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OUR PARTENTS
Purpose of Internshiphip.
The purpose of the internship is to provide the students an opportunity to test and apply
principles graduate study.
The main purpose of the business internship program is to full fill the requirements for
M.B.A degree.
The internship provides students with a variant of learning experience outsides the class
room. The purpose of internship is to get experience in any organization. The internship
program enhances the practical working skills in students which would lucrative in coming
future.
To seek knowledge
To know the operation of insurance organization
Knowing the problem of insurance organization
How to deal with customers
Help us to discuss the main Issue with the Executives and others.
Lecture of Understanding.
During the internship lecture by instructor help us to get knowledge about state Life
Insurance Corporation. Everyday starts witch lecture after that we visit the departments of
State Life. The lecture helps us to understanding all the activates of the organization.
The visits make us aware of the types of work in different departments and how an
organization depends upon them. The visits of functional departments are very essential for
the completion of internship task.
Presentation.
Presentations deliver by our group in different topics related to State Life Insurance
Corporation which helps us to study individually to the organization.
Limitations.
Various problems, which are faced during the internship program or training and
consequently in the preparation of thesis of work are mentioned below.
Shortage of time.
Due to short span of time it could not work in all departments of State Life.
Lack of Information.
In short period of time it is difficult to gather all necessary information such as a large
organization.
Daily Workload.
Because of rush of customers all the staff members where busy in their daily work, so they
cannot give proper time to us.
State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the
Executive Directors appointed by Federal Government. Up to July 2000 the Corporation was
run by Board of Directors constituted under Life Insurance (Nationalization) Order 1972. In
July 2000, under Insurance Ordinance 2000, the Federal Government reconstituted the Board
of Directors of State Life which runs the affair of this Corporation……………….
The basic structure of the Corporation consists of Four Regional Offices, Twenty-Six Zonal
Offices, a few Sub-Zonal Offices, 111 Sector Offices, and a network of 461 Area Offices
across the country for Individual Life Insurance; Four Zonal Offices and 6 Sector Offices with
20 Sector Heads for Group & Pension are involved in the Marketing of Life Insurance Plans
policies and products offered by State Life and a Principal Office. The Zonal Offices deal
exclusively with Sales and Marketing. Underwriting of Life Insurance Policies and the
Policyholder’s Services. Regional Offices, each headed by a Regional Chief, supervise
business activities of the Zones functioning under them. The Principal Office, based at
Karachi, is responsible for corporate activities such as investment, real estate, actuarial,
overseas operations, etc.
Today State Life Insurance Corporation is the leading life Insurance corporation of Pakistan.
Today’s it has twenty six (26) flourishing zones for individual life Business and four (4)
booming zones for group life business, almost in all the key cities of Pakistan. But today, it
is operating globally, mostly in the GULF countries (comprising UAE, kingdom of Saudi
Arabia, and Kuwait) through their principles zonal office located in Dubai (UAE).
Mission
To remain the leading insurer in the country by extending the benefits if insurance to
all sections of society and meeting our commitments to our policy holders and the
nation.
Major Achievement.
The major function of the State Life Insurance Corporation of Pakistan is to carry out
Life Insurance Business; however, it is also involved in the other related business
activities such as investment of policyholders’ fund in Government securities, Stock
market, Real Estates. The major achievements of State Life are as under:
i. On the commencement of the operations, the Corporation took a very important step
by effecting reduction up to 33% in the premiums on the past and potential Life
Policies for the benefit of the Policyholders.
ii. State Life is profitable organization and it paid Rs.2.242 billion as dividend to the
Government of Pakistan since its inception in 1972.
iii. State Life has played very vital role in the economy by providing employment to the
people of the country as permanent employees and as part of its marketing force and
by investing the huge funds in different sectors of the economy. The Investment
Portfolio of State Life as at 31.12.2007 stands at Rs.161.966 billions.
iv. Investment portfolio also includes investment in Real Estate which stands at a book
value of Rs.2.331 billion as at 31.12.2007 whereas it fair value is around Rs.22.923
billion in the same period.
v. The Paid up Capital increased from Rs.10 million in 1972 to Rs.900 million in 2007.
vi. The Premium income increased from Rs.0.317 billion in 1972 to 18.717 billion in
2007. Similarly Investment income including rental income increased from Rs.0.81
billion in 1972 to 17.505 billion in 2007.
vii. Total statutory fund of State Life stands at Rs.156.7373 billion in 2007 as against
Rs.1.494 billion in 1972.
Insurance.
Insurance, a legal contract that protects people from the financial costs that result from loss
of life, loss of health, lawsuits, or property damage. Insurance provides a mean for
individual and societies to cope with some of the risks faced in everyday life people
purchase contract insurance, called policies, from variety of organization. In simple words
insurance is a contract, between tow parties that on payment of a sum money by one party to
another on the understanding that in specified circumstances the second party will make
well any loss suffered by the first party. The party which is prepared to indemnify the losses
arising out of risks insured (the insurance company) is called insurer and the person property
which is subject to risks is called insured.
In life, losses are sometimes unavoidable. People may become ill and lose income or
savings to pay the medical bill. People’s home or other property may suffer damage or theft.
Peoples also may accidentally cause injury or damage of the property of others.
Benefits of Insurance.
Insurance it self has become a significant economic force in most industrialized countries
Employees buys insurance to cover their employees against-related injuries and health
problems. Businesses also insure their property, including technology used in production,
against damage and theft. Because it makes business operations safer, insurance encourage
businesses to make economic transactions, which benefits the economies of countries in
addition, millions of people work for Insurance companies and related businesses.
Life Insurance.
A. Policy.
Policy terms commonly range from six months to many years. The end of that term, the
seller and buyer may agree to renew the contract if they wish. Only permanent life insurance
does not specify a finite term.
B. Policy Limit.
Insurance policies also specify an amount at which coverage ends, known as the policy
limit. Most types of Insurance specify the limit as a dollar amount written in the contract.
C. Deductible.
The deductible is the almost of loss a policyholder agrees to pay without protection from an
insurance company. Insurance policies generally include an initial amount of expenses that
an insured person must pay when a loss occurs. This expense is known as the policy’s
deductible.
D. Premium.
An Insurance company states a policy’s premium by multiplying a rate for each unit of
Insurance coverage by the total amount of coverage being purchased.
Insured individuals who have losses and want to receive payments must notify their
insurance company through a process called a claim.
Buying Insurance.
People face many choices when buying insurance policies. They commonly choose an
insurance provider based on several criteria. Some of the most important of these include (1)
the financial stability of the insurance company, (2) the price polices, and (3) details of
coverage and service.
Stat Life is providing to fiend and staff through. IN-House course and training through
outside training institute.
1. three months foundation courses for agents, which is completed after attending 4 phases.
Organization Cart
Department function
This department is responsible for checking, verifying, and rectifying any mistakes in
financial statements.
All payments route from budget and accounts check, rectify and verified.
This department submits monthly report to principal office.
This department also gives advice for better internal control.
Marketing and agency administration department does two different works, marketing and
agency administration.
Marketing side of the department arrange events between field people to motivation and
encourage about the State Life Insurance Corporation.
Functions.
The new application submitted in new business department for purchasing of life
Insurance.
The important task of this department is to classify risk.
Give life insurance through proposal policyholder or customer.
Selection of proposal if risk is decided the department accepts the proposal.
Decision-marketing is the important tasks of department after classify policy they
final decision.
POLICY HOLDER SERVICE (PHS) DEPARTMENT.
Provides service to policyholders. Being a line department engaged in:
Functions.
State Life Insurance
Provide necessary information and help to the policyholders.
Any change in existing policy.
Claims are investigated.
Documentation and investigation of claims.
Effective Listening
Communication
Moral and Motivation
Leadership
Problem solving and decision making
Skills in selling
PHS cours
This department is link with staff officer and field force. This department works as an
administrative department of a zone.
Functions.
COMPUTER DEPARTMENT.
Functions
SUGGESTIONS.
It is fact that approximately 65% people live in rural areas, where there is shortage
branches, the branches should be in rural areas.
The promotional activities should be increased, in order to aware the common
people as well as capture the market. Insurance is the intangible product that sales on
the basis of personal selling but it would give good chance to product via
advertisement.
The qualification of the sales representatives should a graduate, which will be
helpful to train them and also have more skills to convince quickly.
State Life should choose their sales representatives from their target customers group
that will convince them by keep in mind their norms and traits.
It is proposed that new scheme should be introduced in order to increase the selling
and diversity in Insurance policy. The diversity given the people enough choose
policy according to their willingness that would increase the selling as well. And it
would attract more customers.
The short cut method should be introduced for the loans in order to save money and
time
State Life Insurance