Employee Satisfaction in Efu Life Insurance free essay sample

This report is based on the analysis of employee satisfaction of â€Å"EFU General Insurance Limited†. It is our fortune to have personnel of â€Å"EFU General Insurance Limited† whose corporation and guidance contributed tremendously to complete this project. It is our pleasure to have the most valued and respected facilitator Mr. Motiur Rehman. The substance that we have gained during the semester and by assignments from him was an introduction for us in the field of Organizational Behavior, we certainly believe in its function which would be benefited through out our career in an organized manner. Further more we will like to take this opportunity to thank all the employees at EFU General Insurance Limited for their help and support with they have extended to us during our survey and interviews. Letter of Authorization Dated: 22nd April 2007 It is our honor to prepare a report on Employee Satisfaction Report of â€Å"EFU General Insurance Limited†, which was assigned to us by our respected teacher Mr. Motiur Rehman. It was a pleasure creating this report; here we would like to take the opportunity to thank our course instructor Mr. Motiur Rehman for all his support and guidance for our Organizational Behavior course. Rana Faisal Khurram Adil Sattar Tariq Gul-e-Anwer Nisar Abbas Malik Urooj Mughal Executive Summary The report is prepared on M/s. EFU General Insurance Company Limited. The firm was incorporated in Pakistan as a public limited company and its shares are quoted on all the Stock Exchanges of Pakistan. EFU is a huge company with almost 1000 employees working in more than 60 branches all over Pakistan and enjoys good reputation in the market. In 2007, the company is celebrating its Platinum Jubilee making the 75th year of its existence and become 12. 2 Billion company. The contents of this report indicates the Employee Satisfaction as an integral part of Organization Culture that refers to a system of share meaning held by members so as to distinguish the organization from other organization. A comprehensive questionnaire consisting of 30 questions were compiled and approved. All consisted of close-ended questions with four choices. Besides questionnaires, two following personal interviews were also conducted: ? Syed Shahid Hussain – Vice President Personnel Admin ? Mr. Syed Anwer Hasnain – Assistant Vice President Motors Limitations ? Since the time is a key factor in today’s world, therefore getting the questioners filled and interviews by taking shorter time of EFU personnel. ? Generally key persons are not willing share any negative aspect of their organization in front of management so 100% accuracy of data is not assured. Research Findings We found EFU an employer well liked and valued by its employees. Career Growth, Learning, Family Atmosphere, Freedom for new ideas and Decision Making are integrands in high satisfaction level among the employees. Company Profile Chairman Rafique R. Bhimjee Managing Director Chief Executive Saifuddin N. Zoomkawala Directors Sultan Ahmad Abdul Rehman Haji Habib Jahangir Siddiqui Wolfram W. Karnowski Muneer R. Bhimjee Hasanali Abdullah Taher G. Sachak Corporate Secretary Hasan Ali Abdullah Legal Advisor Mohammad Ali Sayeed Senior Advisor S. C. (Hamid) Subjallyu, A. C. I. I. Advisor Akhtar K. Alavi, A. C. I. I. Naqi Zamin Ali Audit Committee Muneer R. Bhimjee Taher G. Sachak Abdul Rehman Haji Habib Rating Agency Insurer Financial Stength Rating:AA Auditors Gardezi Co. Chartered Accountants – Karachi Website www. efuinsurance. com Registered Office 11/4, Shahrah-e-Pehlavi, Peshawar Main Offices EFU House M. A. Jinnah Road, Karachi Co-operative Insurance Building 23 Shahrah-e-Quaid-e-Azam, Lahore Company Background In the early 30s of the 20th century, under the inspiration of the Quaid-e-Azam Mohammad Ali Jinnah, there began to appear signs of economic renaissance of the Muslims of India. Shipping, Airline, Banking and Insurance companies made their debut. In 1932, Mr. Ghulam Mohammad, a farsighted man, established Eastern Federal Union Insurance Company (EFU) with financial assistance from the Aga Khan III and the Nawab of Bhopal. Mr. Abdur Rehman Siddiqui became the founder chairman. The firm was originally registered at Calcutta and operated in India (undivided) and Burma. In 1947, on the birth of Pakistan, EFU found a new home in a new country. In Pakistan, EFU rapidly established itself as a progressive and innovative insurer. It gave the emerging insurance industry the leadership, the manpower and the drive needed to grow in a situation where at one time, three-fourths of insurance was held by foreign companies. By 1961, EFU had become the flag bearer of Pakistans insurance industry on the world stage and the largest life company in Afro-Asian countries (excluding Japan) under the leadership of Mr. Roshen Ali Bhimjee. It remained so until 1972 when Life Assurance business in Pakistan was nationalized. Thereafter EFU operated solely as a General Insurance Company, and was subsequently renamed EFU General Insurance Limited. Now EFU General is the second largest non-life insurance company in the country and the mother company of other insurance organizations of EFU Insurance Group. In June 1990 the Government of Pakistan decided to allow Life Assurance business in private sector also. On 18 November 1992, EFU Life was granted a license to carry on life assurance business. It started operations immediately with Group Life products and in March 1994 launched its Individual Life products. EFU entered the field of life assurance with the focus on the changing needs of the population. The company is committed to provide its policyholders with solutions to the problems of todays complex and rapidly changing financial environment by introducing innovative and modern products. In March 2000, Allianz Aktiengesellschaft (Allianz AG), a global leader in the insurance industry with an active presence in 70 markets across 5 continents and EFU Group signed a joint venture to form a new company for providing health insurance cover to the people of Pakistan. Allianz EFU Health. Insurance Limited, approved by the Government of Pakistan, is the first specialized health insurance provider in the country and aims to play a pivotal role in developing the health insurance market in Pakistan. Traditionally the EFU name has become synonymous with progressiveness and prompts claim settlement and now the EFU being the largest insurance group provides a full range of general, life and health insurance services. Corporate Profile EFU is one of the few Pakistani organizations run totally by professional management and highly motivated field force. Another unique feature of EFU is a voluntary review mechanism by professionals of international repute. The independent reviews by these professionals enable the company to keep abreast of international changes in the industry as well as ensure that management adopts the best international practices. EFU gave the emerging insurance industry the leadership, the manpower and the drive needed to grow in a situation where at one time, foreign companies held three-fourths of insurance. The Principal place of business is located at EFU House, M. A. Jinnah Road, Karachi, Pakistan with over 60 branches throughout the country. Another pillar of EFUs strength is its very close and long-term (over 50 years) relationship with its main reinsurer, ‘Munich Re’, one of the largest reinsurance companies in the world. EFU Group of Companies EFU GROUP – PAKISTAN’S LARGEST INSURER |   | |[pic] |EFU General Insurance Limited |   | | | | | | |   |   | |   | | | |[pic] |EFU Life Assurance Limited |   | | |ISO 9001 Certified | | |Pakistan’s largest private sector life assurance company | | |   |   |   | |[pic] |Allianz EFU Health Insurance Limited |   | | |Pioneer and Leader | | | |Pakistan’s only specialized health insurer | | Vision Statement Our vision is to be the first choice company for our customer, shareholders and employees. To achieve this we will be driven by an obsession to be better than the best in a continuous journey, not a destination. At EFU first choice means a sustained commitment to meet and exceed stakeholder expectations. A will to go the â€Å"Extra Mile† to delight our customers with products and services that exceed their expectations Mission Statement We will manage our affairs through modern technology, collective wisdom and institutionalized leadership. We will be a respected, cultured and an educated company with a strong market position. Together with our customers, reinsures and employees we will achieve world class quality standards through continuous quality improvement. Achieve zero defects in everything we do. We will do good business, with good clients and of the highest integrity. We will not compromise our principles and we will like to be known as a responsible corporate citizen aware of our obligation to the Government and the society we serve.