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Presentation Topic

IcT is Emerging Technology in Insurance Sector

EASTREN FEDERATION UNION

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Team Members
Nauraiz Abbas
Kashif Naeem Hashmi

Mi10MBA030
Mi10MBA043

M. Waseem Anwar
M. Arslan Saeed Waqar Ali Javed

Mi10MBA042
Mi10MBA028 Mi10MBA054

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Flash Back
In 1932, Mr. Ghulam Mohammad established Eastern Federal Union Insurance Company (EFU) Mr. Abdur Rehman Siddiqui became the founder chairman. The company was originally registered at Kolkata and operated in India (undivided) and Burma.
In 1947, 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.
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EFU Branch Map Province wise

07

01

32

25

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Branch Details City Wise

Sr. No
1 2 3 4 5 6 7

Name of City
Karachi Hyderabad Sukkur Lahore Multan Faisalabad Sargodha

No. of branches
23 1 1 15 8 2 1

8
9 10

Sahiwal
Dera Ghazi Khan Vehari

1
1 1

11
12 13 14 15 16

Goth Machi
Rahim Yar Khan Quetta Peshawar Abbotabad Mardan

1
1 1 3 2

TOTAL

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63

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EFU PRODUCTS & SERVICES

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Insurance Products & Services

AVIATION MARINE
MARINE CARGO MARINE HULL Construction Risks

PERSONAL ACCIDENT
GROUP PERSONAL ACCIDENT

PERSONAL ACCIDENT COVER FOR INDIVIDUAL PERSONS

FAMILY PACKAGE GIVES A DISCOUNT WHEN THE WHOLE FAMILY BUYS ONE POLICY

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Products & Services

Workmen's compensation

Travel insurance
Liability insurance Public liability insurance Fidelity guarantee Money insurance cash in transit / cash in safe insurance Plate glass insurance Burglary

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Products & Services

CREDIT CARD INSURANCE

COMPUTER CRIME INSURANCE

PROPERTY ENGINEERING CONSTRUCTION ALL RISKS INSURANCE: MACHINERY INSURANCE: ELECTRONIC EQUIPMENT INSURANCE: RISK MANAGEMENT

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I(C)T PRESPECTIVE

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IcT Applications in EFU

EFU General Insurance Ltd has selected the Sun Oracle Database Machine to modernize its IT systems and serve as the underlying data and storage infrastructure for its new insurance application. Oracle Insbridge Rating and Underwriting system is used for
product management, premium calculation & underwriting rules management.

Online Insurance system Research & Development

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Financial Analysis using IcT Techniques

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Financial Highlights (Contd)

Premiums (Bn) Rs
6.4
6.21

6.2

6.1

6.13

6
5.8 5.6 5.4 5.2 5 2008 2009 2010 2011
5.5

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Financial Highlights (Contd)

Claims (bn)
6
5.09

5
4.13

4.37 3.91

4 3 2 1

0
2008 2009 2010 2011

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Financial Highlights (Contd)

Insurance Underwriting % (2010)

Misc 5% Fire & Property Damage 28%

Motor 56%

Marine, Aviation & Transport

11%

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IT Tools used in the Project

MS PowerPoint
Presentation

MS Excel
Tabulation & Graphs

MS Word
Project Report

Microsoft Paint
Image Editing
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Conclusion

Rapid increase in turnover of Insurance Industry due to IcT It made the risk assessment and underwriting procedures much easier IcT played a vital role in Speed & Accuracy in underwriting Time saving in claims handling Decrease in overhead cost of Insurance industry This project helped us to understand the basic IT techniques
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THE END
Cast : Nauraiz Abbas
Directed by: Kashif Naeem Produced by: Waseem Anwar Spot boys : Arslan Saeed & Waqar Ali
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