Académique Documents
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Course Teacher:
Mrs. Munsura Rahmatullah Section: D
Submission Date:
12th April, 2009
Acknowledgement
There are so many individuals that we would like to thank for helping us doing this report. It would have been impossible for us to complete this report in due time without the help of these people.
First of all we would like to thank Almighty Allah for the strength and the patience that He has given us. Then we want to thank our parents for the limitless support that they have given us. We couldnt have finished our report in due time if our parents didnt allow us to spend nights after nights at each others home working on this report.
Secondly we would like to thank Noor Hossain, Iffat ara Tasnuva, Abdul Zaheed for their opinions on this topic which they posted in an online forum upon request. We would also thank this person, whose name is unknown, who shared his point of view on The Planning process of Prime Insurance Company. We also thank all those people who cooperated in the surveys we carried out.
Last but not least, we thank our course instructor Mrs. Munsura Rahmatullah for giving us the chance to make this report.
Group members: Aftab Hossain Emran Ali Thirtho Sarker Md. Tahmid Uddin
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Table of Contents
Chapter 1
Introduction
Page no. 6 7 7 8
Company Overview Identifying the functional area Description of the topic which we made 2.3.1 2.3.1.1 The Planning Process Strategic planning
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2.3.1.2
Intermediate planning
13
2.3.1.3
Operational Planning
14
2.4 2.5
Different level of management works SWOT Analysis 2.5.1 2.5.2 2.5.3 2.5.4 Strength Weakness Opportunities Threats
15 16 16 18 19 20
2.6
21 22 23
Chapter 3 Chapter 4
Chapter 1 Introduction
There are no lives without danger. Many people sometimes faced some dangers some problems. People dont know wherever they faced problems or dangers. People can face problems in many ways. Their business products, their lifes, their family lives also can face any kinds of uncertainty. Insurance companies are the companies who can ensures that in times of danger they can help us for giving us the insurance money for the life or for the products or for anything which have insurance. We have to give insurance company a particular amount of money which is called premium. We have to give premium to the insurance company for fulfilling our insurance policy for the particular event. Bangladesh has many kinds of well known insurance company. Prime insurance company is also one of the well reputed insurance companies in Bangladesh. Prime insurance company have large network with a total branch of 13 spread all over the country. Prime insurance company main objective is to satisfy the peoples needs in course of time. Their mission is to up to date their insurance policy which can be useful for the betterment of the people. They just think that the person of Bangladesh needs them in their bad times. Prime insurance company always spread their hands of giving help to the people in their bad times. Prime insurance company manages their company in proper way for that they can attract the people for making insurance from the company. Their planning policy for the company is also very good and productive. They have many insurance policies
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which can be easily helpful to the people. They planning their different works in a proper way that people can be helpful by their planning. So the people can make insurance policy from Prime insurance company without making any hesitation.
Company has many kinds of planning process. So at first we have to identify the short term and long term plans of the company. In the making of planning they faced several kinds of problems, so we have to identify those problems that can make barriers in the way of planning. Then we have to find the managers who made the major plans and who made the minor plans. Planning has many advantages and disadvantages so for that our next objective is to finding the pros and cons of the planning process which is establish by the different managers in the Prime insurance company.
1.2 Methodology
While doing researches on this topic, we used the secondary method for finding the information about the planning process of the Prime
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insurance company limited. We collect the information from the internet that means from the Prime insurance companies official website. We also find the information about the company from their annual report and a book of their company. But all the things will not b possible for us without the help of a known person from the company. He gives us the least information that is helpful to do our project. We didnt have so much time to complete our report. For that we cant go for the field survey. By doing the primary data collection we add some more things for our report. But it was really enjoyable work to do and doing this report we can understand about some key points of planning process.
the shortness of the time and also the final term this semester is knocking at the door and therefore we were under immense pressure because we had to finish this assignment and other assignments from other courses and the time was very limited.
fulfill our report briefly. The company doesnt give us the full information based on our topic. So there is a lack of full information
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group members has fallen sick and for that he cant attend all the meetings which we fixed for the report. So for that we have to do his part of job.
Chapter 2
Body of the paper
Body of the paper gives us the total information about what we want to discuss and what is main view of the research topic.
strong commitments in setting the claims settled net claims of Tk 37.34 million on account of Fire, Marine, Motor, and miscellaneous business.
Prime insurance has many good sides that we can concentrate but we have concentrate the planning process of the company. Prime insurance company limited have large network for that reason the company should have strong planning for the betterment of the company. PICL does their planning works correctly and nicely. They also plans their work with the suggestion of the people and also some other experienced person. PICL make short term and long term plans. Long term plans are made by the Top level of managers. Short term of plans is made by the mid level & front level of managers. We know that planning is to determine goals, establishing strategies. PICL provides all the efforts to make out their plans successful. They dont leave any of the points of planning which are very much useful to the company. The manpower is the most effective power of the company. Expertise manpower can bring success to the company. Planning involves devising a systematic process for attaining the goals of the organization it is an unending course of action. It prepares the organization for the future. Though all levels of management engage in planning, but major planning is performed by TOP MANAGEMENT (and part of MID MANAGEMENT) played the vital role for planning. Depending on the conditions, a company may have to alter its course of action in accomplishing certain goals. This kind of preparation, arrangement is known as strategic planning. In strategic planning, management analyzes inside and outside factors that may affect the company and so objectives and goals. Here they should have a study
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of
strengths
and
weaknesses,
opportunities
and
threats.
For
Planning is the process of determining goals, establishing strategies, determining missions etc. Planning is one of the important sectors in any kinds of business. Planning gives the company a mission which is to be completed by the employees and managers to achieve the common goals and the company common goals is to achieve much profit from the allocated resources. Planning is not small part; it is a long part of the company which can be defined in many branches. Many company divide planning into two parts; one is Long-term planning & another is Short-term planning. Many companies divide planning into three parts; one is Strategic Planning, Intermediate Planning, and Operational Planning. Prime insurance company limited always follows the 3 parts planning because the insurance company has many things which have to be covered in time so mainly they follow the 3 parts planning process. The SWOT analysis is also a part of the planning. It can give the main 4 parts like Strength, Weakness, and Opportunities & Threats of the company. So the planning process is a big thing for a company.
long termed not only for the insurance company but also for the people who make insurance for them. The companys main resources are the premium from the insurance policy of peoples. It is also their income. Every insurance companys income source is the premium of the insurance policies. Prime insurance company executes their strategic plans with the help of the peoples premium. Strategic planning can increase the growth and profit of the company. It is one of the most profitable planning systems in a company.
limited types of intermediate planning. For that we have give less information about intermediate planning.
employees so that they can motivate and works their job properly. Company also has to give insurance money for the end of the peoples insurance policy in a period of time. It is companies responsibility to give the amount of insurance policy to the people in course of time. Prime insurance companies front line managers planning from the start of the year that how much money they have to pay to the customers, how much premium they will earn in this year, how much premium they will charge from the people for the particular insurance policy, what will be the new fresh insurance policy for the betterment of the people. Companies next operational planning is to recruit as much as experienced workers. The HR department looks out this matter for recruiting people as a worker. The company also recruits part-time
workers because the part time workers can make insurance within a short period of time.
Every High level manager helps their middle level of managers And also every top level and mid level managers help to front line managers in their works. Everyone gives their suggestion that what is good for the company, what is important for the company, what we should do that we can achieve the much profit for the company. But there is some kinds difference in times of their work. In the Prime Insurance Company different level of management works in the different sector of the company. They do their work differently but their aim is same. Their aim is to gain profit for the company. The different level of managers works like this:
TASKS
ROLE OF MANAGEMENT
LEVEL OF MANAGEMENT
Define Mission SWOT Analysis Set Goals & Objectives Strategic Management Monitor the Plan
Chairman, Managing Director, DMD MD, DMD & Directors, DGMs Chairman, MD, DMD MD, DMD/CEO, DGMs DGM, Supervisors/Coordinators, Managers
Top Management Top & Mid Management Top Management Top & Mid Management Mid & Supervisory Management
The SWOT analysis is the analysis of four parts which is Strength, Weakness, Opportunity, Threats. By these points we can easily find out what are the strengths of the company? What are the weaknesses of the company? What are the opportunities? What are the threats? That means the companies advantages and disadvantages.
SWOT Analysis:
1. Strength 2. Weakness
3. Opportunities
4. Threats
2.5.1 Strengths:
Strengths are like companies power by which the company can easily be benefitted. Company can be more powerful by acquiring good strength policies. Prime insurance company also has some kinds
strength which moves the company towards success. The company strengths are:
Capital is one of the strengths of the company. The Prime insurance company has a large capital 150 million. So company can easily launch new products for the service of the people
Another strength of the PICL is their employees. The company has lots of highly educative employees who are trying hard & soul for welfare of the people. They can impress people by their expression and works so that people can make their insurance from them.
Customer satisfaction is the another strength of PICL. PICL can satisfy their customers with their products and their premium policy. PICL know the need of people so the company can give the people suitable insurance policy.
Prime insurance company limited is very reliable to their customers and clients. The company always fulfills their agreement and also they always give the insurance money in the right time. So reliability is a strength of PICL
The PICL also have strong network that means PICL have 13 branches in all over the country. So people live in different places can easily make their insurance policy from any of the branches
PICL also provide strong security system. By their strong security system any kinds of deviant works cant be happen. It is also a strength of Prime insurance company limited
2.5.2 Weakness
Weakness is the weak points of the PICL. Every company has some weakness. Prime insurance company limited also has some weakness which is sometimes creates a bound to the company. The weaknesses of PICL are:
PICL have fewer amounts of front line workers. By these workers they believe that they can run their business. But the overconfidence is bad. If more peoples join the company their will less burden to the front line workers. So for that they should provide more workers.
Companies some of the front line managers are not well educated. It is one kinds of weakness for a company.
Turnover in the company is higher because there are many kinds of insurance company in Bangladesh. So the employees and the managers want to taste other companys facilities. Thats why the turnover is higher.
2.5.3 Opportunities:
Opportunity is an advantage that company provides to the employees, customers and clients. Prime insurance company always tries to impress their employees, customers and by providing some kinds advantages. These opportunities are:
PICL always provides amazing salaries to the employees. They want to motivate employees by giving good salaries do that they can concentrate to their works.
Prime insurance company provides insurance policy for the employees which are premium free. Employees can make their life insurance from the company. Company didnt charge the premium from the employees. So its an advantage for an employee.
PICL charge much less premium from the customers. The company assures the customers that their premium policy is much less than the other insurance policy.
Prime insurance company limited give discount to the employees for making insurance policy from the customers. It also motivates the employees and decreases the turnover of the company.
2.5.4 Threats:
Threats are the fact that company can be harmed. A threat is a disadvantage for a company. Prime insurance company limited also has some threats. These threats are:
The main threat of PICL is their competitors. There are many insurance companies in Bangladesh. One insurance company is threat to another company. Every company launches new products and also new advantages. So for that people always go for the best.
A political clash is also a threat for a company. If any political clash is happened in the country there will be strike and works will not be happened. For this reason political clash is a threat to the company
Deviant workers are the threats for the company. Deviant workers always try to violate the works. It also effected in companies good will. For these reason deviant workers is a threat for the company.
2.6 Recommendations
Though PICL is best for helping all the people but there is something needed for more improvement of the company.
be very much helpful. Company doesnt have some insurance policy which really common like Crops Insurance policy, Child insurance policy, Education insurance policy.
PICL have less female workers. Now a days female workers are very much productive than past. So the company should provide more female workers for increasing their productivity.
PICL should advertise their facilities and advantages to the welfare of the people. People will be attracted by their advertisement and can make their insurance from the company. So the company should provide advertisement for the awareness of the people.
Chapter 3
Conclusion
At last we can say that the planning process of Prime Insurance Company Limited is very tactical and strong. Planning is core thing of this company. If this sector of the company is built strongly the company can achieve excellent outcomes within short time by this planning company can easily increase their productivity. If they include some kinds advantages for welfare of the people they can gain more profit for the company. Prime insurance company is one of the best rank companies in Bangladesh, but if they want to hold their current position they have to develop their planning process systematically. Their experienced educative workers are trying hard and soul for the betterment of the company. Though they have many disadvantages but they are trying to develop their strategies and other thing so that every people can make their insurance from Prime insurance company limited. The management system of Prime Insurance Company Limited is also very good. They manage their daily work in a proper way, for that their management system is also very good. It is very difficult for us to cover up all the information in this short period of time so for that we didnt give much information. But we tried our level best to full fill
our report in time. It is because of Allah and the entire group who works as a unity team. Otherwise the report would not be completed.
Chapter 4
Bibliography
The planning process of PICL. (n.d.). Retrieved April 11, 2009, from http://www.prime-insurance.net/planning