Transcript Power Point - Khuram Shahzad

New Jubilee Life Insurance Company
Limited (NJI )
Muhammad Usman 083248
Ali Adnan Khalid 073178
Khuram Shahzad 083268
Shakeel Anjum 083277
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History
Top Companies Awards
SWOT Analyses
BCG Matrix
Strategies
Structures
HRM Model of NJl
Conclusion
Recommendations
Suggestions
 Established in 1953, NJI is one of the most
reputable and brightest names in the insurance
sector
 Sustained growth over half a century has secured
NJI a place among the “Big Three” Pakistani
insurance in terms of gross direct premium and
financial base
 NJI is listed on the Karachi & Lahore Stock
Exchanges
 Major shareholders include Aga Khan Fund for
Economics Development and Hashoo Group
NJI received the top Companies Awards In 1983, 1984,
1985, 1997 and 1998
 To be Pakistan’s leading and most highly reputed
insurance company, enjoying the confidence and
trust of its shareholders, policyholders, business
partners and communities in which it operates.
MISSION
 SHAREHOLDERS
 POLICYHOLDERS
 EMPLOYEES
 COMMUNITY
Modern Concepts of Management
 NJI is following the Taylor and mayo cycle.
According to Taylor Cycle:
According to this concept the management of NJI
are focusing on more work, this is resulting them
more output and more sales and more profit. They
are allocating a part of this profit to satisfy their
employees. They are giving a bike to that employee
who made high sales and also free return tickets of
Dubai.
Modern Concepts of Management
According To Fayol Cycle:
NJI is following the principles of Fayol which are as follows.
Division of Work
Authority
Discipline
Unity of Command
Unity of Direction
Subordination of Individual interest to General
Interest
 Remuneration
 Equity
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 Basically Pakistan belongs to people of Culture of
X but I personally visited the organization and saw
people working very hardly, so in my view NJI
belongs to Culture Y.
 Property Insurance
 Marine Insurance
 Motor Insurance
 Engineering Insurance
 Bond
 Group Health Insurance
 Miscellaneous Insurance
 Personal Line Insurance
 Specialized Insurance
POLICIES
New Jubilee Life Insurance Company is using
following policies for the comfortness of the
people.
 Personal accidental plan
They are using this policy for 1, 2 and 3 years.
 Secure Life time plan.
The duration of the Secure Life time plan is 10-20 years.
The customers of NJI are much interested in this policy
of company. Each of this policy has rules that how much
payment is to be paid in how much how much time.
These policies are very much beneficial for the
customers.
 Each of the above mentioned programs has its own
budget according to the requirements of the
program. Some programs are highly beneficial and
so require lot of budget and some programs are
not very much beneficial and so require small
budget for their installation.
 Real plan
 Long term plan
 Short term plan
 Single use plan
 Strategic plan
 Operational plan
 Highest paid-up capital in the insurance industry.
 Highest ratio of customer loyalty among all life
insurance companies.
 Unique designed plans for each individual
customer.
 Only life insurance company in Pakistan with
complete range of products for corporate
customers.
 Backing world’s largest insurance companies.
 Only company providing insurance to banks in
Pakistan.
 Infrastructure in Pakistan.
 Unaware population of Pakistan about their
security.
 Political instability.
 Population growth in Pakistan.
 Awareness of people about insurance benefits.
 Political stability.
 Presence of competitors like State Life Insurance
company and EFU insurance company in the market.
 The Aga Khan University Hospital
 New Jubilee Insurance Company (carrying out
general insurance business)
 The Aga Khan Health Services
 Tourism Promotion Services (Chain of Sarena
Hotels)
 First Micro Finance Bank Limited
 Habib Bank Limited
 The Aga Khan Education Services
 Focus Humanitarian Assistance
G
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T
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High
Secure life
Plan
Education
Plan
Loan plan
Pension plan
Low
RELATIVE MARKET SHARE
• STABILITY STRATEGY
NJI is using stability strategy for secure life time
plan.
• GROWTH STRATEGY
NJI is using growth strategy for Education plan
and Loan plan.
• RETRENCHMENT STRATEGY
NJI is using retrenchment strategy for pension
plan.
• COST LEADERSHIP STRATEGY:
New Jubilee Life Insurance Company is providing
their products which are high quality and are at
low price s compare to other insurance companies.
• DIFFERENTIATION STRATEGY:
New Jubilee Life Insurance Company is working on
the basis of differentiation.
• FOCUS STRATEGY:
They are focusing especially on each
differentiation strategy.
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IDENTIFYING A PROBLEM
IDENTIFYING DECISION CRITERIA
ALLOCATION WEIGHTS TO THE CRITERIA
DEVALOPING ALTERNATIVES
ANALYZING ALTERNATIVES
SELECTING AN ALTERNATIVE
IMPLEMENTING THE ALTERNATIVE
EVALUATING DECISION EFFETIVENESS
There are three types of decision making techniques
 Decision making under Certainty.
 Decision making under Uncertainty.
 Decision making Risk.
From these techniques New Jubilee Life Insurance
company is using decision making under
Uncertainty and decision making under Risk.
There are four different styles of decision making
which are following
 Behavioral decision making.
 Analytical decision making.
 Conceptual decision making.
 Directive decision making.
All these styles of decision making New Jubilee Life
Insurance Company is using on the basis of
requirements of decision making.
There are different structures of organizations
which are following,
 Functional organizations
 Process organizations.
 Product organizations.
 Customer organizations.
 Geographic organizations.
 The structure of New Jubilee Life Insurance
organization is Customer based. They are working
on the basis of customer orientation. Their work
starts from customer and end at customer
satisfaction.
There are different types of organizations.
 Mechanistic
 Centralized
 Bounded
 Team
 Branch
vs
vs
vs
vs
vs
Organic.
Decentralized.
Boundary less.
Matrix.
Sole.
 The New Jubilee Life Insurance Company is
Flexible organization.
 The New Jubilee Life Insurance Company is a
Decentralized organization.
 The New Jubilee Life Insurance Company is
boundryless it is working in all over the country in
different cities.
 The New Jubilee Life Insurance Company is a
Matrix organization because they have much
assistance as compared to the team.
The organizational chart of the New Jubilee Life
Insurance Company can be described as follows,
 M.D
 G.M
 A.G.M
 R.M
 Z.M
 S.B.M
 B.M
 A.B.M
 T.L
 S.D.M
 D.M
 S.D.O
 D.O
 HR PLANNING
 DERECRUITMENT
 RECRUITMENT
 SELECTION
 ORIENTATION
 TRAINING
 PERFORMANCE EVALUATION
 COMPENSATION MANAGEMENT
 CAREER DEVELOPMENT
 Finance
 HRM
 Underwriting
 CLANS CONTROL:
NJI has very strong control over its
employee. Now one is allowed to come late
in organization.
 BEUROCRATIC CONTROL:
NJI strong controls over its policy. They
strong formulate and implant their policy.
NJI is very strong insurance company that has
recently introduced two of new insurance plans
which are monthly based savings and banks
insurance. This is first time in the history of
Pakistan that any insurance company has
introduced the insurance plans for banks. NJI
employees are very hardworking, they are selected
after a fifteen days testing period. They are
providing better satisfaction as compared to other
customers and their customers are loyal to them.
NJI has very strong financial position and strong
management. That is why 52% of the Pakistani
organizations have insured themselves with NJI
 It should increase its plans criteria.
 It should introduce new and beneficiary plans for
the customers which have never been introduced
in Pakistan.
 It should allocate more of its profit part towards
the motivation of the employees because the
motivated customers will sale more.
 IN this year NJI is also allocating a part of its profit
towards societal marketing.
 There is limited advertising in Pakistan so they
should increase their advertising so that more
people will get aware from NJI.
 NJI has very poor infrastructure. It should increase
its infrastructure.
 NJI is working only in 28 cities so it should
increase its branches all over the Pakistan.
 It should bring its Management in each branch
because they have Marketing department.