Principle of Insurance

PRINCIPLES OF INSURANCE

Company profile

1/10/2015

1

Presented by:-

Mehedi Hasan

ID 1114

Group – Keen orbit

7th [email protected]

WHAT IS LIFE INSURANCE?

Life Insurance can be termed as an agreement betweenthe policy owner and the insurer, where the insurer for aconsideration of a sum of money agrees to reimburseupon the occurrence of the insured individuals' death orany other event, such as terminal illness, critical illness ormaturity of the policy.

1/10/2015 [email protected]

Objectives of the Study

To gather comprehensive knowledge on insurance activities.

To identify the problem and Prospects ofMetlife Alico in Bangladesh

To make some recommendations to theproblems regarding activities of AmericanLife Insurance Company.


BackgroundAmerican Life Insurance Company (Alico Bangladesh)started full service branch operations in Bangladesh on 15January 1974 and has since thenbeen marketing individual and group life insuranceproducts under the Insurance Act 1938, Insurance Rules1958, and other applicable laws. Alico, incorporated in1921 in Wilmington, Delaware, USA, is the largestinternational life insurance Company in the world.


Vision“To be the world’s first-choice provider of life andhealth insurance services. We will create unmatchedvalue for our customers, colleagues, business partnersand shareholders as we contribute to the growth ofsustainable, prosperous communities.”

Mission

To build value for our poly holders, field force,employee and shareholders by providing qualityproducts and services through multiple distributionchannels for the Bangladeshi market and throughinvesting in Bangladeshi financial institutions therebythe Bangladeshi people.


Product and ServicesThere are some products of American Life Insurance Company. These products are as follows:

1. Three Payment Plan Plus (3PP+)

2. Education protection plan plus (EPP+)

3. A.I Benefits.

4. Pension plan

5. Endowment plan plus

6. Good health plan

7. My child special plan,

8. Travel insurance

9. Critical care, etc.1/10/2015 [email protected]

Findings

There are many problems which are faced by American Life Insurance

Company. These problems are as follows:

1. Communication problems: Most of the employee’s cannot

communicate with people face to face because they cannot speak

English properly.

2. High price of product: Their product price is very high but quality is

not expected.

3. Employee’s problem: Most of the employee’s are unskilled. There are

many under educated person in the organization.

4. Problem in decision making: As it is a private limited company, the

mid level employees cannot take any necessary decision without

managing Director’s concern.

5. Small production unit: Bangladesh branches of ALICO have only two

products. The products are Life Insurance, and Health Insurance.1/10/2015 [email protected]

SuggestionALICO will have to figure out how to survive in current competitive market. If all problems can be solved it will result in reduced cost, improve the quality, and increase efficiency delivery. Some recommendations are given below:

1. First of all top management need to get an educated person who can speak in English and he can communicate with other easily.

2. The company should produce high quality product keep close contact with customer.

3. The company should open Islamic Branches.

4. Product price should be reduced for customer satisfaction.

5. Employees should be trained up in needed area and should be hired from related background.

6. The company should increase number of agents, unit manager, and branch offices.

7. Company should make aggressive marketing for its products.

8. The company should give in advertisement of Newspaper, Television, etc.

9. Decision making problems should be solved and reduced.

10. Number of products may be increase in Bangladeshi market.1/10/2015 [email protected]

Thank you


Principle of Insurance

Education

Transcript of Principle of Insurance