Adamjee Insurance Company Limited (AICL)

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.


 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

Board Of Directors & Management Profile

 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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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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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 Pakistan’s 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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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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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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AICL broadly is involved in underwriting the following classes of businesses:
     

Fire and Property Engineering Health Marine Motor Miscellaneous business

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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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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 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


 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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Audit Committees:
    

Umer Mansha Ahmed Ebrahim Hasham Ali Munir Ibrahim Shamsi S. M. Jawed

Human Resource Committee:
   

Hassan Mansha Ibrahim Shamsi Umer Mansha Manzar Mushtaq

Risk Management Committee:
  

S. M. Jawed Ali Munir Umer Mansha

Strategic Committee:
   

Umer Mansha Alman Aslam S. M. Jawed Manzar Mushtaq

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AICL's corporate responsibility focuses on compliance, ethics and corporate citizenship and maintaining overall sustainability. AICL has worked to cultivate these aspects of its operations through enhancing communication, training and other initiatives. COMPLIANCE AND ETHICS: In order to uphold the highest standards of integrity and transparency, regulations are becoming increasingly complex the world over. Keeping in step with this international inclination, AICL has taken rigorous and extensive steps to develop its capabilities and structures to meet the set standards. Having efficiently achieved a level of compliance more stringently than others, AICL has a competitive edge in the local market. AICL has restated the Compliance Performance Standards which applies to all areas of business and processes. AICL has taken steps in furthering the knowledge and understanding of compliance and ethical obligations through all the levels of its management and personnel. These initiatives include internal awareness campaigns, specific trainings in detailed regulatory areas and focused efforts on areas such as conflict of interests. ENVIRONMENT, HEALTH AND SAFETY: AICL continues to focus on providing safe work environment to the employees and is pleased to report zero injury for the year under review. The company is committed to support measures within its sphere of control, leading to reduction in environmental issues which impacts the community. Being an office based concern, AICL does not have a direct bearing on the environment. Nevertheless, the company is acutely aware of the environmental issues on hand and is committed to reduce those impacts which are within its ability to control.

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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

J B Boda our reinsurance partners also contributed towards the cause.

 M/s Murshid Hospital  Citizen’s Education Development Foundation  M/s Poor Patients Aid Society, Civil Hospital  Raast Welfare Society

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"At AICL Health, Safety and Environmental (HSE) responsibilities are integral to the way the company operates. In carrying out all its activities, Management and all employees believe that good HSE performance contributes to business success. To realize this vision, we will work together to protect the quality of the environment and the health and safety of our employees, customers, and neighbors. The company aims to protect peoples’ health, and minimize any environmental impact that can occur during the performance of their job functions. The HSE policy follows all existing laws, regulations and amendments. "

"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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 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.

 To pursue strong growth  Adopting industry’s 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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 Establish effective Risk Management System.

Only insurance company in Pakistan to be declared the second best insurance company in the whole Asia by Euro money.

 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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Over view of Travel Insurance department
The Travel insurance section is part of the Marketing department of AICL, it deals with the travel insurance offered by AICL. There are many minor and major functions of this section all related to travel insurance some of those functions are getting the policy stock printed to issuing stock all over Pakistan, to selling it directly to the customers, dealing with clients and travel agencies which are the major source of business of this department to coordinating with offices and agencies across the country. Other activities also include meetings with the clients and the travel agencies and making sure that the sales target is achieved and the product is being sold in the market keeping the SOPs of company in mind. The current employees in this section are three, which includes:  Mr. S.M.Bilal Shehzad (Business Manager)  Mr. Faisal Raza (Officer)  MR. Naeem (rider)

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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 Learned all the important aspects of Travel insurance offered by AICL.  Studied in detail the travel insurance policy of AICL and discussed different aspects with Manager, MR.Bilal.  Discussed and compared various policies offered by other companies in order to improve travel insurance policy of Adamjee.  Learned the market trends prevailing with respect to the travel insurance.  Went to meet many insurance agents and the owner’s of their agencies as to get the view of both and the gap between them, because agents gives us sale but we deal with agency, so there was a gap which was removed by bringing both the agent and owner on the same page.  Collected sales reports from the agencies.  Punched the data into the system so that it can be underwritten.  Managed the files of the department.(by giving them a serial number).  Made calls to the agents all over the country to improve the database.  Frequent conversations with the customers directly to fulfill the CNIC requirement of AICL.  Learned the complete process of issuance of a policy.  Issued policy when direct sales occurred. I also handled different administrative tasks, such as answering the phone, making copies, printing, delivering mail, and other office responsibilities.

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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.

 Internee should be provided with the rules and regulations before starting his internship which he has to follow during his internship.  The computer (PC’S) 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 it’s 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 it’s very unsafe.  Travel has a dedicated Sales team whose job should be to push the product in the market with force but keeping the SOP’s in mind.

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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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