INTERNSHIP REPORT

Underwriting/claims
Department
Lahore Division

SUBMITTED TO:

HUMAN RESOURCES DEPARTMENT

ADAMJEE INSURANCE COMPANY LIMITED
4th FLOOR, TANVIR BUILDING C-III, GULBERG-III, MM ALAM ROAD, LAHORE

SU

B
T

MI QAMAR ABBAS
TED BACHELOR OF BUSINESS
BY: ADMINSTRATION (2012-16)
ACII

Dip. Level

S
T
U
D

ENT ID:

Mi12BBA004
HAILEY COLLEGE OF BANKING & FINANCE,
UNIVERSITY OF THE PUNJAB, LAHORE
(qamar.irm@yahoo.com)

ASSIGNED DEPARTMENT:
Underwriting/claim Lahore Division

INTERNSHIP MENTOR:
Mr. Haroon Iqbal
ACII (Finalist) MBA, LLB
HEAD OF CLAIM
DEPARTMENT, LAHORE DIVISION
(haroon.iqbal@adamjeeinsurance .com)

INTERNSHIP SESSION:
JUNE-JULY, 2016

Acknowledgements

I am thankful to Allah Almighty, for His boundless blessings and

bounties, and for keeping me sound and successful; my parents and friends, for all
their support and trust in me; my teachers and guides, for teaching me things i
knew not. And the most important Management of Adamjee Insurance company
Limited and especially my mentor Mr. Haroon Iqbal, Underwriting Heads & all the
Staff. For their utmost help, guidance and time which made me make most out of
my internship period.

Executive Summary

To transform the four years theoretical knowledge of Business

Administration in to a practical knowledge, the internship program is a must. These
6 weeks of our internship period help us a lot to realize the connection between our
institutional knowledge and actual corporate scenario. Today, the people of
Pakistan are quite concerned about their present and future protection for various
purposes. They are concerned about their financial protection, educational
protection and so on. Life Insurance companies are providing them those
opportunities to make it real. Adamjee Insurance Company Limited (AICL) is such
a Insurance Company which is playing a vital role in this sector in Pakistan. Their
all products and services are covering a broad demand of our people. So, I have
decided to work with AICL. During my Internship time, I have learned about
underwriting & claims process of Motor, Fire, Marine, and Engg. Misc. & Health.

Table of Contents

1-Introduction to Adamjee Insurance company Limited (AICL)

1.1- History
1.2- Introduction
1.3- Vision, Mission & Core Values
1.4- Products of AICL
1.5- Organogram
1.6- SWOT Analysis

2- Internship/Job
2.1- Job Description
2.2- Specific Responsibilities of Job
2.3- Diff. aspects of Job Performance

3- Internship Summary/Experience
3.1- Experience
3.2- Analysis & Result
3.3- Recommendation
3.4- Conclusions
3.5- Sources available during internships

1- Introduction to Adamjee Insurance

company Limited (AICL)

1.1- History
Adamjee Insurance Company Limited (AICL) is a general insurance giant,
incorporated as a Public Limited Company on September 28, 1960. AICL, one of
the leading insurance companies in Pakistan, has a regional presence in United
Arab Emirates (UAE) and maintains its standing through an unwavering
commitment to its corporate philosophy. AICLs competitive competency is
achieved by combinations of voluminous assets, notable paid-up capital, sizable
reserves, a varied portfolio and consequently, remarkable growth rates. AICL is
listed with all three stock exchanges of Pakistan, establishing its credibility. The
Company retains a strong regional presence in the UAE (Dubai and Abu Dhabi)

1.2-Introduction

AICL aims to deliver innovative customer solutions, owing to its wideranging line of products. Its employees are dedicated to performing their best for
its valued customers, trained with all the skills necessary for a truly outstanding
customer service. The Companys focus on strengthening and expanding its global
presence is reflected in its tapping the potential available in the UAE market along
with the consolidation of business in Dubai & Abu Dhabi. AICL collaborated with
Hollard International, based in South Africa, to commence Life Assurance
operations under a separate entity name, today known as Adamjee Life Assurance
Company Limited.

1.3-Vision, Mission & Core Values

 Vision
Our will is to explore, innovate and differentiate. Our passion is to
provide leadership to the insurance industry.

Mission
To deliver outstanding profitability for the benefit of our
customers, our employees and our shareholders while providing premium service.

Core Values
Integrity
Transparency & Honesty without Compromise
Humility
Empathy, Self Esteem and Respect in all Relationships
Fun at Workplace
Work Life Balance
Corporate Social Responsibility
Service to Humanity

1.4- Products of AICL

1- Engineering Insurance
Contractors' All-Risk's (CAR) Insurance
Electronic Equipment Insurance
Erection All-Risk's (EAR) Insurance
Comprehensive Project Insurance
Machinery Insurance
2-Retail Insurance
Crop
Livestock
3-Marine Insurance
Marine Hull and Machinery Insurance
Marine Cargo Insurance
Marine Umbrella Liability Insurance
4-Motor Insurance
Comprehensive Motor Insurance
(Private Vehicles)
Comprehensive Motor Insurance (Commercial Vehicles)
Comprehensive Motor Cycle Insurance
Motor Third Party Liability Insurance
5-Miscellaneous Insurance
Financial Lines Insurance
Micro Insurance
Liability Insurance
Personal Accident Insurance
6-Health

Insurance

7-Fire and Property Insurance

1.4- Organogram

1- Mr. Asif Mehmood Malik (Divisional Head)

2- Mr. Raza Iqbal ( Technical Head)
3- Mr. Haroon Iqbal (Claim Head)
4- Mr. Kamran Barlas (Finance Head)

Lahore
Division
Commerci
al

Operationa
l

Underwriti
ng Head

Claims
Head

Finance
Head

Mangemen
t Head

5- Mr. Waheed Ahmad (Admin Head)

1.6 SWOT Analysis

Branch
Head
(5)

Innovative Culture
Pricing Power
Financial Leverage
Cost Advantages

Strength

Change in Tastes
Political Risk
Substitute Products
Bad Economy
Intense
Competition
Govt. Regulations

Oppoutuni
ty

Threat

2-

Internship/Job

Weak R&D
Work Inefficiencies
Weak Supply Chain
Lack of Scale

Weakness

Emerging Markets
Online Market
Innovation
New Technology
CPEC Agreement

2.1- Job Description

Working as assistant of policy underwriter & premium
calculation. Also as Data Entry operation of the company

2.2-Specific responsibilities of the job

12345-

Work as an intern in assisting issuing policy

Assist in claim procedure of health
Necessary requirements of endorsements and their procedure
Work with Non-Motor Claim personnel
Help to underwrite different policies of Co-Insurance

2.3- Different aspects of job performance:

1- The consciousness about the importance of Life Insurance Policy is
very low in our country comparing the developed countries.
2- The literacy level is needed to be increased so that people can
understand Insurance benefits and in this
3-The market is very much competitive. There are lots more local
companies are available in this industry. For example: EFU Insurance Co.
4-Sometimes, error happens during the time of calculating premium
rate. Because, the rate is very much sensitive.
5-Errors also happen during the transmittal calculation.
6-Due to the confidential matters of the organization, they do not provide
all information to the interns as well.

3-

Internship Experience
1- Underwriting

2- Claims
3- Co-Insurance

1-Underwriting
Motor
Fire & Property
Health
Marine
2- Claims
Health
Motor
Non-Motor
3- Co-Insurance

Underwriting
1-Motor
Adamjee comprehensive motor insurance policy gives you the maximum coverage
against theft, accidental damage, and third party liability with greater benefits,
innovative features and hassle free post and pre insurance processing. The major
scope of the cover includes:
Loss or Damage Due To:
Accidental means, Fire external explosion, Self - ignition
Lightning, Flood
Theft & Burglary
Malicious Act
Whilst in transit (Road & Rail)
Terrorism, Riots & Strikes (Optional)
Third Party Liability
Property Damage
Bodily Injury
Death
Value Added Services
Call Center 24/7 with Toll Free Number 0800-00242
Tracker at Insurance Company Cost (Optional)
Adamjee Catch Card (Optional)
Some Exclusion
Losses incurred outside geographical area of Pakistan
Consequential loss depreciation wear and tear
Mechanical or electrical breakdown failures or breakage
Damage to Tyres and Battery unless the Motor Car is damaged at the same
time where the liability of the company is limited to 50% of the cost of the
replacement
Premium Payment Method
Premium payment can be made through cash, cheque, pay order, demand
draft, and telex transfer to the concerned Adamjee Insurance branch.
Claim Reporting Process
The 24/7 Call Center registers the claim request after furnishing all personal

details and details of the policy taken for verification. 0800-00242

Company appoints surveyor who inspects the vehicle and submits the loss
report.
After completion of required formalities and documents claim is processed
by the company immediately.
On approval of the claim the payment cheque is released.

2- Fire & Property

Fire Insurance policy provides compensation to the insured person or firm in
the event of damage to the property insured (i.e. buildings, stock, machinery and
other contents) caused by fire, lightning.
Coverage
The insurance policy broadly covers losses due to:
Fire
Lightning
Explosion (due to domestic boiler only)
Additional Covers
Riot and Strike
Malicious Damage
Explosion
Atmospheric Disturbance (Flood, inundation, etc)
Earthquake, Fire and Shock
Aircraft Damage
Impact Damage
Burglary and Housebreaking

 Electrical Clause "B"

Removal of Debris
Loss of Rent
Main Exclusions
Theft / Burglary House Breaking
Willful Act
Gross negligence
Loss to bullion, documents, currency etc
Loss of earnings/ Business Interruption
Losses arising out of War and War like situations
Terrorism, Civil Commotion, Popular / Military Rising, Insurrection etc
Nuclear Fission/ Biological etc
Spontaneous Combustion
Loss or damage to the property insured by order of public authority
Misrepresentation
Other Property Products Available
Property All Risks
Comprehensive Machinery Insurance
Consequential Loss due to Fire / Business Interruption
Terrorism

 Hotel Owners All Risk Insurance

Home Insurance
Shop Owners Comprehensive Insurance
Premium Payment Procedure
Premium payments may be made by cheque or pay order in favor of Adamjee
Insurance Company Limited. Claim Reporting Process To report a claim contact
Claims Department Head Office - Adamjee Insurance Company Limited via
email / Fax / Letter or over the telephone as soon as possible.

Also, the Insured should report the event to the local law enforcement
authorities as soon as possible.

3-Health Insurance
Adamjee Insurance is one of the largest Health Insurance providers catering
to the health and medical needs of the Corporate and SME sectors for their
employees with customized benefits structure and value added services.
ADAMJEE guarantees you best quality services that not only give you peace of
mind for being insured by a leading and dependable insurer but also ensures fast
and speedy access to medical services when the need arises while promoting better
healthcare practices. Our customized Health insurance plans can cater for your
needs.
The benefits covered under Adamjee Health Insurance care are briefed as follows:

Hospitalization Benefit
This benefit covers the eligible hospitalization treatment (other than
pregnancy & childbirth) due to illness, surgeries and accidents. Hospitalization
expenses payment up to the "Per Annum Limit" in case of different diseases and
prolonged illnesses.
Major Medical Care Benefit (Optional)
This benefit enhances the hospitalization limit of in-patient expenses (except
maternity related expense) for each insured person for all eligible hospitalization
expenses covered under specified benefits structure.
Critical Illness Benefit (Optional)
These benefits cover the hospitalization for the following critical illnesses
Myocardial infection
Coronary artery disease requiring surgery
Stroke
Cancer
Aids
Renal failure
Major organ transplant
Multiple sclerosis Daily room rent
Labour Room charges
Operation theatre charges
Anesthetics fee
Pre & postnatal expenses coverage
Circumcision

Out Patient Cover (Optional)

Adamjee also provides the option of out-patient benefits to its clients which pays
for the coverage of expenses incurred on medical treatment where a person does
not need to be hospitalized. The following expenses are covered under this rider.
General practionar /specialist consultation charges
Prescribed medicine and treatment
Prescribed Laboratory investigations.
Additional Benefits
Terrorist cover: The policy also covers hospitalization and surgical
expenses of any innocent insured person (not taking part in terrorist
activities) who is injured due to an act of terrorism.
International cover: The policy covers emergency hospitalization during
overseas travel of insured persons. However, the hospitalization expenses
will be reimbursed in Pakistan in Pak-Rupees on the basis of what it will
cost for a similar procedure to be carried out in Pakistan.
Complimentary cover for accidental injury: The hospitalization annual
available limit is automatically increased by 25-50 per cent in case of
hospitalization due to an accidental injury.
Exclusions
The items, conditions, treatments pertaining to the following and the related
expenses are excluded from the policy for which the company will not be
liable. Cosmetic treatment or plastic surgery
Treatment of infertility / sterilization and contraception
Psychiatric treatment
Personal expenses like, telephone, guest meals & non-medical items
Self-inflicted injury
Eye glasses, contact lenses, hearing aids, artificial limbs etc.

 Dental treatments
Epidural Anesthesia (for painless delivery) Hospital admission not
medically necessary or undertaken specifically to conduct diagnostic or
other tests or workup
Congenital birth defects
General Health checkups and preventive vaccinations
Psychiatric treatment , mental or nervous disorder
Charges for visiting consultant
Value Added Services
Relationship Management functions for constant facilitation of our valued
insured members.
24/7 Call Center facilities.
24 hour Medical Hotline to facilitate all your queries regarding
hospitalizations.
Adamjee supports you as you make healthy choices every day gives you
access to special savings on selected pharmacies and diagnostic services all
over Pakistan
Adamjee and your Wellness
Adamjees Medzine provides useful information regarding common
medical issues keeping you in touch with the current developments in health
and helps you manage your illness in a better way.
Adamjees wellness programs aimed to focus on improving awareness and
lifestyle choices for you to improve your health.

4-Marine
Marine Insurance covers damages to the shell and machinery of the vessel, cargo
carried on the vessel, and also offers protection against liabilities to shipping and
transport related companies.
Marine Hull and Machinery Insurance
Marine Cargo Insurance
Marine umbrella Liability Insurance
Why Adamjee Marine Insurance
Strong treaty based overseas vessel hull insurance
Coverage of international marine cargo trait other then Pakistan as well
Coverage Demolition voyage in Pakistan
Adamjee Insurance offers coverage for the following:
Marine Hull
This policy covers losses / damages to the shell and machinery of the vessel caused
by maritime perils. Benefits and Coverage:

This insurance policy covers the following perils, losses and damages:
Perils of the seas, rivers, lakes or other navigable waters
Fire and explosion
Violent theft by outside persons: Jettison or Piracy
Contact with land conveyance, dock or harbor equipment or installation
Earthquake, volcanic eruption or lightning
Accidents in loading, discharging or shifting cargo or fuel
Bursting of boilers, breakage of shafts or any latent defect in the machinery
or hull Negligence of Master Officers, Crew or Pilots
Negligence of repairers or charter
Barratry of Master Officers or crew Contact with aircrafts, helicopters or
similar objects, or objects falling there from
Salvage charges when general average is declared
Marine Cargo
Marine Cargo caters to losses /damages pertaining to cargo / freight carried on the
vessels. We provide all risks coverage as well as policies covering limited risks
depending upon the needs of our valued clients.
Benefits and Coverage:
Our marine cargo insurance covers different risks depending upon the type of
coverage sought by our customers. The policy provides:
Protection against "All Risk" for loss and damage to cargo resulting from a
fortuity during transit by sea, air, road and rail.
Restricted coverage depending upon customer need other then All Risk for
transit by sea, air, road and rail.

Marine Umbrella
Marine Umbrella Liability is a broad spectrum cover offering protection against
liabilities to shipping / logistics and transport related companies.
Benefits and Coverage:
This insurance could be of substantial benefit to:
Ship or vessel operators
Freight forwarders, road transport operators, NVOC, railway operators,
carriers by air, ware house depot operators
Ship agents, brokers and the services associated with shipping transportation
Terminal operators, stevedores operators, operators of container/trailer,
storage and repairers
Port harbors or port authorities
Premium Payment Method
Premium Payment Method
Premium payment can be made through cash, cheque, pay order, demand
draft, telex transfer to the concerned Adamjee Insurance branch.
Claim Reporting Process
Please intimate your claim by calling (subsequently informing
through a reliable medium), or writing to your concerned Adamjee Insurance
branch. Insurance policy also bears the details required for intimating any
claim. Surveyor will be appointed after the intimation and required
documents will be collected.

3.2- Analysis & Results

After doing a 6 weeks internship in such a wonderful company, I have got the
chances to know about the actual operational experience in the real life scenario.
In our country, due to lower literacy rate, people are not so much conscious
about their future protection. But, there are number of people who are really
concerned about their financial protection. AICL is doing well in this sector to
satisfy people with their wants and demands in a well-mannered way. The process
and procedures, the benefits, the proper and clear way of premium calculations, an
organized payment process etc are already got the popularity among the targeted
customers. As, the organogram has shown that, every single employee has to
report or discus about their performance or problems with their Manager (also
called Branch Manager), that is why; the curriculum of any Branch offices are very
strict and organized which is very much essential like any multinational company
to operate their all Agency offices.

Though the market is so much competitive,

but the performance of the team of AICL is really satisfactory. Their offerings,
services, post purchase behavior with their valuable clients, regular notifications
sent to the customers, organized way of making policies, available agencies or
branches, available customer care services are helping them to capture the
maximum amount of customers in this field That is why, all clients (individuals &
corporate ) feel more comfortable to save their money or to give their premium
money to this company without less hesitation. According to this company in
individual portion, the middle class, upper middle class and upper class people are
the targeted customers. As a result, AICL is doing a successful business in a proper
way. On the other hand, all Agency offices have to make day to day report about
their selling and premium collection record to the Head Office which also indicates
a proper way to run such a large size Business. So, in briefly, we can say that,
AICL is going upward through the right track in the related competitive industry.

3.3- Recommendation
Business

1- People should be educated

2- Takaful products should be promoted through religious persons to enhance
sales
3- Company target new emerging markets of country like GAWADAR
4- Management should focus on small cities as well large
5- Bank assurance should be maximized

Management
1- Internee should be provided with the rules and regulations before starting his
internship which he has to follow during his internship
2- The computer (PCS) should be speedier.
3- Company should have a cooking department so that it can provide healthy
food to their employees
4- HR personnels should be I all offices
5- There should be a proper guidance for internees.

3.4 Conclusion

As a first multinational Insurance company in Bangladesh, AICL has

completed more than 55 successful years in this country. Its efficient management
team has made its proper progress in every step throughout these decades. All
agencies are the core operational active places for their overall business. So,
working in such agency is a remarkable experience. The working environment was
very comfortable. The people were very friendly. So through the whole internship
period I have got the opportunity to gather as much as experience I can. As I have
selected

this company as for internship I have worked hard to get maximum

information. As this company deals with peoples money so its very important to
take care of it properly. Agencies are the intermediaries between the people and the
company. So, it is very important to work properly in these branch or agency
offices to minimize or reduce the risk and faults regarding the sold policies

3.5- Sources available during internships

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Company website
Staff
Documents
Manuals used in company
Other related website
Annual reports