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Documents - MX Internship Report On Efu Life Insurance
Documents - MX Internship Report On 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
Course:
Internship
Title:
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:
Dedication:
I dedicated this Internship Report to My family members and
Honorable teachers and University of Gujarat Pakistan
Acknowledgements
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.
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.
1. Introduction
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
Adam jee
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.
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.
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
G enera
General
Non-livings insurance
EF
U
Life
Allianz
health
Humans beings
Health facility
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.
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.
Main offices
company Registration Number
7456 of 1932-33 Kolkata and
127 of 1948 and
CUIN No. 0000016
Registered Office
Dodhy Building, 2nd Floor, 52-E
Jinnah Avenue (Blue Area)
Islamabad
Email Address
info@efuinsurance.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 week
nd
week
customer.
I learned how to fill the form was
rd
week
th
week
insurance products.
I learned how to work on Lapse da
th
week
renewals.
I learned forming illustration of
th
week
efu.
I learned how to make documenta
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