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A report on:
The Planning Process
Submitted to the Faculty of Business Administration in part-fulfillment of the
requirements of the final examination in Introduction to Behavioral Science, Spring 2008-09
Prepared and submitted by:
Ali Emran (08-10005-1)
Hossain Aftab (08-10013-1)
Sarker Thirtho (08-11844-2)
Md. Tahmid Uddin Khondoker (08-10330-1)
Course Teacher:
Mrs. Munsura Rahmatullah
Section: D
Submission Date:
12th April, 2009
American International University-Bangladesh
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Acknowledgement
There are so many individuals that we would like to thank for helping
us doing this report. It would have been impossible for us to complete
this report in due time without the help of these people.
First of all we would like to thank Almighty Allah for the strength and
the patience that He has given us. Then we want to thank our parents
for the limitless support that they have given us. We couldnt have
finished our report in due time if our parents didnt allow us to spend
nights after nights at each others home working on this report.
Secondly we would like to thank Noor Hossain, Iffat ara Tasnuva, Abdul
Zaheed for their opinions on this topic which they posted in an online
forum upon request. We would also thank this person, whose name isunknown, who shared his point of view on The Planning process of
Prime Insurance Company. We also thank all those people who
cooperated in the surveys we carried out.
Last but not least, we thank our course instructor Mrs. Munsura
Rahmatullah for giving us the chance to make this report.
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Group members:
Aftab Hossain
Emran Ali
Thirtho Sarker
Md. Tahmid Uddin
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Table of Contents
Chapter 1 Introduction Page
no.
61.1 Objective of the report 7
1.2 Methodology 7
1.3 Limitations of the project as a group 8
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Chapter 2 Body of the paper
2.1 Company Overview 9
2.2 Identifying the functional area 10
2.3 Description of the topic which we made
2.3.1 The Planning Process
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2.3.1.1 Strategic planning 12
2.3.1.2 Intermediate planning 13
2.3.1.3 Operational Planning 14
2.4 Different level of management works 15
2.5 SWOT Analysis 16
2.5.1 Strength 16
2.5.2 Weakness 18
2.5.3 Opportunities 19
2.5.4 Threats 20
2.6 Recommendations 21
Chapter 3 Conclusion 22
Chapter 4 Bibliography 23
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Prime Insurance Company Limted
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Chapter 1
Introduction
There are no lives without danger. Many people sometimes faced some
dangers some problems. People dont know wherever they faced
problems or dangers. People can face problems in many ways. Their
business products, their lifes, their family lives also can face any kinds
of uncertainty. Insurance companies are the companies who can
ensures that in times of danger they can help us for giving us the
insurance money for the life or for the products or for anything which
have insurance. We have to give insurance company a particular
amount of money which is called premium. We have to give premium
to the insurance company for fulfilling our insurance policy for the
particular event. Bangladesh has many kinds of well known insurance
company. Prime insurance company is also one of the well reputed
insurance companies in Bangladesh. Prime insurance company have
large network with a total branch of 13 spread all over the country.
Prime insurance company main objective is to satisfy the peoples
needs in course of time. Their mission is to up to date their insurance
policy which can be useful for the betterment of the people. They just
think that the person of Bangladesh needs them in their bad times.
Prime insurance company always spread their hands of giving help tothe people in their bad times. Prime insurance company manages their
company in proper way for that they can attract the people for making
insurance from the company. Their planning policy for the company is
also very good and productive. They have many insurance policies
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which can be easily helpful to the people. They planning their different
works in a proper way that people can be helpful by their planning. So
the people can make insurance policy from Prime insurance company
without making any hesitation.
1.1 Objectives of the report
Objective is one of the main parts of the report. It gives us the
information about what we want to find from the report. It gives us the
summary of the report.
Company has many kinds of planning process. So at first we have to
identify the short term and long term plans of the company. In the
making of planning they faced several kinds of problems, so we have
to identify those problems that can make barriers in the way of
planning. Then we have to find the managers who made the majorplans and who made the minor plans. Planning has many advantages
and disadvantages so for that our next objective is to finding the pros
and cons of the planning process which is establish by the different
managers in the Prime insurance company.
1.2 Methodology
While doing researches on this topic, we used the secondary method
for finding the information about the planning process of the Prime
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insurance company limited. We collect the information from the
internet that means from the Prime insurance companies official
website. We also find the information about the company from their
annual report and a book of their company. But all the things will not b
possible for us without the help of a known person from the company.
He gives us the least information that is helpful to do our project. We
didnt have so much time to complete our report. For that we cant go
for the field survey. By doing the primary data collection we add some
more things for our report. But it was really enjoyable work to do and
doing this report we can understand about some key points of planning
process.
1.3 Limitations of the project as a group
While doing researches on this topic, we faced a number of problems
and because of this we have many limitations based on the topic.
Problem that we faced while doing this assignment is that, due to
the shortness of the time and also the final term this semester is
knocking at the door and therefore we were under immense
pressure because we had to finish this assignment and other
assignments from other courses and the time was very limited.
Another problem is that we havent collected more information to
fulfill our report briefly. The company doesnt give us the full
information based on our topic. So there is a lack of full
information
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There is also a problem like group managing problem. One of our
group members has fallen sick and for that he cant attend all
the meetings which we fixed for the report. So for that we haveto do his part of job.
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Chapter 2
Body of the paper
Body of the paper gives us the total information about what we want to
discuss and what is main view of the research topic.
2.1 Company Overview
Prime insurance company limited (PICL) was incorporated on March 21,
1996 with a view to operate its business as a general insurance
company. Prime insurance company limited started its business with a
paid up capital of Tk. 250 million. Subsequently PICL rose paid up
capital to TK. 150 million. The company is led by Chairman Md,
Zakiullah Shahid who has recently added in our management team
with his extensive experience and profound knowledge in insurance
industry. PICL listing with Dhaka Stock Exchange limited in March 21,
2001 & listing with Chittagong Stock Exchange limited in March 22,2001. The overall operations are carried out by as many as 8
departments namely Corporate affairs, Branch Control, Re-insurance,
Claims, Finance & Accounts, Audit, Marketing and Board Affairs. Prime
insurance company limited premium income in the year of 2008 is
144.24 million around 74% of the total profit. Prime insurance
company has well organized 13 branches spread all over the country.
The company top level, mid level, and front line managers works hard& soul for the betterment of people and also for the company. The
sponsors of the Prime insurance company limited are drawn from wide
spread of callings and professionals, ranging from trade, commerce
and industry to banking, insurance and civil service, are all respectable
and successful personalities in their respective fields. PICL maintains
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strong commitments in setting the claims settled net claims of Tk
37.34 million on account of Fire, Marine, Motor, and miscellaneous
business.
2.2 Indentifying the functional area
Prime insurance has many good sides that we can concentrate but we
have concentrate the planning process of the company. Prime
insurance company limited have large network for that reason the
company should have strong planning for the betterment of the
company. PICL does their planning works correctly and nicely. Theyalso plans their work with the suggestion of the people and also some
other experienced person. PICL make short term and long term plans.
Long term plans are made by the Top level of managers. Short term of
plans is made by the mid level & front level of managers. We know
that planning is to determine goals, establishing strategies. PICL
provides all the efforts to make out their plans successful. They dont
leave any of the points of planning which are very much useful to the
company. The manpower is the most effective power of the company.
Expertise manpower can bring success to the company. Planning
involves devising a systematic process for attaining the goals of the
organization it is an unending course of action. It prepares the
organization for the future. Though all levels of management engage in
planning, but major planning is performed by TOP MANAGEMENT (and
part of MID MANAGEMENT) played the vital role for planning.
Depending on the conditions, a company may have to alter its course
of action in accomplishing certain goals. This kind of preparation,
arrangement is known as strategic planning. In strategic planning,
management analyzes inside and outside factors that may affect the
company and so objectives and goals. Here they should have a study
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of strengths and weaknesses, opportunities and threats. For
management to do this efficiently, it has to be very practical and
ample.
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2.3 Description of Data
Planning is the process of determining
goals, establishing strategies,
determining missions etc. Planning is one
of the important sectors in any kinds of
business. Planning gives the company a
mission which is to be completed by the
employees and managers to achieve the
common goals and the company
common goals is to achieve much profit
from the allocated resources. Planning is
not small part; it is a long part of the
company which can be defined in many
branches. Many company divide planning
into two parts; one is Long-term planning
& another is Short-term planning. Manycompanies divide planning into three parts; one is Strategic Planning,
Intermediate Planning, and Operational Planning. Prime insurance
company limited always follows the 3 parts planning because the
insurance company has many things which have to be covered in time
so mainly they follow the 3 parts planning process. The SWOT analysis
is also a part of the planning. It can give the main 4 parts like Strength,
Weakness, and Opportunities & Threats of the company. So the
planning process is a big thing for a company.
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2.3.1 The Planning Process of PICL
The planning process of Prime insurance company limited can be
divided into three parts:
Strategic Planning
Intermediate Planning
Operational Planning
2.3.1.1 Strategic Planning
Strategic planning is determining how to pursue long term goals with
available resources. Prime insurance company follows the strategic
planning for their long term planning. The company top-level of
managers does the strategic planning. Company strategic planning islike one to ten or more years to execute their plans. This type of
planning needs huge amount because the company thinks something
big which can be happened in next one or two or more years. The
strategic plans is like defining missions, establishing strategies, how
much premium they want to give to the people, how much insurance
policy they want to make, how they increase their profit, when they
open new branches etc. they use their brain to make this strategic
planning. The company also have insurance policy which is counted as
their strategic planning like Life insurance Policy, Industrial risk policy,
Motor insurance policy. These types of insurance policy are long
termed because this insurance policy cant be break easily. People
make future plans with these policies. So for that these policies are
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limited types of intermediate planning. For that we have give less
information about intermediate planning.
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2.3.1.3 Operational Planning
Operational Planning is the process of determining how specific tasks
can best be accomplished on time with available resources. That
means it is the process of determining activities which can be
accomplished in given period of time. Front line managers are doing
such kinds of activities. These types of activities are likely to be one
week to one year. Company is given a target to the employees that
how much insurance policy they can make in a given period of time.
For this purpose company provides some commission to the
employees so that they can motivate and works their job properly.
Company also has to give insurance money for the end of the peoples
insurance policy in a period of time. It is companies responsibility to
give the amount of insurance policy to the people in course of time.
Prime insurance companies front line managers planning from the start
of the year that how much money they have to pay to the customers,
how much premium they will earn in this year, how much premium
they will charge from the people for the particular insurance policy,
what will be the new fresh insurance policy for the betterment of the
people. Companies next operational planning is to recruit as much as
experienced workers. The HR department looks out this matter for
recruiting people as a worker. The company also recruits part-time
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workers because the part time workers can make insurance within a
short period of time.
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2.4 Different level of management works
Every High level manager helps their middle level of managers And
also every top level and mid level managers help to front line
managers in their works. Everyone gives their suggestion that what is
good for the company, what is important for the company, what we
should do that we can achieve the much profit for the company. But
there is some kinds difference in times of their work. In the Prime
Insurance Company different level of management works in the
different sector of the company. They do their work differently buttheir aim is same. Their aim is to gain profit for the company. The
different level of managers works like this:
TASKS ROLE OF MANAGEMENT LEVEL OF MANAGEMENT
Define Mission Chairman, Managing Director, DMD Top Management
SWOT Analysis MD, DMD & Directors, DGMs Top & Mid Management
Set Goals & Objectives Chairman, MD, DMD Top Management
Strategic Management MD, DMD/CEO, DGMs Top & Mid Management
Monitor the PlanDGM, Supervisors/Coordinators,Managers
Mid & SupervisoryManagement
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2.5 SWOT Analysis
The SWOT analysis is the analysis of four parts which is Strength,
Weakness, Opportunity, Threats. By these points we can easily find out
what are the strengths of the company? What are the weaknesses of
the company? What are the opportunities? What are the threats? That
means the companies advantages and disadvantages.
SWOT Analysis:
1. Strength
2. Weakness
3. Opportunities
4. Threats
2.5.1 Strengths:Strengths are like companies power by which the company can easily
be benefitted. Company can be more powerful by acquiring good
strength policies. Prime insurance company also has some kinds
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strength which moves the company towards success. The company
strengths are:
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2.5.2 Weakness
Weakness is the weak points of the PICL. Every company has some
weakness. Prime insurance company limited also has some weakness
which is sometimes creates a bound to the company. The weaknesses
of PICL are:
PICL have fewer amounts of front line workers. By these workers
they believe that they can run their business. But the
overconfidence is bad. If more peoples join the company their
will less burden to the front line workers. So for that they should
provide more workers.
Companies some of the front line managers are not well
educated. It is one kinds of weakness for a company.
Turnover in the company is higher because there are many kinds
of insurance company in Bangladesh. So the employees and the
managers want to taste other companys facilities. Thats why
the turnover is higher.
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2.5.3 Opportunities:
Opportunity is an advantage that company provides to the employees,
customers and clients. Prime insurance company always tries to
impress their employees, customers and by providing some kinds
advantages. These opportunities are:
PICL always provides amazing salaries to the employees. Theywant to motivate employees by giving good salaries do that they
can concentrate to their works.
Prime insurance company provides insurance policy for the
employees which are premium free. Employees can make their
life insurance from the company. Company didnt charge the
premium from the employees. So its an advantage for anemployee.
PICL charge much less premium from the customers. The
company assures the customers that their premium policy is
much less than the other insurance policy.
Prime insurance company limited give discount to the employeesfor making insurance policy from the customers. It also
motivates the employees and decreases the turnover of the
company.
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2.5.4 Threats:
Threats are the fact that company can be harmed. A threat is a
disadvantage for a company. Prime insurance company limited alsohas some threats. These threats are:
The main threat of PICL is their competitors. There are many
insurance companies in Bangladesh. One insurance company is
threat to another company. Every company launches new
products and also new advantages. So for that people always gofor the best.
A political clash is also a threat for a company. If any political
clash is happened in the country there will be strike and works
will not be happened. For this reason political clash is a threat tothe company
Deviant workers are the threats for the company. Deviant
workers always try to violate the works. It also effected in
companies good will. For these reason deviant workers is a
threat for the company.
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2.6 Recommendations
Though PICL is best for helping all the people but there is somethingneeded for more improvement of the company.
Company should provide more insurance policies by which people can
be very much helpful. Company doesnt have some insurance policy
which really common like Crops Insurance policy, Child insurance
policy, Education insurance policy.
PICL have less female workers. Now a days female workers are very
much productive than past. So the company should provide more
female workers for increasing their productivity.
PICL should appoint more educative and productive workers.
PICL should advertise their facilities and advantages to the welfare of
the people. People will be attracted by their advertisement and canmake their insurance from the company. So the company should
provide advertisement for the awareness of the people.
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our report in time. It is because of Allah and the entire group who
works as a unity team. Otherwise the report would not be completed.
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Chapter 4
Bibliography
The planning process of PICL. (n.d.). Retrieved April11, 2009, from
http://www.prime-insurance.net/planning
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