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:

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 teachers 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
info@efuinsurance.com

Associated Company and Website Link

EFU Life Assurance Ltd
http://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:

Efu life insurance

1st week

Introduction with the companys

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

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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