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Asasa

In: Business and Management

Submitted By rafsan6
Words 5704
Pages 23
Chapter: 1

Introduction

1. Introduction

As mandatory requirement of the Bachelor of the Business Administration (BBA) program under Eastern University, this report entitled – “Business Strategy”, a study on Fareast Islamic Life Insurance Co. Ltd.

Insurance is a growing business in Bangladesh and has more and more scope to develop the economy of Bangladesh. In this report, we have tried our best to introduce the company and show their background, company policies, financial condition, performance and various analyses.

1.2 Objectives of the Study

The report is the part of the Insurance sector that we are studying in our BBA course. The objective of the report is to present the practical view about the “Insurance Practices in
Bangladesh”, that provides facility to the ends of the Individuals and to transform our modern social order.

3. Scope of the Study

The scope of this report is limited to overall description of the company, its services and its financial performance analysis. The scope of the study is limited to organizational setup, functions and performance. Since FILIC is still its growth stage in Bangladesh; it has go to long way to achieve its destination. The report will mainly focus on what criteria FILIC maintaining before insuring and their claim settlement process. The will also emphasize on the financial ratios.

1.4 Methodology of the Study

Selected Subject Matter

We have asked to prepare a term paper on “Business Strategy”.

We have chosen a general life insurance company named Fareast Islamic Life Insurance Co. Ltd.

Methods Used to Collect Data

To conduct our studies we collect data by two ways:

• Primary Source • Secondary source

In case of primary data collection, we collect information through oral communication by some officers of FILIC.

Incase of secondary data collection we considering documents from related FILIC.

We collect information from Annual Report 2009, Website, Monthly news later etc.

Tools Used for Data Analysis and Presentation

To present the analyzed data we used bar and diagram and chart to present data graphically. To present financial analysis we used trend analysis, SWOT analysis, cross section analysis, common size analysis, sensitivity analysis, situation and share price analysis.

Chapter: 2

Company Overview

2.1 Historical Background of Insurance Company

Marine is the oldest form of insurance, which was introduced in Northern Italy sometime between the 12th and 13th century. However, the insurance business got an institutional shape in the United Kingdom after establishment of Lloyds Insurance Company in late 17thcentury.

The coffee houses of London played a vital role in developing trade and commerce in the UK. The merchants and traders used to gather in these coffee houses for their business transactions. Edward Lloyd opened one such coffee house in 1680. In late 17th century this coffee house virtually turned into the most famous Lloyds Insurance Company of the UK. During the British rule, some insurance companies started functioning in India. These companies were of various origins including British, Australian and Indian.

After independence, Bangladesh government nationalized the insurance industry in 1972 by the Presidential Order No 95, known as the Bangladesh Insurance (Nationalization) Order1972.

60 insurance companies are operating in Bangladesh until date. Of these companies, 57 areprivate,two state-owned and one is foreign.

Insurance Directorate, under the Ministry of Commerce, is the regulatory-body of the country's insurance sector.

Source: Directorate of Insurance

2.2 Company Introduction

Fareast Islami Life Insurance Co. Ltd. emerged as the 1st full-fledged Islamic Life Insurance Company in the country in 2000 and have, by the grace of Almighty Allah, been able to bring confidence among the common people of the country.

As a result, in 2008 the Company has earned a total premium of Tk. 319.78 crore showing an increase of 34% over the previous year, which is no doubt a remarkable achievement.

Last year we had taken a holistic approach in doing business with focus on quality customer service and business growth with decentralization of operational activities.

With that in view, we have already opened 450 Offices including 30 full-fledged Service Centers and 80 Zonal Offices in different places all over the country.

With this, we have been pursuing this strategy consistently, reinforcing our approach with emphasis on growth within a framework of trust, integrity, good governance and compliance with the legal and regulatory framework of the country.

2.3 Vision, Mission, Goal and Object of Fareast Islamic Life

Fareast Islamic Life Vision Statement

We will be the premier Islami Life Insurance Company in Bangladesh. We will serve our Participants (Policyholders) with utmost care and provide the best solution for their needs. We will be a Company with due solemnity and corporate social responsibility to the society upheld by taking financial risks. We will provide dynamic and prompt services for our Participants to make them loyal to the Company. We will impart Islamic Shariah in Islamizing the Life Insurance Industry playing a vital role in the economy of the country.

Be the premier Islami Life Insurance Company in Bangladesh by reaching every single family in the country and by serving, our Participants (Policyholder) with utmost care and provide the best solution for their needs.

Fareast Islamic Life Strategic Objectives

• To serve our participants with divide ideology.

• To maintain Stakeholders' interest with fair and transparent operations.

• To create awareness about Islami Life Insurance.

Fareast Islamic Life Mission

Provide financial security to our participants with Life Takaful policies that are most befitting to their needs. Make Life Takaful a forced and easy saving instrument and a profitable one with attractive bonus. Collect small savings from the people and invest the accumulated fund for economic stabilization of the country. Islamization of the economic activities in the country for the solidarity of the Muslim Ummah.

Fareast Islamic Life Core Values-Islam

Integrity

Solidarity

Lawful

Adle and Ehsan

Mutual Benefit

2.4 Management Team of Fareast Islamic Life

|Corporate Management |

|Managing Director(cc) |
| |
|Dr. M. Mosharraf Hossain FCA |
| |
| |
|Executive Vice President (Dev.) |
| |
|Mr. S.M. Nuruzzaman |
| |
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|EVP & Company Secretary |
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|Mr. Syed Abdul Aziz |
| |
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|Deputy Company Secretary |
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|Mr. Abul Hossain Md. Rafique |
| |
| |
| |
| |
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|Joint Executive Vice Presidents |
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|Mr. Md. Shakawat Hossain Salim |
|Mr. Md. Abdur Rahim Bhuiyan |
| |
| |
|Senior Vice Presidents |
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|Mr. Md. Kamrul Hasan Khan |
|Mr. Sayed Abdul Matin |
| |
|Engg. Kazi Jahangir Alam |
|Mr. H.M. Nurul Kabir Touhidi |
| |
|Mr. Md. Farid Hossain |
|Mr. Mohammad Sadekur Rahman |
| |
|Mr. Md. Abul Hashem |
|Mr. Muhammad Abdul Mannan |
| |
|Mr. Muhammad Saidul Amin |
|Mr. Mohammad Mahbubul Mowla |
| |
|Mr. Md. Harunor Rashid Faruqi |
|Mr. Md. Mahbubur Rahman |
| |
|Mr. Md. Abu Ahmed |
|Mr. Md. Ibrahim |
| |
|Mr. Md. Ashrafuzzaman |
|Mr. Md. Motiur Rahman |
| |
|Mr. Md. Belayet Hossain Bhuiyan |
|Mr. Muhammad Hefzur Rahman |
| |
| |
|Joint Senior Vice Presidents |
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|Mr. Mohammad Abdul Halim |
|Mr. Abu Mohammad Siddique Fahad |
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|Mr. Muhammad Abdul Gofur Faisal |
|Mr. Mohammad Sadhan Miah |
| |
|Mr. Md. Daloar Hossain Sikder |
|Mr. M. Aminul Islam Chowdhury |
| |
|Mr. Md. Mahbubur Rahman Sarker |
|Mr. Md. Anwar Hossain |
| |
| |
|Vice Presidents |
| |
|Mr. Md. Suruzzaman Miah |
|Mr. Md. Rezaul Karim |
| |
|Mr. Md. Nazmul Hoque |
|Mr. Md. Rafiqul Islam |
| |
|Dr. Abu Yousuf Md. Nesar Uddin |
|Mr. Sayed Abdul Awal |
| |
|Mr. Md. Nasir Uddin Al Mamun |
|Mr. Md. Abdur Rashid |
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|Mr. Md. Jahangir Alam Chowdhury |
|Mr. Md. Abdul Kader Bir |
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|Mr. Abul Hossain Md. Rafique |
|Mr. Mohammad Hamidur Rahman |
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|Mr. Mohammad Munirul Islam |
|Mr. A.G.M. Badrudduza |
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|Mr. Md. Harunar Rashid Miah |
|Mr. Md. Mojibul Mowla |
| |
|Mr. Md. Mostafa Jaman Hamidi |
|Mr. Md. Abdus Salam |
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|Mr. A.B.M. Khairul Islam |
|Mr. Mohammad Abdul Awal |
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|Mr. Md. Muhibur Rahman |
|Mr. Mohammad Younus |
| |
|Mr. Md. Jamal Uddin Ahmed |
|Mr. Md. Rejaul Karim |
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|Mr. Muhammad Mozammal Hoq |
|Mrs. Masuma Begum |
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|Mr. Md. Ismail Hossain |
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|Auditor |
|M/S. Hawladar Younus & Co. |
|Chartered Accountants |
|67 Dilkusha C/A (2nd Floor) |
|Dhaka-1000 |
|Actuarial Consultant |
|Mr. Afsar Ahmed AIA & Fellow of AIAA |
| |
| |
|Bankers |
|Islami Bank Bangladesh Ltd. |
|Shahjalal Islami Bank Ltd. |
|Prime Bank Ltd. (Islami Banking Branch) |
|Exim Bank of Bangladesh Ltd. |
|Al-Arafah Islami Bank Ltd. |
|ICB Islamic Bank Ltd. |
|Southeast Bank Ltd.(Islamic Banking Branch) |
|The Premier Bank Ltd.(Islamic Banking Branch) |
|Dhaka Bank Ltd. (Islamic Banking Branch) |
|Tax Advisor |
|M/S. Mahfel Huq & Co. |
|Chartered Accountants |
|BGIC Tower (4th Florr) |
|34 Topkhana Road |
|Dhaka-1000 |
| |
| |
|Medical Consultants |
| |
|Dr. S.I.M.G. Mannan |
|MB(cal)PHD(Durham)DCPS(BD) |
|House # 44, Road # 7/B |
|Banani, Dhaka |
|Dr. Chaudhury Meskat Ahmed |
|(MBBS, DEM, MD) |
|Associate Professor |
|BSMMU, Dhaka |
| |

|The Board of Directors has accepted its governance responsibilities seriously. We review and update best practices of corporate |
|governance, ensure that processes are in place to address compliance and disclosure matters and firmly uphold the principles of |
|transparency, integrity and fairness. The Board of Directors and its committees have written charter setting out its key |
|functions, which have been summarized hereunder: |
| |
|1. Board of Directors (BoD) 1. Strategic planning process |
|Supervise the formulation of the strategic directions, plans and priorities of the Company. |
|Monitor implementation and effectiveness of the approved strategic and operating plans. |
|Review and improve the corporate financial goals and operating budget and actions of the Company. |
|Approve major operational decisions. |
| |
| |
|2. Identification and management of risks |
|• Ensure that the process are in place to identify the risks of Company’s various operational arena. |
|• Review the processes that ensure compliance with applicable regulatory, corporate, securities and other legal |
|requirements. |
| |
| |
|3. Oversight of communications and public disclosure |
|• Oversee establishment of process for accurate, timely and full disclosure. |
|• Review due diligence process and controls in connection with certification of Company’s Financial Statements. |
| |
| |
|4. Internal Control |
|• Review the effectiveness of Company’s internal controls and management information systems. |
|• Ensures implementation of Shariah principles in the business operation of the Company and establish Company’s values. |
|• Review Company’s Financial Statements and oversee its compliance with applicable auditing, accounting and reporting |
|requirements. |
|• Recommends dividends, as appropriation of Actuarial valuation surplus, expenditures and transactions which exceed |
|threshold set by the Board. |
| |
| |
| 5. Governance |
|• Oversee the Corporate governance of the Company. |
|• Establish appropriate structures and procedures to allow the Board to function independently from the Management. |
|• Establish Board committees and define their mandates to assist the Board in carrying out its rules and responsibilities |
| |
| |
|Executive Committee (EC) |
| |
| |
|1. Administrative |
|• To approve recruitment of the Staff/Officers of all Grades and the Executives upto the Vice President Level through |
|interview and to make primary selection of the Executives from the SVP and above both in desk and development side and submit the|
|matter to the Board for final decision. |
|• To consider and approve the promotion of the Staff/Officers of all Grades and the Executives upto the VP level and to |
|refer/recommend the case of promotion of the Executives from the SVP and above to the Board for approval in respect of both in |
|the Desk and Development. |
|• To approve transfer to the Officers from the AVP to the VP level and award punishment including demotion as per Rules of|
|the Company. Such cases above the post of the VP be referred/recommended to the Board for decision. |
|• To recommend Reward/Special Increment to those outstanding cases of the employees, and as when necessary and refer to |
|the Board for approval. |
|• To study/scrutinize/approve such measures which will expedite/increase the administrative functions of the Management |
|leading to the augmentation of the overall output of the Company and refer to the Board, if necessary. |
|• Any other matter that may be required for immediate decision/approval. |
| |
| |
|2. Financial |
|• To approve printing and purchase of the necessary materials for the Company as under: |
|a) Through spot quotation or press tender basis : Upto Tk. 10,00,000.00 (Taka ten lac) only in single instance/item.|
|b) Amount exceeding Tk.10,00,000.00 (Taka ten lac) be referred to the Board for approval/decision. |
|• To suggest and recommend to the Board for Investment of Company’s fund. |
|• To approve advance rent upto 50% (fifty percent) on the total rent of the term of the lease but not exceeding rent for |
|30 (thirty) months. |
| |
|3. Organizational |
|• To approve opening of the branches and selection/hiring of the premises with Terms and Conditions including payment of |
|advance rent within the ceiling as approved by the Board. |
|• To approve advertisement for publicity for development and improvement of business and image of the Company through |
|different Media within the ceiling as approved by the Board. |
|• To frame, develop and plan new Projects/Schemes for introduction/implementation by the Company and recommend the same to|
|the Board for approval/decision. |
|• To approve training to the Employees/Officers including Development Officers/Executives for improving their professional|
|knowledge efficiency and skill. |
|Policy and Claims Sub-Committee (P & CC) |
| |
| |
|• To review the Service Rules of the Company to be framed in due course including Provident Fund, Gratuity, Group |
|Insurance and other benefits and recommend to the Board for approval/decision. |
| |
|• To review the Organizational Structure, Creation of Posts, Grades, Salary Structure of all levels and recommend to the |
|Board for approval. |
| |
|• Death claims above Tk. 50,000 (Taka fifty thousand) & upto Tk. 2,00,000.00 (Taka two lac) and ex-gratia payment upto Tk.|
|1,00,000.00 (Taka on lac) be settled and approved for payment by the Policy & Claims Sub-Committee and recommend payment of |
|death claims of above Tk. 2,00,000.00 (Taka two lac) & ex-gratia payment of above Tk. 1,00,000.00 (Taka one lac) to the Board for|
|approval. |
| |
| |
| |
| |
|Investment & Real Estate Development Sub-Committee (I & RDC) |
| |
|• To supervise entire construction work of Fareast Tower. |
|• To appoint Consultant. |
|• To finalize the designer structure of the Tower after approval of the Board. |
|• To appoint contractor. |
| |
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| |
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| |
|Board’s Audit Committee (AC) |
| |
|Pursuant to the Notification No. SEC/CMRRCD/2006-158/Admin/02-08 dated February 20, 2006 of the Securities & Exchange Commission |
|the Board of Directors of Fareast Islami Life Insurance Co. Ltd. in its 88th Meeting held on 25 June 2007 constituted the |
|following Board’s Audit Committee : |
| |
|1. Mr. M. A. Khaleque - Chairman |
| |
|2. Dr. Md. Mokaddes Hossain - Member |
| |
|3. Mr. Md. Nazrul Islam - Member |
| |
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|Reporting of the Audit Commitee Reporting to the Board of Directors |
| |
|i. The Audit Committee should report on its activities to the Board of Directors. |
|ii. The Audit Committee should immediately report to the Board of Directors on the following findings, if any:- |
|(a) Report on conflicts of interests; |
|(b) Suspected or presumed fraud or irregularity or material defect in the internal control system; |
|(c) Suspected infringement of laws, including securities related laws, rules and regulations; and |
|(d) Any other matter which should be disclosed to the Board of Directors immediately. |
| |
| |
| |
|Reporting to the Authorities |
| |
|If the Audit Committee has reported to the Board of Directors about anything which has material impact on the financial condition|
|and results of operation and has discussed with the Board of Directors and the management that any rectification is necessary and|
|if the Audit Committee finds that such rectification has been unreasonably ignored, the Audit Committee should report such |
|finding to the Commission, upon reporting of such matters to the Board of Directors for three times or completion of a period of |
|9 (nine) months from the date of first reporting to the Board of Directors, whichever is earlier. |
| |
| |
|Reporting to the Shareholders and General Investors |
| |
|Report on activities carried out by the Audit Committee, including any report made to the Board of Directors under condition |
|3.3.1 (ii) above during the year, should be signed by the Chairman of the Audit Committee and disclosed in the annual report of |
|the issuer company. |
|Shariah Council (SC) |
| |
| |
|• To comply Shariah Principles in operating entire activities of the Company and to give their views and opinion for |
|complying Shariah Principles. Shariah Council shall have access at all times to the papers and documents of the Company, and to |
|require from the Company such information and explanation as the Council may think necessary for giving their opinion. |
| |
|• To recommend the Board for executing decision of the Shariah Council. |
| |
|• To comply Shariah guidelines, Muraqibs of the Shariah Council inspected all offices of the Company throughout the year, |
|give necessary instructions and submitted their reports to the Shariah Council. |
| |
| |
| Shariah Executive Committee (SEC) |
| |
|• To find out problems in implementing Shariah Principles in day to day operation of the Company and recommend to solve the |
|problems. |
| |
|• Honorable Members of Shariah Executive Committee participated seminars, symposium, Ifter Mahfil, Milad Mahfil and get |
|together of the Participants (Policyholders), Elites, Well-wishers arranged by the different offices of the Company and held |
|formal and informal discussions on Shariah issues and inspired all concerned for compliance of Shariah. |

2.5 Organizational Structure of Fareast Islamic Life

[pic]

2.6 Branches and Offices of Fareast Islamic Life

There are 9 regeonal office of Fareast Islamic Life Insurance Co. Ltd

1. Dhaka South Regeion (Motijheel) 2. Dhaka North regeion (Kawran Bazar) 3. Rangpur Regeion 4. Sylhet Regeion 5. Khulna Regeion 6. Barishal Regeion 7. Rajshahe Regeion (Bogra) 8. Chittagong Regeion (Agrabad) 9. Comilla Regeion (kandirpar)

Besides that, there are 80 zonal offices, 31-service center. Therefore, it can provide its service to all over the Bangladesh.

2.7 Company Performance and Growth of Fareast Islamic Life

Premium and Life Fund:

[pic]

Premium and Claims (Taka in Crore)

[pic]
Growth of Assets

[pic]

(Taka in Crore)

At a Glance:

| |
|Business Growth |
| |2008 |2007 |2006 |2005 |2004 |
|Premium (in %) |34 |38 |55 |46 |54 |
|Assets (in %) |49 |58 |60 |57 |71 |
|Life Fund (in %) |48 |67 |64 |65 |88 |

2.8 Challenges of Fareast Islamic Life

Fareast Islamic Life Insurance Co. Ltd is one of the most reknown organization in the sector of insurance. Burt they faces some challenges in operating the business activities.

• Lack of efficient agent.

• Complexity arises in collection of premium.

• Sudden surrender of insurance policy by the insured.

• Negative impact obout insurance compony among the people.

2.9 Future Plans of Fareast Islamic Life

Future Plans of Fareast Islamic Life Insurance Co. is ------

• Open new branches, jonal office, regional office and service center.

• Establish Insurance Training Center for the employee.

• Try the best to creat positive impact about insurance among the people.

Chapter: 3

Insurance Policies and Condition

3.1 Insurance Policies

Ordinary Life (Ekok Bima)

01 Endowment Assurance Plan –with profits
02 Assurance-Cum-Pension Plan-without profits
03 Islamic Endowment Plan (Hajj Bima)- with profits
04 Four Payment Endowment Assurance Plan –with profits
05 Islamic Endowment Plan (Denmohar Bima)-with profits
06 Islamic Three payment Assurance Plan-with profits
07 Single Premium Endowment Assurance Plan-without profits
08 Child Protection Plan –with profits
09 Fareast Deposit Pension Scheme (FDPS)-with profits
10 Group Assurance Plans
11 Islami Money Back Plan
12 Child Education & Marriage Insurance with profit
13 Joint Life Insurance with profit
14 Two payment anticipated Insurance with profit
15 Five payment anticipated Insurance with profit

Group Insurance

01 Group Insurance
02 Group Endowment Insurance
03 Group Variable Endowment Insurance

Micro Insurance (Sharbojanin Bima)

01 Monthly Savings Plan –with profits
02 Single Premium Plan-without profits
03 Fareast Deposit Pension Scheme (FDPS) –with profits
04 Islami endowment Insurance (FDPS)
05 Denmohor Insurance with profit
06 Hajj Insurance with profit
07 Child Education & Marriage Insurance with profit
08 Joint Life Insurance with profit

3.2 Policy Conditions

1. The due observance and fulfillment of the terms of the policy is so far as they relate to anything to be done or complied with by the insured and the truth of the statements and answers in the questionnaire and proposal made by the insured shall be a condition precedent to any liability of the insurer.

2. The Schedule and the Section shall be deemed to be incorporated in and from part of this policy and the expression “this policy” wherever used in this contract shall be read as including the Schedule and the Section. Any word or expression to which a specific meaning has been attached in any part of the policy or of the schedule or of the section shall bear such meaning wherever it may appear.

3. The insured shall at his own expense take all reasonable precautions and comply with all reasonable recommendations of the insurer to prevent loss, damage and liabilities and comply with statutory requirements and manufacturers recommendations.

4. • Representatives of the insurer must have the right to inspect and examine the risk and the insured shall provide the representatives of the insurer with all details and information necessary for the assessment of the risk. • The insured shall immediately notify the insurer by telegram and in writing of Any material change in the risk and cause at his own expense such additional precautions to be taken as circumstances may require, and the scope of cover or if necessary be adjusted accordingly.

3.3 Contents of the Agreement:

An agreement contents of followings:

• Chain Code • Block Name • Personal Information • Family Back ground • Medical Certificate • Amount to be Insured • Type of Insurance • General Information

3.4 Elements of the Contract:

Insurance is a contract between two parties where one party called insured and another party called insurer. Section 10 of contract act says, “All agreement is contract if they are made by free consent of the parties, component to consent for a lawful consideration and with a lawful object and which are not thereby declared to be void.”

The element of the insurance contract is given bellow:

Offer and Acceptance:

The offer of entering into contract generally comes from the insured. The insurer that means Fareast Islamic Life Insurance Co. Ltd may also propose to make contract. If the offer is acceptable to insured then insured open the contract. The acceptance of offer will be the acceptance by the insured.

Legal Consideration:

The promise to pay a fixed sum of money at a given contingency is the insurer who must have some return for his promise. Premium is a valuable consideration must give for starting the insurance contract.

Competent to Make Contract:

Fareast Islamic Life Insurance Co. Ltd only make contract with those person who have • Who is the age of majority according to law • Who is of sound mind

Free Consent:

Parties enter into the contract should enter into it by their free consent. The consent will be free when it is not caused----- • Coercion • Under influence • Fraud • Misrepresentation • Mistake
Legal Object:

In order to make a valid contract the object of the agreement should be lawful, and its always checked by Fareast Islamic Life Insurance Co. Ltd. An object that is ------ • Not forbidden by law • Is not immoral • Opposed to public policy • Not defeat provision of any law

Insurable interest:

For an insurance contract to be valid, the insured must possess an insurable interest on the subject mater of insurance. The essential insurable interests are ----- • There must be a subject matter of insurance • The policy holder must have monitory relation between the subject matter of the insurance • The subject matter is life in case of life insurance

Return of premium:

Ordinarily the premium once paid cannot be refund. The assured may pay full premium while affecting the insurance but it may be agreed to return it fully or partly in the happening of certain events.

Chapter-4

Risk Issue of Fareast Islamic Life Insurance Co. Ltd

4.1 Definition of Risk:

Risk is a concept, which is relates to human expectations. It denotes a potential negative to an asset or some characteristic of value that may arise from some present process or from some future event

Risk is a term, which refers to the probable disadvantageous, undesirable or unprofitable outcome of a fortuitous event, an event that is not desired but taking place.

According to Dictionary, “At its most general level, risk is used to describe any situation where there is uncertainty about what outcome will occur. Life is obvious risky.

For example: We usually say risk of death and not risk of survival as death is something, which is never desired.

4.2 Types of Risk

[pic]

Fig: Type of Risk

4.3 Risk Measurement Tools:

Most probably, risk is measured by two methods.

A) Survey Method

Fareast Islamic Life Insurance measures the risk by survey method. They made a team named survey team. They collect data related with risk, cause of risk, how may it happen etc. They to measure the risk collect data.

B) Past experience:

Fareast Islamic Life Insurance also depends on experience to measure the maximum risks. From last several years, insurance company gathers data about death of people etc.

4.4 Risk Management Process:

A framework to the process the agenda for identification and analysis of risk management process:

Identification

It is the process to managing risk to identify potential risks.

It can start with the source of problem like:

• Source Analysis • Problem Analysis • Event

Assessment

Once risks have identified, they must then be assessed ass to their potential severity of loss and to the probability of occurrence.

Potential risk Treatments

All technique to manage the risk fall into one or more of these four major categories

1. Risk transfer 2. Risk avoidance 3. Risk retention 4. Risk control

Create the plan

Risk management is used for every risk. Each risk management decision should be record and approve by the appropriate level of management.

Implementation

Follow all of the planned method for mitigate the effect of the risk.

Review and Evaluation of the plan

Initial risk management plans will never be perfect. It can review and evaluate

Chapter-5

Insurance Pricing, Claim Settlement
And
Insurance Marketing

5.1 Pricing Tools:

a) Pure Premium: it is the most important component of the insurance premiums. Based on actual calculation, it includes amount needed to be cover expected losses adjustment expense.

b) Operating Expense: It includes the sales commission and other marketing cost, tax and cost of handling claims. The size of the component premium varies from one kline to another largely depend upon the extent and variety of policy holder services thst the insurer provides.

c) Margin and Other Incomes: It includes an allowance for • Contingency • Underwriting Gain or profit

Contingency fund are needed to meet unexpected increase in the number of size of benefit payment.

5.2 Pricing Process:

A fundamental principle of insurance pricing is that if insurers are to sell coverage willingly, they must receive premium that ------

a) Are sufficient to fund their expected claim costs and administrative cost b) Provide an expected profit to compensate for the cost of obtaining the capital necessary to support the sale of coverage

The premium that is just sufficient to fund the insures expected cost and provide insurance company owners with a fair return on their invested capital known as fair premium

Actuaries generally calculated the base premium based on expected claims distribution using principles of equivalence (P=ps) such that

Here,

E(S) = Mathematical expectation of claims

K= Ongoing Company running cost

R= Risk premium which allows unforeseen deviation in the claims amount to be paid.

5.3 Claim Settlement Procedure:

The claim settlement procedure of Fareast Islamic Life Insurance Co. Ltd is given bellow:

• The loss and damage should be report to the insurer immediately. On receipt claim intimation, the insurer will forward a claim form.

• The insurer claim form along with an estimate of the loss has to be submitted to the insurer. It is preferable to submit an itemized estimate with separate values. The insurer will arrange foe inspection to the damaged items to assess the loss.

• If there is hesitation, a specialist-licensed surveyor is deputed.

• The insured has to provide the required documents to substantiate the extent of loss.

Claim Settlement of Fareast Islamic life Insurance Co. Ltd in the year of 2008and 2007is given bellow:

|No. |Particulars |2008 |2007 |
|01 |Death Claim |11724503 |11818344 |
|02 |Surrender Claim |1766586 |1005750 |
|03 |Maturity Claim |4000 |28000 |
|04 |Survival Benefit |25605000 |33665000 |
| Total (1+2+3+4) |39100089 |46517094 |

5.4 Insurance Marketing Techniques

Fareast Islamic life Insurance Co. Ltd uses various medium for the marketing of their various type of insurance policy. The insurance marketing techniques followed by FILIC are:

[pic]

Insurance Marketing Techniques

Chapter -6

Performance Analysis of Fareast Islamic Life Insurance Co. Ltd And Comparison with Peer Group and Industry Average

6.1 Trend Analysis (Ratio Analysis for Five Years)

A) Data Presentation:

|Renewal Premium- Ekok |
|2004 |35.41 |
|2005 |52.55 |
|2006 |81.71 |
|2007 |123.47 |
|2008 |171.61 |

|First Year Premium-Ekok |
|2004 |31.32 |
|2005 |43.82 |
|2006 |67.01 |
|2007 |81.82 |
|2008 |100.47 |

|Gross Premium- Ekok |
|2004 |66.73 |
|2005 |96.37 |
|2006 |148.72 |
|2007 |205.31 |
|2008 |272.12 |
|First Year Premium- Sarbojonin |
|2004 |3.76 |
|2005 |7.13 |
|2006 |11.79 |
|2007 |13.34 |
|2008 |20.52 |

|Gross Premium- sarbojonin |
|2004 |9.24 |
|2005 |14.87 |
|2006 |24.17 |
|2007 |33.49 |
|2008 |47.67 |
|Renewal Premium- Sarbojonin |
|2004 |5.48 |
|2005 |7.74 |
|2006 |12.37 |
|2007 |20.14 |
|2008 |27.15 |

| |
|Gross premium- Company |
|2004 |75.97 |
|2005 |111.24 |
|2006 |172.90 |
|2007 |238.80 |
|2008 |319.78 |
|Life Fund |
|2004 |87.89 |
|2005 |144.57 |
|2006 |237.47 |
|2007 |397.48 |
|2008 |589.93 |

|Investment Income |
|2004 |5.35 |
|2005 |7.55 |
|2006 |15.08 |
|2007 |30.02 |
|2008 |43.04 |
|Claims |
|2004 |4.83 |
|2005 |14.91 |
|2006 |22.77 |
|2007 |25.18 |
|2008 |45.52 |

|Management Expense |
|2004 |34.00 |
|2005 |44.79 |
|2006 |68.17 |
|2007 |82.43 |
|2008 |118.26 |

|Assets |
|2004 |109.05 |
|2005 |170.72 |
|2006 |272.88 |
|2007 |431.65 |
|2008 |645.13 |

|Dividend |
|2004 |30% |
|2005 |30% |
|2006 |40% |
|2007 |40% |
|2008 |45% |

|Paid up Capital |
|2004 |3.00 |
|2005 |7.50 |
|2006 |9.00 |
|2007 |9.90 |
|2008 |13.86 |

B) Graphical Representation:

First year Premium - Ekok Renewal Premium- Ekok

Gross Premium- Ekok First Year Premium- Sarbojonin

Renewal Premium- Sarbojonin Gross Premium- Sarbojonin

Gross premium- Company Life Fund

Investment Income Claim

Management Expense Assets

Paid up Capital

Dividend

C) Result Interpretation:

(Taka in Lac)
| |2008 |2007 |2006 |2005 |2004 |
|First year premium |12099.22 |9516.03 |7880.38 |5094.73 |3508.07 |
|Renewal premium |19876.35 |14361.27 |9408.61 |6029.66 |4088.66 |
|Group insurance premium |2.83 |2.66 | - |.10 | - |
|Gross premium |31978.40 |23879.96 |17288.99 |11124.49 |7596.73 |
|Investment income |4304.43 |3002.35 |1508.02 |755.01 |535.17 |
|Claims |4252.22 |2518.41 |2277.37 |1491.32 |482.79 |
|Management expense | | | | | |
|a)Commission |8273.01 |5966.15 |5206.69 |3122.84 |2290.29 |
|b)Admin. expense |3553.21 |2276.38 |1663.90 |1356.49 |1109.33 |
|Assets |64513.23 |43164.51 |27288.03 |17072.17 |10905.40 |
|Life fund |58993.16 |39748.48 |23747.50 |14457.37 |8788.65 |
|Claims to premium (%) |13.30 |10.55 |13.17 |13.41 |6.36 |
|Management expense to premium (%)|36.98 |34.52 |39.74 |40.27 |44.25 |
|Dividend of face value of share | | | | | |
|a) Cash |5% | - |30% |10% |30% |
|b)Stock |40% |40% |10% |20% | - |

At a Glance

| |
|Business Growth |
| |2008 |2007 |2006 |2005 |2004 |
|Premium (in %) |34 |38 |55 |46 |54 |
|Assets (in %) |49 |58 |60 |57 |71 |
|Life Fund (in %) |48 |67 |64 |65 |88 |

6.2 Cross Sectional Analysis

|Name of Company |Gross Premium |Net Premium |Gross Claim |Net Claim |Net Profit |
|Jiban Bima |1402.8 million |789.2 million |493.7 million |493.7 million |279.9 million |
|Corporation | | | | | |
|Delta Life Insurance|1400.75 million |627.21 million |245.07 million |241.97 million |- |
|Co. Ltd | | | | | |
|National Life |1.3 billion |- |1.2 billion |296 million |1.4 billion |
|Insurance co. Ltd | | | | | |
|Fareast Islamic Life|3197839651 |3194548005 |425221598 |- |430442653 |
|insurance Co. Ltd | | | | | |

6.3 Company Analysis (SWOT Analysis)

Strength 1. Fareast Islamic Life Insurance Company is large sized public limited company. There are 80 zonal offices, 31-service center and 9 regional offices. Therefore, it can provide its service to all over the Bangladesh.

2. It has good image in the insurance sector of Bangladesh.

3. The company has huge number of capital to invest.

4. Quality service.

5. Diversified service

6.Better distribution.

7. Better service

Weakness

1. Sometimes it makes delay in job, which causes hazards situation , through it is a public ltd.

2. sometimes its management control create problem

3. Lack of trained employee.

4. Record keeping process is done manually

Opportunity

1. To create better environment to support the community.

2. The policies can be making as essential for company motive.

Threats

1. The numbers of insurance company are increasing everyday.

2. Now a day’s bank are also provides general insurance.

Chapter- 7

Alternative Strategies and Recommendation

7.1 Findings from Financial Analysis

A Brief Study on Auditors Report and Financial Analysis
(For the year ended 31 December. 2008 and 2007)

For the year 2008:

capital and liabilities:6451323714 property and assets:6451323318 balance of fund at the beginning of the year 3974847595 claims:425221598 expenses:827300703 cash flow from operating activities: 4261990328

For the year 2007:

capital and liabilities: 4316451403 property and assets: 4316451403 balance of fund at the beginning of the year: 5064625184 claims: 251841071 expenses: 596614746 cash flow from operating activities: 2974758868

7.2 Recommendations

Besides all the weakness, threats, limitation and challenges Fareast Islamic Life Insurance Company Limited is improving their performance. Their profit margin is quite high and they provide satisfactory dividend.

We want to recommend through the term paper that:

• Modern technology should adapt to in record keeping.

• Decrease the complexity in management . • Employee should be trained

• Financial and non-financial motivation process must take the employee to increase their efficiency.

7.3 Concluding Remarks

It was a great opportunity for us to get the practical experience of insurance sector in Bangladesh. We have learned many new topics, which are not possible through theoretical knowledge. We do believe that it will help us to go one step ahead in the way of our carrier.

-----------------------
Policy and Claim Sub-Committee

Board Audit Committee

Executive Committee

Shariah Council

Board of Directors

Investment and real Estate Development Sub-Committee

Shariah Executive Committee

Purchase Sub- Committee

Academic Council

Risk

Financial and No financial Risk

Fundamental Risk

Particular Risk

Pure Risk

Dynamic Risk

Static Risk

Quantifiable and non-quantifiable risk

Personal
Risk

Property
Risk

Liability
Risk

Insurance Marketing Techniques

Direct Marketing

Online Marketing

Newspaper

Television

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P = E(S) +K+R

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