INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Quaid I Azam School of Management Sciences

Internship Organization

(Jubilee Family Takaful)

Submitted to

(Ma’am Rabia Mushtaq)

Submitted by

(Hamad Ur Rehman)

Registration

(04151813082)

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

DEDICATIONS:

THIS REPORT, A RESULT OF MY DAY AND NIGHT EFFORTS, IS DEDICATED

WHOLLY TO MY PARENTS AND TEACHERS.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

PREFACE

A student’s life is nothing but endless struggle to realize depth and expertise in his field of
study, It is a plunge into the vast ocean of hidden treasures, which are revealed by turning the
pages of books. This process is further supported by practical exposure within the concerned
field within the sort of an internship program. An internship program aims at grooming the best
executives of the future and exposes them to the real processes in the field. Therefore as per the
department requirement I have completed six weeks Internship.

I opted to select “Jubilee Insurance Company” for gaining the experience of internship and my
experience during the period of Six weeks was extremely beneficial. I gained an insight into
firsthand knowledge and got awareness of their management and dealings.

This internship report depicts the acquired knowledge in accordance with the procedure learnt
and observed. In this report is discussed the vision and mission of the insurance firm as a service
provider alongside a really comprehensive history of the emergence and its management.

A brief description of the products and services offered by the corporate for the purchasers is
followed. The main focus throughout however has remained on the functioning.

The later section discusses the experience gained by me and eventually the report contains the
ratio analysis and therefore the SWOT analysis of the organization alongside the
recommendations and suggestions for further improvement followed by the concluding remarks.
In short, this report has been an attempt to acquaint the readers with procedures during
a descriptive manner.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

ACKNOWLEDGEMENT
The ensuing report could never be materialized without the Blessing of Allah Almighty,
without the goodwill patronage of my Loving Parents who always pray for my success, the
assistance of my teachers, seniors and key persons at Jubilee Insurance who never hesitated
to give important information.

I take the pleasure of expressing my deep gratitude and whole hearted because of all my
respected teachers who have given me the chance to explore and gain a deep understanding
of broad sector of insurance and management of risk.

I was willing to gain deep intellectual depth and was exposed to the fine technicalities and
thus the varied dimensions that the world has. All this was possible thanks to th e extended
and valuable support of my respected teachers who had been very cooperative and
supportive throughout the life session. Their techniques, instructions and committed
guidance always served as a torched light of me and helped me overcome the tutor ial
problems I had.

I chiefly appreciate the policy of two internships, its farsighted policies and decisions have
always aimed toward upraising the quality of the students within the actual field with the
target of providing awareness of practical expertise and to acquaint them with the important
management process. Thus acknowledging efforts and tremendous contributions towards the
excellence of my academic career I find it my bounded duty to express my regards.

Finally I express my high indebtedness to the supervisor and therefore the staff for granting
me permission to understand practical experience, during this prestigious organization. The
staff had been extremely cooperative and supportive and it had been only thanks to their
valuable suggestions and directions that I used to be ready to successfully complete this
practical course of action.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Contents of Report

 Insurance Sectors in Pakistan

 Listed Insurance Companies
 About Company
 Vision
 Mission
 Core Values
 Board of Directors
 Board Committees
 Overview of Insurance
 Benefits of Insurance
 Jubilee Insurance Plans
 Family Takaful Concept
 Ratio Analysis
 SWOT Analysis
 Suggestion
 Internship Experience
 Conclusion

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Insurance Sectors in Pakistan

The insurance organization is created to offer threat management in the form of insurance
agreements. The fundamental idea of insurance is that one party, the insurer, will promise to pay
for an unpredicted future event.

In the beginning days of independence, the nation had only 5 domestic and 77 foreign insurance
organizations. The companies were controlled under the insurance Act of 1938. The government
in 1948 made the Department of Insurance under the domain of Ministry of Commerce to direct
the affairs of insurance market and to secure the interests of the assured.

The Act was amended in 1958 for the first time keeping in view the requirements of domestic
market and to have effective control over the insurance premium rates. After then, many
amendments have been made in the Act.

The Insurance department further organized the Controller of Insurance to direct supervising
insurance business in the country.

LISTED INSURANCE SECTORS IN PAKISTAN

State owned Reinsurance companies 01

.
Local life insurance companies. 02
Takaful family companies . 01
Takaful non life companies 03
Foreign Non life insurance companies 02
State owned non life insurance companies 01
Local non life insurance companies . 44
State owned life insurance companies 01
Foreign life insurance companies 02

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

About Company

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

COMPANY OVERVIEW
Jubilee Insurance Company Limited was consolidated in Pakistan on June 29, 1995 as a Public
Limited Company under the Companies Ordinance, 1984. It offers are discussed on the Pakistan
Stock Exchange Limited. The association began its business on June 20, 1996.

The addresses of its Registered and Principal office are 26-D, 3rd floor, Kashmir Plaza, Jinnah
Avenue, Blue Area, Islamabad and Jubilee Life Insurance Building, 74/1-A, Lalazar, M. T. Khan
Road, Karachi respectively.

The association is chipping away at life coverage, carrying on non-taking an interest business.
As per the necessities of the Insurance Ordinance, 2000, the Company has set up a Shareholders'
asset and following legal assets in regard of each class of its disaster protection business:

 Individual Life Unit Linked

 Conventional Business

 Accident and Health

 Overseas Group Life and Health Business

 Window Takaful Operations

Company has been allocated Insurer Financial Strength (IFS) rating of "AA+" (Double A Plus)
with 'Stable' viewpoint by JCR-VIS Credit Rating Co. Ltd.

The Company has an association with Aga Khan Fund for Economic Development S.A.
Switzerland.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Introduction
Jubilee Life Insurance was chosen as the most recent name after a careful exploration work.
"Jubilee" is so far well-recognizable in the monetary administrations field is connected with
"Satisfaction" which especially identifies with the business. Brains at that point chose to give its
clients, the certainty of their solid presence in the market combined with a guarantee to assist
individuals with arranging and acknowledge monetary dreams to keep protection holders and
their friends and family cheerful consistently. With a worldwide name they guarantee to bring us
worldwide prescribed procedures in administrations and a-list answers for the monetary
necessities.

VISION

“Enabling people to overcome uncertainty”

MISSION

“To provide their insurance holders the highest level of financial security, prompt and fair
settlement of their insured losses, professional and friendly services of all times”

CORE VALUES

“To give its employees a fair reward for their efforts, good working environment, secure
employment’ and the chance for training, self development, long term executive growth and
prosperity with the organization”

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

WHAT IS INSURANCE?
An assurance of compensation of specific future loss or disaster in barter for a periodic payment,
Insurance is made to save the financial comfort of an individual, company or other entity in the
case of unexpected loss. Some sorts of insurance are required by law, while other are optional.
Accepting to the conditions of an insurance policy creates agreement between the insured and the
insurer.

In exchange for payments from the insured (called premiums), the insurer agrees to pay the
policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy
holder pays a part of the loss (called the deductible) and therefore the insurer pays the remainder.

Insurance may be a system by which a risk is transferred by an individual , business, or

organization to an insurance firm , which reimburses the insured for covered losses and provides
for sharing the prices of losses among all insured. Risk, transfer, and sharing are key components
of insurance.

Insurance people are not any longer within the business of forming fire bridges to place out fires
at members’ homes, as they did centuries ago. But the thought of mixing resources to guard
against loss remains basic to the insurance business.
Insurance companies are new financial institutions.

They sell insurance policies to guard people against financial hardship caused by accidental
losses. The insurance company is an insurer. A person, business, or organization that's covered,
or ‘insured’ by a an policy is mentioned as an insured.
The purchase an insurance policy and become an insured, an insurance buyer pays a fee, call an
insurance premium, to the insurance company.

To keep the policy in effect, the insured pays more premiums at periodic intervals.
The insurance firm pools these premiums to make a fund from which those insured that suffer
losses – unfortunate victims of fireside, vehicle accidents, earthquakes, then on are often
reimbursed. Each insured pays a comparatively bit (the premium) into the pool.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Insurance Advantages
1. IT Shields your earnings from Surprising Costs

Your earning currently is one among your most noteworthy resources.

Envision if out of nowhere you needed to influence a health related crisis, or more regrettable,
the inconvenient passing of your family's provider. Where might you get the assets to back these
sudden costs? life confirmation ensures your pay in such the manner that it goes about as a
substitution so you'll take care of obligations and different costs.

This is the reason it's imperative to figure with a bank affirmation Deals Leader in deciding the
legitimate measure of inclusion appropriate for you.

2. IT Ensures the money, you are putting something aside for Tentative Arrangements

Extra security gives you a vehicle for protecting your investment funds as you're utilized on
building an obviously better future for you and your friends and family.

You've most likely known about existence confirmation as a constrained investment funds plan,
which empowers you to control your propensity to spend very what you should.

With cash set aside and securely set aside in life affirmation, you'll be sure that once you intend
to carry your likely arrangements to realization, the assets will be there and arranged for your
utilization.

3. IT gives you the office to monitor your family in any event, WHEN YOU'RE NOT
AROUND Any longer

Do you actually consider what may happen when you're no more? By benefiting of a day to day
existence confirmation plan, your family is guaranteed of financial help even past your lifetime.
All things considered, they need to appreciate the products of your tirelessness , isn't that right?
life confirmation gets your family's future and liberates them from monetary concerns. It deals
with costs like home loan or a college degree, which you'd not be prepared to help.

4. IT secures your passionate well being by providing you with genuine feelings of serenity

Nothing beats the true serenity that having life affirmation brings. You don't have to stress over
the best approach to back your requirements simply on the off chance that you meet a mishap or
experience the ill effects of inability, nor does one need to stress over your family's future
whenever you are no more. With a day to day existence confirmation zone to require care of

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL
those worries, you'll center more around the things that matter currently, such as trying sincerely
and building your connections.

5. IT ensures your future by expanding your Capability to Acquire from Ventures

A specific kind of protection called variable general life affirmation includes an underlying
money esteem, which is put resources into stocks, securities, and shared assets. This money
esteem are regularly removed should the need emerge.

With a potential to acquire better yields, life confirmation , during this case, empowers you to
prevail in your monetary objectives during a more limited time of your time.

Simply we can say:

Mind Relaxation

Control over unwanted loss

Socially beneficial

Investments security

Achieving profits

Business Security

Helps to avoid future loans

Helps to secure Family

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Jubilee Insurance Plans

As we know that Jubilee Life Insurance is one of the leading insurance companies in Pakistan
which is also affiliated with many market giants, it offers different kinds of policies which are:

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Individual Insurance Plan

As mentioned in their own website that they are not only linked with those Insurance policies
which give end of life benefits but they deal in a way people enjoy their life in full swing.

This type of Insurance is made specially to beat the inflation or any other future heavy payments
for example we all know that it is difficult to pay unexpected costs like sudden operations that is
why they are offering people this plan so they beat the unexpected happening.

This plan is applicable for:

 Education of Children
 Marriage
 Retirement
 Wealth Accumulation Plan
 Savings Plan
 Woman Plan
 Rural Plan
 Health Plan

Educate Child Plan

One thing no parent can actually fail to remember is that the initial stage when they see their
kids. This plan gives assurance for better education facility.

Marriage Plan

For parents, looking at their loved kids happily married is like they have earned heaven on earth
but in today’s life it is very difficult to pay expenses of marriage in single time. After considering
this issue Jubilee Life Insurance introduced this holy purpose plan where parent can pay
expenses without any burden.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL
Retirement Plan

We all know that retirement in not ignorable factor and in Pakistan where most of the population
are working as labor and job holders’ majority is in private firms so workers of in these areas
mostly face issues when the time of retirement comes so to taking retirement as joyful last time,
company introduced this plan.

Wealth Accumulation Plan

We are in the era where we should understand the concept of inflation and impart our young
generation about it. If we go in past we save our money in cash box for years to save money but
we did not know about the inflation and its affect in the value of money. To beat inflation and
rise the amount of money Jubilee Life Insurance introduced this plan.

Saving and Protection Plan

From the name it is very clear that saving can protect from sudden payment shocks some
examples are:
 Any serious illness
 Accident etc.

By keeping these things in mind Jubilee Life Insurance made this plan where you protect
yourself or your loved ones for future unpredictable incidents.

Woman Plan

To provide financial security to woman, Jubilee Life Insurance introduced this plan where
housewives can get financial benefits for future.

Rural Plan

It is very clear that people who are living in divisions have different necessities that is why
company introduced regional insurance policy and it is very successful.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Health Plan

You can never be too sure about what lies ahead, especially when it comes to your health or to
the well-being of your loved ones. In today’s age advancements in medical and health science
are occurring at an unprecedented pace making possible what once was only a dream.

This however has come at a cost as medical expenses are also on the rise making vital
procedures and even general care at a reputable hospital unaffordable for the general population.
In order to counter this, Jubilee Life Insurance brings you affordable and essential health plans
that enable you to receive top of the line health care without having to worry about financing it.

Jubilee Life Insurance made this plan especially for the protection of you and your loved once
from the unwanted disease like cancer.

 Jubilee Life Insurance is working in a way to provide its customer’s maximum benefits
with relaxation, they introduced this concept to promote single door for all banks and
they are pioneers of it. They have expanded their network with partner banks. Their
trained and certified agents are available to guide you about the insurance policies at their
partner organizations. These organizations are:

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Micro Insurance
Basic purpose to provide health and life insurance to those who live in poverty, as mentioned in
the website, there are 30% of nation population living in poverty so aim to give credit life and
saving completion they introduced this type of insurance where poor class can also get
supplement benefit like funeral expense.

Sehat Hifazat

In Micro Insurance Plan, you will find segment Sehat Hifazat where organization have clearly
imparted about their agent number for the purpose of proving information.

Corporate Insurance
This policy is specially designed for those companies who want to give its employees peace of
mind for any future disaster and after retirement, a handsome amount as retirement fund. This
policy is consist with two very serious fields:

1. Corporate Health Insurance

2. Corporate Life Insurance

Corporate Health Insurance

In today’s era every firm know that only satisfied employees can work with productive ideas
because satisfaction is the key source of productivity. Many hypothesis end with the result that
satisfaction of the employee has positive and significant impact on work engagement so after
looking at this factor Jubilee Life Insurance introduced this policy where organizations make
deals with Jubilee for their employees health as well as their family health and Jubilee promise to
provide help when the time comes.

Corporate Life Insurance

Majority of workers are working in private firms, whether they are blue collar workers or
executive workers, every private level employee think multiple time about their future when they
get retirement, what will they do, how they will pay their expenses at the time of retirement, how
they will manage the same standard of living, if sudden incident happened in life like accident or
any disease diagnosed which is very expensive to treat, how they will get out from it, this
insurance specially designed to overcome this issue so organizations can claim that they care
their employees.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Online Insurance
Jubilee Life Insurance is up to date organization which understands the value of time and the
feelings of those who can’t come physically to get insurance so they announced this
technological advanced method where within few minutes you will get insurance and secure
future of your loved ones.

This plan consists of two categories:

1. Accidental Death Benefit, Gold: It is up to 2 million

2. Accidental Death Benefit, Silver: It is up to 1 million

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Family Takaful

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

A Family Takaful Plan is a course of action which lays on key Shariah standards of common
collaboration, fortitude and prosperity of a local area. Under a Takaful course of action, people
meet up and contribute towards the regular target of ensuring each other against monetary
misfortunes by sharing the danger based on common help.

What is Takaful?

"Takaful" is an Arabic word which signifies "joint assurance". It is a local area pooling
framework, in light of the standards of fellowship and shared participation, where members
contribute in a typical asset to help the individuals who need it the most.

The framework runs on these standards:

1) Participants pool a limited quantity called "Commitment" into a Waqf Fund, based on
"Tabarru", to ensure themselves and each other against determined dangers

2) The Window Takaful Operator deals with a Waqf Fund, called Individual Family Takaful
Participants' Fund (IFTPF), with due constancy and reasonability in the limit of "Wakeel"

3) The cases are paid from the IFTPF

4) Surplus amount,if any, might be conveyed among the members according to the exhortation of
Shariah Advisor and Appointed Actuary of the Company

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Financial Analysis of Jubilee Life

Insurance

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Ratios

Ratios are basically a quantitative measures to find out firms efficiency, liquidity, profitability,
revenues etc. To find out firms overall worth this is a best way.

Types of Ratios:

 Liquidity Ratios: These ratios estimate organization’s ability to meet its short term
requirements.
 Profitability Ratios: These ratios are used to measure the organization’s ability to earn
profit.
 Long Term Solvency Ratios: These ratios are used to find out the company’s ability to
its long term liabilities or debts.
 Activity Ratios: These ratios are used to determine the efficiency of company.

Categories of Liquidity Ratios:

 Current Ratio
 Quick Ratio

Categories of Profitability Ratios

 Gross Profit Ratio

 Net Profit Ratio
 Operating profit Ratio

Categories of Long Term Solvency Ratios

 Debt to Equity Ratio

 Interest Coverage Ratio

Categories of Activity Ratios:

 Inventory Turnover Ratio

 Total Asset Turnover Ratio
 Fixed Asset Turnover Ratio
 Account Receivable Turnover Ratio

Following financial statements are used for the aim of study:

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

BALANCE SHEET

Balance Sheet is one of the main parts of financial statements, helps you to find the summary of:
 Asset
 Liabilities
 Owners Equity

Record shows the financial position of company on a specific time. We've used the record of last
five years.

PROFIT & LOSS ACCOUNT

Profit and loss account describes the entire income and expenses incurred to get that income. It
is the best way to find out profit and losses of company, so to analyze the financial ratios it is
must to make accurate income statement.

We've used profit and loss account of last five years.

CONSOLIDATED INSURANCE REVENUE ACCOUNT

Consolidated Insurance Revenue account may be a account during which all the direct Insurance
business of latest Jubilee insurance firm Limited is stated. The ultimate balance of all revenue
accounts like insurance, marine insurance, motor insurance and miscellaneous insurance
accounts are shown.

Before the Insurance Ordinance 2005, all insurance companies can prepare Consolidated
Insurance Revenue Account under the Insurance Act 1938. But within the new ordinance all the
related balances of insurance accounts are directly shown in Profit and loss account.

Role of Financial Statements:

The basic purpose of financial statements is to provide information to company as well as the
shareholders, so it is very clear that in company act, it is very clearly mentioned to impart about
the overall result so they get help of financial statements for the purpose of imparting
information.
In this way, people get familiar about the position of the company and they don’t usually look at
financial analysis but without financial statements, it is very difficult to simplify the financial
reports.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Ratios Calculation

Gross margin TTM - -

Gross Margin 5YA - -
Operating margin TTM -3.17% 73.47%
Operating margin 5YA 27.97% 74.95%
Pretax margin TTM 6.46% 498.1%
Pretax margin 5YA 11.15% 511.74%
Net Profit margin TTM 4.56% 332.4%
Net Profit margin 5YA 7.24% 343.42%

Return on Equity TTM 23.41% 18.23%

Return on Equity 5YA 5.46% 17.95%
Return on Assets TTM 1.57% 2.26%
Return on Assets 5YA 2.15% 2.52%
Return on Investment TTM - -
Return on Investment 5YA - -

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Quick Ratio MRQ - -

Current Ratio MRQ - -
LT Debt to Equity MRQ 14.85% 779.51%
Total Debt to Equity MRQ 18.67% 779.51%

Efficiency
Asset Turnover TTM 0.34 0.17
Inventory Turnover TTM - -
Revenue/Employee TTM 22.31M 9.78M
Net Income/Employee TTM 1.02M 1.02M
Receivable Turnover TTM - -

Dividend Yield ANN 4.22% 3.15%

Dividend Yield 5 Year Avg. 5YA 2.98% 3.57%
Dividend Growth Rate ANN 7.76% 40.08%
Payout Ratio TTM 50.65% 55.97

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

ANALYSIS OF SWOT

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

A SWOT examination might be an arrangement of your organization's qualities, shortcomings,

openings and dangers.

The essential target of a SWOT examination is to help associations build up a full consciousness
of the relative multitude of elements engaged with settling on a business choice.

Play out a SWOT examination before you plan to any sort of organization activity, regardless of
whether you're investigating new activities, redoing interior strategies, thinking about freedoms
to rotate or adjusting a thought halfway through its execution.

Utilize your SWOT investigation to get proposals and techniques with consideration on utilizing
qualities and freedoms to beat shortcomings and dangers.

To maintain a fruitful business, you should routinely examine your cycles to ensure you're
working as proficiently as could really be expected. While there are various approaches to
evaluate your organization, one among the preeminent compelling techniques is to direct a
SWOT investigation.

A SWOT (STRENGHTHS, WEAKNESS, OPPORTUNITIES, THREATS) investigation might

be an arranging cycle that assists your organization with conquering difficulties and figure out
what new outcomes in seek after.

The essential goal of a SWOT examination is to help associations build up a full attention to all
the variables engaged with settling on a business choice. This strategy was made inside the 1960s
by Albert Humphrey of the Stanford Exploration Organization, during an investigation directed
to spot why corporate arranging reliably fizzled. Since its creation, SWOT has gotten one among
the preeminent helpful apparatuses for entrepreneurs to begin and develop their organizations.

"It is difficult to precisely plan a little business' future without first assessing it from all points,
which consolidates a thorough look at all interior and outer assets and dangers," Bonnie Taylor,
head advertising specialist at CCS Developments, told news Every day. "A SWOT achieves this
in four direct advances that even newbie entrepreneurs can comprehend and embrace."

When do you need to play out a SWOT investigation?

You can utilize a SWOT examination before you plan to any sort of organization activity,
regardless of whether you're investigating new activities, patching up interior arrangements,
thinking about freedoms to turn or changing a thought halfway through its execution. Once in a
while it's knowing play out an overall SWOT examination just to see on the current scene of

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL
your business so you'll improve business tasks as required. The investigation can show you the
key regions where your association is performing ideally, likewise as which activities need
change.

Try not to make the mistake of agonizing about your business activities casually, with the
expectation that they will all close strongly. By setting aside the effort to put together an
appropriate SWOT examination, you'll see the whole image of your business. From that point,
you'll find approaches to improve or dispose of your organization's shortcomings and augment its
qualities.

While the entrepreneur ought to surely be engaged with making a SWOT examination, it's
frequently useful to consolidate other colleagues inside the cycle. Contribution from a spread of
colleagues and straightforwardly examine any commitments made. The aggregate information in
the group will permit you to enough break down your business from all sides.

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Suggestion

JUBLEE INSURANCE is one among the leading Insurance companies in Pakistan. After
spending a 6 week of internship it's faithful say that the JUBLEE INSURANCE is well-
managed, well organized company.

The management has complete control over its working staff. All the departments within the
company are neat and therefore the Human resource is sort of efficient, which is that the major
explanation for success of the corporate within the market. But in spite of all the factors; there
are certain areas on which the corporate must give more concentration. On the idea of their
market place, SWOT Analysis the subsequent recommendations are suggested:

 Employees are less, should hire more people to reduce the over burden of workload.
 Salary should be revised.
 Technical training must be conducted periodically.
 They should hire more educated sales department to reinforce the customer supplier
relationship.
 The management of latest Jubilee insurance firm should pay concentration to the
insurance expenses and commission which are the main causes of low profitability.
Although company is efficient in controlling its general expenses but it's very effective.
Because it accounts for a couple of percentage of premiums volume and insurance
expenses is that the major portion of the earnings report after net claims.
 More and more branches should be opened, particularly within the rural areas.
 More and more focus should tend to reinforce public image and goodwill through
superior customer services and interaction.
 The management of the corporate is very centralized so as to extend the performance of
the workers they ought to be actively participated within the decisions making of the
corporate.
 The prices of the products of the corporate are so high which are just within the range of
the limited Market Niche. So as to extend the local sales the corporate must choose the
low pricing strategies for its product.
 For better productivity, the upper management must conduct proper seminars, workshops
for all the workers in order that they will have up-to date knowledge and that they would
be ready to increase their skills.

BSBA-QASMS,
INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Internship Experience

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Internship Experience
I have undergone an internship program as an area of my study schedule. It was a six weeks
internship program. It was an excellent opportunity on behalf of me to figure with such a
prestigious organization which can definitely aid me in developing professional skills and
therefore the right attitude towards achieving my goals.

I worked for six weeks at Jubilee Life Insurance, as in internee. I worked in different parts of the
branch as well as go through with the total introduction of the company. I achieved an
opportunity to work in field side, out from the branch which can be called Sales Management
Department where I spent more than 70% of my internship period.

Working in organization played significant role in making of the internship report and therefore
the analysis of the corporate and remarked about the corporate on the idea of my studies and
analysis of the financial statements and overall review of the company. I must say that the
duration of internship is very short to understand whole about a well recognized organization but
thanks to staff members, I got lot of information.

My working time at Jubilee Life Insurance started from 9: 00 am to 5:00 pm with single hour
lunch break.

When I step in to the office dated 30 November, 2020, Receptionist asked me to concern with
manager, he welcomed me first and asked about my opinion that why I selected to work in non
vacation days, after imparting Covid situation and its impact in routine of QASMS internship
plan they recognized the burden which me and many like me faced. I presented him the
internship policy which is also mentioned in the QASMS page. After looking all pages he
appointed one of his workers as my supervisor.

Supervisor imparted me the basic know how of the organization, what they work in routine, how
they went outside for official visits and also imparted me about the important functions. In a
mean while he gave an order to go and impart workers about myself and sit with them. I started
greetings with workers and in the second day my supervisor sent me and other internees to the
different workers on the basis of rotation and assigned us a work to observe their working.

It was not my first internship, earlier on I worked in largest shopping mall of Sukkur “Icon by
Ghoris” but on the very first day I was nervous because Jubilee Life Insurance was not only
recognized in a city but whole country. My supervisor helped me a lot and other staff members
were also very supportive and I will remember their cooperation for life time.

Alhamdulillah, now I am quite sure that I will not hesitate or nervous again in any organization
again where I will work in future because I have experienced in insurance giant.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

OBSERVATIONS

 Jubilee Life Insurance has strong financial standings.

 Jubilee Life Insurance created powerful internship with their policy holders and
understands their needs and treating them with respects, dignity and importance. The
driving force behind its commitments and services is its focus on customers, incurring
that it not only meets, but also exceeds their expectations and this is why that Jubilee is
making progress by leaps and bounds.
 Jubilee Life Insurance success has developed significantly and furthermore its market
cost per share during the most recent couple of years and this pattern is anticipated to
proceed in future.
 Company’s claim and expense ratios have also dropped significantly during the last years
due to better underwriting practices.
 Company has developed the good contacts with the foreign reinsurance companies of
good rating.
 Company has brushier or forms for the clients to understand the different services that
company is providing.
 Company is targeting not only on financial organization but also solo customers.
 Company is now able to become the market leader.
 The higher net profitability shows the company’s efficiency in controlling its general and
administrative expenses.
 The opposite major reason behind the upper level of net profitability is that the great deal
of investment income received on the investment that company has made in various
organizations including government.
 The flaw exists within the asset efficiency of the corporate. Jubilee isn't efficiently
utilizing its asset in proper thanks to generate sufficient amount of net premiums.
 In branch job rotation is uncommon. Normally employees aren't rotated through all
departments during their job tenure which can cause boredom among employees.
 The workers of the branch aren't motivated to an excellent extent. After taking into
consideration all above factors how the workers are often motivated.

BSBA-QASMS,
 INTERNSHIP REPORT ON JUBILEE FAMILY TAKAFUL

Conclusion

During the internship at the Jubilee Life Insurance, I had learnt a lot which otherwise I would
have not been able to experience it. Here at Jubilee Life Insurance, I really understand the
sayings like “Seeing is believing (learning wise)” and “The real world working is different from
which we study in books.”

I had also done other internships at different level of my education and each time I had been
ready to learn something new, so here at Jubilee Life Insurance, I also came face to face with
new atmosphere and new working style, from which I learned many things. Some of them are:

 The way to manage the section and its working

 What is the working of the private sector
 The way to control the workers with both hot and cold temper
 How to manage the time
 The way to get work done from the workers within the prescribed time
 How to face the problems and get the solution to it.
 The way to satisfy or solve the query brought by the workers or the upper officials.

BSBA-QASMS,