A Report On

Company

Prepared For
Hassan

Insurance

Sir Mumtaz

Prepared By

Abdul Latif

Roll No

1204101

DATED

9th Nov, 2015

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ACKNOWLEDGEMENT
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 teacher SIR MUMTAZ 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

I extend my deep gratitude and heartiest thanks to my teacher and

Coordinator for preparing this report.

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TABLE OF CONTENTS
EXECUTIVE SUMMARY................................................................................................. 5
INSURANCE................................................................................................................. 6
TYPES OF INSURANCE................................................................................................. 6
GENERAL INSURANCE............................................................................................. 6
LIFE ASSURANCE.................................................................................................... 7
INTRODUCTION OF ASKARI GENERAL INSURANCE......................................................8
VISION........................................................................................................................ 9
MISSION...................................................................................................................... 9
FINANCIAL STATEMENT............................................................................................. 10
OBJECTIVE AND MISSION.......................................................................................... 11
ACCOUNT DEPARTMENT........................................................................................... 12
Payments............................................................................................................. 12
Payroll................................................................................................................. 12
Receiving............................................................................................................. 12
RECOMMENDATION................................................................................................... 13
CONCLUSION............................................................................................................ 14

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EXECUTIVE SUMMARY
Askari Insurance Company has many branches in Pakistans 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. Thats why, Branch Manager to be found having more
consideration on these department and personally to look after very carefully

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INSURANCE
Risk-transfer mechanism that ensures full or partial financial compensation
for

the loss or damage caused

the insured party.

by

Under

an

(the insurer) indemnifies the

other

event(s)

beyond

insurance contract,
party

(the

insured)

the control of
a

party

against

specified amount of loss, occurring from specified eventualities within a

specified period, provided a fee called premium is paid. In general insurance,
compensation is normally proportionate to the loss incurred, whereas in life
insurance usually
as product

fixed sum is

liability

insurance)

management,

and

paid.
are

are mandatory in

Some types of
an

insurance

(such

essential component of risk

several countries.

Insurance,

however, provides protection only against tangible losses. It cannot ensure

continuity of business, market share, or customer confidence, and cannot
provide knowledge, skills,

or resources to resume the operations after

a disaster

TYPES OF INSURANCE
GENERAL INSURANCE
General insurance or non-life insurance policies, including automobile and
homeowners policies, provide payments depending on the loss from a
particular financial event. General insurance typically comprises any
insurance that is not determined to be life insurance
General insurance means managing risk against financial loss arising due to
fire, marine or miscellaneous events as a result of contingencies, which may
or may not occur.

General Insurance means to Cover the risk of the

financial loss from any natural calamities viz. Flood, Fire, Earthquake,
Burglary, etc.. i.e. the events which are beyond the control of the owner of
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the goods for the things having insurable interest with the utmost good faith
by declaring the facts about the circumstances and the products by paying
the stipulated sum , a premium and not having a motive of making profit
from the insurance contract.

LIFE ASSURANCE
Life assurance is a contract between the policy holder and the insurer, where
the insurer promises to pay a designated beneficiary a sum of money (the
"benefits") upon the death of the insured person. Depending on the contract,
other events such as terminal illness or critical illness may also trigger
payment. In return, the policy holder agrees to pay a stipulated amount (the
"premium") at regular intervals or in lump sums. In some countries, death
expenses such as funerals are included in the premium; however, in the
United States the predominant form simply specifies a lump sum to be paid
on the insured's demise.
The value for the policy owner is the 'peace of mind' in knowing that the
death of the insured person or if he lives too long, or if he becomes disabled,
will not result in financial hardship.
Life policies are legal contracts and the terms of the contract describe the
limitations of the insured events. Specific exclusions are often written into
the contract to limit the liability of the insurer; common examples are claims
relating to suicide, fraud, war, riot and civil commotion.

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INTRODUCTION OF ASKARI GENERAL

INSURANCE
Askari general insurance company limited an ISO 9001:2008 Certified
Company (agico) was incorporated in 1995 as a public limited company and
is quoted on all the three stock exchanges of Pakistan and is registered and
supervised by the SECP. It commenced its business in the same year and
since then has by the grace of Allah maintained a steady growth.
agico is sponsored by the Army Welfare Trust (AWT) which is engaged in the
business of finance, banking and production of consumer goods and services.
The AWT has as many as 23 different companies working under its fold and
most of these are quoted on the country's stock exchanges.
agico is one of the leading companies of this Trust and is rapidly growing to
become a market leader in insurance sector of the country. Besides providing
the traditional coverage like marine, motor and fire, askari general insurance
also has the capacity to offer specialized coverage on various engineering
risks. It is a pioneer and a market leader in its own right in health insurance
and constantly exploring avenues to offer protection in areas yet unexplored
by other companies.
With the grace of Allah the consistent progressive journey which started in
the year 1995 is continuing. The Company is readily accessible in all areas of
the country due to the presence of a large network of branches.
The trust which our clients have in us is evident from the fact that the
Company has maintained its growth even in times when all the economic
activities are at the lowest ebb. In view of this stable performance the
company as been adjudged by the some leading national and international
financial rating companies as "the company of future". askari general
insurance has the commitment and the capacity to transform its promise into
a reality.
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VISION
The vision of askari general insurance company limited is to be amongst the
leading insurance companies of the country with the

clear perception of

upholding the principles of corporate governance and making agico a

profitable and growth oriented insurance company while creating insurance
awareness and culture

MISSION
To become a leading insurance company by providing client friendly services
through highly motivated team of dedicated professionals and ensuring
progressive return to the shareholders.

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FINANCIAL STATEMENT

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OBJECTIVE AND MISSION

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.

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ACCOUNT DEPARTMENT
It is the one of important department of an insurance company. One can
have a complete view of the functions and monthly expenses of insurance
company from the accounts.
The functions of accounts department include managing controlling and
recording the inflow and outflow of cash from the daily basis to monthly and
annual basis. It is very difficult job to record all the expenditure of the
company. This increase the importance of account department in the
company. The profitability of a company can be judged through the analysis
of its accounts record. Major work of account is done in company head office.
Payments
Making sure that all bills and claims are paid by the company, on time and
also at the least cost possible .If there is a discount for paying quickly, the
accounts department will usually pay the bills as soon as possible so that the
company spends as little money as they possibly can. They are responsible
for all outgoing payments and making sure that what they are paying is
correct.
Payroll
The accounts department have to ensure that the employees are all paid
correctly and on time. They also have to make sure that all of the employees
are paying the right amount of tax and that they have not made any
mistakes with tax brackets and government payments on behalf of the
employees.
Receiving
The accounting department must also receive payments and make sure that
these are all processed correctly. These will all be payments for the services
or products the company has provided and they must ensure that they have
paid all relevant tax. There will also be an element of chasing up payments
and making sure that all of the payments are received when they should be.

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RECOMMENDATION
Money laundering and white-collar crimes are on the rampant. Aggressive
and comprehensive mechanism should be set-up to save company
General working conditions ought to be improved.
AGICO needs to improve its website. More information relating to
insurance covers should be available on the website.
Management should distribute work equally among different employees.
Some of the employees are overburdened while some sections are
overstaffed.
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.

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CONCLUSION
The company has been growing both in size and profit for past few years and
has a good repute in the market. The year 2015 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 BS
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 also came in handy. Once every thing was found out it got very
interesting.
I am very thankful to all the employees of askari general insurance company
my friends and teachers.

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