Professional Documents
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[INTERSNHIP REPORT ]
This is an internship report prepared by Mohsin Rahim, internee Travel Insurance Department from 14th June to 24th july,2011 , Submitted to Human Resource Department, AICL.
TABLE OF CONTENT
PAGE NO.
Acknowledgement Vision, Mission and Core values Executive summary Company profile Product portfolio
2 3 4 5 7 8 9 10 12 13 14 15 16 17 18 19
Committees Corporate social responsibility Health safety and environment policy Objectives and strategies Achievements over the years Over view of Travel Insurance department Details of working in Travel Insurance department Internship Experience Recommendation Conclusion
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ACKNOWLEDGEMENT
I would like to thank Almighty Allah who made me able to complete this internship report by utilizing my skills and knowledge. I am also thankful for giving me spirit of patience, consistency and courage during my internship. At Adamjee insurance I would like to thank Mr. Bilal shehzad Business Manager, Travel insurance who provided me full opportunity to start internship and accumulate first hand comprehensive information during my internship. I am also obliged to Mr.Faisal raza who provided ever information I needed during the course of my internship.
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ADAMJEE INSURANCE
VISION: Our will is to Explore, Innovate and Differentiate. Our passion is to provide leadership to the Insurance Industry
MISSION: Being the leading insurance company of Pakistan and second best in Asia, our aim is to be a significant participant in developing Pakistans image by providing maximum insurance protection at the most competitive price in a highly efficient manner for industrial and economic growth
CORE VALUES: Integrity: Transparency and honesty without compromise Humility: Empathy, Self Esteem and respect in all relationships. Fun at Work place: Work like balance. Corporate Social Responsibility: Service to Humanity.
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EXECUTIVE SUMMARY
The report sheds light upon the activities that I participated in during my internship at Adamjee insurance company. It elaborates the practical aspects and work done by me during my six weeks. I was placed in the Travel insurance department under the supervision of Manager S.M Bilal Shehzad. The initial part of this report contains authentic information and facts about the history of AIC and the corporate profile of the company. The next step gives a conceptual overview of the organization structure followed by an overview of the Travel insurance Department. Further explained are the details of Travel Insurance Department. During the period of internship, I also came across some very beneficial and important documents pertaining to the area of work I was in. During my internship I observed some weakness in the operations and management of the company and by keeping these I have given some recommendations.
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COMPANY PROFILE
Adamjee Insurance Company Limited, the largest General Insurance Company of Pakistan, was founded in 1960 by Mr. A. W. Adamjee. Adamjee received its certificate of commencement on 30th November 1960. AICL was incorporated as a Public Limited Company on September 28, 1960 and is listed on all three stock exchanges of Pakistan. The Company is also registered with the Central Depository Company of Pakistan Limited (CDC) and is involved in the business of general insurance. The head office is located in Karachi and it operates a network of 38 branches in Pakistan and one in UAE (Dubai). The company commenced operations with a paid-up capital of Rs. 2.5 million, which has grown phenomenally in the past 5 decades to Rs. 1.24 billion, as on Dec 31, 2010. A strong asset base, significant paid-up capital, substantial reserves, balanced portfolio mix along with steady growth in gross premium account gives Adamjee Insurance a well deserved competitive edge within the insurance industry. AICL comprises of insurance originators with superior management teams, sustainable competitive advantage and is fully equipped with identifiable value enhancement opportunities. The Company has originated volumes across the spectrum of businesses, entered joint partnerships with key players in the financial sector and expanded its business across Pakistan and Dubai. Building threshold towards innovation
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The diversity of AICL's portfolio allows the Company to be the insurer of choice, for an array of clients and needs. Whilst expanding our customer base, AICL dedicates as much effort in maintaining the highest level of customer satisfaction. Its cornerstone philosophy is to provide premium quality service along with forwarding the maximum benefit to its clients. This commitment is exhibited in the importance AICL places on excellence, integrity and ethical behavior. These values foster confidence, especially in our clients for whom security is imperative. The high level of confidence AICL inspires is evident in the number of banking and financial sector clients that AICL insures.
In addition AICL insures sensitive Petrochemical and complex Industrial Risk projects of great value. AICL specializes in insuring Engineering and Telecom concerns, whereby it has secured the greatest share of clients in those sectors. On the other end of the spectrum, AICL services the primary industries of Pakistan by covering several Cement Factories, as well as numerous Textile and Sugar Mills. Assuming the role of a leader in Pakistan's Insurance Industry, AICL pioneered the coverage of Energy Risks. AICL has also secured the business of Foreign Concerns entering Pakistan to execute and assemble construction or infrastructure development projects. AICL is the principal insurer of Kidnap & Ransom, Professional Indemnity, Product Liability and other specialized lines in Pakistan.
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PRODUCT PORTFOLIO
1. Personal Insurance: Home Personal Accident Travel Travel Policy Validation Machinery Electronic Equipment Contractors All-Risk's
2. CORPORATE INSURANCE: Fire insurance Engineering Health insurance Marine insurance Livestock insurance Miscellaneous business Specialized cover
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BOARD OF DIRECTORS
Ahmed Alman Aslam Ahmed Ebrahim Hasham Ali Munir Fredrik de Beer Ibrahim Shamsi Khalid Qadeer Qureshi Mian Hassan Mansha Mohammad usman ali usmani S.M Jawed Umer Mansha
MANAGEMENT PROFILE
Manzar Mushtaq. (Managing Director & CEO) Jehangir Bashir Nawaz . (Executive Director) Mudassar Zubair . (Chief Financial Officer) Tameez-ul-Haque . (Company Secretary) Rehan Ahmed . (General Manager . Finance & Internal Audit)
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COMMITTEES
Audit Committees:
Umer Mansha Ahmed Ebrahim Hasham Ali Munir Ibrahim Shamsi S. M. Jawed
Strategic Committee:
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Committed to Excellence: In an era of intense hectic competition AICL stays afloat with its unwavering commitment to operational and financial discipline in producing unparalleled results, keeping its promises and continually fulfilling its customers' needs. Helping the Flood Affectees in 2010: Helping the Flood Affectees The employees of AICL contributed their one day salary towards the flood affectees. The Company also extended a helping hand towards this cause and topped up the money collected for this cause. The money available was donated to the following organizations:
Imran Khan Flood Relief Fund "Pukar" TCF Flood Relief Fund
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QUALITY POLICY
"The management and employees of Adamjee Insurance demonstrate prime commitment in satisfying customer needs for managing the risk assessment in General Insurance. In alignment with satisfaction of customer need, processes are established to support the vision and values of the company. We use QMS- 9001/2000 as a tool to continually review and improve the effectiveness of our implemented systems. We regularly assess our processes and practices, to build on our relationship with all our stakeholders including customers, shareholders, strategic partners and employees."
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OBJECTIVES
Strengthen customer relationship through customer satisfaction by providing excellent service and quality products. Maintain a healthy balance between Profitability and Volume and have a balanced portfolio mix. Increase investment returns from its growing funds and absolute return strategy. Consolidate market share through offering new products and to focus our approach in areas where our presence is small. Establish modern management system and adopting latest techniques conforming to international Standards needed for an efficient organization.
STRATEGIES
To pursue strong growth Adopting industrys best practices and increasing economies of scale. Leveraging opportunities across the industry. Development of Human Resource through training and exposure to modern technologies and management techniques. Expansion of business and improving customer relationship management through wide network of branches locally and internationally. Development in information Technology to have an effective Management Information System. Pursue best Reinsurance arrangements.
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Up gradation of IFS ratings of JCR-VIS from AA-TOAA. Best Export Performance trophy from FPCCI 18 times. 31% average dividend payout over the last 20 years. Corporate Excellence Award from Management Association of Pakistan for two consecutive years. Principal Insurer in Pakistan for providing cover of kidnap and Ransom, professional Indemnity, Product Liability and Certain other Specialized lines. Winner of Top Companies Award from the Karachi stock exchange 17 times.
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Apart from the head office department there are more employees also in other cities like MR. Zaki in Lahore, MR. Zahoor in Islamabad.
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INTERNSHIP EXPERIENCE
This was my second experience working in the corporate sector. I learn a lot because every organization has different way of doing work. Working for six weeks in the organization I come to know about the structure of the organization that how to perform different activities how to adjust yourself in the office environment. The internship program at AICL is a commendable step taken by the management of AICL. Having an organized internship program is a clear indication of the corporate social responsibility that this organization exercises at its best. One of the things I learned immediately about Adamjee was that each day would differ significantly from the previous one. Being flexible and open to change was key in fitting well into this organization. While there was a wide range of tasks assigned, there were also some routine tasks to be completed every week. I also handled different administrative tasks, such as answering the phone, making copies, printing, delivering mail, and other office responsibilities. I have learned many fundamental techniques that have made me a better communicator. First, my writing skills have advanced and I feel confident in doing tasks expected of me. Next, I am now more eager to attempt things that intimidate me. Additionally, I have learned that my verbal communication skills, which I have always thought were above average, have room for improvement. I have learned and grown from the respect given to me by all the people whom I have encountered in Adamjee. This, in turn, has prompted me to espouse that respect to others. In closing, this internship has been much more than learning about a job, it has been learning about life and my abilities. I was placed in the Travel
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Insurance Department all the employees along with the supervisor (S.M Bilal Shehzad) were very cooperative and instructive. The knowledge and guidance that I have received from them is priceless and cannot be quantified.
RECOMMENDATION
Internee should be provided with the rules and regulations before starting his internship which he has to follow during his internship. The computer (PCS) should be speedier. Company should have a cooking department so that it can provide healthy food to their employees because many of the employees eat from outside and it is very unhygienic. Company can deduct some amount of food from the salary of the employees. All departments of the company should be in one building because its difficult and time consuming to go to head office or HR for any work as one has to to cross Main roads which always have traffic and its very unsafe. Travel has a dedicated Sales team whose job should be to push the product in the market with force but keeping the SOPs in mind.
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CONCLUSION
I will conclude that every organization must give opportunities for internships for the students because when a student finishes his or her education they want a plat form to work and they want companies to give them internship. Adamjee provides internship in many departments like marketing, Hr, finance, Health and they provide a plat form to polish the skills of the internees so that they can prove to the best in their job career.
Experience is not what happens to you, it is what you do with what happens to you
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