. I can’t thank
enough to everybody who helped me through this and I am grateful to them.
 Health insurance is now being considered as a versatile financial planning tool. Research also
suggests that Indians have four basic financial needs during their life – asset accumulation (such
as buying a house or car), protecting their family, securing their children education, and provision
for their retirement. So, while there are three basic types of insurance, these have been structured
with increased flexibility to meet the required requirements. Furthermore, these can be enhanced
with riders to protect one against disability and provide monetary compensation at times of
critical illnesses or surgeries.
 For conclusion, I would just like to say that the people preferences and perception are changing
regarding insurances nowadays, earlier Insurance was a means for wealth creation and that too
for a longer period as returns were comparatively significantly low but as compared with the data
in the current past it can be said that people are shifting towards Insurance sector not only for tax
saving but for future planning, life covering risk against security, and other multiple reasons. But
again when compared with other investment options people still prefer Bank Deposits, Equity &
Mutual Funds because they provide a higher percentage of return and in less time when
compared with Insurance Sector.
Thank you