INTERNSHIP REPORT

ON

NECO INSURANCE LIMITED

ANAMNAGAR, KATHMANDU

NEPAL

Submitted To:

BBA-BI Program in Management

Office of the Dean, Faculty of Management

Pokhara University

Submitted By:

ALINA SHRESTHA

Roll Number: 15450324

P.U Registration Number: 2014-2-45-0364

In Partial Fulfillment of the Requirements for the BBA-BI

Bachelor in Management

Uniglobe College

Kathmandu, Nepal

September, 2017
 DECLARATION

This Internship Project Report entitled “Internship Report on Neco Insurance Limited”
which is submitted by me in partial fulfillment of the requirement for the award of
BBA-BI degree of Pokhara University comprises only my original work and due
acknowledgements have been made to materials used in the report.

Alina Shrestha

September , 2017

1
 BONAFIDE CERTIFICATE

Certified that this internship report

Internship Report on Neco Insurance Limited

is the bonafide work of

Alina Shrestha

who carried out the internship work under my supervision. This report is forwarded
for examination.

………………………………………………. …………………………………….

Signature Signature

Sumit Pardhan Ganesh Sharma

Faculty Supervisor Faculty Supervisor

2
 ACKNOWLEDGEMENT

This Internship report is for the Bachelor degree in Business Administration- Banking
and Insurance (BBA-BI) undertaken at Pokhara University of Nepal. This report is the
outcome of effort and suggestions from a lot of people.

First, I would like to appreciate Mr. Sumit Pardhan for getting me involved in
preparation and supervising me while preparing this report. This report has helped me
to expand my knowledge on insurance sector and various parts of its operations. The
learning from this experience has been immense and would be cherished throughout
life.

I would like to thank all the staffs of the Neco Insurance Limited Supervisor, head
office, Anamnagar, for being so kind and co-operative towards me during my
internship, because of whom I was able to learn much about insurance and its
operations. I would also like to thank Mr. Ganesh Sharma for being so supportive and
helpful toward us. I am extremely grateful towards Mrs. Rosina Bariya the Research
and development head and Rasmit Shrestha the Staff of policy department, who
supervised and guided me throughout my internship period. Along with them, I extend
sincere gratitude and appreciation for generous and helpful comments and valuable
information to all the respected people.

Above all I would like to offer my profound gratitude to all the members of Faculty of
Management for introducing this type of internship program in order to impart practical
knowledge to the students.

Alina Shrestha

BBA-BI

Sixth Semester

Uniglobe College

3
 TABLE OF CONTENTS
DECLARATION i
BONAFIDE CERTIFICATE ii
ACKNOWLEDGEMENT iii
TABLE OF CONTENTS iv-v
LIST OF TABLES AND FIGURES vi
DECLARATION ..................................................................................................................... 1

CHAPTER I ............................................................................................................................. 8

Organization Profile ................................................................................................................... 8

1.1Insurance companies in
Nepal
8

1.2 Introduction of Neco Insurance

Limited
8

1.3 Mission and

Vision
10

1.4 Value of the

company
10

1.5 Organization’s
objectives
10

1.6 Major markets and

customers
10

1.7 Products and

services
11

4
 1.8 Composition of Board of
Directors
13

1.9 Organization Design and

Structure
14

1.10 Financial
Structure
15

The table shows authorized capital of Neco insurance is 100 million, issued capital is 60
million and paid up capital is 28
million.
16

1.11 Financial
analysis
16

CHAPTER II ..........................................................................................................................18

Job Profile and Activities Performed .......................................................................................18

2.1 Activities
Performed
18

The activities in various departments were performed during the internship program. Every
employee of the concerned departments assisted the intern to know about the services
provided by each department to its value customers. During internship, activities have been
performed in Policy issue Department, Research and development department and claim
department. Working in respected departments helped to gain sufficient knowledge regarding
various activities performed in respected
departments.
18

2.2 Problems
Solved
20

5
 2.3 Intern’s key
Observation
21

Chapter III ..............................................................................................................................23

Lesson Learnt and Feedback ....................................................................................................23

3.1 Key Skills and Attitudes

Learnt
23

3.2 Feedback to the

organization
25

3.3 Feedback to the

College/University
26

References ..............................................................................................................................27

6
 LIST OF TABLES

Table 1.1 Board of Directors…………………………………………………... 14

Table 1.2 Financial Structure of Neco insurance…………………………..... 16

Table 1.3 Ownership pattern of Neco insurance…………………………….. 16

Table 1.4 Performance Results of Last Four Years……………………………. 16

Table 1.5 Investment review and return on investment of last three years……..17
Table 1.6 Business Growth Rate of last three years …………………..17

LIST OF FIGURES

Figure 1.1 Organizational structure of Neco Insurance………………………15

7
 CHAPTER I

Organization Profile
1.1 Insurance companies in Nepal
Beema Samiti (Insurance Board) is an autonomous body, established to develop.
Systematize regularize and regulate the insurance business of Nepal under the Insurance
Act, 1992. Under this act Beema Samiti act as a supervisory and regulatory institution.

The insurance in Nepal doesn’t have a long history. Modern insurance company began
from 1947 A.D. due to lack of awareness, people were not serious about the significance
of different aspect of insurance. This results in people suffer heavy losses during
accidents. The first insurance company was named as “Maal Chalani ra Beema
Sansthan” which was named as “Nepal Insurance and Transportation Company” in
1959 and further named as “Nepal Insurance Company Ltd.” In 1968, the government
of Nepal established “Rastriya Beema Sansthan” under the Company act. There are 16
life insurance and 8 non-life insurance companies that exist in Nepal and the market of
insurance is predicated to expand more in recent future.
In recent days the market of insurance is growing as the awareness of important of
insurance among people has increased due to the destruction of life and properties by
massive earthquake and also the flood. The government also taking initiative to make
people more aware about health insurance is regarded as the next milestone for
insurance business.

1.2 Introduction of Neco Insurance Limited

Neco Insurance Ltd. is a limited liability company registered under the Companies Act,
2021 BS. It was established on 1stPoush, 2051(16th December, 1994). It has been
operating general insurance business in Nepal since 17thJestha, 2053 (30th May, 1996)
as per the license granted by Insurance Board of Nepal. The registered office of the
company is at Anamnagar, Kathmandu and it is operating its business through 27service
outlets nationwide. Neco Insurance enjoys a reputation of expertise, stability and
strength. Our competitive edge, extensive range of products, wide network, claim
servicing capabilities and the ability to provide all possible general insurance solutions
under one roof, makes us the most preferred partner for our valued customers. Neco

8
Insurance has been known in the market as being innovative and having a well-
established relationship with the various reinsurance markets of the world.

The authorized capital of the company is NPR 1000 million and the issued capital is
NPR 648 million. The current paid up capital of the company is NRs. 324 million. The
20th AGM of the company has announced right share @1:1 ratio, which increases paid
up capital of up to NPR 648 million soon. In terms of capital, Neco Insurance Ltd will
be leading insurance companies of general insurance sector. The shareholding patterns
of the company is as under promoter share 60% and public share 40%.

The company’s operation is computerized with integrated insurance software that

ensures speedy and quality service to its customers in matters of issuing policies and
settlement of claims. Emphasis is put on recruitment of quality staff and providing them
effective training to ensure a truly professional service. The company regards that
professional management, efficient computerization of its operation and trained staffs
with strong customer focus give it a cutting edge in the competitive environment of the
present market.

The company has adequate Reinsurance Arrangement with the leading reinsurer of the
world like:

a) Zep - Re ( Pta Reinsurance Company), Nairobi , Kenya

b) Kenya Reinsurance Corporation, Nairobi, Kenya
c) General Insurance Corporation Of India, Mumbai, India
d) The New India Assurance Company Ltd, Mumbai
e) Asian Reinsurance Corporation, Bangkok, Thailand
f) East Afrtca Reinsurance Co. Ltd.; Nairobi, Kenya
g) The Oriental Insurance Company Ltd., New Delhi, India
h) Societe Tunisienne D,Assurances, (Tunis Re.), Tunisia
i) Gic-Bhutan Re Ltd., Bhutan

Thus, the reinsurance arrangement of the company gives its customers a measure of
confidence in the company’s ability to meet its obligations about settlement of claims
particularly in large one.

9
1.3 Mission and Vision
The company have mission to provide services beyond expectation with a will to go an
extra mile. In the process, continue to upgrade technology, human resource and
reinsurance protection.The company envisions being the industry leader by building
customer satisfaction through a fairness, transparency and quick response.

1.4 Value of the company

Our philosophy is to be the leading company with service above par, with integrity,
excellence and professionalism. We continuously attempt to conduct business with
ethics, dignity, fairness and transparency. We measure our performance by results but
more by quality of service. We believe professionalism is perfection. Business
resources are utilized in a manner to achieve optimum returns on resources.

1.5 Organization’s objectives

The main objectives of the company are:

a) To “Make a Visible DIFFERENCE” in insurance market by providing best

general insurance services nation-wide.
b) To be the first and final choice of customers of every business segment of the
country.
c) To ensure that all stakeholders achieve a long-term, competitive and stable
return.

1.6 Major markets and customers

The Neco Insuracne Company limited has been providing the non-life insurance
services since its establishment. The company Limited is providing non-life insurance
services with 26 branches.

a) Major market

Currently, the company is providing is services through 26 branches. Somehow, in this

short period the company was able to cover its market from far western development
region to the eastern development region of Nepal. However, considering the
population density, center of business houses, and center of government offices,
Kathmandu valley is the major market of the company. The company has been
operating inside the Kathmandu valley through its head office and four more branches

10
inside Kathmandu valley. All other 21 branches of the company are established outside
the Kathmandu valley. Looking at the flow of the customers in the head office itself we
can conclude that Kathmandu valley is the major market of the company.

b) Major Customers

The major customers of this insurance company are the individuals and business
organization seeking for the protection of their personal assets and unforeseen accident.
Along with them most of private and public companies having group insurance are the
major customers of this company. The prime clients of the company are:

i. Rastriya Banijya Bank Ldt

ii. Sunrise Bank Ldt
iii. Prabhu Bank Ldt
iv. Prime Bank Ldt
v. Siddhartha Bank Ldt
vi. Prabhu Bank Ldt
vii. Sonapur Cement Pvt. Ldt
viii. Nigale Cement Pvt. Ldt
ix. Kantipur Publication Pvt. Ldt
x. Buwal Cement Pvt. Ldt
xi. Manag Air Pvt. Ldt
xii. GIZ office
xiii. Nine Nepal
xiv. World Bank
xv. Nepal Water Aid
xvi. Hiamlayan Eye Hospital

1.7 Products and services

Neco Insurance Ltd is associated with the non-life insurance. It is providing a variety
of non-life insurance to the insurer. It is the insurance of property and liable risk of
insured against most specified cost that is premium. It includes property insurance,
liability insurance and other forms of insurance. Some of the products and services that
are provided by this company are as follows:

11
 I. Motor policies
A motor insurance policy is a policy to provide financial protection against physical
damage and/or bodily injury resulting from traffic collisions and against liability that
could also arise there from.
a) Commercial vehicle
b) Private vehicle
c) Motorcycle

II. Fire policies

Fire insurance is a form of property insurance which protects people from the costs
incurred by the fires or other defined perils up to an agreed amount.
a) Electronic equipment insurance
b) Fire
c) Household
d) Loss of profit

III. Aviation policies

Insurance against claims and losses arising from the ownership, maintenance, or use of
aircraft, hangars, or airports including damage to aircraft, personal injury, and property
damage.
a) Agro engine breakdown
b) Aviation personnel accident
c) Hull deductible
d) Hull and liabilities
e) Hull war
f) Loss of license
IV. Marine policies
Insurance against loss by damage or destruction of cargo, freight merchandise, or the
means or instruments of transportation and communication whether on land sea or air.
V. Agriculture policies
This insurance provides insurance coverage for various agricultural activities like
Livestock, Poultry, Fish, Paddy, Vegetables, and Fruits etc. farming against the risks of
Fire, Acts of God (Earthquake, Flood, Landslide, and Storm), Diseases, and Insects etc.
VI. Engineering policies
Engineering insurance refers to the insurance that provides economic safeguard to the
risks faced by the ongoing construction project, installation project, and machines and
equipment in project operation.

12
 a) Boiler explosion
b) Contactor all risks
c) Contactor P and M
d) Erection all risks
e) Loss of profit (engg.)
f) Machinery breakdown
VII. Miscellaneous Policies
a) Banker’s Blanket Insurance
b) Burglary insurance
c) Cash in safe
d) Cash in transit
e) Trekking and expedition
f) Fidelity guarantee
g) Group personal accident
h) Health insurance
i) Personal accident
j) Public liability
k) Trekking personal accident
l) Travel medical insurance

1.8 Composition of Board of Directors

A Board of Directors is a body of elected or appointed members who jointly oversee

the activities of a company or organization, which can include a non-profit organization
or a government agency or corporation. The Necoinsurance company limited
comprises reputed people from the finance industry.

Clause 8 of Articles of Association of NecoInsurance Company Limited prescribes

following composition of BOD:-

a) Four members from promoters shareholders

b) One member from common shareholders

13
 Table 1.1: Board of Directors

S.N. Name of Director Designation

1 Mr. Ramesh Kumar Niraula Chairman
2 Mr. Kabi Raj Adhikari Director
3 Mrs. Kriti Kumari Mahato Director
3 Mr. Indra Bahadur Thapa Director
4 Mr. Bhanubhakta Phokrel Director
5 Mr. Tritha Raj Parajuli Independent Director

1.9 Organization Design and Structure

Organization design is a step-by-step methodology which identifies dysfunctional

aspects of work flow, procedures, structures and systems, realigns them to fit current
business realities/goals and then develops plans to implement the new changes. The
process focuses on improving both the technical and people side of the organization.

An organization structure defines how activities such as task allocation, coordination

and supervision are directed toward the achievement of organization aims. It can also
be considered as the viewing glass or perspective through which individuals see their
organization and its environment. Organization structure allows the expressed
allocation of responsibilities for different functions and processes to different entities
such as the branch, department, workgroup and individual.

Organization structure affects organization actions in two big ways:

i. It provides the foundation on which standard operating procedures and routines

rest.
ii. It determines which individuals get to participate in which decision- making
processes, and thus to what extent their views shape the organization’s actions.

14
 Figure 1.1: Organizational structure of Neco Insurance

BOD

Chief
Executive
Officer

Research & Reinsuran Account & Policy

Claim Marketing IT HR
development ce Finance Issue

Staff Staff

1.10 Financial Structure

I. Authorized capital

The authorized capital of a company is the maximum amount of share capital that the
company is authorized by its constitutional documents to issue (allocate) to
shareholders.

II. Issued capital

Issued capital is the amount of nominal value of share held by the shareholders. It is the
face value of the shares that have been issued to the shareholders. Issued share capital
and share premium represent the amount invested by the shareholders in the company.

III. Paid up capital

Paid-up capital is the amount of money a company has received from shareholders in
exchange for shares of stock. Paid-up capital is only created when a company sells its
shares on the primary market directly to investors.

The Table 1.2 shows the Financial Structure of Neco Insurance.

15
 Table 1.2: Financial Structure of Neco Insurance Limited

Capital Amount
Authorized capital Nrs. 1,00,00,00,000
Issued capital Nrs. 60,00,00,000
Paid up capital Nrs. 28,17,77,000

The table shows authorized capital of Neco insurance is 100 million, issued capital is
60 million and paid up capital is 28 million.

Table 1.3: Ownership pattern of Neco Insurance Limited

Owner’s share 60%

Public subscription 40%

The ownership pattern of Neco Insurance is shown in Table 1.3. The company has 60%
owner’s share and 40% are subscribed to public.

1.11 Financial analysis

Table 1.4: Performance Results of Last four Years

Particulars Particulars FY 2015/16 FY 2014/15 FY 2013/14 FY 2012/13

Net Worth Rs 615,086,520 496,923,110 344,848,620 239,962,993

Book value Per Rs 189.82 176 255.02 177.46

Share
Net Profit Rs 121,574,394 92,183,701 36,698,305 36,978,857

Earnings per Rs 37.52 33 27.14 24.99

share
Dividend per Rs 21.05 16 24.74 -
share
Management Percentage 13 15 14 15
expense ratio

Table 1.4 shows the financial statement of Neco Insurance. In this table, net worth ,
book value per share, net profit, earnings per share, Dividend per Share, Management

16
Expense Ratio of the company of last four years. Hence, the table indicates net profit
ratio has been significantly increased last year.

Table 1.5: Investment and return on investment review for last three year

Particulars F.Y. 2015/16 F.Y. 2014/15 F.Y.

Audited Audited 2013/14 Audited
Investment 825,730,042 626,945,669 531,371,792
Interest and other 45,921,028 110,058,491 36,025,887
income
Return on investment 6 18 7

There is a separate directive from the regulator, Beema Samitee, which defines the
overall framework of investment by the insurance companies. In compliance with the
directive, the company has formulated its own investment policy and procedure. The
above table reveals that the investment of company is increasing significantly since
last three years. As compare to that the return on investment is fluctuating and the
return of the last year is declined drastically.

Table 1.6: Business growth rate of last three years

Portfolio F.Y. 2013/14 F.Y. 2014/15 F.Y. 2015/16
Audited Audited Audited
Policy Premium Policy Premium Policy Premium
Fire 4% 11% 15% 26% 29% 39%
Motor 36% 9% 14% -3% 331% 101%
Aviation 100% 100% 925% 784% -60% -23%
Marine 7% 33% 14% -22% 145% 69%
Engineering -5% -1% 5% -10% 101% 229%
Miscellaneous -10% 6% 1086% 25% 45% 33%
Agriculture 100% 100% 687% 3721% 79% 122%
Total 12% 9% 16% 18% 147% 71%

The above table shows that business growth is in increasing trend each year. In
current year optimum growth of 57% has been achieved.

17
 CHAPTER II

Job Profile and Activities Performed

2.1 Activities Performed

The activities in various departments were performed during the internship program.
Every employee of the concerned departments assisted the intern to know about the
services provided by each department to its value customers. During internship,
activities have been performed in Policy issue Department, Research and
development department and claim department. Working in respected departments
helped to gain sufficient knowledge regarding various activities performed in
respected departments.

2.1.1 Policy issue department

Neco Insurance have separate department as policy issue department. This department
collects various proposal form of client made by marketing department on respective
portfolio. The premium calculating calculator is used to calculate the premium to be
charged for client according to the information they provide and risk exposed by
them. For the rider like terrorism, strikes, riots and damage (SRD) the extra charge on
premium is added as 0.05% and 0.10% respectively.

The activities performed in policy department are:

a) Know Your Customer (KYC)

Intern was made to update the KYC form of the each of the client in the
insurance. Name, father/mother name, spouse name (if any), address, contact
number, citizenship or license number and date of birth were the information
need to be updated in KYC form.
b) Policy formation
Due to limited time and complexities while calculating the premium of
different policy, intern was only able to learn to calculate the premium for
following policies:
i. Motor policy
Motorcycle policy comes with third party and comprehensive policy.
The basic premium for motorcycle was Rs.1000. In third party
insurance, in case of accident made by insured the insurance company
is liable to indemnify the cost of medical expenses up to Rs.3, 00,000
and in case of death of third party insurance company indemnify up to
Rs.5, 00,000. The voluntary access for motorcycle are Rs.500,
Rs.1000, Rs.2000 and discount for voluntary access premium are
10%, 15%, 20% respectively. Whereas the mandatory access for

18
 motorcycle is Rs.500 for all the motorcycle no matter the age from
register date.
ii. Private vehicle policy
Under this policy the premium of the private vehicle are calculated
considering the number of seats. The basis premium for all vehicle is RS.
2000. The voluntary access for vehicle are Rs.1000, Rs.2000, Rs.5000 and
10,000and discount for voluntary access premium are 10%, 15%, 20% and
25% respectively. Whereas the mandatory access for vehicle is Rs.1000 for
vehicle aged less than five years, Rs. 2000 for vehicle aged between 5 to 10
years and Rs. 3000 for the vehicle aged more than 10 years.
iii. Travel medical insurance
iv. Cattle insurance
v. Renewal notice of motorcycle and private vehicle
vi. Renewal policy of motorcycle and private vehicle

2.1.2 Claims department

Every insurance company has a claims division or department for adjusting claims. The
most essential aspect of customer service is the claims handling. Professional, effective
management accelerates the claim settlement process and reduces customer-waiting
time for compensation. Neco insurance managers work closely with the claims
department head to monitor claim status, and to ensure that valid claims obtain payment
of claim on time. The following are the activities formed in claim department are:

a) Reviewing claim report

After the accident occurs the policyholder should provide immediate notice to claim
department with documents like photos of accident sites and damaged parts of
properties, police report and other. The company introduce for the first time in
Nepal, the special provision of spot payment on the claim against the insurance
policy of the company. This is introduce to make claim payment procedure fast,
hassle free. Claim amount less than Rs.100, 000 is indemnified on the spot of the
accident if required documents are submitted by insured. The surveyor appointed
by government are sent for investigation if claim amount exceeds Rs.100, 000.

b) Filing and documentation

19
 Filing and documentation are the important task on claim department. The entire
paper work has to be done simultaneously to the computer work. There are different
files for each of the claim on different portfolio. All the supportive documents
submitted by the insured are filed by assigning uniquely identifiable code. After
having, authorized signature these documents are filed in different files based on
serial number, branch code and product type.

2.1.3 Research and development department

Research and development department is on the valuable tools for the growth
and success of the organization. Knowing the important of research and
development Neco insurance have been working actively on the market research
and conducting innovative programs for the development of human resources
and organization. This department works for branding of company, agency
training, applies on tender to make new clients, arranging various training and
development programs for employees and also arrange some refreshment
programs for employees. The following are the activities performed in this
department:
a) Making company profile
b) Collecting all the tender notice
c) Detail information of potential clients updated in excel file.
d) Letter of Expression of interest for insurance with following document:
i. Company profile
ii. Insurer registration and renewal certificate
iii. Copy of PAN / VAT certificate
iv. Tax clearance certificate
e) Folders for job applicants according to designation they applied for

2.2 Problems Solved

Various problems were identified during the course of internship and those
problems were solved to their best. Some problems were minor while some were

20
 major. Not every sort of problem could be solved by internee and similarly the staffs
do not have much time for lower level problems. Thus, the problems that could be
solved by the internee were solved by themselves. Some problems solved included
the following:

a) Management of the Documents

The most important difficulties faced by the insured while making claim is that they
have to submit the relevant document more than twice. The documents sent by the
insured are not arranged in their respective place. This results in loss of their
documents. Internee placed the files in their respective place.

b) Helping new interns

During the internship period internee also helped the new interns about the work
already learnt. Internee assisted on operation of software to calculate the premium
of different portfolio.

c) Work as lower level staffs

The middle level position is occupied by the existing staffs. There are no another
staff to work on their behalf. All the activities ranging from registering the claim to
claim settlement is done by the managerial level staffs. So, they have got busy
working schedule. Internee was involved in registering and clerical activities which
minimizes the department head burden to some extent.

2.3 Intern’s key Observation

While doing the assignment Intern was able to observe the real working scenario of
Insurance Company. Majority of the staff in the organization were young, energetic
and dedicated to work. Good communication skills, knowledge about the domestic
market and abroad trend and working environment were factors for effective
management of the organization.

Maintaining relations to different other Company within and outside the

Kathmandu valley is a tough job in itself. The collective efforts of all the working
staffs have made it possible through effective communication and coordination. The
following are the major observation that are viewed by the internee while doing
there course of activities:

21
a) Working environment for interns as well as staff is much good.
b) Infrastructure and layout of the company is not up to the mark.
c) The working procedure of insurance from the marketing department to
claim settlement department was superficially observed.
d) Coordination among staff and team sprit is good.
e) A friendly and supportive working environment is provided for intern.
f) The system of obtaining the organizations and financial institutions as the
major clients through bidding procedure was keenly observed.
g) How often the insured visiting claim department for claim notice and
payment were spotted.

22
 Chapter III

Lesson Learnt and Feedback

3.1 Key Skills and Attitudes Learnt

While doing the internship internee was able to observe the real working scenario of
insurance company. Overall, this internship was a worthwhile experience. Intern has
achieved several learning goals, however for some the conditions did not permit. Intern
got insight into professional practice. Intern has learned the different facts of working
within these insurance industries.

During the period of internship at Neco Insurance Ltd., the interne was cooperatively
guided by all the staffs for gaining in-depth insurance knowledge. The learning
environment of company was pleasant and outstanding. The six weeks of internship
program in Neco Insurance Company helped me develop different skills and
understanding while working in a real life scenario. Many things that we learn in class
are theoretical so to gain practical knowledge we must expose ourselves in the practical
workplace. So, internship is the starting point of professional career which helps us to
develop our interpersonal and communication skills. The purpose of the internship was
to provide hands on experience to the student along with the academic rigor and
preparing them for real work scenario. It helps in making decision and increase skill
from organizing, leading and working in teams, to innovative thinking. This is a good
opportunity when seeking employment. The following are the key skills and attitudes
learnt during internship:

a) Communication skills

During the internship program intern had to communicate with the senior staffs working
in the department they were placed as well as sometimes with the customers. Regular
communication had to be done with the internship supervisor too. Internee got chance
to learn how to interact with business personal they also learn the ability to listen to
other and understand their views and perception of the customer to deal in different
circumstance.

23
b) Initiation and Leadership

During the internship program, internee understood that taking initiation at works not
only increases the horizon of your knowledge and experience but also increases your
credibility in the organization. In addition, it is learnt that through initiation you can
develop the leadership skills.

c) Learn to work under pressure and develop problem-solving skills

The internship program not only enabled intern to unlearn capabilities and caliber but
also provided intern opportunities to work constantly under hard pressure. Sometimes
behavior of the senior staffs, constant pressure of academic calendar, assignments and
project submission deadlines made feel stand back. However the desire to fulfill the
objectives and dedication to work made more capable to work and take pressure as well
solve problems as it came as the greatest skill that intern found in this internship.

d) Enhanced organization skills

Different organization skills and working ethics are required while working inside big
organizations such as timeliness, patience, regularity, hard work etc. This internship
had somehow developed these skills.

e) Gain teamwork skills

During this internship, I have worked with various senior staffs as well other internee’s
too. So I learned the essence of working in teams. Working in teams had developed the
attitude of respect for each other and coordination in task management. It made me
equally experienced to work in team and perform group task effectively.

f) Develop soft skills

To face with different kinds of people and work with them has been the greatest
challenge. However, it provided me an opportunity to learn has about how to handle
these varieties of people and act tactfully using soft skills made me learn and develop
my soft skills throughout this internship program.

g) Practical implication of theoretical knowledge

24
While working as an intern in Neco Insurance for six weeks, the intern analyzed most
of the theoretical knowledge learnt in bachelor course being practically implemented in
the work place. The marketing concept of customer focused strategy, accounting
concept, Finance, MIS, and many other management theories/concepts were being
applied practically.

h) Mechanical skills

Using various office equipment like photocopy machine, filing, scanner and software
like Oracle.

3.2 Feedback to the organization

Working as an intern at Neco insurance provided opportunity to experience real
working environment. The experience and knowledge gained from internship
provided a lot about banking system observing its working environment and
procedures some areas of improvement has been identified. Following are some of
feedback and idea to the organization which will enable the bank to compete with
other banks more effectively and efficiently are:

a) Proper training and motivational programs should be developed for the skill
enhancement of the employees.
b) The internet access of the company need to be fast and error free to operate
smoothly.
c) The software used specially in policy department should be upgraded in superior
version.
d) The office layout of the claim department is congested. So layout should be
made more systematic and one sight visible.
e) The existing store room of the company should be expanded and systematized.
f) Ethics of staff impresses the customers and create interest to improve the
performance of the company. Hence, full cooperation from staff must be
obtained.

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3.3 Feedback to the College/University
Working at Neco insurance was beneficial in term of building professional network
that will be helpful for intern professional life and career path. It was learning
experience where we got chance to develop new skill and enhance both practical and
conceptual knowledge. Getting an opportunity to work in the Neco insurance has
provided a strong foundation and knowledge related to report preparation. On the
basis of above experience some feedback to college are as follows:

a) College/University should be keen and concerned about the effective learning

of students through internship so that it can make some sort of value addition
for students rather than being internship as a mere formality.
b) College management should invite different organization representatives in the
college and provide them information for the internship program objectives,
student’s knowledge level, specialized area of the subject matter etc. that eases
them to assign the proper task in the organization.
c) College management should also invite the organizational representative to
attend the presentation of their respective internee.
d) University’s curriculum should and courses should be made in line with the
practical and real life setting so that theory learnt in the class will not
considerably demarcate in the course of application the practical field.

26
 References
Neco Insurance Limited, Annual Report (2015/2016).

Neco Insurance Limited, Head office, Anamanagar, Kathmandu

Joshi, U. (2016).Internship report on Prudentail Insuarnce Company Limited,

Uniglobe College.

URL Reference

http://www.necoinsurance.com.np

http://www.bsib.org.np

Appendix

Network of PICL

Corporate Office Narayanghat Branch

G.P.O. Box: 15123 Main Road, Narayanghat, Chitwan
Kamaladi Complex (4th Floor), Tel: +977-56-525485
1951, Kamaladi-30383 Fax: +977-56-525469

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Kathmandu-31, Nepal E-
Tel: +977-1-4212940(Hunting) mail: narayanghat@prudential.com.np
Fax: +977-1-4238375
e-mail: prudential@wlink.com.np Dhangadi Branch
Main Road, Old Custom Office,
Registered Office Kailali
Birgunj Branch Office Tel: +977-91-526911
BCCI Building, Birta, P.O. Box:111, Fax: +977-91-526911
Birgunj 4, Parsa. Email: dhangadhi@prudential.com.np
Tel: - +977-51-531681
Fax: +977-51-533261 Dang Branch
E-mail : birgunj@prudential.com.np Sahid Gate Chowk, Umesh Marg- 11,
Dang
Biratnagar Branch Tel: +977-82-560687
Matrika Marg (Main Road) Fax: +977-82-560687
Biratnagar-9, Nepal Email: dang@prudential.com.np
Tel: +977-21-534542
Fax: +977-21-534541 Itahari Branch
E-mail: biratnagar@prudential.com.np Purba Line, Itahari, Sunsari
Tel: +977-25-586430
Pokhara Branch Fax: +977-25-586430
Newroad, Global Bank Building 2nd Floor, Email: itahari@prudential.com.np
Pokhara
Tel: +977-61-539402
Fax: +977-61-521221 Birtamodh Branch
E-mail: pokhara@prudential.com.np Bhadrapur Road, Britamodh, Jhapa
Tel: +977-23-545694
Butwal Branch Fax: +977-23-545694
Traffic Chowk, Durga Mandir Line Email: birtamod@prudential.com.np
Tel: +977-71-548221
Fax: +977-71-545810 Baglung Branch
E-mail: butwal@prudential.com.np Srinagar Tole, Shanti Marg, Baglung
Tel: +977-68-522945
Nepalganj Branch Fax: +977-68-522945
Surkhet Road, Nepalganj, Banke Email: baglung@prudential.com.np
Tel: +977-81-527812
Fax: +977-81-522511 Bhairahawa Branch
E-Mail: nepalgunj@prudential.com.np Siddharthanagar -8, Narayanpath
Tel: +977-71-527390
Banepa Branch Fax: +977-71-527347
Banepa -6, Arniko highway Email: bhairahawa@prudential.com.np
Tin Dobato, Banepa
Tel: +977-11-660944 Hetauda Branch
Fax: +977-11-660944 Parijat Path, Hetauda- 4, Makwanpur
E-mail: banepa@prudential.com.np Tel: +977-57-523697
Fax: +977-57-523897
Dharan Branch Email: hetauda@prudential.com.np
Dharan- 5, Sunsari
Tel: +977-25-532940 Lahan Branch
Saraswoti Road-8, Lahan

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Fax: +977-25-530907 Tel: +977-33-562428
E-mail: dharan@prudential.com.np Fax: +977-33-562427
Email: lahan@prudential.com.np

Janakpur Branch Dumre Branch

Bhanu Chowk, Station Road, Janakpur Dumre, Byash Nagarpalika
Tel: +977-25-530279 Tel: +977-65-580292
Fax: +977-25-530279 Fax: +977-65-580292
E-mail: janakpur@prudential.com.np Email: dumre@prudential.com.np

New Road Branch Damak Branch

Newroad, Kathmandu Beldangi Road, Damak
Tel: +977-1-4222872 Tel: +977-23-583794
Fax: +977-1-4223374 Fax: +977-23-583794
E-mail: newroad@prudential.com.np Email: damak@prudential.com.np

Jawalakhel Branch Surkhet Branch

Jawalakhel, Lalitpur Birendra Nagar-6, Buddhapath,
Tel: +977-1-5551453 Surkhet
Fax: +977-1-5551389 Tel: +977-83-524099
Email: jawalakhel@prudential.com.np Fax: +977-83-524099
Email: surkhet@prudential.com.np
Mahendranagar Branch
Mahendranagar Gorkha Branch
Tel: +977-099-524324 Gorakhkali-1, Gorkha Bazar
Fax: +977-099-524324 Tel: +977-64-450273
Email: mahendranagar@prudential.com.np Fax: +977-64-420273
Email: gorkha@prudential.com.np
Bhaktapur Branch
Surya Binayak Municipality Parasi Branch
Bhaktapur Sunwal Bazar, Nawalparasi
Tel: +977-1-6619851 Tel: +977-78-520438
Fax: +977-1-6619851 Fax: +977-78-520438
Email: bhaktapur@prudential.com.np Email: parasi@prudential.com.np

Lamjung Branch
Besi Sahar Nagarpalika-11, Besi Sahar
Bazar
Tel: +977-
Fax: +977-
Email: lamjung@prudential.com.np

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