EXECUTIVE SUMMARY

As an MBA student it is a part of curriculum that each and every student undertake
internship at an organization for a period of four weeks to fulfill the primary objective of
the internship. I did my internship at Vantage Agora Marketing Private Limited, Bangalore.

Insurance industry has been the business of insurance against several risks with many
company and people who develop insurance policy, administrate, sell and regulate them.
History of insurance has traced modern Business Development helping want to stay
protected against the unfortunate and uncertain risks in the future. Though there could be
things which cannot be insured till date. The current global scenario and Indian insurance
market scenario seems to be favorable in the upcoming years.

Vantage Agora Marketing Private Limited is a private limited company incorporated on

November 30th 2004, to help small and medium sized companies the best quality service
to their Outsourcing service at the low price.

Vantage Agora is a global provider of remote staffing services, Software product and
consulting service. They track websites and applications of other to provide strategy,
insight , marketing, sales , operations and product design. They are specialized with
analytic and statistics models for understanding and predicting customers, business, market
trend and actions.

The purpose of the internship is to study the organization functioning with deep insight to
its department, people and Future growth. This includes INDUSTRY PROFILE
ORGANISATION SWOT ANALYSIS, FINANCIAL ANALYSIS and LEARNING
EXPERIENCE.

INTRODUCTION ABOUT INTERNSHIP

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The internship on 'Organizational Study' at Vantage Agora Marketing Private Limited was
carried on for 4 weeks has part of MBA curriculum. The main objective of this internship
study was to develop industry related knowledge and skills, know organization operation
exposed to various conditions. Internship also aims at applying the knowledge, skills,
experience to work environment.
The internship helps one to understand the policies and procedure carried out in the various
department of the organization thus enabling one to understand the duties and
responsibility of each individual to achieve a common goal. The internship helps to
enhance the interpersonal skills, learn about the work environment, taking responsibility,
research, know and develop required work skills and career exploration.

The primary objectives of the internship

• Linking academic theory to practice.
• Applying knowledge, skills and experience to work environment.
• Acquire new learning through challenging and meaningful activities.
• Awareness of community or organizational issues.
• Develop self understanding, self discipline and strong networking relationship
• To analyze how the functional areas of the organization help in
achieving organization’s long term goals by framing short term goals.

Title of internship study

Organizational study at Vantage Agora Marketing Private Limited

INDUSTRY PROFILE

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The insurance industry belongs to financial services industry which has broad range of
business such as managing money, Credit Unions, banks, credit card companies, insurance
companies, stock brokerage etc.
Insurance industry helps to eliminate and reduce the risk from individual too large
community.

The insurance industry compromises of company and people who develop insurance
policy, administrate, sell and regulate them. Insurance is Managing risk of insurance
companies as well as customers. It must collect enough money in premium to offset
customers claims and still maintain a profit. Today, yet there are few things that cannot be
insured. The most common insurance policy are business insurance, car /vehicle insurance,
Health Insurance, home /rental insurance, Life Insurance and property/ casualty insurance
etc.

It calculates the occurrence of risk then determines the cost to pay for or replace the laws
to determine the premium amount.
Insurance companies manage the risks via risk pooling, diversification and reinsurance.

• Risk pooling:- Grouping risks of similar types will help to reduce variability
and uncertainty associated with ensuring a pool of individuals.
• The rule of large numbers:- The actual value of Claims must approach the
expected value for large number of policies.
• Diversification:- To ensure Insurance Company is not over exposed to specific
losses, diversifying the risk over market product and areas.
• Reinsurance:- Insurance Company sell a portion of their portfolio to reinsurers
aggregating risk at higher level.

History of insurance has traced the development of modern business of insurance against
risk, especially CARGO, property automobile accidents, medical etc.

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Global scenario

➢ Insurance industry is set to grow more strongly in 2018, better economy

prospects in USA and many markets emerge may offset negative factors
such as declining growth in market of China.
➢ Overall, the primary Insurance sector with growth by 4.5% p.a. in
2018.Premiums in the Insurance sector are likely to evolve in the global
economy with growth of 3.1% in 2018.

Indian scenario

➢ The insurance industry of India comprises of 57 insurance companies of which Life

Insurance business are 24 and non life Insurance are 33.

➢ Post liberalization, Indian insurance industry has seen significant growth.

Overall insurance penetration in India reached 3.69 % in 2017 from 2.17% in 2001.

➢ Gross premium in Indian insurance industry waste from 3.2 trillion INR in FY12
to 4.6 trillion INR in FY18 (up to Dec 2012).

➢ In the year 2017, Insurance sector of India show 10 mergers and acquisition deal
worth of US $903 million.

➢ Pradhan Mantri Suraksha Bima Yojana (PMSBY) had enrollments of 130. 4 1

million in 2017-2018, with increase in life expectancy favorable savings and
employment growth in the private sector is expected to be a favorable initiative for
the insurance industry in India.

Government initiative

Government initiative- To boost the insurance industry.

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 ➢ National Health Protection Scheme launch under Ayushman Bharat for coverage
upto 500,000 two more than 100 million venerable families.

➢ The insurance regulatory and Development Authority of India (IRDAI) plans to

issue IPU guidelines for insurance companies, looking to divest Equality through
IPO route.

➢ Government approval to increase foreign direct Investment (FDI) limit in

Insurances sector from 26% to 49% helping to attract investments in the sectors.

Road Ahead

➢ The overall insurance industry would reach U.S $280 billion by 2020.

➢ Influence of demographic factors such as growth of middle class, young insurable

population and increase in Awareness of the need for protection and plan of
retirement would support the India Insurance market.

Technology Trends in Insurance Industry

➢ Insurtech, make the digital innovative and transformation disrupting the insurance
industry. The adoption of Technology due to rapidly changing behaviors of
customer.

➢ Burdened by traditional processes, outdated system and paper based operations

hence the insurtech started making a more silently into insurance sector.

➢ Combination of new technologies such as a IOT(internet of Things), blockchain,

chatbot, RPA,AI, virtual reality etc. reduces operational cost and ensures the
customer satisfaction.

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 ➢ Bitcoins - Bitcoins can be leveraged as rewards and loyalty programs by insurance
company.

➢ Robotic process automation - replicates human activity reducing the cost while
improving service and compliance.

➢ Blockchain, IOT - enhancing customer experience which is available in distributed

ledger shared between Consortium of insurance, KYC database and notary
networks.

Challenges Of Insurance Industry

The challenges that an insurance industry could face are:

Change management
Cyber attack
Technology
1) Change management:- who test the industries ability's to address the formidable
agenda of digitization, new competition and cost reduction due to rapidly evolving market,
customer Expectations and Legacy systems etc.
2) Cyber attack- Possibility of Cyber attack which could be catastrophic.
3) Technology- It is believed that use of outdated Technologies gives insurance state and
unfriendly image.

ORGANISATION PROFILE

Background and Inception of the company

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 • Vantage Agora was incorporated on November 30,2004 a minority business
enterprise privately held by Sudhir Archar , CEO and Harsha Chaturvedi , C00 and
Hari Rao Chaturvedi , Director of Vantage Agora since the inception in 2004 of
Vantage Agora.
• Vantage Agora had 6 employees in the US and few employees in India to provide
local support for products or service and local program management solution in two
areas – Back office operations and Information Technology.
• Vantage Agora was founded with premise to provide small and medium size
companies the outsourcing services with the dedication to provide high quality
services at low prices.
• Vantage Agora where Agora in Greek stands for open market place, therefore
stating advantage in the open marketplace.

Locations

Table 2.1 :- Vantage Agora Locations

CORPORATE REGIONAL GLOBAL GLOBAL

HEADQUARTER SALES OFFICE SERVICES PRODUCT
CENTER CENTER
23611 Chagrin 913 Lily Creek RD 4th Floor, Pixel 345, 4th Main Rd,
Blvd, Suite 320 #101 Park A,Hosur Road, Sadashiva Nagar,
Beachwood, Ohio Louisville,KY Bangalore Armane Nagar,
44122 40243 Bengaluru,
Karnataka 560080

Source: Company’s website

NATURE OF BUSINESS

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• VA his expertise in operations, technology, Six Sigma, lean management, business
process re-engineering (BPR), business process management (BPM), helps a client
to reduce operational cost, improve their quality and boost up their revenues.

• VA is a global provider of operational excellence, back office solutions, IT service

and Consulting Services for companies in insurance, finance and Healthcare sector.

• VA utilizes advanced data processing and quality control system on a secure

network to provide quality and value to customers.

• They have patent- pending BOS- OX Zion. Which would help the organization to
gain visibility, control and business intelligence for operational excellence
achievement
Can be categorized as:-

⦁ IT Services–Consulting, Development, System Integration.

⦁ BPO Services–Back office Support (Non Voice) for Insurance and Finance.

➢ Insurance: Full Life Cycle (Underwriting support, Policy Issuance,

Claims management)
➢ Finance: Analysis, Market Research.
➢ Assessment: Competency evaluation.

⦁ Engineering Technology Services–Product design, GIS development, AutoCAD

and Micro-station development.

⦁ Manufacturing Services–Manufacture of precision components for Automotive,

Medical and Aerospace.

VISION

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 Customers using VA products and services should feel like a five year old child
receiving its favorite toy.

MISSION

• To delight customers with the value we provide every day and thereby.
• Provide above normal returns to employees, shareholders, and partners.
• To share our time, wealth and knowledge with the less fortunate.
• To make the world a better place for everyone that comes in contact with Vantage
Agora.

TAGLINE

• Operational excellence.
• To execute strategies to success.

PRODUCT MISSION

Execute strategies to success through operational excellence brought about by

social gaming control at every company in the world.

GOAL

Maximize revenue with while dominating the enterprise planning and execution
market.

QUALITY POLICY

• It is Vantage Agora’s Quality Policy, that all products and services meet the
requirements and expectations of our customers, suppliers and all interested
organizations at all points in time.
• Our objectives have been established in alignment to our business philosophy and
appropriately supports our strategic direction.
• This policy shall be communicated and made available to all the stake holders.

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 ISMS POLICY

• At Vantage Agora, we are committed to enabling business continuity by ensuring

confidentiality, availability and integrity of all the information within the
organization.
• Our Information Security Management System (ISMS) encapsulates all the
processes for the fortification of all relevant information assets.
• Vantage Agora’s information security policies are aligned with its business
activities and comply with the legal and regulatory obligations of all customers and
stakeholders. Continual improvements of the Information Security Management
System are focused on addressing emerging technologies and dynamic business
needs.

PRODUCT PROFILE

• Vantage Agora designed and developed an industry-leading Business Operating

System(BOS) to achieve excellence in operations. This product helps to pull data
from multiple sources to create a meaningful dashboards.
➢ Operational Intelligence- Clear data visualization.
➢ Sales-CRM- strengths the client base and sales track.
➢ Matrix-Custom spreadsheet capabilities enabling to enter, store
and analyze data.
➢ Human Resource – makes easier administration and
documenting HR policies and procedure.
➢ Insurance Apps- Prioritize processes
➢ Communication Tool- One transparent platform to chart ,send
mail, and collaborate.

Figure 2.2 The OX Zion BOS as Vehicle navigation and Business Navigation.

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Source: Company’s Website

SERVICE PROFILE

• OX ACCOUNTING

Book Keeping:-

❖ Monthly profit and loss reports.

❖ Ability to snap a picture of your receipt.
❖ Payroll services, quarterly tax filings and assessments.
❖ Perform monthly reconciliations of bank and credit card
accounts.

Taxes:-

❖ Tax return processors dedicated to each client to maintain

continuity.
❖ Assistance with appropriate state annual reporting requirements.

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 • OX INFORMATION TECHNOLOGY

Information Technology Services

IT Being integral to do business today and technology requirements

progressively becoming more complex and challenging.VA provides IT
services helping companies to deal with these challenges.

Custom Application Development

❖ Legacy System Modernization

❖ Application Integration

Analytics

❖ Data Analysis
❖ Data Warehousing
❖ Custom Dashboard Services

Migration Support

❖ Migrating Data Between Systems

❖ Integrating Data from Multiple Sources

Engagement Models

❖ Fixed Price – Cost Estimate Based on Project

❖ Time & Material – Cost Based on Time &
Resources
❖ Hybrid – Onsite-Offsite Team

• OX INSURANCE

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Policy Setup

❖ Rating, Quoting & Proposals

Policy Administration

❖ Binder Issuance, Policy Issuance, Renewals,

Quality Checks.

Invoicing & Billing

❖ Installment Billing, Reconciliation, Billing

Notices & Surplus Line Taxes.

Data Gathering

❖ Order Loss Runs, MVRs, CLUE, CAB,

OFAC, Build Loss Summaries.

Endorsements & Certificates

❖ Premium & Non-Premium, Issue COIs.

Claims

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 ❖ Coverage Verification, Claims Entry, Claims
Analysis & Documentation.

Cancellations

❖ Process Cancellations & Reinstatements.

• OX LOGISTICS

Process Re-Engineering

❖ Eliminate redundant & ineffective operations

Invoice Processing

❖ On-shore & off-shore 24-hr billing cycle

Freight Bill Audit

❖ Ensure all supplier invoices comply with

contract terms

Independent Contractor Payments

❖ Pay suppliers timely & accurately

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Specialty Client Processing

❖ Military, GSA, COD, Commercial, Move

Management Firms

Lead Generation to Cash Settlement Technology

❖ Create an end-to-end solution that eliminates

tired legacy platforms

Bank Reconciliation

❖ Daily reconciliation to ensure available cash

flow

Claims Processing

❖ Claims intake, under-deductible settlements,

contractor subrogation

• OX MEDIA
• CALL CENTRE

OWNERSHIP PATTERN

Vantage Agora is a Private Ltd Company having 100 % shares held with company
from the day of its incorporation Nov 30,2004.

ACHIEVEMENTS

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 ❖ CIO review Oct 3, 2017 named Vantage Agora as top 25 insurance technology
solution provider.

FUTURE GROWTH AND PROSPECTS

❖ Vantage Agora focus on their patent pending Business Operating System(BOS)-

OX Zion making it as the future of insurance technology and believes that their
effort on OX Zion is the game changer in industry.
❖ Currently supporting more than 50,000 registered users through their 20 industry
apps in the insurance, human resources, sales, information technology, healthcare
and manufacturing sectors and targeted to support even much higher figures in the
upcoming years.
❖ The company is focusing to help top 20 fortune 500 companies to expand into
logistic industry of which they have achieved to help one of them.
❖ VA OX Logistics team to address many opportunities and challenges through
information graphics and OX White paper. Explore the future of shipment
Accounting as the challenges nearly affects 7000 companies in the industry.
❖ Vantage Agora willing to work with business leaders to identify their business
needs and customize their experience with OX Zion.
❖ Developed cloud-based OX Zion system to support various industries and provide
much better version of end-to-end visibility towards digital business excellence
than today.

Mckinsey’s 7s Framework

The Mckinsey 7S framework is a management model developed by Robert H Waterman

,Jr and Tom Peters in 1980s,two consultants working at the Mckinsey & Company
consulting firm.

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The 7S model can be used in wide variety of situations, for example:-

• Improve company’s performance

• Examine effects within a company future changes
• Departments Alignment and during merger or acquisition processes
• Determine to implement a best proposed strategy

The Seven Elements

The model has seven interdependent factors categorized as “hard” and “soft” elements:

Table 3.1 :- Seven Elements

Hard Elements Soft Elements

Strategy Shared values

Structure Skills

Systems Style

Staff

“Hard” elements-tends to be easier to define or identify and management can directly

influence them: such as strategy statements; organization chart and reporting lines, formal
processes and IT systems.

“Soft” elements-more difficult in terms of describing, found to be less tangible and

influenced by culture. Soft elements are vital as the hard elements if the organization needs
to be successful.

Figure 3.2:- Depicting the interdependency and indicates a change in one affects the
others.

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Elements Specification

• Strategy-The plan to build and maintain competitive advantage over the

competition.

• Structure-Way organization is structured and who reports to whom.

• Systems-Staff members daily activities and procedures that engage them to get the
work done.
• Shared values-Known as “ subordinate goals “ , core values of the company
evidential in corporate culture and work ethic generally.
• Style-adopted leadership style
• Staff-The employees and their general capabilities.
• Skills-competencies and actual skills of employees in the company.

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STRUCTURE

Figure 3.3 Organization Structure of Vantage Agora

Source: Company Data

Organization structure outline hierarchical arrangement of lines of authority, rules, roles

and responsibilities. it helps one to determine information flow from level to level within
the company. The organization could be centralized in structure where decisions are from
top to down, where has decentralized structure organization has the decisions made at
various level.

Vantage Agora Marketing Private Limited is a private company with the organization
structure which divides the organization into smaller groups based on specialized
functional areas such has finance, marketing, IT etc.
The manager of specific departments assists their subordinate for the smooth operation of
the organization. The managers are directed and advised by respective department heads
or vice president.
The Administration Department is responsible to ensure smooth flow of information
linking various departments. Perform day to day activities with effective use of available

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resources or assets. Similarly, each department performs their duty to achieve a common
goal.
The company has centralized structure, where the decisions are taken by the top-level
management and the same is communicated with the manager, and the rest, the actions are
enforced accordingly.
Detailed study of various departments with their functions ,policies, goals and sub
structure is as follows:

1. Service Department
Team Lead

GL and QA

SME AND Sr. Analyst

Junior Analyst

Substructure of Service Department

All the critical were carried out by other departments are processed within the set time
frames to ensure quality work been delivered. Based upon the goal outline, it is expected
that the department performs their roll to the best of my abilities and follows departmental
guideline and procedures has directed by Centre head.

Goals
To achieve the following score for each process carried out :
1) Projects quality score-20%
2) projects productivity-20%
3) project reporting and compliance-15%
4) projects schedule adherence and absenteeism 15%
5) projects attrition -15%
6)Traits-15%

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Functions:-

• Perform daily operating rhythm.

• Operation update.
• Management audit
• Operation support
• Customer calling
• Account audits
• Understand project Trend
• Performing one on one
• Services production and errors
• Floor support
• Track timely /quality delivery
• Cross training
• QC & QC report
• Process and carrier matrix

2. Product Development Department

Product Manager

Product TL(Dev.) Product TL(IT) Product TL(B.A)

Sr. Analyst(Dev.) Sr. IT Analyst Senior B.A

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Jr. Analyst(Dev.) Jr. IT Analyst Junior B.A

 Substructure of Product Development Department

Functions:-

• Implementation call/Architecture call

• Coding/Data Work
• Operations Meeting
• Dirty Dozen Meeting

3. Human Resource Department

Junior Analyst

Junior Analyst

Junior Analyst Junior Analyst

Substructure of HR Department

The HR carries out in public relations exercise (Recruitment and Selection) to enhance the
reputation of the organization by treating all candidates fairly, equally and efficiently with
respect and courtesy with the aim to ensure that the candidate experience is positive.
(Irrespective of outcome)
Functions:-

• Requirement analysis.
• Recruitment.
• Benefits- ITP, Insurance scheme, education sponsor.
• Evaluation- Performance Appraisal.
• Create job roles.

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 • Leave policy.
• Appreciation on floor.
• HR also ensures transition.
• HR support and forms.

HR Goal:-
Gaining trust from the organization by hiring right people.

4. Finance Department

Financial Cntlr.

Financial Mgr.

Financial Analyst

Substructure of Finance Department

Functions:-

• Billing audits:- This is to ensure that there are no errors in the number of files being
processed and number of resources being utilized to do it. The finance team will
look for the issues in the dates, alignment, FTE, formula etc.
• Time sheet audits:- bi software being used is 0X sheet or MS Excel for this type
of audit. This ensure that no one has missed homemade and incorrect entry of
his/her process.
• Invoicing audit:- Based on the above two audit client will be billed every last day
of the month. Here, the finance team will look for the issues in the customer name,
address, E-mail ID, username and password, invoice description, FTE rates etc.

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 • Procure to pay:- This is a process that list how VA procures direct procurement
for inventory that is directly converted into finished goods and indirect procurement
for inventory that help in creating the product and services but does not actually get
into finished product.
• Account receivable analysis:- AR analysis is a method for analyzing the state of
companies receivable ageing report.AR analysis and quick book will be updated
has when the payments are received. P&L account , balance sheet and trading
summary are generated from the QuickBooks.

5. Quality Assurance Department

Assistant Mgr.

Team Lead

GL and QA

Substructure of Quality Assurance Department

The main purpose of internal quality team is to ensure, they are presenting mistakes /
defects and avoiding errors when delivering the services to customers.
It is important for Quality Assurance team to be in sync with all new changes and new
processes delegation to operations.
The team consists of team leads, quality analyst and group leads in it who will be
performing quality audits for the team.

VA Quality Department Goal

Identify and reduced in house quality issue.

Functions:-

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 • Check and rectify service process to provide customers hassle free and error less
services.
• To provide high and consistency of quality.

6. Marketing Department

They fulfill the purpose of publicizing VA products for various purposes such as partner /
client acquisition, trade shows etc on the need basis.

Functions:-

• Yearly Collateral based on strategy formulated.

• Designing.
• Branding.
• Web and Social updates.(SEO)
• Publication. (Press release)
• User group and Trade shows.

SYSTEM

Just In System

The truth it is too cumbersome, expensive, and inefficient for maximum productivity but
Vantage Agora does it much better by breaking down system in the Step Cycle:

Step 1 : Find/work with a reputable temporary staffing agency.

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Step 2 : Interview and screen candidate pool.

Step 3 : Train new seasonal staff using the senior staff.

Step 4 : supply seasonal staff with required resources.

Step 5 : On – board seasonal staff into operations.

Step 6 : Audit seasonal staff’s work.

Step 7 : Pay overtime wages to all hourly employees to keep up with peak volume.

Step 8 : Develop a tolerance for errors as seasonal staff learns their roles.

Step 9 : Make some seasonal staff as permanent employee.

Selection and Recruitment System

The objective is to place a right candidate at a right place in tune with company’s objective
and policies.

The Selection and Recruitment system of Vantage Agora is as follows:

Step 1 : Initial Screening

Step 2 : Written Test

Step 3 : Group discussion

Step 4 : Personal Interviews

Step 5 : Making Job offer

Step 6 : issue of Letter of intent (offer)

Step 7 : Offer Acceptance by candidate.

Performance Appraisal/Promotion System

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It is a method of evaluating the degree of accomplishment of the assigned tasks to an
employee indicating how well an employee fulfills the job demand.

• Leadership Board -In Vantage Agora employees are promoted on the basis of
Leadership Board which a straight ranking method form via OX Zion Leaderboard
at the end of year the employees are benefited by incentives making them to gain
more KRA (Key Result Area) points.

• ITP-Internal Promotion
This is another form of recruitment(internal) or promotion of the employee in this
if the employee who has been working in service department who found to be
excellent in it as well has the potential and willingness to move forward the product
development/IT department side will be promoted only after various assessment-
several level of technical interviews , product knowledge assessment.
This is generally known as transition which requires the employee to serve the
service Department minimum of 1 year to be eligible for it.

• VA Awards

In VA, there is event conducted called Star Awards for the employees which will be
awarded to them once in a year in and around December.

STAR stands for

S-Service
T-Teamwork
A-Attitude
R-Reverence

The employee must exceed your expectations and also should have been communicating
clearly and courteous way.

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in terms of teamwork the employees must seek to accomplish Supremacy and shares the
efforts. In terms of attitude the employees must have achieved an extra Mile confidence ,
enthusiastic and caring Attitude.
and also the employee must have shown respect to everyone paid attention to everyone's
requirements.
Any employee or team or a leader in an organization who fulfills all of the above mentioned
criteria would be eligible to receive Star Awards such as
STAR Employee
STAR Team
STAR IT
STAR Lead etc.

STRATEGY

Strategy of an organization is game/ master plan design to achieve its vision. These plans
of an organization would help to develop grow and sustain in the dynamic market scenario.

Vantage Agora strategy:-

Remote staffing- VA believes in cutting down unnecessary people cost that helps
in operational excellence. Offshore remote staffing Raises productivity and lower
cost across various industry and enabling the 24 hour production cycle. The
company believes that remote staffing facilitates one with the following benefits:-

• Employee expert workforce

➢ Hire employee with deep industry knowledge.
• Avoid costing onboarding
• Overcome ongoing cost-
➢ Such has salary, benefits, compensation, overhead, management cost etc.
• Employee turnover-
➢ Remote staffing could Prevent expanding time resource and energy on employee who
might slip off resulting a loss of investment.

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 • No mental and physical stress-
➢ A long work day may also cause physical strain on employees reducing their
efficiency to perform work.

Back office operation

The reason why VA feels back office operation is important even today from the day of
operation because

➢ It is an endless soft market.

➢ Growing pressure on the back office costs giving Vantage Agora to help other
organization with the back office operation.
➢ increased Expectations in customer service.
Aside from the cost savings, the clients of vantage Agora can refocus on time and efforts,
which results in improving services to customer, faster turnaround and effective use of the
staff, producers can also focus on the sales which result in increasing the revenue.

Business process outsourcing solution

The business process outsourcing solution to other companies help them to prioritise
business function which are required before helping them in terms of reducing labour cost,
improving customer satisfaction and enhancing operational performance. This facility to
the client by VA is a strategy helping them to grow. The VA model performs better than
traditional BPO providers:-

Transparency:- Complete enterprise wide visibility.

Operational improvements:- Documenting the improved operations and providing detail
information’s of be processed documents.
Reports and Insight- Daily reports of the production environment is provided and
accessible 24/7 to clients on all web enabled device.

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Scalable and on demand- Provide fully trained resource on demand to assist the customer
business operation.

Adapting to changing insurance industry in terms of Technology

VA has always driven itself to offer Holistic solution to the market with major external
applications and system like ERP, ERM and accounting systems.
Bringing innovation to insurance tech, use of Six Sigma to improve operational excellence
in insurance.

STYLE

Organization style is helpful to work efficiently and maintain healthy relationships with
the employees in order to get the work done in the best possible way.

The company management floor TOP to DOWN approach (Centralized). It is found

that everyone are treated equally giving everyone many opportunities including the right
of freedom of expression no matter the position of the employee or the hierarchy level they
are in. This style makes the organization to follow the "Participative style" in certain
situations.

❖ Every morning is observed to be a meeting between Group leader /Team leader

discussing about me status of work, update of the work and difficulties faced.

❖ Once the Group leader/Team leader completes the meeting with their respective
team numbers, then they report to assistant managers.

❖ Assistant managers has a daily early morning meet to ensure the smooth
functioning of the operation/services to ensure hundred percent quality guarantee.

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 ❖ Manager group up with the head of operation and other department heads to provide
the daily update before the start of the day(daily for 15 minutes).

❖ Assistant manager collaborate with other departments to ensure that business runs
uninterrupted(Daily 1 hour).

❖ Assistant manager conducts audits of the intra/inter department and make sure that
there are no ISO violations(weekly 2 hours).

❖ There is a brown bag meeting- that is lunch meeting on a topic that all leaders need
to collaborate and execute(Monthly 45 minutes).

❖ They even discuss and work with CX team.

❖ Manager track the performance of the subordinate on a monthly basis, which is

used for annual appraisals.

❖ One on one - people were the manager / Team lead / Group lead discuss the
performance attitude, growth issues, collect feedback etc.

Vantage Agora values to employees

VA does not believe in set of hours and time for work, they have no concept of 'close of
business (COB)'. VA has "End of the days flag" because VA believes they have fun helping
customers and friends driving more value of the business.

• 'Grow the pie and share the pie'

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 ❖ The management shares everything with the people who help the company to grow,
helping them to be surrounded by people.VA constantly strive to get better people
and grow the pie and share the pie with them.

❖ VA ask all their employees to publish their own professional mission statement on
a public message board.

❖ Though money Desire, job satisfaction, recognition, power and influence might
motivate people. VA believes there is something else that is also must to motivate
the people of the company.

There 3 key to motivate:-

1) Autonomy- Allowing employees to direct their own work life.
2) Mastery- VA believes oftentimes there is a simple Desire to get better and better at
something that matters.
3) Purpose- VA believes that their employees have a yearning to do something bigger than
VA.
VA follows a philosophy which is known as ROWE- Result Oriented Work
Environment.

Key foundation of company- Honor, Integrity, transparency and equality.

VA does not believe in tracking traditional metrics such as employees attendance, offices
hours, tenure and salary, since the adopted result oriented work environment which gives
them employee engagement, increase in satisfaction and slashed employee turnover.

SKILLS

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Skill is ability and capacity acquired to carryout a complex activities or job functions
involving ideas(cognitive skills), things(technical skills) and people(interpersonal skills).

The skill that are looked for in an employee of Vantage Agora is as follows:-

Table 3.4 :- Skills Required in various level of management.

Management Skills Required

Level
Managers ➢ Analytical/Research Skill
➢ Decision making skill
➢ Planning/Organizing
➢ Motivational Skill
➢ Leadership Skill
➢ Problem-Solving/Reasoning/creativity
➢ Insurance Knowledge

➢ Communication Skill
➢ Convincing Skill
➢ Timely and quality delivery skill
➢ Utilization and realization of loss in service skill
➢ Understand and implement basic art series
➢ Ramping up to liaison production
➢ Technical Literacy

Executives ➢ Analytical/Research Skill

➢ Motivational Skill
➢ Communication Skill
➢ Technical Literacy
➢ Multitasking skill
➢ Flexibility/Adaptability/Managing Multiple Priority
➢ Insurance Knowledge

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 ➢ Error Analyzing skill

Staff ➢ Communication Skill

➢ Flexibility/Adaptability/Managing Multiple Priority
➢ Teamwork
➢ Quick Learner
➢ Error rectifying skill(Quality check)

Source: Company’s Data

Training and development programs are undertaken by Vantage Agora to enhance the
skills to adopt the dynamic environment efficiently.

1) Induction training- This training is given to VA employee at the time of the

joining to introduce organization style and culture making the employee
comfortable with the environment.
2) Inhouse training- this training is conducted once a year where COO motivates
people involved in the company telling them where they are, where they are planning to go
(future goals), motivating individual goals this is generally known as Town Hall meeting.
The training even includes one day of team building activities which helps the employee
to collaborate with each other.
3) External training-As per job requirements the respective training are provided
for the potential employees to learn new skills especially the technology to be utilized in
the company.

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 4) On job training / On Board training-This training is provided to new Joiners
and recently promoted employees helping them to learn the process faster and gets signed
off from the training and start working deliberately towards the client requirements.

STAFF

The staff of Vantage Agora at various levels like top, middle and bottom level management
have nurtured required qualifications, there by being able to meet the expectations of the
management and valuable customers.

The employee of Vantage Agora maintains a professional attire and attitude in their routine
work within organization.

The staff details of Vantage Agora Marketing Private limited in the service department is
as follows:

Table 3.5 Staff Matrix

DESIGNATION (SERVICE Dept.) TOTAL NUMBER OF EMPLOYEES

HEAD OF OPERATIONS 1
ASSISTANT MANAGER 3
TEAM LEADS 6
GROUP LEADS 5
QUALITY ANALYST 2
SUBJECT MATTER EXPERT 16
SENIOR ANALYST 66
HR/ADMIN 3
JUNIOR ANALYST 133
Source: Company’s Data

Apart from this the total count of employees in the Vantage Agora Global product
development has currently 40 employees working and the Vantage Agora in U.S. has 30
employees working.

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SHARED VALUES

(a) Organization Value

• To achieve corporate excellence in the field of Business technology through
continual improvement and innovation.
• Achieve quality , reliability and high performance through honest, trust
worthy and practice integrity.
• Fair treatment and actions without any discrimination.
• To provide errorless and hassle free quality services to meet the customer
expectations.
• Enhance ethical and transparent process in managing company’s affairs.

(b) Corporate Culture towards the external environment.

VA cares started nearly after the company was established and they do this every year and
they have also included this in their mission statement.
CSR activities are conducted in the month of December because most of the VA clients
would be on holiday, the company plans and organize fun activities in events exclusively
for the employees.
Vantage Agora conducts these events to make sure that the employees are aware of the
people in the society who are not privileged enough to avail all the basic facilities required
to lead a Life search has place to stay food clothing education etc.

By conducting such kind of activities with a company's sends its employees to emotional
blind homes, orphanage, old age homes, and NGOs to contribute.
VA has been consistent in contributing to the betterment of the society and few of the
organization that we a has contributed our Ramana Maharishi academy for the blind
children in JP Nagar, Vatsalya Charitable Trust near kanakapura road and has 20
of orphans and 10 old age people, Sri Ambigara chowdaiah Education society which is
residential hostel for mentally challenged orphans and old age home in Uttarahalli.

36
Apart from this way VA also organizes many events to serve the society few among them
a blood donation camps, initiative to teach the underprivileged children's the basics of the
computer hardware.
The employees the employees donate the book for the charity which could be old books
novels comics and many other books for the less fortunate children in Bangalore by using
these books children. This is usually organized by rotary club in Bangalore and VA to
contribute to it. An employee from VA's Sadashivanagar branch from IT Department has
taken privilege to teach primitive lessons like English grammars and computer application
software such as Microsoft Office to Junior College female students.

2018 CSR

GKEMPS School ( Govt. Kannada and English medium near KP Agrahara on Magadi
Road primary school)
Summary-
The students of daily wage workers from the neighboring locality come to this institute.
VA is associated with this institute so that the kids do not suffer the destiny attached to the
birth. The required support to raise funds so they can translate vision of what excellent
education. In return GKEMPS can offer complete transparency in how the funds are being
utilized and visit to their classroom to see how the contribution are helping the children's.
VA is associated with this institute so that the kids do not suffer the destiny attached to the
birth. The required support to raise funds so they can translate vision of what excellent
education. In return GKEMPS can offer complete transparency in how the funds are being
utilized and visit to their classroom to see how the contribution are helping the children's.

37
 SWOT ANALYSIS

SWOT analysis is a important strategic planning technique or framework to evaluate

competitive position of the company by identifying strengths(S), weaknesses(W),
opportunities(O) and threats(T) of it.

It can be well said as SWOT analysis is a foundational assessment model that measures
what an organization can and cannot do and potential threats and opportunities of it.

Elements of SWOT analysis

• Strengths-Describe organization excellence and what makes it different from the

competition.
• Weaknesses-obstruct an organization from performing at its optimum level.
• Opportunities-favorable external factors that could help an organization to gain a
competitive advantage.
• Threats-potential factors that could harm an organization.

SWOT ANALYSIS FRAMEWORK

Environmental factors internal to the firm usually can be classified as Strengths (S) or
Weaknesses (W), and that external to the firm can be classified as Opportunities (O) or
Threats (T).

Figure 4.1:- SWOT Analysis

Environmental
Scan

Internal Analysis External Analysis

Strengths Weaknesses Opportunities Threats

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Strengths

• Vantage Agora has an industry-leading integrated Business Operating

System(BOS) recognized by Gartner-OX Zion which makes VA miles ahead of its
peers offering traditional standalone solutions.
• The company is expert in operational excellence for businesses of all sectors.
• New features added to its patent pending OX Zion- Business operating system
(BOS) allows to create, display and manage internal and external communication
with customers prospects and employees - anytime, anywhere from the cloud.
• Patented 'NO - Developer- Needed' Technology (NDN).
• OX Zion API's and data extraction tools set them apart which helps to pull data
from different systems such as POS, financials , CRM systems and display this
information on digital signage.
• VA has ISO 9001 certification of management system which gives the client
predicted and best result with Peace of Mind of having complete data and
information security.
• Vantage Agora is good at customer service , where the customer complaints
electrified and corrected to RCA(root cause analysis).
• Customer experience group (after Sales Service) gives VA competitive advantage
over competitors
• It has business product innovation Technology ahead in insurance.
• Quality assurance
• Operational excellence in shipment accounting.
• Vantage Agora specializes in managing all data-entry and non-revenue-generating
activities for various industries including Insurance, Logistics, Healthcare,
Manufacturing, Professional Services and many other industries.
• Training of VA motivates and retains the potential employees to achieve the
organization goals.
• The company is specialized in Back Office Operations since they Believe in PPPP!
Plan, People, Process and Projects-they focus on Plan and People(customers,
customer service),partners who are specialized in Process and Projects.

39
• Data visualization for operational Intelligence and integrated matrix.
• Expertise in remote staffing solutions, custom IT services and consulting services
for insurance, finance and healthcare sectors.
• VA has ability to handle large number of U.S clients.
• Robotic process automation with OX Zion leads to many benefits - customizable
operational intelligence, visibility within team and workflows, common industry
application integration, RPA engine automation whenever required etc.
• Appreciation of employees in no time via OX Zion news even done from client
side.

Weakness
• No Indian clients or clients from other countries apart from U.S which implies that
either the market is unaware of Vantage Agora or Vantage Agora is unsure to tap
or leverage into other markets.
• Lack of Employee security such as pension scheme is another weakness.
• Low investment in innovative research and development.
• The training cost is much higher than employee’s recruitment process because most
of the employees are undergraduates and required effective and rigorous training.

Opportunities
• Higher demand for automation to gain consistency and replication task rather than
manual performance to complete the task in seconds rather than minutes or hours
with higher level of quality enables when Vantage agora to capture the market.
• The need for remote staffing service to increase efficiency, 24/7 responsive
workforce and cost saving provides the opportunity for Vantage agora.
• Insurance sector tremendous growth with technology gives the potential to Vantage
Agora to rise to the top as pioneers.
• The need of insurance market to run the business without Technology constrain is
an opportunity to Vantage agora OX Zion , an integrated Software Solution.
• For Organization in need of underwriting Management Solutions , VA provides
important metrics on production and procedures.

40
 • Because of the fact that Indian economy has opened up, there is a good supply and
experience in the program and project management, VA sees a wide opportunity.
• Wider expansion in the upcoming years due to publicly hold suppliers and larger
local operations among with Richer players is an opportunity.

Threats

• In the upcoming years , the competitors expected to come up with innovative patent
pretended solutions to give a cut throat competition.
• Complete dependency on U.S projects.
• Options in nationalism and protectionism leads to trade barriers and market access
issues around the globe.
• Cloud Service generator variety of risk that may accumulate "perfect strong" such
as technical failures, cyber-attack or power blackout- possibly and natural disaster
could lead to financial loss, Data loss and privacy issues.

41
 Analysis of Financial Statements

Table 5.1:- Balance sheet of Vantage Agora

AS ON 31- AS ON 31-
SL.No PARTICULARS 03-2017 03-2016

I EQUITY AND LIABILITIES

(1) Shareholder’s Fund 100000 100000
(a) Share Capital

(b) Reserves and Surplus 77589787 59432161

(c) Money received against share warrants 0 0

(2) Share application money pending allotment 0 0

(3) Non-current liabilities

(a) Long Term Borrowings 0 0

(b)Deferred tax liabilities(net) 812110 241799

(c)Other long term liabilities 0 0

(d)Long term provisions 0 0

Current Liabilities

(a)Short Term Borrowings 0 0

(b)Trade Payables 2980243 0

(c)Other Current Liabilities 2082223 3185997

(d)Short Term Provisions 1661004 0

Total 855225367 62959957

II. ASSESTS

(1) Non Current Assets

(a)Fixed Assets

(i)Tangible Assets 12139073 9509889

(ii)Intangible assets 0 0

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 (iii) Capital Work-in-Progress 0 0

(iv)Intangible assets under development 0 0

(b)Non-current Investments 0 0

(c)Deferred Tax Assets(Net) 0 0

(d)Long Term Loans and Advances 3302600 3552600

(e)Other Non Current Assets 0 0

(2) Current Assets

(a)Current assets 0 0

(b)Inventories 0 0

(c)Trade Receivables 12640361 7441640

(d)Cash and Bank Balances 55947743 41061847

(e)Short term Loan and Advances 1195590 1393981

(f)Other Current Assets 0 0

Total 85225367 62959957

STATEMENT OF PROFIT AND LOSS OF VANTAGE AGORA

Table 5.2:- Profit and Loss statement

SL. PARTICULARS YEAR ENDED YEAR ENDED

NO 31-03-2017 31-03-2016

(I) Revenue from operations

Domestic Turnover
(i) Sales of goods manufactured 0 0
(ii) Sales of goods traded 0 0
(iii) Sales or supply of services 1019637 2282783
Export turnover
(i) Sales of goods manufactured 0 0
(ii) Sales of goods traded 0 0

43
 (iii) Sales or supply of services 129639780 656074350
(II) Other income 2544374 3022168
(III) Total Revenue (I+II) 133203791
(IV) Expenses
Cost of material consumed 0 0
Purchases of stock in trade 0 0
Changes in inventories of 0 0
-Finished goods
-Work-in-progress 0 0
-Stock in trade 0 0
Employee benefit Expense 74324615 37943005
Managerial remuneration 0 0
Payment to Auditors 0 0
Insurance expenses 0 0
Power and fuel 0 0
Finance cost 0 0
Depreciation and Amortization 4141988 2103885
expense
Other expenses 27598398 18980355
Total expenses 106065001 59027245
(V) Profit before exceptional and 27138790 -59027245
extraordinary items and tax (III-
IV)
(VI) Exceptional items 0 0
(VII) Profit before extraordinary items 27138790
and tax (V-VI)
(VIII) Extraordinary items 0 0
(IX) Profit before tax (VII-VIII) 27138790
(X) Tax Expense
(1) Current tax 8410853 3835880

44
 (2) Deferred tax 570311 121454
(XI) Profit (Loss) for the period 18157626 -3957334
from continuing Operations
(IX-X)
(XII) Profit/(Loss) from 0 0
discontinuing operations
(XIII) Tax expense of discontinuing 0 0
operations
(XIV) Profit /(Loss) from discontinuing 0 0
operations (after tax) (XII-XIII)
(XV) Profit/ (Loss) (XI+XIV) 18157626 -3957334
(XVI) Earnings per equity share before
extraordinary items
(1) Basic 0 0
(2) Diluted 0 0
(XVII) Earnings per equity share after
extraordinary items
(1) Basic 18158 7928
(2) Diluted 0 0

RATIO ANALYSIS

A.LIQUIDITY RATIO

1)CURRENT RATIO
Current Ratio = Current Assets/ Current Liabilities

45
 YEAR CURRENT CURRENT CURRENT
ASSETS LIABILITIES RATIIO
2015-2016 49897468 3185997 15.66
2016-2017 69783694 6723470 10.38
Source: Computed Data

Inference- The current ratio is decreased in the year 2017 as

compared to 2016. Our current ratio indicates that the company has
capacity to pay all of its obligations, but too high then the ideal ratio
(2:1) indicates the company may not be utilizing its current assets
efficiently.

2)ACID TEST RATIO OR QUICK RATIO

Quick Ratio=Quick Assets/Current Liabilities

Quick Ratio=Current Assets-stock-Prepaid Expenses/Current

Liabilities

YEAR QUICK ASSETS CURRENT QUICK

LIABILITIES RATIIO
2015-2016 48503487 3185997 15.22
2016-2017 68588104 6723470 10.20
Source: Computed Data

Inference- Higher quick ratio indicates the better position of the company, VA can cover
their immediate applications over short term debt by selling the liquid assets at very short
notice.

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3)ABSOLUTE LIQUID RATIO

Absolute Liquid Ratio=Absolute liquid Assets/Quick liabilities

Absolute Liquid assets= Cash and Cash Equivalents + Marketable

securities
Quick Liabilities= Current liabilities-(Bank Overdraft+ Cash credits)

YEAR ABSOLUTE QUICK ABSOLUTE

LIQUID ASSETS LIABILITIES LIQUID
RATIIO
2015-2016 41061847 3185997 12.88
2016-2017 55947743 6723470 8.321
Source: Computed Data

Inference- The ratio indicates that the company has more cash funds than
required, therefore suggested to make use of cash funds for investment
projects.

B.TURNOVER RATIO

1) FIXED ASSET TURNOVER RATIO

Fixed Asset Turnover Ratio= Net sales/Fixed Assets

YEAR NET SALES FIXED ASSETS FIXED ASSET

TURNOVER
RATIIO
2015-2016 70912386 9509889 7.456
2016-2017 133203791 12139073 10.973
Source: Computed Data

Inference- Increase in ratio in the year 2016-2017 then 2015-2016 indicates

that Vantage Agora has well utilized investment in fixed assets to generate
sales.

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2) CURRENT ASSETS TURNOVER RATIO

Current Assets Turnover Ratio=Net Sales/Current Assets

YEAR NET SALES FIXED ASSETS CURRENT

ASSETS
TURNOVER
RATIO
2015-2016 70912386 49897468 1.42
2016-2017 133203791 69783694 1.91
Source: Computed Data

Inference- The increasing trend of VA is good sign this means the company
is working on consistent improvement of its policies in trade receivables,cash
and other current assets management.

C.PROFITABILITY R9ATIO

1) NET PROFIT RATIO (%)

Net Profit Ratio= Net Profit/ Net Sales *100

YEAR NET PROFIT NET SALES NET PROFIT

RATIO
2015-2016 -3957334 70912386
2016-2017 18157626 133203791 13.63
Source: Computed Data

Inference- The increase in net profit ratio much more then in the year 2016
(loss) indicates the growth of the company or overall efficiency.

2) FIXED ASSET TO NET WORTH RATIO

Fixed Asset To Net Worth Ratio= Net Fixed Assets/Net Worth

48
 YEAR NET FIXED NET WORTH RATIO
ASSETS
2015-2016 7406004 59532161 0.12
2016-2017 7997085 77689787 0.10
Source: Computed Data

Inference- The ratio is decrease when compared to previous years with ratio
being less than 0.75 states that the VA is less vulnerable to unexpected events
and changes in the business.

3) SOLVENCY RATIO

Solvency Ratio= Total Assets/Total Liabilities

YEAR TOTAL ASSETS TOTAL RATIO

LIABILITIES
2015-2016 62959957 3427796 18.36
2016-2017 85225367 7535580 11.30
Source: Computed Data

Inference- There is a decrease in solvency ratio of VA when compared to

previous year, but still VA have sufficient cash flow to meet its debt obligation.

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LEARNING EXPERIENCE

My experience at Vantage Agora for a period of one month has been the most
knowledgeable practical exposure to various department especially Service Department
and the HR Department has given me an opportunity to experience corporate culture.
From the organization study I could learn the day to day activities performed in the Service
and HR department helping me to understand manageability of time and people of the
company. The study helped me to know the various department functions, role and
responsibility of each employee and understood how the departments are inter-linked,
support and coordinate.
The success of the organization depends on right candidate hired for a right position, hence
the recruitment places a vital role in the growth of the company. Through Human Resource
Department I got to know the company recruitment policy, and procedure, the training
process and the importance of safety and environment protection while undertaking any
process in the organization.
The company gave me an opportunity to learn few service related to HR department, such
as creating recruitment for campus, fixing department control for offer made, updating
consultancy recruitment, appraisal letters of employees, background verification (BAV) of
employees, updating employee attendance and operation intelligence update of employees.
Being an intern at the Service Department of the company, assistant manager of Service
Department taught me the Root Cause Analysis(RAC) preferable third eye view done by
mostly senior level executives, auditing own goals and SOP(standard of procedure),
Quality analysis (QA) audit and bulk uploading.
I found how strategies were formulated to overcome the competition. Technology led
innovation and continual improvement are the effective strategies adopted in the company
to survive in the market, and through which they are able to reduce the cost of operation
and increase profitability.
During my internship I have went to maintain daily report of the activities which I carried
out and understood the importance of culture understanding and operation of the
organization.

50
BIBILOGRAPHY

➢ Sharma.R.K(2014). “Financial Management” 8th Revised Edition ,Kalyani

Publishers. Bangalore
➢ Rajiv Srivastava and Anil Misra,(2011) , FINANCIAL MANAGEMENT ,Oxford
University Press Mumbai.

WEBLIOGRAPHY:

1. “Indian Insurance Industry Analysis” retrieved on 21/06/2018 from URL

https://www.ibef.org/industry/insurance-presentation
2. “About VA” retrieved on 22/06/2018 from URL
www.vantageagora.com/va-about-us/
3. “Vantage Agora : Empowering Businesses with Operational Intelligence” retrieved
on 25/06/2018 from URL
https://www.cioapplications.comm/vendor/vantage-agora-empowering-
businesses-with-operational-intelligence-cid-887-mid-54.html
4. “What is OX Zion” retrieved on 28/06/2018 from URL
www.vantageagora.com/ox-zion
5. “OX Services” retrieved on 29/06/2018 from URL
www.vantageagora.com/va-services.

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