liberty insurance co

8/7/2019 Liberty Insurance Co.

http://slidepdf.com/reader/full/liberty-insurance-co 1/12

INTERNATIONAL ISLAMIC UNIVERSITY

CHITTAGONG

Report on the introduction of Liberty Insurance Company as on

29-06-2010

Prepared by,

Name Ma

Mehboob Ul Haque B073312

Md Sirajul Mostafa B073080

Misbah Ibn Hakim B073095Md Sazzad Hossain B063017

Md Raihan Pervez B071029

Shaibal Dutta B073065

Md Abdulla Al-Mamun B063315

Prepared for,

Mr. Kazi Golam Azam

Lecturer DBA, IIUC



Liberty Insurance Company is built on the notion that a life insurance company

should last forever. The company will focus on cultivating an enduring legacy of

trust as well as a reputation for consistently delivering on our commitments –

protecting individuals and families against financial risk, maintaining the keen

focus on the long – term interest of our policy holders, and ensuring our company

continues financial strength.

We are different to others. Financial security is our business so we are prudent, but we’re also continuously creative in giving customers what they need. We are

entrepreneurial in the way we bring what we do to new markets, and continue to

invest confidently in the highest quality products and services.

The company was incorporated on 24th July, 2009, was licensed on 13th

December, 2009 and commenced business on 9th January, 2010. Today, Liberty

Life Insurance Company, with its head office in Chittagong operates whole over

Bangladesh. Liberty Life insurance Company’s primary method of distribution

around the country is the agency network. Liberty’s agency offices servicing

centers and affiliates market a board range of life insurance product through anetwork of some agents. We emphasize on professional skill development

through continuous education and field training.

Liberty’s policy of developing local talent to resource its operations will greatly

contribute to its success in understanding, meeting and responding to changing

customer needs and market conditions. We are primarily staffed with local

personnel who are constantly studying the needs of individuals and developing

innovative products to the specific requirements of customers. This long standing

approach is the foundation of our leadership, because we understand local marketneeds and conditions.

Our Vision

To be a leader and role model in a broad based and integrated financial based

service.



Our Mission

To help people mitigate risks of life, accident, health and money at all stages and

under all circumstances and to enhance the financial future of our customer

including enterprise.

Our Goal

- Create best value for customers, shareholders and stakeholders.

- Achieve impeccable reputation and credentials through best

business practices.

Address Head Office: House no 214(5th floor),

Chatteswari Road, Chawk Bazar,

Chittagong, Bangladesh

Phone: 031-230548

E-mail: [email protected]

Company Registration Date 24th July, 2009

License Date 13th December, 2009

Registered Office House no 214(5th floor), Chatteswari

Road, Chawk Bazar, Chittagong,

Bangladesh

Number of Directors 13 members

Board of Directors

1. Mr. Md. Saiful Islam, Chairman

2. Mr. Md Younus, Vice-Chairman

3. Mr. Amir ul Haque

4. Mr. Sirajul Mostafa

5. Mr. Meraj Ahmed

6. Mr. Raihan Pervez

7. Mr. Tarique Ansari

8. Mr. Mohammad Sahaban

9. Mr. Shaibal Dutta10. Mr. Mehboob Ul Haque

11. Mr. Misbah Ibn Hakim

12. Mr. Sajjad Haider

13. Mr. Akbar Ali

mailto:[email protected]

mailto:[email protected]



Management

Managing Director

Md. Abul Bashar

Deputy Managing Director

Md. Zakir Hussain

Senior General Manager

Md. Abul Hussain

Board of Directors

Chairman

Directors

General manager(Admin)

Saiful Chowdhury

General manager(Account)

Ariful Islam

Senior manager

Enamul Haque

Senior manager

Javed Ali

Manager

Md Rafique

Manager

Zakir Ahmed

Manager

Sarfaraz Ahmed

General manager(IT)

Zahid Haque

Senior manager

Md Alam



- This EPP Plus plan also provides a personal accident coverage that

ensures the financial future of your loved ones in case of your

death, disability or injury due to accident

ii. Lifetime Pension Plan:

- Offers you a combination of savings and protection- You can choose a plan that has a payment term ranging between 10

and 20 years

- Facility to withdraw the face amount along with any accumulated

bonuses any time after the end of the premium payment period

- You can start receiving the pension payment, 1 year after the

completion of the premium payment period

- In the unfortunate event of your death, our loved ones will receive

the full face amount plus accrued bonuses.

- This plan also provides a personal accident coverage that ensures

the financial future of your loved ones in case of your death,

disability or injury due to accident

3. Accident and Health:

i. Critical Care :

- Critical Care will provide you with lump sum payment of up to

BDT 500,000 which is payable upon diagnosis and receipt of proof

for one critical illness only.

- Critical Care supplements your life insurance protection

- We offer several plans and you can select the plan of your choice

for you

- The critical illness lump sum payment will be made only once if

you are diagnosed and proved with any of the 25 illnesses listed.

- There is no deductible amount

List of covered illnesses

1. Stroke

2. Cancer (Except Skin Cancer)

3. First Heart Attack

4. Coronary Artery Surgery

5. Other Serious Coronary Artery Diseases

6. Heart Valve Replacement

7. Major Burns



8. Blindness

9. Pulmonary Arterial Hypertension (Primary)

10. End-stage Lung Disease

11. Kidney Failure

12. Surgery To Aorta13. Aplastic Anaemia

14. Major Organ Transplant

15. Loss Of Hearing

16. Loss Of Speech

17. Muscular Dystrophy

18. Alzheimer’s Disease / Irreversible Organic Degenerative Brain Disorders

19. Motor Neurone Disease

20. Parkinson’s Disease

21. Coma

22. Benign Brain Tumour

23. Major Head Trauma

24. Bacterial Meningitis

25. Paralysis

ii. Hospital Care:

- The Hospital Care supplements your life insurance protection

- These benefits are payable in addition to any other insurance plan

that you may have.- You can select the plan that best suits your needs and the needs of

your family from the range we offer.

- The Daily Cash income continues for up to 52 weeks from the very

first day of hospitalization.

- The Cash Income is paid directly to you, to use any way you wish.

- The Cash income is payable regardless of expenses, even if you are

confident in a free hospital.

- There is no deductible amount or waiting period

iii. Lifetime Income Policy:

- This is a dedicated accident insurance product specially tailored for

the Bangladesh market where the rate of road traffic accident is

one of the highest in the world.



- It offers cover for accidental loss of life, permanent partial

disability due to accident, and permanent total disability due to

accident

- Several units are available under this policy and you can pick the

number of units that suits you the most- No health questionnaire or medical examination required

- This plan provide you with 24 hour, 365 days a year worldwide

coverage

- 20% of the Premium paid will be refunded as a 'No Claim Bonus'

after 3 years, provided that no claim has been made

iv. My Child Special:

- One single policy that covers both parent and the child

- The plan covers hospitalisation due to accident and sickness andoffers reimbursements for both in-patient and out-patient medical

expenses due to an accident

- Accident Medical Expense Reimbursement up to Tk. 40,000 per

accident and there is no limit to the number of accident claims in a

year

- Sickness & Accident In-Hospital Daily Cash up to Tk. 2,000 per

day and Tk. 730, 000 per year

- Catastrophic Disability Cash Benefit up to Tk. 7,000 per month up

to 240 months- Dismemberment, Loss of Sight and Hearing Indemnity up to Tk.

300,000

- 20% of the premium paid will be refunded as a 'No Claim Bonus'

after 3 or 5 years, provided that no claim has been made

Area Offices

The Company is seeking to increase its branches all over Bangladesh. With

its headquarter in Chittagong, the company have branches in several other

districts. The area offices are listed below:

1. Dhaka Area

- Dhaka Servicing Centre

- Malibagh Servicing Centre



- Gazipur Servicing Centre

- Gangni Servicing Centre

2. `Comilla Area

- Comilla Servicing Centre

- Muradnagar Servicing Centre

- Chandpur Servicing Centre

- Kuti-Chowmohoni Servicing Centre

- Brahaman Baria Servicing Centre

- Shamgram Servicing Centre- Chowddagram Servicing Cntre

- Narsingdi Servicing Centre

3. Sylhet Area

- Sylhet Serving Centre

- Sunamgonj Serving Centre

- Chhatak Serving Centre

- Moulvibazar Serving Centre

- Hobigonj Serving Centre

4. Chittagong Area

- Chittagong Serving Centre

- Jorargonj Serving Centre

- Sitakunda Serving Centre

- Khagrachari Serving Centre

- Rangamati Serving Centre



5. Feni Area

- Feni Servicing Centre

- Laxmipur Servicing Centre

- Maijdi Servicing Centre

- Chatkhil Servicing Centre

- Chhagalnaiya Servicing Centre

6. khulna Area

- Khulna Servicing Centre

- Paikgasa Servicing Centre- Shamnagar Servicing Centre

Business Continuity Plan

Liberty Life Insurance is one of the few Bangladeshi companies to have a

fully operational Business Continuity Plan (BCP) to ensure minimal impact

to the organisation, its people, and most importantly, its customers. Our

Business Continuity Planning (BCP) Program is a response plan whichwould ensure that in the event of a disaster we would be able to restore and

recover operations for critical processes within a predetermined time after

the disaster.

To have a planned response in the event of any contingency ensuring

recovery of critical activities at agreed levels within agreed timeframe

thereby complying with various regulatory requirements and minimizing

the potential business impact to BSLI. Additionally to create a system that

fosters continuous improvement of business continuity management.



Promotion And Advertisement

Different media are used as a medium for promotion on the company.

Advertisements are provided in the daily newspapers, internet and television.

We create interest in people about our company by making them understand

the importance of insurance. Our customer service is excellent. Many parttime workers are working as an agent for the company who explain our

policies to the customers in return of which they receive some package of

benefits from the organization.

Projected Financial Statements

1. Projected Income statement for yr 2010, 2011, 2012For the Year ended dec 31(in thousands) 2010 2011 2012

Reveneus

Premium, Annuity Considerations, & fund Deposits Net Investment Income

Other Income

Tk. 59251551

217

Tk. 59261467

79

Tk. 60121890

110

Total Revenue

Benefits & Expenses

Benefit Payments to Policy Holders And Beneficiaries Net Additions to policy Benefit Reserve

Commisions And Operating Expenses

7693

37121332

1750

7472

37581329

1401

8012

38991600

1500

Total benefits And expenses

Gain from Operations Before Tax & DividendsPolicy holders Dividends

6794

899708

6488

984714

6999

1013756

Gain from Operations Before Taxes

Income Tax expense/ Benifits

191

(67)

270

42

257

39

Net gains From Operations 124 312 296

Net realized capital gain/ loss, after tax (96) 125 110

Net Income 28 437 406



2. Projected Balance SheetAs of Dec 31(in thousand) 2010 2011 2012

Admitted Assets

BondsUnaffiliated Common and Preferred Stock

Investment in AffiliatesMortgage loansReal Estate

Policy Loans

Other Investment Assets

Receivables For SecuritiesCash And Short-term Investments

Tk. 20025867

9023339189

2483

9896

202

Tk. 17492722

8523475168

2301

81065

1000

Tk. 20000900

9503333175

2000

90045

560

Total Invested Assets

Due And Accrued investment income

Current federal income tax recoverable & interest

thereon

Premium deferred & uncollected Net Deferred Tax Asset

Other Assets

29002315

18

871520

169

26885268

209

873520

218

28863300

100

900500

250

Total Admitted Assets 30895 28973 30913

Liabilities And Surplus

Reserve for Policy Benefits

Policyholders Dividend Payable

Interest Maintenance ReserveAsset valuation Reserve

Amount due to Brokers and other Liabilities

23477

1834

79371

946

22147

1882

75231

979

23400

1888

80250

950

Total liabilities

Surplus

26707

4188

25314

3659

26568

4345Total liabilities and surplus 30895 28973 30913

Conclusion

Liberty Insurance Company is a growing insurance company. Our policies

and techniques are best for the customers and the stakeholders. We have a

fully operational Business Continuity Plan (BCP) to ensure minimal impact

to the organization, its people, and most importantly, its customers. The

products provided are designed in such a way that it covers all kind of financial risk that a individual or a family may face.

liberty insurance co

Documents