swot analysis on reliance insurance

8/19/2019 swot analysis on reliance insurance

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Prepared& Presented By

Kazi Mashfiq Uddin AhmedID: 100306003

Department of B siness Administration


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ACKGROUND OF FORMATION:• Following emergence of Bangladesh as an inde enden!

na!ion in "#$"% ins&rance ind&s!r' was na!ionali(ed alongwi!h )an*ing and ma+or ind&s!rial sec!ors of +&!e% !e,!ile%s&gar and o!her hea-' ind&s!ries. Under !he na!ionali(edscheme% onl' !wo cor ora!ions in !he name and s!'le of/adharan Bima Cor ora!ion 0General Ins&rance Cor ora!ion1and 2i)an Bima Cor ora!ion 03ife Ass&rance Cor ora!ion1were se! & )' !he Go-ernmen! for carr'ing on general and

life ins&rance )&siness res ec!i-el'. /!ar!ing wi!h grad&alli)erali(a!ion of in-es!men! in ind&s!r' and commerce%ins&rance )&siness was also allowed in !he ri-a!e sec!orFrom "#45. As a res&l!% a n&m)er of com anies were se! & .R63IANC6 IN/URANC6 3IMIT6D was !he fo&r!een!h in line !os!ar! general ins&rance )&siness in !he ri-a!e sec!or.

The Com an' was incor ora!ed on 78!h March "#44 and wasallowed !o commence )&siness )' -ir!&e of !he Cer!ifica!e ofCommencemen! of B&siness iss&ed )' !he Regis!rar of 2oin!/!oc* Com anies on 77nd March "#44. The Com an'o)!ained Cer!ifica!e of Regis!ra!ion iss&ed )' !he Con!rollerof Ins&rance on $!h A ril "#44.The com an' was

s&)se9&en!l' lis!ed in !he s!oc* 6,changes of Bangladesh in"##5.


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Cor ora!e ision

• Com an';s -ision is !o )ecome !he remierins&rance organi(a!ion and !he ins&rer of firs!choice in Bangladesh wi!h a so&nd re &!a!ionfor de enda)ili!'% rofessionalism and !hehighes! s!andard of c&s!omer ser-ices.

• B&ilding rofi!a)le and sociall' res onsi)lefinancial ins!i!&!ion foc&sed on Mar*e! and

B&siness wi!h Grow!h o!en!ial% !here)'assis!ing Reliance Ins&rance Com an' ands!a*eholders !o )&ild a +&s!% enligh!ened%heal!h' democra!ic and o-er!' free

Bangladesh.


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Cor ora!e Mission

• Grow significan!l' and achie-e significan! non<life ins&rance mar*e! share.

• Con!in&e deli-ering a!!rac!i-e re!&rns !o o&rshareholders. Become a caring organi(a!ionand em lo'er of choice.

• In-es! in !o 9&ali!' h&man reso&rces andde-elo f&ll o!en!ials of em lo'ers )'

ro-iding con!in&ed !raining and ins&ranceed&ca!ion.

• Bring inno-a!ion in ins&rance rod&c!s andselling !echni9&es.


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1! " stained #ro$th in "ma%% & Medi m nterprise se'tor

(! )ontin o s %o$*'ost deposit +ro$th $ith 'ontro%%ed #ro$th inretai% assets!

3! )ontin o s endea,or to in'rease non*f nded in'ome

-! A'hie,e effi'ient syner#ies .et$een the Ins ran'e )ompany/s

.ran'hes "M nit offi'es and e%ian'e Ins ran'e )ompanyfie%d offi'es for de%i,ery of remittan'e and Ins ran'e )ompany/s other prod 'ts and ser,i'es!

2! Mana#e ,ario s %ines of . siness in a f %% 'ontro%%eden,ironment $ith no 'ompromise on ser,i'e q a%ity!

6! )orporate Assets to .e f nded thro #h se%f*%ia.i%ity mo.i%ization!+ro$th in Assets thro #h syndi'ations and in,estment in faster#ro$in# se'tors!


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O)+ec!i-es • The o)+ec!i-es and rinci les of In-es!men!

o era!ions of !he Ins&rance Com an' are:

• To in-es! f&nd s!ric!l' in accordance wi!h !herinci les of Islamic /haria;ah.

• To di-ersif' i!s in-es!men! or!folio )' si(e ofin-es!men!% )' sec!ors 0 &)lic > ri-a!e1% )'economic &r ose% )' sec&ri!ies and )'geogra hical area incl&ding ind&s!rial%commercial > agric&l!&ral.


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To ensure mutual benefit both for the InsuranceCompany and the investment-client by professionalappraisal of investment proposals, judicious sanction ofinvestment, closes and constant supervision and

monitoring thereof.

• To make investment keeping the socio-economicrequirement of the country in view.


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Particulars 2010 2009 2008 2007 2006

Gross Premium 1241.00 1,041.13 1,101.53 827.53 743.83

Net Premium 618.07 430.25 453.20 353.66 293.18

Net Claims 137.68 105.09 103.68 85.60 70.92

Investment !t"er Income

#Gross$153.68 114.94 61.14 42.42 43.02

%n&er'ritin(Pro)t

161.00 56.78 96.32 76.56 45.10

Net Pro)t *e+oreta

287.23 146.30 137.93 100.68 70.18

Pai& -u Ca ital 304.20 234.00 180.00 150.00 150.00

/otal eserves 1114.55 821.63 637.68 543.98 505.40

/otal ssets 2262.94 1,880.29 1,467.92 1196.97 1065.80

Cas" analances

791.88 759.87 598.82 463.12 350.68

Investment ins"are &e*enture

330.36 190.52 198.53 169.52 171.86

ivi&en& in

Percenta(e cas"$ivi&en& inPercenta(e

onus$

30 2015

arnin( Per "are 71.55 51.71 59.97 44.26 34.78

oo alue Per"are

384.64 407.03 382.33 101.83 101.00

"are"ol&er:uit;

1170.09 952.44 688.20 152.75 151.72

Num*er o+m lo;ees

335 325 305 279 283

RELIANCE AT A GLANCE


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NATURE OF BUSINESS:

4he )ompany 'arries on the . siness of a%% types of ins ran'e e5'ept %ife ass ran'e! It

has no$ 3( thirty t$o7 .ran'hes one %o'a% offi'e $ith the 8ead 9ffi'e at Dha a!

4he )ompany;s main . siness operations are .ein# 'arried o t in the fo%%o$in# areas:

a7 Under$ritin# of


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Mr! "hams r ahman is a mem.er of the Board of Dire'tors and former )hairman ofe%ian'e Ins ran'e =imited! 8e is a Dire'tor of Ban#%adesh =amps =imited %i'ensed

man fa't rers of P8I=IP" %i#htin# prod 'ts7 Mediastar =imited P .%ishers of Prothom A%o7 Media$or%d =imited P .%ishers of 4he Dai%y "tar7 AB) adio


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Mana!in! "ir #$or % CEO

A htar Ahmed A)II

E& # $i( "ir #$or

nam % 8aq e Khand er


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S nior +i# Pr si, n$

Md! >ashim Uddin )hief A''o nts

?irma% )handra oy )hief ?e$ Prod 't & "er,i'es

Md! ?azr % Is%am )hief 8 & Admin

" ) $* S nior +i# Pr si, n$

Md! Mah. . r ahman Anis7 In*'har#e Information 4e'hno%o#y

Md! Mas d ana )hief


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Or!an !ram


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.:: Pro, #$s of RELIANCE

Fir Ins ran# s:


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Marin H ll Ins ran#

4ota% =oss 9n%y 4=97

Instit te and In%and 4ime )%a ses 8 %% I4)7

En!in rin! Ins ran# s

Ma'hinery Ins ran'e Ma'hinery Brea do$n7Deterioration of "to' D9"7

Boi%er and Press re Cesse% BPC7

%e'troni' q ipment Ins ran'e I7

)ontra'tor;s A%% is s )A 7or P%ant P7

9i% & +as e%% Dri%%in# q ipment Pa' a#e 9+D7

)ontra'tors P%an & Ma'hinery )PM7

8ote% 9$ners A%% is s 89A 7


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Mis# llan o s Ins ran# s

B r#%ary

)ash in "afe)ash in 4ransit

)ash on )o nter

)ash in Premises


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Mo!or Ins&rances

• Mo!or Ins&rances for Mo!or C'cle?/coo!er

• Mo!or Ins&rances for @ri-a!e ehicle

• Mo!or Ins&rances for Commercial ehicle


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Communit; Company aim to be a good corporate citizen and to work in partnership with thecommunity. They have participated while the nation in a crises of naturaldisaster.

Customers Company determines customer’s needs and have a commitment to provide highquality services to meet them.

nvironment The Company reports annually our direct and indirect contributions to improvingthe environment.


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.:: S r(i# s O r S r(i# s $o $h # s$om rs % Com)lain$s an, S !! s$ions:

S r(i# s $o $h # s$om rs :

"tri,in# for ' stomer ser,i'e e5'e%%en'e has a%$ays .een o r first priority at e%ian'eIns ran'e =imited!9 r ' stomers; needs in'% din# the %o'ation and size of o r ' stomer operations are atthe 'enter of o r . siness mana#ement and p%annin# pro'essesE from the desi#n andform %ation of ins ran'e po%i'ies to the definition of '%aims pro'ed res!

9 r #oa%s are to a%$ays attend to $a% *in ' stomers $ith re#ards to enq iriesp r'hasin# ne$ '%asses of ins ran'e rene$a% of ins ran'e and iss in# 'o,er notes andre'eiptsE to # ide ' stomers on '%aims pro'ed resE to pro,ide 'omp%ete prod 'tinformation to ' stomers for their .etter nderstandin#E and to ma e re'ommendationsto ' stomers in order for them to ma e an informed 'hoi'e!

e are 'ommitted to ' stomer ser,i'e e5'e%%en'e and o r mission is .a' ed .yin,estment

Com)lain$s an, S !! s$ions

hi%st $e stri,e for ' stomer ser,i'e e5'e%%en'e a 'omp%aint department has .eenesta.%ished .y Mar etin# "er,i'es Department! If yo $ish to ma e a 'omp%aint ors ##est $ays $e 'an impro,e o r ser,i'es $e are here.y ready to assist!


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N $ Pr mi m Anal*sis

61

F!0G

-30!(2

-23!(0

323!66

/01.23


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Un, r ri$in! Profi$ Anal*sis

161!00 'rore

26!GF'rore

H6!3( 'rore

G6!26 'rore

-2!10 'rore

h l


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Cash % Ban4 Balan# s Anal*sis

GH

1!FF

G2

H!FG

2HF!F(

-63!1

(

156.7

3


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332

3(2

302

(GH

(F3

N m- r of Em)lo* s


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((6(!H- 'rore

1 FF0!(H 'rore

1 -6G!H( 'rore

11H6!HG 'rore

1062!F0 'rore

To$al Ass $ Balan# s


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3F-!6- -0G!03 3F(!33

101!F3101!00

Boo4 +al P r Shar Anal*sis


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3-!GF 4

--!(6 4 !

2H!HG 4 ! 21!G1

4 !

G1!22 4 !

Earnin! P r Shar Anal*sis

S8OT


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S8OTAnal*sis

STRENGTH 8 a4n ss s O))or$ ni$i s Thr a$s

S$ron! #or)ora$i, n$i$*

S$ron! m)lo*-on,in!

an, - lon!in!s

H ! Ca)i$al

Hi!h #har! sof L9C

"is#o ra!in!small

n$r )r n rs

A-s n# ofs$ron!

mar4 $in!a#$i(i$i s

"is$in#$ o) ra$in!)ro# , r s

Co n$r* i,n $ or4

In#r asin!in, s$ri s

8i, Ar a of - sin ss

U)#omin!Ins ran#

Com)an* s9Bran#h s

Similar )ro, #$sar

off r , -* o$h rIns ran#

Com)an* s

Po%iti'a% In " staina.i%ity

)han#es in re# %ation and+o,ernment Po%i'ies


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/!reng!hs • /!rong cor ora!e iden!i!':

According !o !he c&s!omers% Reliance Ins&rance Com an' Ins&rance

Com an' is !he leading ro-ider of financial ser-ices iden!i!'worldwide. i!h i!s s!rong cor ora!e image and iden!i!'% i! has )e!!erosi!ioned i!self in !he minds of !he c&s!omers. This image has

hel ed Reliance Ins&rance Com an' Ins&rance Com an' gra) !heersonal Ins&rance Com an'ing sec!or of Bangladesh -er' ra idl'.

/!rong em lo'ee )onding and )elongings:

Reliance Ins&rance Com an' Ins&rance Com an'em lo'ees are one of !he ma+or asse!s of !he com an'.The em lo'ees of Reliance Ins&rance Com an'Ins&rance Com an' ha-e a s!rong sense of commi!men!!owards organi(a!ion and also feel ro&d and a sense of)elonging !owards Reliance Ins&rance Com an'Ins&rance Com an'. The s!rong organi(a!ional c&l!&re ofReliance Ins&rance Com an' Ins&rance Com an' is !he

main reason )ehind i!s s!reng!h.


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8 #e )apita% & Assets:

e%ian'e Ins ran'e )ompany has h #e Amo nt of reser,e Assets and a %ar#e Amo nt of

)apita%! "o 4hey are Cery m 'h 'apa.%e for in,estin# into the %ar#e . siness se'tor!e%ian'e is )apa.%e to r n and s pport $ide ran#e of . sinesses!

8 a4n ss s

Hi!h #har! s of L9C:

Present%y e%ian'e Ins ran'e )ompany Ins ran'e )ompany 'har#es same rates for a%%types of import = )! B t for import = ) of e5ports*oriented ind stry e%ian'e Ins ran'e)ompany Ins ran'e )ompany sho %d red 'e the 'har#e of = )! As a res %t e5porter$i%% .e .enefited and the 'o ntry $i%% earn more forei#n e5'han#e! 4he 'ommission oftene,en rises p to 30 !


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"is#o ra!in! small n$r )r n rs:

e%ian'e Ins ran'e )ompany Ins ran'e )ompany pro,ides '%ean Import =oan to mostof its so%,ent '%ients! B t they s a%%y do not $ant to finan'e sma%% entreprene rs $hosefinan'ia% standin# is not '%ean to them!

A-s n# of s$ron! mar4 $in! a#$i(i$i s :

e%ian'e Ins ran'e )ompany Ins ran'e )ompany ' rrent%y don;t ha,e any stron#mar etin# a'ti,ities thro #h mass media e!#! 4e%e,ision! 4C ads p%ay ,ita% ro%e in

a$areness . i%din#! e%ian'e Ins ran'e )ompany Ins ran'e )ompany has no s 'h 4Cad 'ampai#n! A%tho #h they do a %ot of )" a'ti,ities 'ompared to other Ins ran'e)ompany s!


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O))or$ ni$i s

"is$in#$ o) ra$in! )ro# , r s :

epayment 'apa'ity as assessed .y e%ian'e Ins ran'e )ompany Ins ran'e)ompany of indi,id a% '%ient he%ps to de'ide ho$ m 'h one 'an .orro$! As the $ho%e%endin# pro'ess is .ased on a '%ient;s repayment 'apa'ity the re'o,ery rate of e%ian'eIns ran'e )ompany Ins ran'e )ompany is '%ose to 100 ! 4his pro,ides e%ian'eIns ran'e )ompany Ins ran'e )ompany finan'ia% sta.i%ity & #ears p e%ian'e

Ins ran'e )ompany Ins ran'e )ompany to .e remainin# in the . siness for the %on#r n!

Co n$r* i, n $ or4:

4he %timate #oa% of e%ian'e Ins ran'e )ompany Ins ran'e )ompany is to e5pand itsoperations to $ho%e Ban#%adesh! ? rt rin# this type of ,ision & mission & to a't asreq ired $i%% not on%y in'rease e%ian'e Ins ran'e )ompany Ins ran'e )ompanyprofita.i%ity . t a%so $i%% se' re its e5isten'e in the %on# r n!


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In'reasin# ind stries

In Ban#%adesh ? m.er of ind stries are esta.%ishin# day .y day and these are a #reatopport nities for e5pandin# the . siness for e%ian'e! 4he e5port and import orientedse'tors and . sinesses are $idenin# p in Ban#%adesh! ntreprene rships aree5pandin# and these are #reat opport nities for e5pandin# the . sinesses for e%ian'e!

ide Area of B siness:

In o r 'o ntry the . siness se'tors are $ide and ,arities are there! 4he an#e of. siness is ide 'a se n m.er of se'tors are there to in,o%,e! Be'a se different typesof ind stries are esta.%ishin# Day .y Day! "o it/s a #reat opport nity to #ra. thesese'tors and to enter these se'tors .y 'apt rin# these entreprene rs!

Th $


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Thr a$s:U)#omin! Ins ran# Com)an* s9Bran#h s:

Th )#omin! )ri(a$ ; lo#al; % m l$ina$ional Ins ran# Com)an* s )oss ss rio s $hr a$s $o $h &is$in! Ins ran# Com)an*in! n $ or4 of R lian#Ins ran# Com)an*. I$ is &) #$ , $ha$ in $h n &$ f * ars mor #omm r#ialIns ran# Com)an* s ill m r! . If $ha$ ha)) ns $h in$ nsi$* of #om) $i$ion illris f r$h r an, Ins ran# Com)an* s ill ha( $o , ( lo) s$ra$ !i s $o #om) $a!ains$ an, in $h -a$$l of Ins ran# Com)an* s.

Similar )ro, #$s ar off r , -* o$h r Ins ran# Com)an* s

?o$*a*days different forei#n and pri,ate Ins ran'e )ompany s are a%so offerin# simi%artype of prod 'ts $ith an a%most simi%ar profit mar#in! "o if a%% 'ompetitors fi#ht $ith thesame $eapon the nat ra% res %t is de'%inin# profit!

Po%iti'a% In s staina.i%ity:

D e to the po%iti'a% In s staina.i%ity the sit ation of the 'o ntry doesn/t remains sta.%e! And this is a #reat threat for e5pandin# or operatin# the . siness a'ti,ities! If po%iti'a%,io%en'e 'ontin es the o,era%% sit ation of the e'onomy #oes do$n and e'onomi' #ro$th

.e#ins to s%o$ do$n! And this is a #reat threat for e5pandin# the . siness!

)han#es in +o,ernment Po%i'ies and e# %atory A thority


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)han#es in o,ernment Po%i ies and e# %atory A thority

)han#es In #o,ernment po%i'ies are a #reat threat for the . siness! ?e$ po%i'ies or'han#es in ta5 patterns 'a se a #reat threat for the . siness! Besides that the ?e$po%i'ies ta en .y ID A Ins ran'e De,e%opment & e# %atory A thority Ban#%adesh7 area%so a #reat threat for the . siness! As for e5amp%e: no$ a days )ommission system hasred 'ed to on%y 12 By ID A for $hi'h 'ompany is %oosin# their ' stomers! Besidesthat in'rease in #o,ernment 4a5es and CA4 are a%so the threats!

R #omm n,a$ions+ood )omm ni'ation has to .e . i%d p to #ra. the ne$ ' stomers and a%so $ith thee5istin# ' stomers!

Mar etin# "e'tors sho %d .e de,e%oped more stron#%y .y pro,idin# s i%%ed and effi'ientemp%oyees!

More Dynami' and effi'ient emp%oyees sho %d .e hired or appointed to the mar etin#se'tor!

*B siness fa'i%ities sho %d .e $iden p!

Premi m 'har#es sho %d .e more fa,ora.%e!


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Concl&sion

• A lo! of new commercial Ins&rance Com an' has)een es!a)lished in las! few 'ears and !heseIns&rance Com an' s ha-e made !his sec!or -er'com e!i!i-e. /o new Ins&rance Com an';s ha-e !o

organi(e !heir o era!ions according !o !he need of!he mar*e!. Ins&rance Com an'ing sec!ors nomore de ends on a !radi!ional me!hod ofIns&rance Com an'ing. In !his com e!i!i-e world%!his sec!or has !renched i!s wings wide eno&gh !o

co-er an' *ind of financial ser-ice an'where in!his world. The ma+or !as* for Ins&rance Com an's !o s&r-i-e in !his com e!i!i-e en-ironmen! is )'managing i!s asse!s and lia)ili!ies in an efficien!.


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