IGI Insurance Company

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COMPANY PROFILE & HISTORY:...................................................................................1 1.1PIONEERS OF IGI:........................................................................................... .....2 1.2HOW IGI STARTED ITS BUSINESS:.......................................................................3 1.3MAIN PRODUCTS AT IGI:.....................................................................................4 2.STRATEGIC MANAGEMENT PROCESS:......................................................................8 2.1MISSION:........................................................................................................ .....8 2.2VISION:....................................................................................... ........................9 2.3GOALS AND OBJECTIVES:............................................................................... .....9 2.4SWOT ANALYSIS:........................................................................................ .......10 3.ORGANIZATIONAL DIRECTION:...............................................................................12 4.STRATEGIES:....................................................................................... ...................12 4.1. GENERAL STRATEGIES FOLLOWED BY IGI:......................................................14 5.ENVIRONMENTAL FACTORS:...................................................................................14 5.1. RELEVANCY OF ENVIRONMENTAL FACTORS TO IGI:........................................17 5.2. ENVIRONMENTAL MONITORING THROUGH SCANNING:..................................18 6.STRATEGY IMPLEMENTATION AND EVALUATION:....................................................18 7.CONCLUSION:........................................................................................................20 8.ANNEXURE 1:.................................................................................................. .......21 ........................................................................................................ .........................22 9. ANNEXURE 2:................................................................................................. .......23

COMPANY PROFILE & HISTORY:International General Insurance Company of Pakistan Limited (IGI) is a group company of packages Limited. IGI was established in 1953 in collaboration with Alliance Assurance of Great Britain. Syed Maratib Ali was its first Chairman and Syed Babar Ali the first Managing Director. The present Managing Director is Syed Hyder Ali and the General Manager Basit Hassan Syed is

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currently the Vice Chairman of Insurance Association of Pakistan (IAP). Packages Group is one of the leading business houses in Pakistan with interests in paper, board and packaging, dairy and food, polypropylene film, pharmaceuticals, chemicals and investment banking sectors besides insurance. During its 47 years of operations IGI has built a reputation that has strengthened its business. IGI is ranked second amongst the general insurance companies in Pakistan on the basis of Market/ Realizable value of its assets. IGI's total commitment to customer's satisfaction, professional/ethical approach and prudent management practices has enabled it to develop very cordial and long lasting relationship with its clients, which include highly reputed local as well as multinational companies. Recently the Company has been awarded AA (Double A) Claims Paying Ability (CPA) rating by Pakistan Credit Rating Agency (Private) Limited (PACRA), an affiliate of FITCH Ratings Limited, London. This is the highest rating amongst the local insurance companies and has given lot of confidence to us as well as our clients. Amongst Pakistan's insurance companies, IGI has one of the highest Solvency Margins of 479%. IGI's policy of prompt and fair claim settlement is evident from the fact that IGI has one of the LOWEST outstanding claims in the domestic market. Our valued clients include professional and reputed local as well as multinational companies. IGI Insurance Limited has re-insurance agreements with the most prestigious and worldrenowned re-insurers such as Swiss Re and Sumitomo Re. The Company is referenced for its good standing and reputation by domestic as well as international reinsurers. During the year 2001 (in July 2001) the Company achieved another milestone by obtaining ISO 9002 certification from SGS Malaysia Sdn. Bhd. IGI Insurance was the FIRST general insurance Company in Pakistan, which had achieved this certification for its entire operations.

1.1PIONEERS OF IGI:

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Syed Maratib Ali was the first Chairman and Syed Babar Ali was the first Managing Director of IGI which is a part of the Packages Group which is one of the largest conglomerates of the country with interests in paper and board, milk and dairy, chemicals, investment banking and insurance The present Managing Director is Syed Hyder Ali and the General Manager Basit Hassan Syed is currently the Vice Chairman of Insurance Association of Pakistan (IAP).. The company is listed on Karachi and Lahore stock exchanges has history of more than 50 years of successful commercial operations. IGI is the global network partner of (R&SA) global network limited for their global businesses in Pakistan The current chief executive officer has over thirteen years of experience in key management positions in financial sector. The key management personnels list is in annexure 1.

1.2 HOW IGI STARTED ITS BUSINESS:IGI started its operations through Financial Services which is a group brand representing four organizations of IGI namely: IGI Insurance, IGI Investment Bank, IGI Securities, IGI Funds. The companies offer financial services like insurance, investment banking, brokerage services and asset management to Individuals and Corporations. IGI Financial Services is headquartered in Karachi and operates through a network of branch offices in Lahore, Islamabad, Faisalabad, Multan, Gujranwala and Sialkot employing more than 400 people. IGI Financial Services is associated with the Packages Group which is amongst the largest groups in the country. Packages Group has interests in paper and packaging products, food items and chemicals inks and dyes.

In 1953, IGI Insurance Limited was established under the name of International General Insurance Company of Pakistan Limited with the objective of providing quality general

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insurance services through a customer-oriented approach combined with the highest standards of ethical practices. In 1956, Packages Limited was incorporated as a joint venture with Akerlund and Rausing, Sweden. The Packages Group expanded quickly through strategic business alliances with major multi-nationals like Nestle, Tetra Pak, Mitsubishi and Coca-Cola.

Packages Group and Associated Companies:

1.3 MAIN PRODUCTS AT IGI:Home Cover:

An affordable home insurance plan from the company that has been trusted for the past five decades. Home Cover gives a comprehensive coverage against any accidental damage caused to the homes or rented property in case of robbery, fire, accidents, or natural disasters for a

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maximum of Rs. 20 million. Home Cover is a customized insurance solution for all home owners/renters as it insures home property, home contents, jewellery at home, home owner free rent, home tenants free rent, cash at home and also allows customers to get other value added services at discounted rates. Travel Sure:

Travel Sure has been revised and now offers customers an enhanced policy with better rates and more coverage. It is the finest plan that has been specially tailored according to the traveling needs in order to make a journey of a customer stress free with the assurance that any and all emergencies will be taken care off in a prompt and professional manner. Their plan offers a cover for US$ 50,000 for medical treatment abroad, accidental death and emergencies, personal liability, flight delays, loss of passport and loss of baggage. It also assists in fulfilling visa requirements and also provides other free assistance services as mentioned ahead. With Travel Sure customers feel the freedom of availing medical benefits at foreign facilities through a 24-hour complete access to International SOS Pte. Ltd, which will guide and support them during all emergencies.

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Health Sure:

Health Sure offers a managed care solution to corporate clients and organizations to provide healthcare needs backed by professional staff, financial strength and insurance experience accumulated over a period of fifty years. Health Sure covers personal health covers, hospitalization covers and maternity covers. In addition, the product covers pre- and post-hospitalization expenses as well. The covers also have a credit facility at IGI Insurances panel of hospitals across Pakistan, Health Cards; discounts at pharmacies and diagnostic laboratories; 24-hour medical hotline with staff doctors etc.

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Auto Cover:

Auto Cover is a complete auto insurance plan for both individuals and corporate offering:

A comprehensive cover including theft, snatching, armed hold up, accidental damage, third party liability and terrorism.

The liberty to have the vehicle repaired at the workshop of customers own choice and the cost of repairs are being directly settled with the workshop.

Reduction of premium up to 50% through no-claim bonus, which is transferable from other insurance companies and within immediate family members.

Guaranteed settlement of Snatching/Theft/Total Loss claims within 15 days of recovery of snatched/stolen vehicle.

Free anti-theft device without any renewal condition.24

2. STRATEGIC MANAGEMENT PROCESS:Strategic management process is comprised of the following st