internship Report on Askari insurance Finaly - baixardoc

UNIVERSITY OF

THE PUNJABLAHORE

ON ASKARI GENERAL INSURANCE

Submitted To ; Sir Muhammad Irshad

Submitted By ; Sajjad Hussain

Mi08MBA019

My overall experience of preparing this report was a knowledgeable journey. I learn a lot

about the functions of Askari General Insurance Company. Apart from this, by actually

conducting this report, I also learnt practical application of what I have been studying in

overall M.B.A.

For completing this project I required the annual reports (3 years) of not only Askari

General Insurance company, but also of some other insurance companies which are

benchmark at this time in the industry in order to estimate the industrial profile, business

processes and SWOT analysis. I got my required data from websites of insurance

companies and from newspapers.

While conducting this report I faced some problems in getting the data as at websites data

is not managed very well. The knowledge of what I have studied in MBA also came in

handy. Once every thing was found out it got very interesting.

“I dedicate this work of mine to

my Teachers, My Parents and to

all My Friends, who truly help and

guide me in completing this

project. “

I am grateful to Allah almighty, for enabling me to fulfill this tiring, but

interesting job for the completion of my repo

The long and arduous task of developing this report was made easier by the help

and guidance of my teachers Dr.Khwaja Amjad Saeed, Mr. Irshad and as well

as Mr. Fida Hussain Bukhari.The whole practice of collecting material for the

report compiling and composing was enjoyable.

I would not be going justice in presenting this report without mentioning the

people around us who have been inextricably related with the completion of this

report.

I extend my deep gratitude and heartiest thanks to my teachers and Coordinator

for preparing this report.

Internship experience is very important and helpful before anyone goes looking for a job.

Employers want people who have experience. Internship gives students the opportunity to

grow, academically and personally. When anyone initially starts out he is going to be

doing the menial repetitive task that every new person had to do. However this is not

necessarily negative as it teaches the person responsibility at the smallest level.

Askari Insurance Company has 19 branches in Pakistan in 15 Cities and main objective is

to provide its customers with safe, secure and reliable service through wide range of

products. The report covers all the product information provided by the Askari insurance

company: Profile of Askari insurance Company, in this regard I tried to given the

information of Askari insurance company. . In the profile of the company I am trying to

giving all the possible available information of the Askari Insurance Company. Company

business process, in this section I tried to elaborate all the functions that are performed by

each department of Askari Insurance company and as well as discuss about the key

products of the Askari insurance Company that are highly involved in the progress of

company. SWOT analysis of company, in the section, I humbly stated the strength and

weakness and as well as opportunity and threats of the organization. It very difficult to

pin out weakness of the AGICO but I tried our level best in this regard. Problems and

recommendations, in this portion of the report I discuss about some problems and as well

as give some suggestions and recommendations to over come these problems. It might be

helpful for the AGICO. I believe that this report will provide some very important

information regarding my departments (Claim department, Underwriting department,

Marketing department and Accounts). I also describe my experiences in these

departments and I am sure it would be helpful for all. Underwriting and other is claim

department. That’s why, Branch Manager to be found having more consideration on these

department and personally to look after very carefully. The SWOT analysis is covered in

the report to show the standing of the company in the recent market.

Introduction of Askari General Insurance

Company

Askari general insurance co. ltd (Agico), established in October 1995, was

sponsored by Army Welfare Trust (AWT), Askari Commercial Bank ltd (ACBL)

and Askari Leasing Ltd (ALL). It is a public limited company, listed on all three

Stock Exchanges of Pakistan i.e. Karachi, Lahore and Islamabad. The Company

provides general insurance products and services to all sectors of the market.

The company has earned itself a reputable place amongst top players of insurance

industry. Agico's financial strength and rapid growth has been achieved through

its policy of retaining and reinvesting a large part of the profit to strengthen the

Paid Up Capital and Reserves. The company's financial position provides security

to the clients and ensures progressive return to the stakeholders.

Agico transacts all classes of non-life insurance business. It holds a strong

position in Health Insurance and is the leader in it's expansion. The company has

a large base of prestigious Pakistani and multinational clients being served

through a network of 16 Branches spread all over the country. Human resource is

the main stay of the company and is imposing for its highly qualified and

entrusted staff. The company is committed to create insurance awareness and

promote insurance culture through its highly motivated and dedicated team of

professionals.

VISION

The Vision of Askari general insurance company is to be amongst the leading

insurance companies of the country with the clear perception of upholding the

principles of corporate governance and making Agico a profitable and growth

oriented insurance company while creating insurance awareness and culture.

MISSION

The Mission of Askari insurance Company is to become a leading company by

providing client friendly services through highly motivated team of dedicated

professionals and ensuring progressive return to the stakeholders

PHILOSOPHY

1. Excellence in Service

2. Quality Performance

3. Product Innovations

Agico believes in the phrase “customer comes first”. AGICO objective is to please

their customers by fulfilling the insurance needs as best as possible. They believe in

placing the client at the center of business and all of the products and services.

Service excellence is one of the objectives of AGICO.

AGICO strives continually on the development of new areas of activities to

distinguish itself in the market place along with traditional insurance Companies

activities.

AGICO objective is the complete automation and computerization of all of its

insurance activities.

AGICO Training and Development program of its employees is aimed at developing

skills of its employees. It makes positive contribution to the service culture of the

insurance system as a whole.

Under the strong leadership and management of Lt.General(retd) Imtiaz Hussain

Askari Insurance company has achieved success in a short period of time. During the

last few years it has assumed a brand new identity plied with a spurred vision. The

board and management of the Askari insurance company have implemented strategies

and policies to carve a distinct position for the Askari Insurance Company in the

market place. The Askari Group, a paragon of strength has played a pivotal role in

helping the Insurance Company.

Chairman

Lt. Gen. (Retd) Imtiaz Hussain

Directors

Maj.Gen.(Retd.)Saeed Ahmad Khan

Brig. (Retd) Javed Qayum

Mr.Abdul Waheed

Brig. (Retd).Mushtaq Ahmed Malik

Syed Suhail Ahmed Rizvi

Mr. Abdul Hai Mahmood Bhaimia

Audit Committee

Mr. Abdul Waheed

Chairman

Brig. (Retd) Mushtaq Ahmad Malik

Member

Mr. Syed Suhail Ahmed Rizvi Member

Auditors

KPMG Taseer Hadi & Co.

Chartered Accountants

Legal Advisor

Mr. Farrukh Karim Qureshi

Bankers

Askari Commercial Bank Limited

Arif Habib Bank Ltd.

Habib Bank Ltd.

Standard Chartered Bank Ltd.

Soneri Bank Ltd.

Registrar and Share Transfer Office

THK Associates (Private) Limited,

Ground Floor, State Life Building-3

Dr.Ziauddin Ahmed Road, Karachi

Tel: 111-000-322

Fax: 021 - 5655595

Registered Office/Head Office

4th Floor, AWT Plaza, The Mall, Rawalpindi, Pakistan

Tel: 051 - 9272425 - 7

Fax: 051 - 9272424

Web Site: www.agico.com.pk

e-mail: [email protected]