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MANAGEMENT PROJECT New Jubilee Life Insurance Company Limited (NJI )
Group members Muhammad Usman 083248 Ali Adnan Khalid 073178 Khuram Shahzad 083268 Shakeel Anjum 083277
Presentation Outline 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. History Top Companies Awards SWOT Analyses BCG Matrix Strategies Structures HRM Model of NJl Conclusion Recommendations Suggestions
History 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
TOP COMPANIES AWARD NJI received the top Companies Awards In 1983, 1984, 1985, 1997 and 1998
VISION 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
Exhibit 1– 3 Management Functions
Culture of Organization 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.
Types of Insurance 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 time. These policies are very much beneficial for the customers.
BUDGET 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.
TYPES OF PLANS Real plan Long term plan Short term plan Single use plan Strategic plan Operational plan
STRATEGIC MANAGEMENT/ SWOT ANALYSIS (STRENGTHS) 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.
WEAKNESS Infrastructure in Pakistan. Unaware population of Pakistan about their security. OPPERTUNITIES Political instability. Population growth in Pakistan. Awareness of people about insurance benefits.
THREATS Political stability. Presence of competitors like State Life Insurance company and EFU insurance company in the market.
Subsidiaries of NJl 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
BCG MATRIX G R O W T H R A T E High Secure life Low Education Plan Loan plan Pension plan Low RELATIVE MARKET SHARE
TYPES OF STRATEGIES • 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.
2 nd SET OF STRATEGIES • 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.
DECISION MAKING PROCESS 1. 2. 3. 4. 5. 6. 7. 8. IDENTIFYING A PROBLEM IDENTIFYING DECISION CRITERIA ALLOCATION WEIGHTS TO THE CRITERIA DEVALOPING ALTERNATIVES ANALYZING ALTERNATIVES SELECTING AN ALTERNATIVE IMPLEMENTING THE ALTERNATIVE EVALUATING DECISION EFFETIVENESS
DECISION MAKING TECHNIQUES 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.
STYLE OF DECISION MAKING 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.
STRUCTURE OF ORGANIZATION There are different structures of organizations which are following, Functional organizations Process organizations. Product organizations. Customer organizations. Geographic organizations.
STRUCTURE OF ORGANIZATION 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.
TYPES OF ORGANIZATIONS There are different types of organizations. Mechanistic Centralized Bounded Team Branch vs Organic. vs Decentralized. vs Boundary less. vs Matrix. vs Sole.
TYPES OF ORGANIZATIONS 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.
ORGANIZATIONAL CHART The organizational chart of the New Jubilee Life Insurance Company can be described as follows, v M. D v G. M v A. G. M v R. M v Z. M v S. B. M v A. B. M v T. L v S. D. M v S. D. O v D. O
HRM MODEL OF NJI HR PLANNING DERECRUITMENT SELECTION ORIENTATION TRAINING PERFORMANCE EVALUATION COMPENSATION MANAGEMENT CAREER DEVELOPMENT
Names of Department Finance HRM Underwriting
CONTROL 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.
Conclusion 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
Recommendations 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.
Suggestions There is limited advertising in Pakistan so they should increase their advertising so that more people will get aware from 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.