summer internship project - omega insurance brokers l.l.c
TRANSCRIPT
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Summer Internship ProjectSebin Sebastian | Omega Insurance Brokers LLC, Dubai-U.A.E
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Task Oriented ProjectWork with the finance department
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Insurance Industry U.A.E
Huge market 50+ insurance companies
Many competitors
Tight competition
Industry keeps on growing
100+ Insurance brokering companies
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OMEGA INSURANCE BROKERS LLC
Established in 2003
Founder Mr.S.C.Mittal
3000+ satisfied customers
100+ employees
8 million sale turnover
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Omega Insurance
General
Motor Marine PropertyEmployeeInsurance
Engineering
Life
Medical Travel
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ManagDirect
VicePresident
Assistant
Gen Dept
CRM/Claims
Gen.Accidents
Renewal WC/GLPA
Marine
Assistant
Assistant
Medical
Supervisor
Group
Claims
CRM Individual
Motor
CRM Quotation
HR
Organization Chart
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ManagingDirector
Vice
President HR
Controller
DBMS
Scanner
Logistics
Messenger
HR
HR Asst.
PRO
I.T. Asst.
Finance
Organization Chart
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ManagingDirector
VicePresident
Finance
Chief
Accountant
Receipts Payments Collection
HR Life
Organization Chart
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ManagingDirector
VicePresident
HR Finance Life Adm
Asst.Admin As
LifeManage
Advisors
Organization Chart
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Strength
Experienced and Vibrant management
Established brand identity
Strong client base
Loyal staff
Weakness
Lack of a research and strategic plann
Poor public perception of agencies clacapabilities
High expenditure profile
Low market share
Opportunities Identification of new distribution channels
Insurance and risk is an enormous sector,.
Threats Ease of new competitor entry
Loss of clients due to competition
Lag in payment from insurance compa
SWOT
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Calculation of Sales Person Commission
Salaried Sales Staff employed by the firm
Monthly salary + commission
Non-Salaried Sales Staff
Pay commission for business conducted
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Payments to Insurance Company
Pay to the insurance company on behalf of the insured Only Net premium need to be paid
PremiumSales personcommission
CompanysCommission
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Bank Reconciliation
Comparison of the companys statement and bank statement Done once in two days.
Done compulsorily on Thursday
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What the company expect
Up to date work On time reports and feedback
What I have gained
Learned new accounting software
Gained practical knowledge
Work life experience
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THANK YOUYour Protection Our Concern