Internship Report
Submitted by :
MAIRA RIZVI MAF-11-51 M.Sc A&F (2011-13)
Institution :
Bahauddin Zakariya University Multan
Submitted to :
Dr. Rehana Kousar
ACKNOWLEDGMENT
I am very thankful to almighty Allah who enables us to complete this project. Man is not perfect in all the context of his life. Although today man is doing some difficult and nearly impossible things, but his mind is still limited and has minor thinking approaches. It is mercy of Almighty ALLAH who blessed man with mind and knowledge and make him able to do a lot of things. HE is Almighty ALLAH who shows the man light in the darkness and man finds his way to the light. Without blessings of Almighty ALLAH man is nothing but a helpless Creature. Same is the case with us; we also face many difficulties during completion of this project and have been successful in our duty only because of the help of Almighty ALLAH. I have special thanks for Choudary Akhtar Hussain (Zonal Head Multan), Mr. M. Ashraf Bhatti (Assistant General Manager P& G.S), Mr. S. Hassan Nasir Zaidi (Head of FMD Department) & who help me a lot and provided us an Opportunity to understand and learn every aspect of this internship programme.
Preface
Mr. Ashraf Bhatti Mr.Ch. Mehmood Ahmad Mr. Aamir saeed Mr. S. Hassan Nasir Zaidi
In charge P& G. S Manager NB Deputy Manager Internal Audit Head of FMD Department
I try our level best to gain all the knowledge about the business of state life insurance corporation of Pakistan. In case of missing any information I apologize for this.
Executive summary
This internship report is about the state life insurance corporation of Pakistan. In this report I describe the business, departments and how they work in state life corporation of Pakistan. This report also describes the history of state life insurance corporation of Pakistan. The report includes that how this organization made the businesses with its employees, customers. At the end of report, some suggestions are given to the company for managing their work effectively and efficiently.
Contents
Contents Preface Executive summary INTRODUCTION HISTORY: Insurance: MISSION OF STATE LIFE INSURANCE CORPORATION OBJECTIVES OF SLIC: CORPORATE INFORMATION MANAGEMENT HIERARCHY DEPARTMENTS IN STATE LIFE INSURANCE CORPORATION PEST analysis SWOT ANALYSIS OF STATE LIFE INSURANCE CORPORATION FINANCIAL ANALYSIS: RATIO ANALYSIS SUGGESTIONS & RECOMMENDATIONS CONCLUSION
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.
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.
Insurance: Insurance means that the Probable loss occurring in future can be so shared that the overall impacted of total loss to any individual or section of the society is mitigated. Insurance can be of life for the compensation in case of normal or accidental death or of property like car, bus ship, airplane, etc. in case of loss caused by fire, floods, earth quakes etc. Insurance provides compensation for the loss to a maximum extent. The term insurance is sometimes also called assurance. Both terms are defined in the same way, as It is a social device providing financial compensation for a fact of misfortune the payment being made from accumulated contribution of all participants in the scheme. The other definition may be Insurance is financial arrangement which distributes the cost of unexpected losses. Technically, above -mentioned
MISSION OF STATE LIFE INSURANCE CORPORATION To ensure satisfaction of our valued policy holders in processing new business providing after sales services and optimizing returns of life fund through quality culture and to maintain our position at the leading life insurer in Pakistan. OBJECTIVES OF SLIC: Following are the objectives: To run life insurance business in sound lines,
CORPORATE INFORMATION 1. BOARD OF DIRECTORS Chairman Mr.Shahid Aziz Siddique. Director Mr. Qamar Zaman Chaudary. Director Mrs. Spenta kandawalla. Director Mr. Aslam faruqe. Director Mr. Amin Qasim Dada. Director Mr. Rasheed Y. Chinoy. Director Mr. Syed A. Wahab Mehdi. Director Mr. Syed Hur Gardezi. 2. PRINCIPAL OFFICE State Life Building no.9, Dr. Ziauddin Ahmed Road, Karachi-75530. E Mails:edpgs@statelife.com.pk. 3. REGIONAL OFFICES Southern Region Main Shahrah-e-Faisal, Karachi. Northen Region Blue Area, Islamabad. Multan Region Nawan Shehr Chowk, Multan. Central Region Davis Road, Lahore. 4. ZONAL OFFICES a) Karachi (South) b) Karachi (Central) c) Karachi (Eastern) d) Hyderabad e) Mirpurkhas f) Sukkur g) Larkana h) Quetta i) Lahore (Central) j) Lahore (Western) k) Faislabad l) Sargodha m) Multan n) Vehari o) Sahiwal
1. New Business Department 2. Policy Holder Service 3. Finance and Accounts Department 4. Personnel and General Services Department
1. NEW BUSINESS DEPARTMENT The business of SLIC is initiated through New Business Department (NB).When Insurance Sales Rep sells policy to any client then this department handles all the document procedures. The precise working of the department is as follows
1. PROPOSAL NUMBER In order to fulfill the recognition of the Insurance Policy, NBD allocates a number to each Insurance Policy for future references. New business department also verifies whether the client is a new customer and a past customer.
2. UNDERWRITTING Underwriting is the process through which the underwriter assesses the risk associated with the Insurance proposal. Underwriter verifies the personal information provided in the proposal form. If he feels that client should have a medical checkup than SLIC has its own panel of doctors to provide medical assistance.
3. PREMIUM CALCULATION After underwriting, the premium of sum assured is calculated in accordance with the rate book provided by the SLIC.
4. POLICY ISSUE SECTION After premium calculation the insurance and revenue stamps are embossed on the policy bond and the policy document is sent to Client. One copy of policy document is sent to Policyholder Service Department for record purposes. New Business Department considers the risk associated with the proposal and estimates the premium for the client through a formal agreement between SLIC and the client.
In this department most of the other employees and assistant are also working but I mention only that name that helps me great for providing practical knowledge about SLIC. The Policy Holder Department deals with the services provided by the corporation to his Policyholders. The Department is divided into following cells to provide better facilities to the Policyholder.
In this department most of the other employees and assistant are also working but I mention only that name that helps me great for providing practical knowledge about SLIC. This Department maintains the records of all the cash transactions. It prepares payroll for the regular employees and disburses the amount. It also takes care of the fringe benefits such as medical facilities provided to the office staff. Commission that is paid to the Sales Representatives, Sales Office and Sales Managers are also calculated and paid through this department. To keep the corporation on financial track Balance sheets and Income Statement also prepared on annually, monthly and weekly basis. The Principal office sends Annual Budget to the department and the department is responsible for proper utilization of cash disbursements. The department also send budget forecast for new budget proposal. Payment on behalf of the other zones and preparation of bank reconciliation statements are also function of this department. The basic commission of ISR, SO, SM on first premium is ISR= 35%, SO= 15%, SM= 8% is given to the agents for the policy that they bring into state life. If these agents achieve 20% target of their annual quota in first quarter than some additional commission is paid to them and this is ISR= 2.5%, SO= 2.5%, and SM= 2%.when second premium is deposited by the policy holder in the state life than second premium commission is given to the agents and this is ISR= 10%, SO= 2%, and SM = 1%. When third premium is deposited than another commission called renewal commission is given to the agents and this is ISR= 5%, SO= 1%, and SM= 0.5%. This amount of commission is given to the whole policy years until the policy is become mature. They use a software name FOX PRO with the help of this they allocate commission automatically to the agents and after the recovery of their own state life expense they give printed checks to the agents.
5. AGENCY DEPARTMENT
Services provided by the SLIC are intangible and are therefore are not acquired at the counter by the people who need it, so it must be sold to them by the persuasive method. In order to maintain the record of the field force this department was established. Here are some basic operations of this department. This department is involved in the recruitment, promotion, Selection and termination of the field force. The Principle office Karachi controls this department. The working of this Department starts with the recruitment of the field force and to keep all the records of all their sales force and then issue them the licenses. The department motivates the sales force by promotion based on their sales targets. Similarly, this department decides to terminate the sales person if he or she does not abide the rules and regulations of the company or indulge himself in any sort of misconduct. Promotion criteria depend upon achieving the given target for a job title and the persistency rate. The field force is also required to undergo training programs conducting by the SLIC. The department also disseminates important field related information to the sales force. The department maintains a database of field force in order to maintain and manage the daily matters. This department is concerned with field workers. This department is engaged with recruitment of SRs , making license of SRs, promotion, termination and medical facility for field force and arrangement of different contests.
In this department most of the other employees and assistant are also working but I mention only that name that helps me great for providing practical knowledge about SLIC. Audit is the official examination of the accounts of the organization to see whether the reported income is presented in real terms. Actually audit system removes the element of any type of cheating of fraud and taxes levied on actual income, all the unfair means of benefit are supposed to eliminate by the system. SLIC is having internal as well as external audit. So, in the same manner this department is some how like account section but instead of maintaining accounts, its work is just to check the work. The department provides assistance to external audit. It is compulsory for all registered companies to check their accounts by any of audit firm every year spent. No audit firm can audit any company for more than three years. As well as the working of this department is concerned their basic work is to reconcile each and every transaction among the departments and find the mistakes or errors. The main work of internal audit department is that they check the vouchers of all the departments and the amount that is allocated to these expenses and finally approved it for cash payments. Basically they received the vouchers of these three departments
7. Computer Department
Computer Department is responsible for maintenance of hardware and software. System Specification The System running at Multan Zone is RISC 6000 where RISC stands for Reduces Instruction Set of Computer. Operating System AIX Version 3 where AIX stand for Advance Instruction Execution. This system is purchased from IBM. Oracle 7 Language is used. They are using the Hard Disk Capacity 1.2 GB. Ram is of 64 MB. Backup taken at every week (on Friday). They sent monthly data to P.O. in a floppy in the form of a file having extension of DMP.
Net Working Technology used is the mixture of star and Hierarchical Net work. There is a distribution box which is used to connect Terminals and Printers. This multiplexer has 16 ports and one terminal or printer can be attach to one port. Multiplexer has two slots Input and Output Slots. Input slot main computer i-e CPU is connected and the output slot, the multiplexer is attached so in this way terminals and printer are Net Work and are placed in different department. 200 Terminals can be connected with this system. Computerize System New Business Department. Policy Holder Services. Voucher System. Agency Channel verifies. Payroll. Maturity. Policy Inquiry System.
Functions of FMD Conducting Courses of Foundation course, Management oriented study course, and Marketing management series for Field worker and staff. Management development courses for Staff. Prepare monthly report & agency information Prepare check list of courses and register entry of all courses. Arrangement of sending a notice to participants of Courses. Calculation result sheet of ADP, MOSC and MMS. Preparation of Certificate of different courses. Maintained all training activity and records. Maintaining the accounts of Selling of training books.
Group Insurance Group Insurance means a policy where 10 or more lives are insured under a single policy.
Group Pension Scheme: State life, have become increasingly aware of the predicament of progressive employers wanting to better the lifestyle of their employees by providing financial security and job satisfaction, but not being able to do so, due to lack of availability of avenues and opportunities. This booklet is a guide to the State Lifes Pension Scheme that enables an employer to provide substantial benefits to employees and ensure a higher state of well Being for them. State Life maintains a full-fledged pension Department capable of handling each and every scheme in the most competent and professional manner. It has actuaries, lawyers and other experts, besides offering a unified administrative, technical and investment service.
SEGMENTATION/ PEST analysis Segment is the process of finding the segment that offers greatest potential for success in persuasive communication and to allocate resources efforts to those who are more promising. Markets consist of buyers, and buyers differ in one or more ways. They may differ in their wants, resources, locations, buying attitudes and buying practices, because buyers have unique needs and wants, each buyers potentially a separate market. Ideally, then, a seller might design a separate marketing program for each buyer. Segmentation means finding the segment that shows clear variations in market behavior when compared with other segments.
BASIS FOR SEGMENTATING CONSUMERS There is no single way to segment a market. A market has to try different segmentation variables, alone and in combination, to find the best way to view the market structure. The following table outlines the major variables that might be used in segmenting consumer markets. VARIABLES TYPICAL BREAKDOWNS Geographical/political Region, Country Size, Climate, political factors. Demographic economical Age, Gender, Family Size, Income, Occupation, Education, Religion , economical factors. Psycho graphic/ socials class, Lifestyle, Personality, Behavioral/ technological User status, Usage rate, Loyalty status, Benefits sought, modern technology usages.
SWOT ANALYSIS
SWOT is the abbreviation of Strengths, Weaknesses, Opportunities and Threats. Strength of the organization can be measured from the activities and resources that give it a competitive edge over competitors. Weaknesses reflect areas where the organization lacks better performance. Threats are the environmental conditions that can affect the performance of organization in order to be more competitive. In light of the SWOT analysis, management also reevaluates its current mission and objectives. Are they realistic? Do they need modification? As we where we want to be right now? SWOT stands for Strength, Weakness, Opportunities and Threats. The main aim of this analysis is to identify the extent to which the current strategy of the organization and its more specific changing taking place in the business environment. The idea of SWOT analysis is to undertake a more structured analysis so as to yield findings, which can contribute the formulation of strategy. SWOT analysis of SLIC is as follows:
STRENGTHS
The following facts reflect the strengths of the State Life Insurance 1 MARKET SHARE
SLIC has 90% Market Share in life insurance business in Pakistan. It makes the corporation more reliable and profitable.
1 EXCELLENT SET UP SLIC is a large Life Insurance Corporation in Pakistan and have 26 Zonal Offices and 4 Regional Offices throughout the country.
1. INFRASTRUCTURE State Life Insurance Corporation is one of the oldest institutions of the country with a huge setup spread all over the country. The Corporation has four regions and twenty- six zones that provide basic facilities to the Corporation to penetrate deeply in the insurance market.
2. TRAINING ACADEMIES &TRAINING CENTERS SLIC has 4 training Academies at Karachi, Lahore and Rawalpindi and Multan and 26 Training Centers in zonal offices. In 2011, 1946 courses and seminars, ranging from Basic Courses to advanced Programs like FC, MOSC and MMS of LIMRA (USA) had conducted
3. AUTHORISED CAPITAL State Life Insurance Corporation has got the highest paid up capital in the insurance sector. This fact makes the Corporation the richest Insurance Corporation of the country.
4. GOVERNMENT SECURITY State Life Insurance Corporation main strength is the security provided by the Government to the policyholders. It makes the Corporation more reliable and self-efficient for policyholders.
5. EXPEIRIENCE. State Life Insurance Corporation has got an experience of almost 27 years in the life insurance industry that makes it the more experienced Insurer in the country.
6. ADVERTISING &SALES PROMOTION During 1998, a new penal of four advertising agencies was selected. Outdoor advertising such as installation of Unicode Hoarding display of commercials in PTV is done and other publicity materials such as Calendars, Stickers, Eid Cards, and Posters are produced to boost business activities.
7. ORGANIZATION CULTURE State Life Insurance Corporations culture reflects devotion, motivation and cooperation that acts as an asset for the Corporation.
8. MARKETING DIVISION This division is backbone of SLIC. During 1998, 25486 young and educated people were inducted as SR in the sale force, this raising its strength to 256,814, inclusive of SO & SM.
9. SALES FORCE Stat Life Insurance Corporation has the biggest sales force in the Life Insurance industry. It helps the organization to push its policies down to the customers.
10. RATE OF RETURN State Life Insurance Corporation gives highest rate of return. It also provides bonuses to its policyholder i.e. Golden Jubilee Bonuses.
11. GOODWILL
State Life Insurance Corporation is one the oldest Insurance Corporation in the country with a history to support its corporate image. The goodwill created by the Corporation acts as a barrier for the other to follow in the Insurance industry.
12. REAL ESTATE DIVISION (INVESTMENT PORTFOLIO) SLIC has well-equipped and computerized Real Estate Division in principal office (PO) Karachi supervised by highly qualified staff, engineers and investment analysts.
13. COMPUTERIZATION About 2/3 working is computerized in SLIC. The Plan to computerize total working is under review.
OTHERS
PO conducts marketing survey to analyze environment and develop new plans. Employees are fully devoted and highly paid workers as compare to other organization. It has highest paid up capital. It is reinsured by Swiss Re (Insurance Company Switzerland).
WEAKNESSES
1. WORK OVERLOAD
We saw that in different departments that in some section employees are less to do the work at time. Because capacity of work is more than the employees capacity. Particularly in Policy Holder Services which deals with the policy Holders 2. LESS JOB ROTATION Job Rotation in state life is taking part in very rare cases. We saw that people working in the same department dont know the work of other person. By increasing job rotation practice the skills of the employees can be sharpen. 3. INCOMPETENT FIELD FORCE In term of quantity, it is strength but in term of quality it is weakness. Most workers are not highly educated. They are promoted by fulfilling targets.
4. UNDERWRITING The under-writing process at initial level is based solely on judgmental methods. It should be based on practical methods. 5. CENTRALIZED DECISION MAKING Managerial decision-making is totally centralized in the PO Karachi, Zonal Offices follow the instruction and rules & regulations provided by PO. Sometimes decisions is taken by PO is not strategic and adjustable in the local environment. For prosperity & survival of the organization, decentralization (to some extent) is necessary. 6. SELECTION & RECRUITMENT SR are selected and recruited by SO & SM irrespective of their education and unique internal attributes.
OPPURTUNITIES
1.FEED BACK The Corporation does not have any effective and efficient feed back channel to disseminate sales force suggestions to upper management. Further, organization has no well organize system for feedback between office employees and manager, managers and Board of Directors. 2. PER - CAPITA PREMIUM In Pakistan per capita premium payment is $1.5 and $1.7 only for life & general insurance respectively. There is an opportunity to enhance this nominal rate. In Japan per capita premium for life insurance is $3810.
3. POPULATION GROWTH RATE In Pakistan, population growth rate is approximately 3%. It is a great opportunity for insurance sector.
4. INUSRED POPULATION In Pakistan 2% to 3% population is insured while rest of the population provides opportunity to life insurers to enhance their business. 5. GOVERNMENT REGULATION Section 10-B of Pakistan Commercial and Industrial Standing Ordinance 1968 provides the compulsory insurance of all the employees of the organization (whether private or govt. ). So it is a great opportunity to SLIC. 6. ENTRY BARRIERS To enter in the insurance business huge investment is required. Further 40% of premium are compulsory for the private insurers, to cede to Government of Pakistan security purpose is creating the entry barrier.
THREATS
1. COMPETITORS
2. POLITICAL INSTABILITY Political instability looses the confidence of the policyholders. Further rules and regulations of government are subject to change creating threat to insurance business. 3. FEAR OF WAR The relationships of Pakistan with India are not satisfactory due to Kashmir dispute. There is always a fear of war creating the threat to corporation and policyholders.
4. INVESTMENT CLIMATE Due to the political instability and government changeover the investment climates are not satisfactory in the country. So the return from real estates and other activities is deteriorated.
FINANCIAL ANALYSIS:
RATIO ANALYSIS Net Profit Margin Net Profit/Total Income Year Net Profit margin 2004 41% 2005 34% 2006 46% 2007 39% 2008 44%
The net profit margin of the company is very good. It clustering round 40% that is very good. The net profit margin of the corporation dropped down to 34% in year 1998 from 41% in year 1997. In year 2001 that net profit margin of the corporation is 44% that is 3% higher than the profit ratio of 1997 i.e. 41%. Operating Profit Margin Operating Profit / Total Income
2004 43%
2005 35%
2006 47%
2007 40%
2008 46%
The operating profit margin has increased from 43% in year 1997 to 46% in year 2001. This thing shows that the management has taken some encouraging actions to reduce the operating expenses of the corporation. Current Ratio Current Assets / Current Liabilities Year Current Ratio 2004 1224% 2005 1066% 2006 1160% 2007 1399% 2008 1300%
The company has kept the majority of its sources in the current assets. The ratio of the current assets is increasing over the year. The ratio of current assets to current liabilities has increased from 1224% in year 1997 to 1300% in year 2001. Debt Ratio Total Liabilities / Total Assets
2004 99%
2005 99%
2006 99%
2007 99%
2008 98%
As the company acuires funds from the general public it has huge amount of externl sources.They have remained almost 99% throughout these year. Investment to Total Assets Investments / Total Assets Year Investments to total assets 2004 65% 2005 65% 2006 68% 2007 59% 2008 67%
The corporation has kept majority of its assets in the investment of various types. The portion of investment in the total assets of the company is increasing. It has fallen down to 68% in year 1999 but again increased to 67% in year 2001. Loans to Total Assets
2004 7%
2005 6%
2006 6%
2007 5%
2008 5%
The portion of the loan to total assets has remained constant from 5% to 7% in these five year. In year 1997 it was 7% that has fallen down to 5% in 2001.
The portion of the local investment in total assets has been decreasing over the years. It has fallen from 8% in year 1997 to 6% in year 2001.
The corporation has kept majority of its current assets in the government securities. The portion of the government securities in total assets has also remained constant around 65%. It has increased from 65% in year 1997 to 67% in year 2001.
Salaries section
NTN= national tax number PR=payroll number CS=clause number For officers 40% of basic salary house rent and 20% of basic salary utilities PR number remain fix through out life Two grades for employees D-officer 8 to 13 B-staff 01 to 07 50% of pension will be pay at time of retirement
Payroll has two sides 1-pay and allownce Basic House rent Utilities Total=
Providend funds are organization cut specific amount from employee,s salary and employees can take loan from their prividend fund and this loan is interst free and they will pay back on monthly basis Providend fund is amount which will be pay to employee after their retirement and this is a amount which is deducted from their salary Commision AM= area manager consider employee of organization and get salary like other employees SM=sales manager is not a employee of organization he is on the contract and get commision as payment of his services and other benefits like medication and travling expenses etc. SO= sales officier also collect commision when he bring new policy holder he get commision. SR=sales repesentative commision is 40% and he get no other benefits .
From 5th july to 16th july, I visited I.T depatment and policey holder services department I.T department have one server and thirty five terminals (pc) Every user has different task and i.t department control all departments and check them if problem occour in printer or computer than i.t department check their problem and solve . Xeon server is dual process and rate 5 technology They have Rade 5 technology this copy the document to other server They have data base orcal All pc,s of organization are connected to I.T department,s data base and all users has their owm user name and pasword They also train their users and play the role of midle man They design reprt for their users and also send report to head office And use software of smarter PHS Department they deals with -revival -Surrender -Loan they can issue loan to policy holders mark up is 12% and loan issue 80% of cash value of policy two type of sale at the time of sale of policy A-Automatic paid up (APU) B-Automatic primium loan (A.S) A-if someone short his installment than policy will go to automatic paid up and in case of B if someone short premium policy will not stop.when the policy will stop that called" out of surrender" In case of B organization issue loan to that person 70% for two years but after two years with regular payment he can get 80% Loan surrender or loan documents - policy documents - account number
Agency department and new business department Agency department deals with the issuance of licence to sales agent to give premission to sale the policy There are four typr of sales agents 1-ISR(insurance sales representative) 2-SO(sales officer) 3-SM(sales manader) 4-AR(area manager) Agency department conduct meeting weekly with their SR,SO,SM and AM and agency department appoint the agent on contract SR collect 40% commission on one policy.For SO allied facilities start from 2 nd year it is 4.35% and SM commission is 12% There commision increase 25% after three years. Adency department have following operations 1-promotion/demotion 2-medical 3-Area manager cost 4-attachment/detachment 5-contest SR promote after 2 year his target is 390000 after completion of his target promoter to SO and SO,s target is 625000 Medication is based on their proformance of business.medical limit SM 5250 to 10500 and SO 5250 to 7000 AM (area manager become govt. employee when he promoted to AM. AM incentives are renewal commission, calarical rent, car and monthly meeting payment. Their expenses should be 10% of their business which they make in a year. Entitlment based on AM business of previous 2 year Contest AM decide region for SO and SR. New business department: In the end, I was introduced to the new business department from where the real business is generated.
SUGGESTIONS & RECOMMENDATIONS Suggestions are the keys to success, proper working and prosperity of the corporation. During our internship-training period we conducted some interviews from the policyholders and has taken their suggestions.
Recommendation from the interviews of policyholders 1. In PHS department different section should be properly separated, so that it will be easy for customer to reach their concerned section.
2. There should be proper sitting arrangement. Particularly in PHS and NEW BUSINESS department, no of chairs should be increased.
3. There should be a General Information Cell on the ground floor, because when most of the policyholder are illiterate and cant understand the map given at ground floor.
4. The reception should be attractive, and must bear all the relevant informations which ever the policy holder requires 5. Sales Rap should properly guide to the policyholder.
6. In some departments policyholders are not kindly being served. So this thing should be removed, because if they dont behave well with the policyholders then they may lose their existing and potential customers.
SOME OTHER RECOMMENDATIONS 1. There should be a complaint cell in the building of state life insurance corporation. This will enhance the credibility of the company. This will lead them towards customer satisfaction.
2. There should be Job Rotation for the employees working in the state life either in the same department or in some other departments.
3. All the working of SLIC should be fully computerized. All the zonal Offices should be interconnected.
4. State Life Insurance Corporation should arrange some documentary program on TV order to create awareness in the potential customers.
5. There should be an educational program for field members as they promote from SR TO SO, SO TO SM and so on. Because the people on the higher post should be at least graduate. 6. Behavioral training should be given to field force and they should be motivated not to deceive the innocent policyholder.
7. There is a need of more and extensive training program for office workers.
8. Flexible pay system should be introduced in the corporation to motivate the workers to do more work.
9. The labor union of SLIC should be more competitive for the betterment of their workers.
12. Proper concentration should be given to the inputs of the field force. All the requirements and rules & regulations should be critically met before selection and recruitment of field force.
13. Field force and office workers should be strictly asked to wear the proper uniform developed by SLIC while they are on the job.
14. The employees should be rotated from one job setting to another. So that in case of emergency there should not be a working problem.
CONCLUSION
At the end of this report I conclude with these words that State Life Insurance Corporation has excellent setup in Pakistan and provide valuable services to its policy holders and also a big custodian of their money. This is the only organization in which employees are very loyal to this corporation and no corruption exists in this corporation. This is the reason that people trust more on State Life Insurance Corporation and he has no close competitors in Pakistan. Due to the great efforts of its employees and sales force its capital increase every year and also increase the bonuses that corporation given to its policy holder at the end of every year. It also provides self employment scheme to people for their better career. So State Life Insurance Corporation has become a leading Corporation in term of Life Insurance.