a. Mean of Intimation:
Intimation of claim Intimation regularly is made through the phone call or customer can legitimately illuminate the company. In this step the surveyor is named to access the actual loss.
In the subsequent stage, the required documents are gathered by shared cooperation for example insurer and insured After confirmation everything being equal, a disbursement voucher is send to head office and claim is paid.
Most of claims are intimated through the telephone call or it’ll also make through that the customer straightforwardly came in the company and advise about the claim.
At the point when the claim is intimated by the insured, some significant data are required from the insured person for example Date, name and address of the insured person, policy no, expiry date of the policy, endorsement no (assuming any), make of the vehicle, motor no, chassis no, nature of loss, name of a person with phone number with whom the contact can be made for any additional data and estimate of loss.
In the wake of having the above data from the insured person, the further continuing is continued.
On the off chance that the estimate of loss or harm is beneath than Rs.20, 000, at that point survey will be led by the staff individual from ‘Asia Insurance Company Limited’. Mostly, self-survey is led so as to save the expenses of the company.
c. Independent survey:
Ordinary practice to access the loss is carried on through the arrangement of independent surveyor of any surveyor company. These surveyors are knowledgeable about assessment of loss and assess the actual loss and attempt to limit the loss so as to favors the insurance company. In any case, they don’t accomplish something unreasonable in assessment of loss. Surveyor will survey the vehicle at the spot of accident or at the workshop which are specified by the company.
1.8.4. Marketing Department:
The job of marketing generally focuses on products and services, their prices, their advancement and the channels through which they are sold and distributed to people and organizations that need and need them. Essential piece of marketing’s job today is to coordinate every association’s capabilities with the need of specific groups of customers so as to accomplish the objectives of the two parties. Insurers have a service to sell this must be set apart in such a manner as to draw in consumers or potential consumers. Throughout the last couple of decades there has been a substantial increase in the degree of publicity embraced by insurers and brokers. Insurers, specifically, have grasped present day concepts in marketing and some of their advertisements are viewed as ‘classics’ in their own light. People might be acquainted with the cash television advertisements, for instance, which show up consistently, advancing the products accessible from insurance companies. Advertising and the marketing of products is not limited to television. Insurers utilize an entire scope of techniques. Marketing plays an indispensable job in the transaction of insurance today.
At some point, the potential consumer has to be given a thought of the item being offered, the television advertisements, announcement, sports sponsorship and so on may all create interest, yet at some stage the proposer will need something to peruse which he can understand and which will demonstrate what the insurer can offer by method for security. In the past it might be reasonable for say that the insurer presented a somewhat austere picture to potential consumers. There was a sure mystery about the item and the marketing message was not always Clear. Regularly the main printed publicity material which was accessible came in the shape of the proposal structure. This is a generalization and of course there have always been insurers who have been phenomenal in their marketing.
1.9 Nature of Asia Insurance Company Limited
Asia Insurance Company Limited (‘the Company’) is a cited public limited company which was incorporated in Lahore on December 06, 1979 under the revoked Companies Act 1913 (presently the Companies Ordinance,1984). The Company is occupied with non-disaster protection business fundamentally comprising of fire, marine, motor, security and surety ship, agriculture and associated and miscellaneous. The Company initiated its commercial operations in 1980. The registered and head office of the Company is situated at 19 C/D, Block L, Gulberg III, Main Ferozpur Road, Lahore-Pakistan. Shares of the Company are cited on Pakistan Stock Exchange.
The Company has been permitted to fill in as Window Takaful Operator through License No.10 on August 13, 2015 by Securities and Exchange Commission of Pakistan under Window Takaful Rules, 2012 to carry on Islamic General Insurance in Pakistan. It has not transacted any business outside Pakistan.
1.9.1 Statement of Business Practices
a. Uncompromising Integrity:
Our business is established on trust and we manage it morally, legally and reasonably. It is our target to direct business with respectable clients and business partners who are associated with legal business activities. We don’t encourage illegal tax avoidance.
b. Clients Interest:
Nothing we do could easily compare to shielding and preserving our clients’ legitimate interests. We hold responsibilities towards our clients in the highest respect.
We buckle down each day to contract the best people, stimulate them, remunerate them and endorse them to enhance. We are an equivalent open door employer.
d. Zeal for Performance:
We contribute towards our Company’s financial goals and focus on accomplishing better results.
e. A Culture of Distinction:
We measure our exhibition on each task we attempt by the results as well as by the nature of our work.
f. A Tradition of Success:
While we are reasonable and moral consistently, we contend decently with the quality and the price of our inventive products and services, not by offering ill-advised benefits to others. Employees are not allowed to use their jobs to solicit, to request, acknowledge, get or be promised advantages.
1.10 Business Volumes:
1.11.1 CONVENTIONAL INSURANCE BUSINESS:
a. Motor Insurance
We offer total Auto Insurance plans for the two individuals and corporate clients, covering theft, snatching, equipped hold up, accidental damage, outsider liability and terrorism. This is supported up with the freedom to have your vehicle fixed at the workshop of your own decision.
b. Property Insurance
This covers insurance for factories, offices and homes and coverage against fire/lightning and associated perils like Impact damage, Storms, Earthquakes Rain/Flood damage, Riot and Strike damage, Burglary and Malicious damage.
c. Marine Insurance
Covers imports exports of consignments, loss or damage of cargo during transit via air, sea and rail/street. It also covers dispatch of finished goods from the insured’s production line to anyplace inside and outside Pakistan.
d. Agriculture Insurance
We give insurance coverage against agriculture loans disbursed by banks, which cover insurance of crops and live-stock, as well as ranch implements like tractors and harvesters.
e. Travel Insurance
We give bank guarantees to travel agents and travel insurance service for our corporate clients, individuals, students and special packages for Hajj and Umrah visit operators and groups. Our travel insurance policies are affirmed for travel far and wide.
e. Miscellaneous Insurance
We also give customized insurance solutions to our corporate clients, the covers go from the insurance of engineering projects to electrical gear and hardware breakdown, temporary worker all risks, erection all risk, bonds and guarantees.
f. Health Insurance
We give health insurance services to corporate employees and their family to safe make preparations for injuries and accidents in the course of day by day life. We are al so giving personal accident insurance to individuals and special policy for school going kids.
1.11.2 TAKAFUL BUSINESS:
a. Motor Takaful
We offer total Auto Takaful plans for the two individuals and corporate clients, covering theft, snatching, outfitted hold up, accidental damage, outsider liability and terrorism. This is supported up with the freedom to have your vehicle fixed at the workshop of your own decision.
b. Property Takaful
Property Takaful covers factories, offices and homes and give coverage against fire and lightning and associated perils like Riot and Strike Damage, Malicious Damages, Atmospheric Disturbance, Earthquakes Rain/Flood damage, Burglary, Impact damage, Standard Explosion, Aircraft damage.
c. Marine Takaful
Covers imports exports of consignments, loss or damage of cargo during transit via air, sea and rail/street. It also covers dispatch of finished goods from the member’s production line to anyplace inside and outside Pakistan.
d. Miscellaneous Takaful
We also give customized takaful solutions to our corporate clients, the covers extend from the takaful of engineering projects to electrical gear and apparatus breakdown, contractual worker all risks, erection all risk, cash takaful, reinforced glass.
e. Health Takaful
We give health takaful services to corporate employees and their family to safe make preparations for injuries and accidents in the course of day by day life. We are also giving personal accident takaful to individuals.
2. Structure and functions of the Accounts & Finance Department
The department of Finance and Accounts (F&A) is responsible for all matters identifying with Finance and Accounting functions of the ASIC. To empower it play out its statutory responsibility.
Every one of these divisions anyway report administratively to the CFO through the DGM and GM of the respective department. As an assistant, I had work with the lesser executives fortunately under the supervision of the CFO shown in the chart underneath.