Академический Документы
Профессиональный Документы
Культура Документы
Brief History
1.2
1.3
Business Volume
1.4
Product Line
1.1
Brief History
In the early 1930s, under the inspiration of the Quaid-e-Azam Mohammad Ali Jinnah,
there began to appear signs of economic renaissance of the Muslims of India. Shipping,
Airline, Banking and Insurance Companies made their debut.
First meeting of the sponsors EFU Insurance co., Ltd. was held in 1931 in London.
Left to right: Abdur Rehman Saddiue, partner of Haira Trading Co.,
Mr. BM Collins of BM Collins & Co. Ltd. London. Mr. Ch Falloon,
General Manager, Atlas Assurance Company, London. Mr. KF
Haider, Partner of Haira reading Co., London.
By 1961, EFU had become the flag bearer of Pakistans insurance industry in the world
stage, and the largest life company in Afro Asian Countries (excluding Japan) under the
leadership of our founding chairman Mr. Roshen Ali Bhimjee.
In 1963 EFUs Convention held at Beach Luxury Hotel Karachi. In
this convention Mr. Roshen Ali Bhimjee welcoming Mr.
Wahidduzzaman, who was the Commerce Minister of EFU Co. Ltd.
In 1966, Sitar-e-Quaid-e-Azam(SQA) was given to
Mr. Roshen
Corporate Profile
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.
The third company in the EFU Group is Allianz EFU Health Insurance Ltd, which is
dedicated to providing health insurance to individuals and corporations. It is a joint
venture with Allianz of Germany, one of the largest insurance companies of the world.
Allianz EFU Health is Pakistan's first specialized health insurance provider.
EFU is the only insurance group in Pakistan to provide a full range of insurance services.
This includes life, health and general insurance. A pillar of EFU's strength lies in its close
and long-term (over 50 years) relationship with its main reinsurer, Munich Re of
Germany, one of the largest reinsurance companies in the world.
In 1992, the Life Industry was opened to the private sector, and on 8th November1992,
EFU Life was the first life insurance company to be granted a license. It started
operations in 1993 with Group Life products and in March 1994 launched its individual
Life Insurance products. EFU Life entered the filed of life insurance with focus on the
changing needs of the population. The company is committed to providing its
policyholders with solutions for the problems of needs of the population. The company is
committed to providing its policy holders with solutions for the problems of todays
complex and rapidly changing financial environment by introducing innovative and
modern products.
EFU Life is headed by a team of professionals with extensive life insurance experience in
the United Kingdom. This has helped the company establish a professional culture unique
amongst life insurance companies in Pakistan.
Another pillar of EFUs strength is the very close and long term (over 50 years)
relationship the group has with its main reinsure, Munich Re. the largest reinsurance
company of the world.
EFU Life with its glorious past, and high traditions of service, especially where payment
of claims is concerned, once again promises to revive yesteryears happiness, security and
protection to its policyholders.
The commitment, dedication and experience of some of the most seasoned and highly
qualified people in the profession enables EFU Life to progressively enhance its services
and products.
We are not only licensed by the Government of Pakistan but we are also fully reinsured
by Munich Re, the largest reinsurance company in the world. EFU life is the 1st Pakistani
Insurance Company to be awarded the ISO 9001:2000 Certification, which is an
internationally recognized quality assurance system. The certification exemplifies our
quest for excellence and confirms our world-class standards in life assurance service.
Today, EFU Life continues to be the largest private sector life insurance company in
Pakistan. In 2007, EFU lifes premium income was Rs. 4.8 billion. The company enjoys a
market share of over 64% of the private sector life premium income (excluding single
premium).
EFU is the only insurance group in Pakistan to provide a full range of insurance services.
This includes life, health and general insurance. A pillar of EFU's strength lies in its close
and long-term (over 50 years) relationship with its main reinsurer, Munich Re of
Germany, one of the largest reinsurance companies in the world.
Another unique feature of EFU is a voluntary review mechanism by the companies to
keep under review their operations, by professionals of international repute. EFU General
has taken Mr. Wolfram Karnowski, who retired at a very senior level from Munich
Reinsurance Company of Germany, on its Board of Directors. EFU Life has appointed
Mr. Michael Bell, a very eminent UK based actuary (retired from Watson Wyatt and
currently Chairman of a large UK based life company), to carry out an annual review of
the company's policies and operations. This independent review enables the company to
keep abreast of international changes in the industry and ensures that the managements
adopt the best international practices.
LIFE
LIFEASSURANCE
ASSURANCE
1. Term
1. Term
Assurance
Assurance
1.
2. Endowment
2.
Endowment
Assurance
Assurance
3. Whole of Life
3.Assurance
Whole of Life
Assurance
Term Assurance
It guarantees to pay a lump sum only on death during a chosen term; it has no surrender
or maturity value.
TERM ASSURANCE
TERM ASSURANCE
b). Convertible
b). Convertible
Term
Assurance
Term Assurance
c). Decreasing
c). Assurance
Decreasing
Term
Term Assurance
2.
Endowment Assurance
It guarantees to pay a lump sum on death during a chosen term however if the life assured
survives and continues to pay the premium regularly it also pay a lump sum at maturity of
the plan.
It is basically an investment policy. The premium contains all three factors - protection,
expenses and investment but it is the investment content, which makes up most of the
premium.
ENDOWMENT ASSURANCE
ENDOWMENT ASSURANCE
i). Non-Profit
i). Non-Profit
3.
ii). With-Profit
ii). With-Profit
Endowment
Endowment
iii). Unit-Linked
iii).
Unit-Linked
Endowment
Endowment
Whole of Life Assurance is a permanent policy, i.e. it lasts for the whole of ones life.
Premiums are paid right up until death but there can be Whole Life contracts called
Limited Premium Whole Life where premiums cease at a specific age, usually 65 or 80,
although the contract itself continues until death.
Since there is no need to fund at quite so high a level with Whole Life as there is with the
Endowment, because the sum assured is paid out on only one eventuality and not two, the
investment element in the premium is less than in the Endowment premium.
The variations on Whole Life are the same as on Endowment, i.e.
(a)
Non-Profit
(b)
With-Profit
(c)
Unit-Linked.
Vision
To make EFU Life the best Insurance Company, our Clients will be the focus of
everything that we do. We will win their loyalty by caring, satisfying, and serving them
beyond expectations.
Values
For us life insurance is service to humanity, not just a business, we abide by the highest
principles of good conduct, moral integrity and impeccable ethics.
Mission
We shall together build EFU Life into a dynamic and financially sound institution by
10
1.2
Nature of Organization
The Company is engaged in life insurance business and was incorporated in Pakistan on
09 August 1992 as a public limited company. The shares of the Company are quoted on
Karachi Stock Exchange.
From the earliest days, Man has organized himself to control three main hazards, which
confronted him, and still do. These hazards are
(i)
(ii)
(iii)
Becoming Disabled
11
1.3
Business Volume
2009
2008
2007
2006
2005
7,226,876
7,250,509
4,817,874
3,338,078
2,500,098
6,769,079
1,604,864
8,373,943
6,807,131
2,005,337
8,812,468
4,431,546
1,882,987
6,314,533
3,042,316
717,288
3,759,604
2,257,827
469,814
2,727,641
1,299,861
2,651,068
1,297,659
2,708,505
887,393
1,798,526
758,980
1,085,416
622,169
803,416
1,603,394
-5,096,831
-2,022,095
-178,962
418,769
6,712
-73,838
-185,168
-914,012
599,615
-599,615
5,200,231
647,721
63,938
-1,563,033
-314,959
-158,200
4,815,579
1,434,745
-227,453
1,398,477
337,769
-101,800
1,424,869
296,214
-74,000
711,659
-473,159
1,207,292
235,969
195,867
BALANCE SHEET
Investments
Cash and bank balances
Other assets
Fixed assets
15,053,389
1,365,081
1,078,081
350,208
9,684,973
1,425,424
467,589
308,345
11,757,140
949,466
339,055
269,589
6,573,206
683,275
204,855
238,892
5,156,704
455,453
138,289
217,928
17,847,481
11,886,331
13,315,250
7,700,228
5,968,374
750,000
646,040
232,500
14,767,466
1,451,475
750,000
-65,619
570,000
9,567,235
1,064,715
500,000
607,925
170,000
11,130,268
907,057
300,000
240,248
190,000
6,314,689
655,291
210,000
196,279
130,000
4,916,212
515,883
17,847,481
11,886,331
13,315,250
7,700,228
5,968,374
Gross premium
REVEMUE ACCOUNT
Premium-net of reinsurance
Interest and other income
12
13
1.4
Product line
EFU Life has a comprehensive range of products, which has been developed after
extensive research of financial services in western countries such as the United Kingdom.
These products are designed to meet the varying needs of EFU Lifes clients and offer
the best in financial services.
EFU Life is the pioneer in introducing the following products and features in Pakistan
1.
Unit-linked products
2.
3.
4.
Groups Plan
5.
EFU Lifes product range is the most competitive in the market in terms of value for
money. The Company continuously reviews its product range to ensure that it remains at
the leading edge.
1.
Unit-Linked Products
a) Prosperity for Life
b) Education Plan
c) Capital Growth Plan
14
d) Saving Plan
e) Executive Pension Plan
(b).
Education Plan
It is a unit linked endowment policy plan. The basic objective of the plan is
to generate a lump sum for the higher education of the designated child
even if the life assured dies prior to the maturity of the plan.
On death, the total annual contributions will continue to be paid by EFU Life until the
maturity of the plan under the automatic continuation benefit. In addition if the income
benefit has been included, the level of income chosen will be payable quarterly in
advance until the maturity of the plan.
Additional Benefits
Income Benefit
Waiver-of-Premium (WOP)
15
(c).
It is a unit linked single premium plan with no minimum fixed term. The
main objective of the plan is to produce as high a return as possible through
prudent expert investment management. The minimum initial contribution is
Rs.50, 000/- with no upper limit. The unit allocation is 100% of investment. It gives the
benefits in case of
Emergency Access
Retirement Income
Natural Death
The death benefit is the bid value of your units or 101% of the original investment net of
any withdrawals, whichever is the greater.
Accidental Death
In case of accidental death, the benefit is the value of your units plus an additional sum
equal to the greater of the original investment net of any withdrawals or the value of your
units. This benefit is available up to age 60.
(d).
Saving Plan
16
Additional Benefits
The additional benefit riders available with the EFU Savings Plan are as follows:
Hospital care
(e).
17
will end up becoming one of the vast numbers of people who cannot maintain a decent
standard of living in retirement, thus negating a lifetimes work.
18
Additional Benefits
This Plan offers a range of additional benefits to help you tailor the plan to suit your
particular needs.
2.
(a).
Security Plan
The plan is the ideal way of providing a substantial amount of life cover at
the lowest possible cost for a specified period.
EFU Security Plan is a term assurance contract, which allows you to provide protection
against the financial consequences of death at a very low cost.
19
Additional Benefits
(b).
Additional Benefits
The following riders can be added to the main plan:
20
21
3.
an
accident
or
hospitalization
due
to
an
accident.
The Plan provides a comprehensive range of benefits from which you can choose. You
can also tailor the level of payments to your needs by being able to choose up to 10 Units
of Benefits.
Death
With this plan, you can guarantee that your family receives a substantial lump
sum on your accidental death to help them maintain their standard of living.
Double Indemnity
If death occurs as a result of an accident whilst you are traveling as a fare-paying
passenger on a licensed public conveyance or on a commercial airline, that
standard lump sum payment is doubled.
22
23
4.
Group Plan
Although everyone has a need for life insurance, people in different life
stages may have different needs. Employees want to ensure whether
their families will be able to meet any financial obligations and carry
out basic living expenses should a death occur.
Coverage
Death
The above covers are offered on a 24-hour worldwide basis, which means that both On
Duty and Off Duty claims are covered.
5.
24
(a).
Noor Plan
Children are a blessing from the Almighty and mean a world to you.
Every parent wants to give their loved ones a secure future and a life that is least
disturbed by financial constraints. You, as a caring parent need to choose an investment
and protection package that can cater to all your requirements and can act as a smart
financial tool no matter what uncertainties life unfolds for you.
EFU Life brings you "Noor" - a complete financial planning solution for you to plan
for your children's future education and marriage. The plan helps you accumulate a fund
over a savings period which can be used to finance your children's college or university
education, or marriage expenses.
The two distinguishing features of the plan are:
i.
New unit linked fund with "interst free investments". The investments
include Islamic mutual funds, approved equities, term deposits in Islamic
Banks and Sukuk Bonds. This new fund has been named "EFU
Aitemad Growth Fund" (AGF). As the name suggests, Aitemad (meaning
Trust) outlines the basic philosophy of EFU Life's business and all its
financial planning solutions.
ii.
25
clients in the form of "Bonus Units". These Bonus Units will be credited
to the EFU Aitemad Growth Fund to enhance the cash value of the plan.
As a service to society, you may also instruct EFU Life to utilize your
share of the surplus for a social cause and donate it to a charitable
institution.
(b).
Asasa Plan
Life is the greatest divine gift and gives you the opportunity to live it by fulfilling your
dreams. These dreams are your assets and drive you to plan accordingly. Whether it is
your career, marriage, children's education or your retirement, planning for
the future is the key to success. At each step in life you require a financial
planning tool that can fulfill your and your family's needs with certainty.
EFU Life brings you "Asasa" - a high value savings and protection product
that ensures you achieve your dreams for your loved ones.
The two distinguishing features of the plan are:
i.
New unit linked fund with "interst free investments". The investments
include Islamic mutual funds, approved equities, term deposits in Islamic
Banks and Sukuk Bonds. This new fund has been named "EFU
Aitemad Growth Fund" (AGF). As the name suggests, Aitemad (meaning
Trust) outlines the basic philosophy of EFU Life's business and all its
financial planning solutions.
26
ii.
27
CHAPTER 2
2. ORGANIZATIONAL STRUCTURE
28
2.
Organizational Structure
EFU
EFULife
LifeAssurance
AssuranceLtd
Ltd
Head
Office
Karachi
Head Office Karachi
Punjab
Punjab
N.W.F
N.W.F
Balochistan
Balochistan
Sindh
Sindh
Islamabad
Islamabad
Lahore
Lahore
Peshawar
Peshawar
Quetta
Quetta
Larkana
Larkana
Jacobabad
Jacobabad
Ralwalpindi
Ralwalpindi
Sargodha
Sargodha
Attock
Attock
Dera
Dera
Allahyar
Allahyar
Khairpur
Khairpur
Daharki
Daharki
Jehlum
Jehlum
Faisalabad
Faisalabad
d
d
Abbottabad
Abbottabad
Hub
Hub
Chowki
Chowki
Ranipur
Ranipur
Ghotki
Ghotki
Kotli
Kotli
Multan
Multan
Naushehro
Naushehro
Sukkur
Sukkur
Gujrat
Gujrat
Bahawalpur
Bahawalpur
Sialkot
Sialkot
Khanpur
Khanpur
Gujranwa
Gujranwa
lala
Mandi
Mandi
Bahaudin
Bahaudin
Feroz
Feroz
Nawab
Nawab
Shah
Shah
Rahim
Rahim
Yar
YarKhan
Khan
29
Hyderabad
Hyderabad
CHAPTER 3
3.
3.2
Marketing Operations
30
CHAIRMAN
CHAIRMAN
Managing
ManagingDirector
Director&&Chief
Chief
Executive
Executive
National
NationalSales
Sales
Director
Director
Area
AreaDirector
Director
Senior
SeniorRegional
Regional
Manager
Manager
Regional
RegionalManager
Manager
Group
GroupManager
Manager
Field Force Management
3.
Senior
SeniorBranch
BranchManager
Manager
Branch
BranchManager
Manager
Assistant
AssistantBranch
Branch
Manager
Manager
Unit
UnitManager
Manager
Processor
Processor
Senior
SeniorSales
SalesConsultant
Consultant
Cashier
Cashier
Sales
SalesConsultant
Consultant
Helpers
Helpers
31
3.1
There are over 100 employees working in the marketing department in Multan. The posts,
which are mentioned here, are needed the sales forces, which are working in the field.
Sr.
No
Designation
No of Sales Force
Required
Targets Per
Quarter
1.
SBM
55
25 lac
2.
BM
36
21 lac
3.
ABM
24
16 lac
4.
UM
14
09 lac
Number of B.M
Number of A.B.M
Number of U.M
32
3.2
Market Operations
Multan
Multan
City
City
U.M
U.M
Multan
Multan
Pioneer
Pioneer
Sahiwal
Sahiwal
Multan
Multan
an
an
Multan
Multan
Cantt.
Cantt.
Multan
Multan
Fort
Fort
A.B.M
A.B.M
A.B.M
A.B.M
A.B.M
A.B.M
B.M
B.M
A.B.M
A.B.M
U.M
U.M
U.M
U.M
A.B.M
A.B.M
U.M
U.M
U.M
U.M
U.M
U.M
33
CHAPTER 4
Marketing Strategy
4.2
Product Strategy
4.3
Pricing Strategy
4.4
Distribution Strategy
4.5
Promotion Strategy
34
4.1Marketing Strategy
There are two types of marketing strategies, which are used in EFU Life Ltd.
1.
2.
1.
2.
A detailed description of the marketing mix(es) the firm intends to use to achieve its
objectives. There are four steps involving in the specific market strategies.
a) Product Line
b) Price
c) Distribution
d) Communication
i. Personal selling
ii. Advertising
35
36
4.2Product Strategy
Product Planning, Development & Management
1.
When an organization has successful products that are in the maturity stage of the
product life cycle; the idea here is to attract satisfied customers to try new
(improved) products as a result of their positive experience with the organizations
present products or services.
2.
3.
4.
5.
37
EFU Life Ltd. is a traditional competitor in the insurance industry is an emerging market
in Pakistan. Consumers have signaled that they are interested in product of life insurance
as they are prepared to pay premium for modified products.
Management at all levels within an organization must create their own plans utilizing
their own processes to do so. Four types of planning are typically accomplished within an
organization by different levels of management; these include Strategically, Tactical,
Operational and Contingency Planning.
38
ii.
iii.
iv.
Strengths;
v.
Weaknesses;
vi.
39
4.3Pricing Strategy
EFU Life deals individually for all the customers/clients. Mortality charges or risk rates
are adjusted after the observation and checking the documentation. The minimum
contributions annual premium of all products is Rs.15000/- except Capital Growth Fund.
In CGF the minimum initial contribution is
unit allocation is 100% of investment. The Financial Directors adjust the products price
for the annual premiums. Adjusted premium price is based on the observation and
research which are on
i.
ii.
iii.
Inflation
iv.
Needs of life
Units Allocation
There are three steps involved in setting the units allocation.
1. Analysis Individually
a)
Age wise
b)
Job/occupation
c)
Medical/health
d)
2. Price Adjustment
3. Acceptance
40
There are three main elements of investment premium EFU Life Assurance Ltd. that are
P
Protection
Investment
Expenses
Unit Allocation
Years
1st
2nd
3rd
Unit allocation
35 %
80 %
100 % on ward
41
4.4Distribution Strategy
There are seven steps involves in the product distribution strategy. These are
i.
Prospecting
ii.
Pre-Approach
iii.
Approach
iv.
Fact-finding
v.
vi.
vii.
Closing
(i).
Prospecting
The name of people on their own are not Prospects. Although names from the basis form
which Prospects can be found, they are really only suspects until sufficient information
has been obtained to qualify them as Prospects. Prospecting is the process of identifying
people to whom to offer our products and having the characteristics.
Person afford it
42
Medically fit
Easily reachable
(ii).
Pre-Approach
The aim of the pre-approach is not to sell anything. The achievable goal in this stage is to
create interest and to arrange an appointment with the prospect.
(iii). Approach
The approach is the first interview with the prospect. You should normally have made an
appointment for this interview during the pre-Approach phase. The goals of the first
interview are
(iv). Fact-Finding
In fact finding, highlight the areas of financial needs of a client. For this purpose S.C
needs the following information, which are
43
Retirement planning
44
(v).
(vii). Closing
The logical time to attempt to close would be right after you have presented your solution
to the prospect and you have determined that the prospect acknowledges those needs and
understandings and agrees with your solution.
The following weekly distribution and promotion activity is recommended.
Field hours
48
Calls
60
Appointment
18
Closing interview
12
Proposals submitted
02
45
New reference
24
4.5Promotion Strategy
To reach a target market, the marketer uses three kinds of promotion tools.
1) Communication channels
2) Dialogue channels
3) Monologue channels
1.
Communication Tools
The marketer uses communication tools to deliver and receive message from target
buyers. They include
(i).
News letters
(ii).
Magazines
(iii).
Radio
(iv).
Telephone
(v).
Internets
(vi).
Posters
(vii).
Sales staff
2.
Dialogue Tools
(i).
(info@efulife.com)
(ii).
(0800-33800)
3.
Monologue Tools
(i).
46
CHAPTER 5
Critical Analysis
5.1
Success
and
Failure
Organization in the
5.2
of
Different
Market
47
Products
of
the
Critical Analysis
The Marketing Department of EFU Life is playing very important role in the economy of
EFU Life Ltd. Marketing department is a backbone of EFU Life. Lot of SC (Sales
Consultant), UM (Unit Manager), ABM (Assistant Branch Manager) and BM (Branch
Manager) are doing work on salary & commission basses. Currently, in 2009, 15 SC
qualify the MDRT in Multan Group. In 1992 to 2009, thousands SC were doing work for
EFU Life. They are provided extra facilities if they sale the policies. These persons
reported to UM officers or under working with other officers, send their daily report to
SBM and Head Principal Office. Then Head Office sees all the reports and makes one
final report about policies all over the Pakistan. Now the Marketing Department follows
these objectives.
To provide EFU Life Assurance Protection to large number of people of all walks
of life and in every nook and corner of the country.
48
To recruit, supervisor and train educated and dynamic young persons as sales
consultant from all walk of life.
49
5.1
All the products of EFU Life Ltd. are successful because they are according to the
requirements and needs of the people. They have been designed by keeping in view the
future needs of the people.
50
5.2
There are few companies working in the field of Life Insurance in Pakistan and these
companies are running in one of the system i.e.
1.
Conventional System
2.
1. CONVENTIONAL SYSTEM
1. CONVENTIONAL SYSTEM
i)
STATE LIFE
ii)
iii)
METROPOLITON
iv)
i).
ii).
NJI
There is another Big Group is launching in the field of Insurance Company is Pak-Qatar
Family Takaful Ltd. This company has already adopted the Unit Linked System.
51
Conventional System
This system is consist of
i).
With Profit
ii).
iii).
Endowment Assurance
2.
Offer Price
The price at which policyholder buys the units from the company is called offer price.
Bid Price
The price at which policyholder sells the units to the company are called bid price.
52
CHAPTER 6
6.1
6.2
53
6.1
54
55
irresponsible attitude of the insurance personnel is the other cause that does not
allow settlement of claims. There is a nee to control the system.
EFU Life can play a vital role to develop insurance ideas through advertisement
on the electronic media or targeting the public large.
The role of information technology is very important or the competitive edge of
any business but EFU Life is not fully utilizing the IT resources efficiently, so the
company has to make strong network of computer between the principal offices
all over the country.
The team concept should be adopted by the organization or efficient result in the
business and to increase the over all performance of employees.
The suggestion plan should be introduced by inciting the employees and offices to
give suggestion and new ideas. Each suggestion to be acknowledged and some
prize should be given to encourage the new ideas. It is recommended that the
suggestion plan may be introduced at one level and they are authorized to give
prize up to specified value depending on any suggestion which reduce costs and
improve efficiency, face lifting etc. be given a token prize.
Insurance must be including as a subject at secondary and intermediate level
throughout the country in schools and colleges. It should be compulsory subject at
B.Com and BBA level and the universities should provide opportunities for
specialization in the field of insurance in M.Com and MBA like specialization in
the field of MIS, Marketing, Finance and Banking.
As rural population constitute 70% of the total population, so a good member of
the representatives should be roam the rural areas and they must be trained with
56
advance courses seminars and field assignments, because they are backbone of the
insurance business.
In house courses to improve the supervisory skills of deputy manager should be
conducted.
Urdu
translation
of
the
terms
and
conditions
on
the
policy
57
Last thing, I am saying, the Senior Management to EFU Life ltd., in Multan City
to treat with the employees in a good way, not to very harshly or strictly because
in stress environment no body can survive for long time especially for the new
employees. On that time new employees needed the motivation and the proper
guideline and attention for surviving. Unfortunately, deficiencies of these and
stress environment many new employees are left over the job very soon, this is
big loss for the Company because the company spent a lot of money on training
& the refreshment courses of the new and the senior employees.
I recommended for all the Management, for the better result, it is needed to create
the competition and the motivations among the employees. The environment in
the office should be pleasant. This will increase the efficiency and productivity of
the employees.
As the Insurance industry is in crises but EFU Life is performing very well in such
difficult economic conditions. The avenues are always open for further improvement. I
hope that the suggestions given by me will not only benefit the management for getting
business but the employees will also efficient in performing their duties.
The performance of an organization is culture driven and if you want to change the
performance of organization you must change the culture of organization. This factor is
of great importance. The management should try to evolve a culture based on:
Hard work
Honesty
Professionalism
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Customer oriented
There is a tremendous growth potential in the life insurance sector, as only 8% market
has been trapped so or against the western countries where almost half the population has
availed of life insurance covers. This can be increased by more benefits to agents.
Organizing a young and willing field force to organize an aggressive and effective team
under the supervision of successful professionals should create a strong base.
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CHAPTER 7
7.1
References
7.2
Annexes
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7.1
References
Books Study
Marketing Management by Philip Kotler
International Marketing by Philip R. Cateora
Websites Visit
www.google.com
www.financial-shopper-network.com/life_insurance_history.htm
www.efulife.com.pk
www.pakqatar.com.pk
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7.2Annexes
62
63
64
65
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