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While conducting this report I faced some problems in getting the data
as at websites data is not managed very well. The knowledge of what I
have studied in MBA also came in handy. Once every thing was found
out it got very interesting.
“I dedicate this work of mine to
project. “
I am grateful to Allah almighty, for enabling me to fulfill this tiring, but
interesting job for the completion of my report.
The long and arduous task of developing this report was made easier by the help
and guidance of my teachers Dr.Khwaja Amjad Saeed, Mr. Irshad and as well
as Mr. Fida Hussain Bukhari.The whole practice of collecting material for the
report compiling and composing was enjoyable.
I would not be going justice in presenting this report without mentioning the
people around us who have been inextricably related with the completion of this
report
Askari Insurance Company has 19 branches in Pakistan in 15 Cities and main objective is
to provide its customers with safe, secure and reliable service through wide range of
products. The report covers all the product information provided by the Askari insurance
company: Profile of Askari insurance Company, in this regard I tried to given the
information of Askari insurance company. . In the profile of the company I am trying to
giving all the possible available information of the Askari Insurance Company. Company
business process, in this section I tried to elaborate all the functions that are performed by
each department of Askari Insurance company and as well as discuss about the key
products of the Askari insurance Company that are highly involved in the progress of
company. SWOT analysis of company, in the section, I humbly stated the strength and
weakness and as well as opportunity and threats of the organization. It very difficult to
pin out weakness of the AGICO but I tried our level best in this regard. Problems and
recommendations, in this portion of the report I discuss about some problems and as well
as give some suggestions and recommendations to over come these problems. It might be
helpful for the AGICO. I believe that this report will provide some very important
information regarding my departments (Claim department, Underwriting department,
Marketing department and Accounts). I also describe my experiences in these
departments and I am sure it would be helpful for all. Underwriting and other is claim
department. That’s why, Branch Manager to be found having more consideration on these
department and personally to look after very carefully. The SWOT analysis is covered in
the report to show the standing of the company in the recent market.
1 Adamjee Ins. 16 Ittefaq Gen.
2 American Life 17 Metro Life Assurance
3 Asia Ins. 18 New Jubilee Life
4 Askari General Ins. 19 New Jubilee Ins.
5 Atlas Ins. 20 PICIC Ins.
6 Beema Pakistan 21 Pak Gen. Ins.
7 Business Ins. 22 Pak Reinsurance
8 Central Ins. 23 Premier Ins.
9 Century Ins. 24 Progressive Ins.
10 Cres. Star Ins. 25 Reliance Ins.
11 EFU General Ins. 26 Shaheen Ins.
12 EFU Life Assurance 27 Silver Star Ins.
13 East West Ins. 28 Union Ins.
14 Habib Insurance 29 United Ins.
15 IGI Insurance 30 Universal Ins.
Introduction of Askari General
Insurance Company
Askari general insurance co. ltd (Agico), established in October 1995, was
sponsored by Army Welfare Trust (AWT), Askari Commercial Bank ltd (ACBL) and
Askari Leasing Ltd (ALL). It is a public limited company, listed on all three Stock
Exchanges of Pakistan i.e. Karachi, Lahore and Islamabad. The Company provides
general insurance products and services to all sectors of the market.
The company has earned itself a reputable place amongst top players of insurance
industry. Agico's financial strength and rapid growth has been achieved through its
policy of retaining and reinvesting a large part of the profit to strengthen the Paid Up
Capital and Reserves. The company's financial position provides security to the clients
Agico transacts all classes of non-life insurance business. It holds a strong position in
Health Insurance and is the leader in it's expansion. The company has a large base of
prestigious Pakistani and multinational clients being served through a network of 16
Branches spread all over the country. Human resource is the main stay of the
company and is imposing for its highly qualified and entrusted staff. The
company is committed to create insurance awareness and promote insurance
culture through its highly motivated and dedicated team of professionals.
VISION
PHILOSOPHY
1. Excellence in Service
2. Quality Performance
3. Product Innovations
Agico believes in the phrase “customer comes first”. AGICO
objective is to please their customers by fulfilling the insurance
needs as best as possible. They believe in placing the client at the
center of business and all of the products and services.
Service excellence is one of the objectives of AGICO.
AGICO strives continually on the development of new areas of
activities to distinguish itself in the market place along with
traditional insurance Companies activities.
AGICO objective is the complete automation and computerization of
all of its insurance activities.
AGICO Training and Development program of its employees is
aimed at developing skills of its employees. It makes positive
contribution to the service culture of the insurance system as a
whole.
Chairman
Directors
Maj.Gen.(Retd.)Saeed Ahmad Khan
Brig. (Retd) Javed Qayum
Mr.Abdul Waheed
Brig. (Retd).Mushtaq Ahmed Malik
Syed Suhail Ahmed Rizvi
Mr. Abdul Hai Mahmood Bhaimia
Audit Committee
Mr. Abdul Waheed
Chairman
Brig. (Retd) Mushtaq Ahmad Malik
Member
Mr. Syed Suhail Ahmed Rizvi
Member
Auditors
Legal Advisor
Mr. Farrukh Karim Qureshi
Bankers
Askari Commercial Bank Limited
Arif Habib Bank Ltd.
Habib Bank Ltd.
Standard Chartered Bank Ltd.
Soneri Bank Ltd.
Ch. Shams-ul-Haq
Mr. Shah Saud Mirza
Mr. Sarfraz Ahmed Tarrar
Vice Presidents
Mr. Mubashir-ul-Hassan
Mr. Tahir-ul-Haq
Sh.Muhammad Hanif
Sh.Abdul Wahab
Managers
Mr. Tazeem Hussain
Mr. Gulzar Hussain Shah
Syed.Imran Abid (I.A)
Mr.Noor Afsar
Mr.Gulfraz Anis
Mr. Muhammad Ali Soomro
Mr.Qamar Ikram Sheikh
Mr.Shahid Hussain
Mrs.Tallat Raza
Mrs.Samina Khan
Mr.Shahid Hussain
Mr.Tahir Mahmood
Mr.Faisal Ejaz
Mr.Taqiuddin
Islamabad
Rawalpindi
Jhelum
Sialkot
Gujranwala
Lahore
Faisalabad
Multan
Hyderabad
Quetta (081)
Sargodha (0483)
Peshawar (091)
www.google.com
www.efuinsurance.com
News papers
INSURANCE JOURNAL
www.dawn.com
www.nation.com.pk
Books
Principals of Insurance(ACII)
Claim Management(ACII)
Marketing(ACII)
Motor Insurance(ACII)
PERSONNEL HIERARCHY IN AGICO
BGP BRANCH
Branch Manager:
Claim Department:
ACCOUNT DEPARTMENT:
NAME MR. RAZA
DESIGNATION Account Officer
QUALIFICATION M.B.A.
EXPERIENCE 4 YEAR
ASSIGNMENTS MANAGE BRANCH ACCOUNTS
UNDERWRITING DEPARTMENT:
NAME MR.Nasir
DESIGNATION UNDERWRITER
QUALIFICATION M.B.A
EXPERIENCE 4 YEAR
ASSIGNMENTS ISSUE INSURANCE POLICIES
MARKETING DEPARTMENT:
Marketing Manager:
TRAINING PROGRAM:
DEPARTMENTS
PERSONAL INSURANCE
The underwriting of personal insurances is relatively straightforward.
The main source of information abut a risk will come from the proposal
form and if there is anything else which an individual underwriter may
want, he would write to the proposer. A large volume of proposal forms
for various classes of personal insurance will be dealt with by branch
offices of insures. Much of the work will be mechanical in nature and
the vast bulk will be processed with little difficultly
In many cases the underwriting is delegated to some other person,
quite outside the insurance company. This is the case for example in
travel insurance where the policy is sold by a travel agent or airline. A
proposal form is completed by the proposer and the policy issued
almost immediately from a pad of policies. Possibly with an upper
monetary limit on the sum insured. Underwriting in these cases is
almost a matter of making sure that a completely undesirable proposer
is not allowed cover. There will be little discrimination among those
cases which are accepted and he brooked or other agent will have little
or no flexibility in pricing.
COMMERCIAL INSURANCE
The essence of the task is that the underwriter has to evaluate the
hazard associated with the risk which is being proposed. In small cases
he may be able to do this from reading a proposal form and
corresponding with the proposer. It may be that a local inspector asked
to call and see the shop or factory for himself. In large cases this is
simply impossible. For one thing the details of a risk could not be
confined to a proposal from. There is just too much information to
condense on to a form no matter how large the form may be.
This is where the broker may help. As we mentioned earlier, the broker
in these large cases will be in a position to prepare the case for the
underwriter. This may mean site inspections by the broker and the
preparation of the plans and reports on the relevant aspects of the
risk. This documentation, which may be extremely extensive, is then
passed to the underwriter and negotiation can commerce on the
terms, conditions, cover and price.
A RISK SURVEYS
The surveyor will eventually prepare a report for the underwriter and in
the case of many property risks will also draw plan. The report will
cover a number of features, including.
A full description of the risk. This may include the plan of the
premises in the case of property risk, the process being carried on at
the premises, details of the insured etc.
An assessment of the level of risk. This will take into account all
the relevant hazard factors, both moral and physical, and provide the
underwriter with some idea of the degree of risk which he is being
asked to accept. The surveyor will also be able to comment on
surrounding property as in the case of fire insurance, for example, this
may have an impact on the level of risk.
Adequacy, in the case of many classes of insurance will mean the sum
insured. This will be true for many classes of property insurance. In the
case of liability insurance there is of course no sum insured, but a limit
of indemnity. Adequacy in thee cases will mean a limit of indemnity
large enough to cater for the expected claims. The adequacy of cover
is an extremely important issue and the underwriter will want to
ensure, as far as is possible. That the insured is not under insuring the
risk.
Assuming that the risk is acceptable in all matters relating to the level
of hazard, the decision as to how much of a risk can be accepted is, in
part, dependent on the financial capacity of the insurer. The insurer
may have some limit on how much of a particular type of risk it wants
to accept in any year. Questions relating to the financial capacity of
the insurer, lead us into the area of reinsurance.
PREMIUMS
Tasks of the underwriter as:
Assess a risk which people bring to the pool;
Decide whether or not to accept the risk or how much to accept;
Determine the terms; conditions and scope of calculate a suitable
premium.
Provide a reserve
The insurer must also take into account the fact that there can be
contingencies, beyond their control, which may involve a liability to
meet claims at some time in the future. Insurers do this by making
reserves.
Inflation
The insurer must be aware of the changing value of money. Claims will
be met tomorrow, out of premium received today. The implication of
this is that the cost of settling a claim may rise, not due to any
increase in the magnitude of the claim itself, but simply due to the all
insurer can not ignore in their premium calculations.
Interest rates
We have already seen that insurers are major investors of funds. These
funds generate substantial investment income upon which insurers
depend. Variability in interest rates has also to be taken into account in
premium calculations.
Exchange rates
We have also seen that a substantial volume of premium income is
derived from outside of the United Kingdom. Whenever there is
movement of money across national borders, there is the added
problem of exchange rate risk. The insurer has to take account of this
risk and the cost of managing it has to recover through the premium
UNDERWRITING PERFORMANCE
Rupees in million
2010 2009
Fire & Property Damage
Gross Premium 55 62
Net Premium Revenue 50 39
Net Claims 12 8
Underwriting profit 38 23
Motor
Gross Premium 90 81
Net Premium Revenue 25 22
Net Claims 8 5
Underwriting profit 18 15
Required
Documents:
I got this information from Mr. Nasir was very co-operative and
helpful. He taught everything related to underwriting in a very
friendly atmosphere. They were appointed in this insurance
company from few years and they were doing a very good job. It
was a very nice experience to in this department.
I learnt about various functions of the Accounts. With the help of Mr.
RAZA I was able to manage petty cash and other expenses of the
branch. He was kind enough to take out time from his busy schedule to
teach me how to maintain records relating to day to day branch
expenditures. The main work of accounts is done company head office.
He was responsible for “Manage Branch Expenses and Staff Salaries”
which is a tough job and I helped him along with other internees in
doing this task during the period of my internship.
Working in this department was a very nice experience.
CLAIMS NOTIFICATION
The first and most important point to make is that the notification of a
claim is the responsibility of the insured. We will see later that the
insured also has certain other duties but at the outset he has the
responsibility of intimating the claim. We saw in chapter six that one of
the claim. We saw in chapter six that one of the conditions on policies
relates to the notification of claims. The insurer will want speedy
notification of the claim and will often lay down time limits within which
a claim should be intimated.
The means by which claims are normally intimated is the claim form an
example of a form is shown in Appendix 1 at the end of this chapter.
This is for a business premises policy and you can see the kind of
questions which are asked.
While the claim form is the main means by which insurers receive
notification of claims, it is not always used. In many cases, including
large losses or losses involving a great deal of details, the insurers
would appoint a loss adjuster and we will look at the role of the
adjuster later.
CLAIM HANDLING
Small, personal claims are often dealt with by someone, other than the
insurance company. Brokers and others can have delegated authority
to issue simple personal policies. In certain cases these brokers may
also have authority to handle claims. There may be a limit on the value
of claims which can be dealt with in this way but the process is speedy
and the claimant deals with the person or organization issuing the
cover in the first place.
These steps can involve a great deal of work and the claims
departments of companies are often among the busiest. However,
there is a limit to the number of staff which even the largest
companies could afford to have in house to deal with claims. Not only
would the cost be huge but the level of expertise required would be
costly in terms of recruitment and training.
LOSS ADJUSTERS
CLAIMS SETTLEMENT
Cover afforded by the policy. In most property policies there are two
kinds of cover, indemnity or reinstatement. These are terms with
which those of you who go on to study general insurances will become
very familiar.
You can see how this could cause a great deal of work, and potentially,
a few problems for both the insured and the insurer.
Reinstatement, on the other hand, provides the insured with the cost
of reinstatement. This is a form of new for old cover and many
household insurers use that phrase in their marketing. Offering
reinstatement avoid much of the difficulty in ascertaining the value of
a loss under an indemnity contract. In the case of the machine we used
in the contract. In the case of the machine we used in the earlier
example, the insured would have to fix sum insured at the cost of
reinstatement. We know this to be 90,000 but the loss may not happen
until the last day of the insurance year. What the insured needs to
calculate is the cost of reinstatement, at the time of reinstatement,
and this may be higher than the cost of replacing the machine today. It
may even be that there is a time delay in ordering new machines of
this type. All of these factors have to be taken into account.
MEAN OF INTIMATION:
Most of claims are intimated through the phone call or it’ll also make
through that the client directly came in the company and inform about
the claim. When the claim is intimated by the insured, some important
information are required from the insured person i.e. Date, name and
address of the insured person, policy no, expiry date of the policy,
endorsement no (if any), make of the vehicle, engine no, chassis no,
nature of loss, name of a person with telephone number with whom
the contact can be made for any further information and estimate of
loss.
After having the above information from the insured person, the
further proceeding is carried on. You can observe the claim intimation
form below:
Askari general insurance co. ltd.
Date:_____________________
____________________________________________________________
Endt. #:_____________________________________________________
Contact No:__________________________________________________
Date:______________________Authorized signature:________________
Self survey.
Independent survey.
Self survey:
If the estimate of loss or damage is below than Rs.10, 000, then survey will be conducted
by the staff member of ‘Askari general insurance Company’. Mostly, self survey is
conducted in order to save the expenses of the company.
Independent survey:
Normal practice to access the loss is carried on through the appointment of independent
surveyor of any surveyor company. These surveyors are experienced in assessment of
loss and assess the actual loss and try to minimize the loss in order to favors the insurance
company. But they don’t do something unfair in assessment of loss.
Surveyor will survey the vehicle at the spot of accident or at the workshop which are
specified by the company.
Askari general insurance co. Ltd.
Insured Name:____________________________________________
PARTICULARS
SETTLEMENT
___________________________
Date & Signature of surveyor
I worked in Claim department for 12 days. During this time I realized
the importance of this department. Reputation of the insurance
company largely depends upon the efficiency of this department.
Marketing Department of
AGICO:
The marketing department of Askari insurance Company has a number
of marketing professionals. They are all experts in their work.
Mr.Azhar-A-Murad marketing manager and Mr.Feroz Qaiser assistant
marketing manager of in Askari insurance Company are two main
persons. Mr. Azhzr-A-Murad is one of the legends of insurance field. He
has more than 35 years experience in marketing field. Personal
relations are main source for getting premium and revenue for the
AGICO. Every employee has their own relations and they bring
business for the company with their references. They participate
wholeheartedly to get the commission on revenues. AGICO provides
high %age of commission on sum insured.
Fire insurance
Fire insurance
Engineering
Engineering
Health
Healthinsurance
insurance Products
Productsoffered
offered insurance
insurance
Miscellaneous
Miscellaneous
insurance
insurance Travel
Travelinsurance
insurance
Marine
Marine
insurance
insurance
Leverage Ratios:
Debt Equity Ratio 57:43 57:43 47:53
Liquidity Ratios:
Current Ratio 51:49 52:48 49:51
Efficiency Ratios:
Total Assets Turnover Ratio (Times) 1.29 1.32 1.40
Profitability Ratios:
Gross Profit Ratio 15.30% 12.90% 10.46%
INTERPERTATION
This analysis is describing the five year balance sheet. So, it enables us to observe the
comparative progress of the company in these five years in each face item of the balance
sheet. It is clear from this table that the operating fixed assets have an increasing trend in
the company that these are Rs. 585.60 million in 2000 whereas after 2002 these remains
more then 964 million. As for as the current asset are concerned these are also increasing
as the business is expanding annually so the requirements of funds to met day to day
needs are also increasing which resulted into increase in the current assets.
Share capital of the company was Rs. 109.56 million in the year which was raised up to
163.33 million in the year 2001. Furthermore business expansion necessitated the further
issuance of share capital of 41.8 million and share capital figure reached to Rs. 205.41
million in 2002. Capital Reserves of the firm were also raised up to Rs. 136.16 million in
the year 2004 from 41.08 million in the previous years
General reserves of the co. were also increased from 100 million to 200 million in the
year 2002 and this amount was further raised to Rs. 300 million in the year 2003.
Long term loans are relatively less raised though the firm has expanded its business
volume. As for as, the current liabilities are concerned, the need to meet the business
requirements was raised therefore firm has to depend more on the current liabilities.
These are not bearing high interest rates therefore these are economical then that of the
long term liabilities.
In nutshell the comparative figures of the last five years revealed that the company’s
progress is increasing rapidly in terms of its business worth and also its business volume.
As the company’s total assets were Rs. 130.50 million which are now increased up to
Rs.2045 million which is a good sign.
INTERPERTATION
This analysis is showing the relationship of each item of the balance sheet in ratio to the
total assets. It is clear from this analysis that how much of the assets are being kept in
which form at this company. The same depiction of the equities side is also provided.
Moreover comparative information of the five years enables us to judge the company’s
progress in this time period. Operating fixed assets were 45% of the total assets in the
year 2000 whereas these are forming a 65% part of the total assets in the year 2002 which
shows that company has increased its fixed assets surely is due to the increase in the
share capital. Company has raised its share capital to fulfill the requirement of funds for
expansion. Long term deposits are also very short which tells us that company has
expanding its business activities therefore it doesn’t have extra funds to put in long term
deposits. As for as the stores of the company are concerned these are also increasing as
compare to the figure of 2000. The reason of such increase is that by the expansion in
business volume it requires more store and stock for ensuring the continuity of operations
which is of intense importance in such industries.
The ratio of stock in trade and trade debts is increasing annually, which is showing that
now company needs more working capital.
On the other side the company has issued its further shares to raise funds in 2001 and
2002 Rs. 54.28 million and 41.09 million respectively to meet the business needs. With
this share capital induction the owner’s equity portion was raised in these years as
compare to 2000. The share capital was 13.67% of the total assets in year 2002 whereas
this ratio was declined in the year 2003 because respective portion of general reserve is
increased from Rs. 200 million to a Rs. 300 million. And further more, the current
liabilities are also increased to meet the working capital needs.
Long term loans are 28.79% in the year 2001 where as this ratio was decreased to 20.62%
in the year 2004.
Redeemable Capital
Current Liabilities:
INTERPERTATION
Here I have attempted to show the company’s progress considering the year 2000 as a
base year i-e how much company has expanded its business. It is basically the depiction
of company’s growth form the year 2000 and up to the current year 2004.
Share capital was increased 150% in 2001 as compare to the paid up capital of 2000.
Whereas, the share’s value was increased up 187.50% of the figure in 2000 then it was in
the year 2002 and onward.
General Reserve figure is increased by 300% in last four years. But the un-appropriated
profit is decreased by 73% in the 2004 as compare to the 2000. Long term loans were
also increased in the 2002 but the same were reduced after 2002.
More critical is that the short term borrowings are increased 175% and the major reason
of this increase is that most of the long term loans are achieving their maturity in these
years therefore the current portion of long term liabilities is increased by 274% which is
much higher. This is the major reason of having week current ratio.
Provision for taxation is also increased by 200% (approx) that is due to the expansion of
business growth.
Operating Expenses:
INTERPRETATION
Profit and loss of the five years are provided here comparatively. From the above figure
we can see that company’s sales are increasing rapidly which is a sound signal of rapid
business growth. In contravention to the above growth signal the cost of goods sold of
company was also increasing, The company’s sales were increased in 2002 by 800
million (approx) whereas increase in the cost of goods sold was high than that of the
increase in the sales in 2003. Therefore, the gross profit of the company was decreased.
In the year 2004 the sales of the company were reached at peak of Rs. 2750.40 million
where as cost of goods sold of the company was also increasing as the business volume is
expanding continuously. The gross profit of the company decreased in the year 2003 as
compare to the gross profit of 2002. The reason of this is the comparatively more increase
in cost of goods sold than that of the sales.
As we now that long term loans were raised in 2001 by 150% that’s why the finance cost
of the company was raised in the preceding year 2002 that was reached to its maximum
of Rs.145 million which reduces the profit before taxation than that of in the year 2000.
Whereas now in 2004 most of the long term loans were paid in 2003 & 2002 the finance
cost is much reduced. Marketing and distribution expenses are controlled in the 2003 &
2004. That is a factor to good profitability of company in these years.
INTERPERTATION
Above figures are showing gradually decreasing percentage of gross profit, provided that
the sales of the company are increasing annually. So, it is clear that the cost of goods sold
is relatively more increasing than of its sales. In 2004 the operating expenses are just
7.57% of the sales than these were 20% in the year 2000. i-e the increasing of trend in the
operating expenses is relatively slow than the sales. Profit before taxation ratio is more in
the year 2004 than that of just 2.82% and 3.70% in the years 2002 & 2003 respectively; it
is due to reduction of finance cost in current year. Though the gross profit of the
company has a decreasing trend, the profit after taxation ratio is relatively raising which
shows that beyond the annual increase in the cost of goods sold, other operations of the
company are being driven on the right track. It is the vertical analysis of profit and loss
accounts of the company.
INTERPERTATION
This horizontal analysis of the profit and loss account describes the comparative
information of above five year. Sales are 210% more than these were in 2000. It shows
annual increase in the sales volume. It is obvious that the marketing department is
efficient as for as the sales volume is concerned. RWML’S cost of goods sold is also
249% increased. It is an alarming increase in today’s competitive era.
As the Company’s cost of goods sold is 30% extra increased than that of the increase in
sales. Due to the higher cost the selling price of the product is also increased however, the
sales increasing ratio is low than that of cost.
This alarming increase in the cost of goods sold is due to the rise in the prices of raw
material consumed and packing material used. This increasing trend of cost of goods
sold has reduced the company’s gross profit ratio also.
Company has controlled its marketing and respective administrative expenses in 2004
than that of in the last two years. Therefore, the Co. has better net profit ratio than that of
the last two years.
Over all if we see the company is loosing its profitability as it has more than 80% of the
profits in the year 2000. So we can say that the business is growing in its volume but not
in the profitability.
If we see from the investors point of view whose aim is to maximize their worth. This
business is effectively going on but the Co. is not increasing its profitability annually.
In the year 2004 the operation profits of the company were declined therefore the taxation
cost is also decreased in the year 2004. By reduction in the taxation cost, profit after
taxation rose in the 2004. Which were 37% & 65% in the years 2002& 2003 respectively
raised up to 81% in the year 2004.
Mostly insurance companies are endeavoring to bring to its customers new and
improved products and services that provide efficient and effective solutions such
as web-based e-insurance company allows its customers to access its insurance
services via internet. Corporate customers can efficiently conduct their day-to-day
insurance covers claim information, current status of the claim, rate of premium
of different risks and much other information as they required via an automated,
versatile and a straight through processing platform's would like to recommend
Askari insurance company to provide this facility to their customers as well.
There should be central complaint cell in company in order to reduce the people’s
complaints and foster the ratio of productivity.
Money laundering and white-collar crimes are on the rampant. Aggressive and
comprehensive mechanism should be set-up to save company
Askari Insurance Company needs to use more marketing channels to make the
public aware of its products and services. In the presence of intense competition
Askari insurance Company has to realize the importance of marketing.
One of the most important aims of the student life is to express him /
her correctly and adequately. This was believed in my mind when I first
decided to go to Askari Insurance Company to complete my internship
program.
The company has been growing both in size and profit for past few
years and has a good repute in the market. The year 2011 is expected
to offer increased competition in the business as more insurance
companies are in the market. With their focused strategy and product
development initiatives planned for the year, Askari Insurance
Company is strongly positioned to meet these challenges. The Askari
insurance company has very well repute in the market overall
insurance company is going well and doing a good business but there
are few problems for that I have tried to give few recommendations
that might help company to improve. So finally this internship has
helped me a lot in gaining practical knowledge of job that will help me
in the real job once I complete my MBA.
While conducting this report I faced some problems in getting the data
as at websites data is not managed very well. The knowledge of what I
have studied in MBA also came in handy. Once every thing was found
out it got very interesting.