Executive Summary

The main objective of internship was to get risk management and underwriting skills in the field of Insurance. Our internship was done in GMC Yaounde from the 1st  August to 31st August 20I8. GMC is a French based insurance company which went operational in Cameroon in 1990. GMC specialized on automobile insurance and their main aim and objective is to maximized profit.

It has a functional organizational structure whereby specialists are placed on the top position in different departments. During internship, we were taught how to issue insurance certificates, tarrification, and carried underwriting. While our focus area is prospection. GMC main strength was that, there were able to reduce the initial amount premium of all their products.

While their weaknesses are inadequate stalls and clients to carry out their activities effectively. The positive experience at GMC Yaounde was that we were given the opportunity to handle most duties in the organization . we were faced with challenges like bad weather and no allowance given to us for prospection . We recommended that the management of GMC should improved on a new marketing strategy like excessive advertisement in order to increase their number of clients.

CHAPTER ONE

GENERAL INTRODUCTION

1.1 INTRODUCTION

Internship is a period of training spent in an organization or firm carried out by the intern to acquire professional skills. It is the putting of the theory aspect of a particular field of work study in a recognized institution into practice. Internship is simply binding theory with practical. This enables the intern to demonstrate efficiency in an organization or an association he/she is belonging to during that period.  Also, the intern faces a lot of challenges from the employer and the clients in order to meet up with expectation of the organization .During that period things done are seen not hearing like in case of insurance company we discussed with customers of the organization .However the intern have to learn about the aims and objectives of the organization in order to enable us create a cool prosperity sphere for the organization.

In the office, the intern carried out a lot of activities like been a secretariat , accountant and even an agents in the case of insurance which have strengthen and given a direct impact in our life. It has also stand as a preparatory training ground and a fulfillment in B-TECII upon graduation

Internship provide real world experience to those looking to explore or gain the relevant knowledge and skills required to enter into a particular career field especially insurance

They are very short term in nature with the primary focus on getting someone on the job training and taking what were taught in the classroom and applying it to the real world.

In all, internship is a chance to use a business classroom to connect with what is happening at school, to add value to the educational and career plan for the future.

1.2 Aims And Objectives Of The Study

In order to be a successful entrepreneur in every business endeavor or good professional in a business it necessary to carry physiological study of that domain or a training .The aims and objectives of the study can be governed through the following.,

To learn the practical terms uses in insurance in order to better understand the real world terms used in the insurance.

To prepare the intern for his career after graduation thus enabling the intern to be stronger, able, and mature to handle things in the office and publicly.

To create connection in the organization or the society as whole. If the intern proves capability and qualified, the company or an individual can recommend his service.

To know the procedure involved issuing insurance policy and to better understand the challenges faced by the company.

To allow employers to build alliances with local school .Together, employers and educators can deliver a powerful message of the importance of education.

To test the intern interest and attitude towards his/her of focus before final commitment are made.

To know the various steps in paying claim to clients and what the client need to do to be entitled to a claim.

To understand some of the reasons            why insurance companies

sometime do not paid claims.

Also to help us to know how to behave in public, relate with people pressing conduct of the profession and     the language power [better understanding of English and French].

1.3 Operational Definition Of Terms

Tarrification:

It is a schedule of rates issued by the association of insurance company in Cameroon, in collaboration with the ministry of finance to assist insurance companies determine the amount of premium for a particular automobile risk for a given period of time.

Indemnity:

This is the amount of money paid by the insurer to the insured to put his/her back to the financial situation before the loss.

Underwriter:

“This is person who received information from the insured , prepared the policy form, calculate the premium , type and signed the policy.

Insurance attestation:

This is a typed document issued by the insurer to the insured which proved that the insurance company had covered a particular risk at a given time. This document must carry the date of issue and expiration, the category, the matriculation number and the policy number etc

Premium:

This is an amount which must be given by the insured after the underwriter have completely carried out tarrification of the risk .Premiums are to be paid regularly in order for insurer to continue covered the risk.

Client:

This is anybody who seeking an insurance covered from an insurance company.

Broker:

it is an individual or company with the legally authorized to link the clients to the insurance company . Therefore a broker is the middleman between the insured and insurer . They are paid on commission depending on the number of clients they bring to the insurance company.

Agent:

This is an individual who sells insurance policy on behave of the insurance company.

Contact form or policy form:

This is a form offered by the company which must be signed by the insured and the insurer. This is to proof that there is an agreement between the both parties. The contact form also known in French as “condition particulier” shows the particular risk which have been covered, specified period of time which the insurer have to cover, name of the insured, policy number, the mark and type of car etc. It is on this document where it is expected for the insured to disclose all relevant information concerning the risk.

Carte Rose:

It an attachment document attached to the insurance attestation to proof that car belongs to CBM AC zone. Carte rose are only issued to CEMAC countries and carried the same information as insurance attestation.

Visit Technique:

Also known in English road worthiness it an important document which must be presented to insurer to show that car is worthy to use the road.

Carte Grisse:

It is also known in English as vehicle registration number which gives the details about the car like when it was manufacture and the car owner’s name.

Driving license:

It is a document issued by the ministry of transport for the authorization of drivers to used the road. Therefore driver without driving license cannot used the road and will not be indemnify in case of loss.

Category one cars: These are cars which are used for private transportation of persons and should not be more 9 seats e.g. Toyota

Category 2 cars: These are private cars which are used for the transportation of private goods and should not be more than 3 seats e.g. Dinars

Category 3 cars: These are cars that have remoque or long boots used in the transportation of goods for commercial pur0poses .e.g. trailers, camions etc.

Category 4 cars: This category is sub-divided into categories 4A, B, C and are been controlled by the T.P.V {Public Transportation of Vehicle}.

4A: These are cars which are used for the transportation of persons within the urban areas and must have 5 seats.

4B: These are cars used for transportation of persons within inter-urban areas and should have 9 to 70 seats.

4C: These are cars ranging from 9 to 70 seats and are used for transportation of group of person for example school buses, worker buses. Most of these buses carry the name of the organization or the institution.

Category 5 cars: These are cars which not more than 150kg and they mostly have 3 wheels or 2 wheels cars like tricycle, motorbike .It subdivided into 2 categories.

5A: This category is for private user and must not carry more 2 persons

5B: This category is for commercial used and must not carry more 3 persons.

Zone of Circulation:

This is one of rate in calculating the premium. It is divided into zone A which is the regional headquarter e.g. Douala, zone B which is the divisional headquarter e.g. Limbe and zone C which is sub-divisional headquarter e.g. Tiko.

Risk:

This is anything that will threaten an individual or an organization from achieving its goals. I t is because of risk which give insurance company light to exist.

2.1 Historical Background Of The Company

The historical background of MURUAL GUARAN TEE of EXECUTIVE begins with the will of its promoters, JEAN VICTOR NGUE, to bring to the Cameroon middle class a durable solution to the severe economic crisis of the 90s.

The motivation behind the GMC project was essentially intellectual in so far it was based on the observation that insurance in Cameroon was poorly distributed. Indeed, those who like the executives for example, had vehicles, and were presume good drivers, so those who could not be held responsible in most of the claims.

On March 13th 1991 the MUTUAL GUARANTEE of OFFICER is proved. It will evolve in the mutual form until the entry in to force of the CIMA code in 1995 which imposed on the market players the same constraints, without distribution of any kind. GMC had to make a profound change that will transform it into a limited company in 2003 with a share capital of 1139000000.

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