State Life Insurance Essay

Professional Practices Management Portfolio Assignment

Group members:

Mashmuma Qurban (1112148)

Saad Rafiq (1112158)

Umair Ahmed (1112165)

Executive Summary:

In March 1972, life insurance business in Pakistan was nationalized. Initially, life insurance business was merged and placed under three Beema units named “A”, “B” and “C” Beema units. These Beema units were later merged in November of 1972 and the task of management of life insurance was assigned to State Life Insurance Corporation of Pakistan.

State Life Corporation has a rotating policy regarding its chairman. The newly appointed chairman of State Life is Nargis Ghaloo. The organizational structure of the company is as follows:

• Board of Directors

• Executive Directors

So far since its establishment, the organization has not been focus of any adverse ethical issues except for minor disputes/arguments within an office. There have been claims made by individuals about the operations of the firm, for example, the hiring process, but no such claims have ever been proven. Regarding social investments beyond economic self-interest, the organization has remained neutral.

The organization’s mission is to remain the leading insurer in the country by extending the benefits of insurance to all sections of society and meeting their commitments to policy holders and employees. The values of organization are to ensure satisfaction of their valued policyholders in processing new business, providing after sales service and optimizing return on Life Fund through a quality culture and to maintain themselves as leading life insurer in Pakistan. Major goals of the organization are:

• To run life insurance business on sound

With the digitization era, the company has also moved into I.T based modes of operation such as advertisement and website and online advertisement etc.

Investigating through newspapers and other important sources, we found no evidence of any significant strategic errors made by the managers at the organization.

From the information that was given to us in the meeting, the firm is running very efficiently due to its annual reports and it profits. Another reason for this is that there is no competition due its popularity in the industry.

One way of improving the firm’s operating efficiency is to cut losses like providing extravagant facilities to top level managers. These include expensive business trips, travelling expenses etc. By cutting or minimizing these losses, the profits will still be negligible.

The firm is not a manufacturing