Efu life insurance
University of Gujarat (Science College Campus) Faculty of Management and Administrative Sciences Course Title: Internship (Report based on Internship) Course Code: MGT -403
Efu life insurance
Course:
Internship
Title:
EFU life insurance
Submitted to: Faculty of Management and Administrative Sciences in Partial Fulfillment of Requirements for the Degree of Master of Business Administration
Discipline: MBA (6th) Section:
“I”
Faculty of Management and Administration Sciences (FMAS) University of Gujarat
Efu life insurance
Dedication: I dedicated this Internship Report to My family members and Honorable teacher’s and University of Gujarat Pakistan
Acknowledgements
Efu life insurance
All praise to Allah, the most merciful, kind and beneficent, and the source of all Knowledge, wisdom within and beyond my comprehension. He is the only God, who can help us in every field of life. All respect and possible tributes goes to my Holy Prophet Mohammad (SAW), who is forever guidance and knowledge for all human beings on this earth. Heart full thanks for Mr. MUHAMMAD MUNAWAR MUGHAL branch manager Ubl beikhopur. Without his cooperation it was not possible for us to complete my MBA Program. I am very grateful to my coordinator at efu Gujranwala SIR SULEMAN QAISAER. He guided and helped me through timely suggestions, valuable advices and specially the sympathetic attitude, which always inspired me for hard work.
Efu life insurance
Executive Summary Efu insurance company has a very solid foundation over the 81 years of his life. It is a network over all the Pakistan where it is contacted with different banks to accomplish its goals and achieve the high market share. Operation continued to be streamlined with focus on rationalization of expenses, re alignment of back end processing to increase productivity, enhancement of customer service standards, process efficiency and control. During my internship I worked in Efu banca assurance department, which is a third party contract between a bank and efu.
During the course of internship I learned about different function performed in the efu and I work at all the department of the efu I learned who to maintained the record and the document of the company and all the activity. Company makes agreement with a customer for life insurance as a share selling contract of a company. Customer is given a return after minimum 10 years from the date of signing of the contract.
Efu life insurance
1. Introduction
The Eastern Federal Union Insurance Company Limited was registered in 1932 in the city of Calcutta, India. The Company operated in India and Burma and sold both general and life insurance. In 1947, with the formation of Pakistan, EFU (as the company was popularly recognized) moved to Pakistan and rapidly established itself as the leading insurance company in the Country. By 1961, the company was the largest insurance company not only in Pakistan but also in all of Afro-Asia excluding Japan. It remained so until 1972 when life insurance in Pakistan was nationalized. From this time onward EFU operated solely as a general Insurance Company. EFU General today is the largest general insurer in Pakistan. In 1992, the Government of Pakistan opened up life insurance to the private sector and EFU Life Assurance Ltd. was incorporated in 1992 as the first private sector life insurance company. EFU commenced writing group life insurance business in the same year, individual life business in 1994 and is today the largest life insurance company in the private sector in the country. EFU Life currently has over 55% share of the individual regular and group life premium income of the private life insurance sector. EFU Life is headed by a team of professionals with extensive life insurance experience in the United Kingdom. This has helped the Company to establish a professional culture unique amongst life insurance business in Pakistan. The company employs four full-time actuaries and also has an active involvement of one of the leading actuarial firms in the country. EFU Life in the first private life insurance company in Pakistan to have an "Insurance Financial Strength" rating. The Company has been assigned a strong rating by JCR-VIS, and affiliate of Japan Credit Rating Agency, of AA(stable). EFU LIfe is also the first insurance company in Pakistan to be awarded the ISO 9001 certification. The Company has set up over 150 branches throughout the country and employs over 3500 persons in its sales force about 250 persons at its main
Efu life insurance
offices in Karachi and Lahore. In 2011, EFU Life's total premium income was Rs. 10.2 Billion and Rs 23 Billion as Group. EFU Life has a comprehensive range of products which has been developed after extensive research of financial services in western countries such as the UK. These products are designed to meet the varying needs of EFU Life's clients and offer the best in financial services. EFU is the only insurance group in Pakistan to provide a full range of insurance services. This includes life, health and general insurance.
Competitors
State life Insurance Company
Jubilee insurance company
Adam jee
National jublee insurance
Efu life insurance
PURPOSE: To support the Muslims of that time as the Muslims of that time were suffering from loss caused by the Non-Muslims to their trades and houses. TERMS RELATING INSURANCE SUM ASSURED An amount payable to the assured (agreed in advance),at an agreed time. LIMIT OF INDEMNITY An amount payable to the insured, commence rating with his loss or damage subject to the maximum limit agreed in advance. INTERMIDIARY/BROKER A person or firm who arranges a cover with the Insurer/Assurer on behalf of theInsued/Asssured,in consideration of a commission, payable by the Insurer/Assurer. POLICY Policy is a document which shows that a contract has been made between the Insurer/Assurer and Insured/Assured. It is not called a contract in itself. PROPOSAL FORM Through Proposal Form Insured/Assured presents various type of information to the Insurer/Assurer for obtaining a cover for risk. There is other method adopted in the market also to present the risk such as representation by the agent/broker or surveys in case of complex nature of general insurance risks.
Efu life insurance
Overview of the organization
Vision To continue our journey to be better than the best. 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.
Efu life insurance
Brief History 1932 CEO / CHAIR PERSON ABDULREHMAN SIDDIQUI FINANCERS: GHULAM MUHAMMAD SIR AGHA KHAN NAWAB HAMIDULLAH KHAN (NAWAB OF BHOPAL)
1947 Shifted head office in Karachi.
1961 Chairperson of efu changed, Roshan Ali Bheemji (Father of insurance).
1962-1972 Golden era for efu. At that time efu was the number 1 Afro-Asian organization excluding Japan.
1972-1992 In this time period starting from 1972 all the insurance companies were nationalized at that time 32 insurance organizations were working in Pakistan. Only efu is working as
Efu life insurance
G enera General
Non-livings insurance
EF U Life
Allianz health
Humans beings
Health facility
(Pets are included)
After that all the companies are combined to form State Life Insurance Company. State life is divided in to 3 parts 1 st part contains 16 companies and 2nd portion contains 15 companies and only the 3 rd part consist of efu because of 40 % of market share at that time.
1992: Privatization of all insurance companies. Efu introduced unit linking system. This system was introduced by Tahir G.Sachik (current chairperson). He came from England and does his research in insurance field and then forms this system. In 1994 this system was implanted.
Efu life insurance
Product Line: Saving plan Education plan Marriage plan Retirement plan Working Efu works with different banks for selling insurance products. It works with united bank limited, bank alfalah, askari bank, js bank, mcb etc.
Efu life insurance
Main offices company Registration Number 7456 of 1932-33 Kolkata and 127 of 1948 and CUIN No. 0000016
National Tax Number 0944893-4
Registered Office Dodhy Building, 2nd Floor, 52-E Jinnah Avenue (Blue Area) Islamabad
Head Office / Main Office, Karachi EFU House, M A Jinnah Road Karachi
Main Office, Lahore Co-operative Building, 23 Shahra-e-Quaid-e-Azam Lahore
Phone Nos. and Fax Registered Office, Islamabad
Efu life insurance Ph: 051 2604772-4 Fax: 051 2271376
Head Office / Main Office, Karachi Ph: 021 32313471-90 Fax: 021 32312319
Main Office, Lahore Ph: 042 37352028, 042 37353566 Fax: 042 373537966
Email Address
[email protected]
Associated Company and Website Link EFU Life Assurance Ltd http://www.efulife.com
. Brief Introduction of internee’s office/branch: My branch is located in fatoomand Gujranwala. Branch manager Mr. Muhammad Munawar Mughal helps me a lot in completing my internship. The efu coordinator visits the branch twice a day and guides me how to do my tasks. All the branch staffs make special arraignments to give me proper knowledge about the working of efu with bank. I worked 6 weeks over there in this branch, the staffs is very corporative.
Weekly Learning’s:
Efu life insurance
1st week
Introduction with the company’s employees at Gujranwala region. that I was sent to Ubl Beikhopur branch for further internship. I
learned how to deal with custome
how to give information of produc and which is suitable for that 2
nd
week
customer. I learned how to fill the form was
with accordance to the informatio 3
rd
week
given by the customer. I sit with the efu representative in
branch for customer dealing. I lea
how to talk with customers for sel 4
th
week
insurance products. I learned how to work on Lapse da
for renewals of the customers. Ca
and personal meetings involved fo 5
th
week
renewals. I learned forming illustration of
customer on software developed b 6
th
week
efu. I learned how to make documenta
of customers for further contact a making ease of distribution of contract documents.
Efu life insurance
Scanned Copy of efu documents used:
Efu life insurance
Efu life insurance
Efu life insurance
Efu life insurance
Efu life insurance
Efu life insurance
Efu life insurance
Efu life insurance
Efu life insurance
Swot analysis: Strengths: Related with banks Trust increases of customer due to trust on banks. Customer have a trust on EFU as it is the oldest insurance company operating in Pakistan Market is very large as efu is engaged in every bank Weaknesses: Less competitive staff Product range is less than the competitors Communication gap between the management and the lower staff Opportunities: Can move into the vast field of auto insurance as their more focus is on life insurance Can build more product range to attract customers Threats: The situation in our country can have a bad effect on the profitability of the company as they have to pay more in the form of insurance cover
