Internship Report on Efu Life Insurance

Efu life insurance

University of Gujarat(Science College Campus)Faculty of Management and Administrative SciencesCourse Title: Internship (Report based on Internship)Course Code: MGT -403

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

Dedication:

I dedicated this Internship Report to My family members and Honorable teachers and University of Gujarat Pakistan

AcknowledgementsAll 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.

Executive SummaryEfu 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.

1. Introduction TheEastern Federal Union Insurance Company Limitedwas 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 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

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 INSURANCESUM ASSUREDAn amount payable to the assured (agreed in advance),at an agreed time.LIMIT OF INDEMNITYAn amount payable to the insured, commence rating with his loss or damage subject to the maximum limit agreed in advance.INTERMIDIARY/BROKERApersonorfirmwhoarrangesacoverwiththeInsurer/AssureronbehalfoftheInsued/Asssured,in consideration ofa commission, payable bythe Insurer/Assurer.POLICYPolicy is a document which shows that a contract has been made between the Insurer/Assurer and Insured/Assured. It isnot called acontract in itself.PROPOSAL FORMThrough 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 ofgeneral insurance risks.

Overview of the organization

VisionTo continue our journey to be better than the best.MissionTo provide services beyond expectation with a will to go an extra mile. In the process, continue to upgrade technology, human resource and reinsurance protection.

Brief History1932CEO / CHAIR PERSON ABDULREHMAN SIDDIQUIFINANCERS:GHULAM MUHAMMAD SIR AGHA KHANNAWAB HAMIDULLAH KHAN (NAWAB OF BHOPAL)

1947Shifted head office in Karachi.

1961Chairperson of efu changed, Roshan Ali Bheemji (Father of insurance).

1962-1972Golden era for efu. At that time efu was the number 1 Afro-Asian organization excluding Japan.

1972-1992In 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

Allianz healthLife General G enera

Non-livings insurance 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 1st part contains 16 companies and 2nd portion contains 15 companies and only the 3rd 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.

Product Line:Saving planEducation plan Marriage planRetirement planWorking

Efu works with different banks for selling insurance products. It works with united bank limited, bank alfalah, askari bank, js bank, mcb etc.

Main offices company Registration Number

7456 of 1932-33 Kolkata and127 of 1948 andCUIN 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 RoadKarachi

Main Office, Lahore

Co-operative Building, 23 Shahra-e-Quaid-e-AzamLahore

Phone Nos. and Fax

Registered Office, IslamabadPh: 051 2604772-4Fax: 051 2271376

Head Office / Main Office, KarachiPh: 021 32313471-90Fax: 021 32312319

Main Office, LahorePh: 042 37352028, 042 37353566Fax: 042 373537966

Email Address

[email protected]

Associated Company and Website Link

EFU Life Assurance Ltdhttp://www.efulife.com

. Brief Introduction of internees 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 Learnings:

1st weekIntroduction with the companys employees at Gujranwala region. After that I was sent to Ubl Beikhopur branch for further internship. I learned how to deal with customers, how to give information of products and which is suitable for that customer.

2nd weekI learned how to fill the form was filled with accordance to the information given by the customer.

3rd weekI sit with the efu representative in the branch for customer dealing. I learned how to talk with customers for selling insurance products.

4th weekI learned how to work on Lapse data for renewals of the customers. Calling and personal meetings involved for renewals.

5th weekI learned forming illustration of customer on software developed by efu.

6th weekI learned how to make documentation of customers for further contact and making ease of distribution of contract documents.

Scanned Copy of efu documents used:

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 bankWeaknesses: Less competitive staff Product range is less than the competitors Communication gap between the management and the lower staffOpportunities: 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