Académique Documents
Professionnel Documents
Culture Documents
Company Background
Eastern Federal Union Insurance (EFU) was incorporated in
1932 with its operations starting in Calcutta Later in 1947 the company moved its operations to Pakistan, becoming the local pioneer in the insurance industry During Zulfiqar Bhuttos regime Life Assurance was nationalized therefore the company started to operate in General Insurance only In 1972 the company was renamed to EFU General Insurance Limited In 1992 EFU once again entered in Life Assurance after the approval of the government Listed in Karachi Stock Exchange and Lahore Stock Exchange. At present EFU General Insurance has 1236 employees
Pakistan"
Mission
To provide services beyond expectation with a will to go an extra mile. In the process, continue to upgrade technology, human resource and reinsurance protection.
Industry
There are a total of 30 companies operating in the General
Insurance industry
As at 30th September 2012 total business underwritten in the
It also had the highest Earning Per Share of 10.54 and the
The market growth in the General insurance sector has been very low because it is contingent to the growth of other industries. 2-5% growth in the industry.
Products Offered
Following types of insurances are offered: 1. 3.
Aviation Motor
PR
Due to the changing situation, the market is
STAGNANT
CLIENT CODE
The DEVELOPMENT agents can bring
business from all over Pakistan, there is no territory system A CLIENT CODE is issued by the head office DEVELOPMENT AGENTS can only visit the organization once they have the client code for it. No other agent can then approach the buiness
corporate clients Take an example of a textile mill When building, you need construction policy insurance When importing machinery, you need marine insurance
insurances pour in Reinsurance Including, installation insurance Fire or theft insurance Machinery break down insurance Employees (life insurance) Vehicles insurance
information from a potential client Our underwriting department reviews it thoroughly in terms of profitability for EFU Then if it fulfills the criteria, the company is approached for a possible dealing
exchanged, if there is a agreement on the basic elements Then, the top management of EFU sits with the upper management of the potential client This is done for confidence building measures. In the end, the head office of EFU gives a last review before a final agreement.
Thus
Through REFERENCES!
hired The new employees bring business of other company with them This gives the hiring company advantage in terms of customer knowledge
period Candidates who are able to demonstrate key traits of successful sales agent are hired permanently Insurance based training programs Non-Insurance based training programs
EFU is at RISK
They have to en sure the safety measures in
the company are satisfactory Fire Prevention system and emergency exits are in place The level of dangerous activity being carried out Training of staff to deal with emergency situation
Executive Vice president Vice President Assistant Vice President Senior Manager Manager Deputy Manager Chief Development Officer Senior Development Officer Development Officer
Punjab and Sindh and then in other provinces. Focus on encouragement and reward for best results. Appraisal performance on merit. Performance will be evaluated on regular intervals of each marketer. Bank enlistment and limits arrangements matters Reinsurance arrangements of the Company Co-insurance arrangements of the Company, if any
experienced is recruited and provided, so that the Companys objectives can be achieve S more efficiently & effectively. To ensure those policies that support human resource department. To monitor performance and absenteeism, to lowering cost, to increase profitability, efficiently and effectiveness of manpower.
MOTIVATION FUNCTIONS Outstanding performance increments The best employee of the year award Job rotation High Salary Medical Allowance Payment of Utility bills, mobile phones, laptops
share, EFU doesnt always need to approach its corporate clients at their door steps.
Rather businesses find the need to insure
themselves and so when they look into the insurance industry, they find EFU as a reliable partner.
HOWEVER!
Insurance market is stagnant Companies are fighting to get businesses for
the competitors
Existing customers are hesitant to switch over because of their long term relationship, usually of 15 to 20 years Sales rep also contribute to the relationship as they deal with a specific company for years
Conclusion
Give authority to the sales force Make the process simpler Disintegration of the sales department Priority for nurturing hunters Influenced hiring
THANK YOU