Adamjee Insurance Company

Limited
A presentation by:
Fatima Haider mi10bba002
Fazeela Rasheed mi10bba008
Isma Aslam mi10bba056
Maryam Bukhari mi10bba041
Saima Saleem mi10bba039
Special Thanks to Mam Anum

History
Adamjee Insurance Company
Limited was founded in 1960 by Mr. A. W.
Adamjee.

AdamjeeInsurance received its certificate of

commencement on 30th November 1960. And
issued its first policy on 5th December 1960

Success is Adamjee
Involved in general insurance, the company is also registered
with the Central Depository Company of Pakistan Limited.

The company started with a paid up capital of Rs.

2.5 million which has grown phenomenally to the
current paid up capital of Rs. 826 million which is
the highest amongst all the general insurance
companies.

Extensive Network
The Company has an extensive network of branches across the country.
Till date 73 branches are functioning within the country, while seven
are functioning abroad namely; Dubai, Sharjah, Abu Dhabi, in the UAE
and Jeddah, Al-Khobar and Riyadh in Saudi Arabia.

Personnel
Over 1500 dedicated employees are the real assets of the company.
The company has the largest reservoir of qualified personnel amongst
the insurance industry.

Mission Statement
Being the leading insurance company of Pakistan and Second
best in Asia, our aim is to be a significant Participant in
developing Pakistan's image by Providing maximum insurance
protection at the most Competitive price in a highly efficient
manner for Industrial and economic growth.

Vision Statement
To remain the leading insurance company of Pakistan Excelling in every
aspect of its business and in Delivering its obligations as a good corporate
citizen To its clients, employees, shareholders, public and to The country.

Leadership from strength

AICL enjoys a competitive edge in the insurance

industry due to its strong asset base, paid up
capital, huge reserves, balanced portfolio mix,
steady growth in gross premium and continuous
increase in share price at the stock market.

There are basic 6 products offered by adamjee

Insurance:
Engineering insurance
Fire Insurance
Retail insurance
Marine insurance
Motor insurance
Micro Insurance

PRODUCTS/SERVICES

Engineering insurance
Engineering insurance further involves five
covers including:
Contractor's All Risk (CAR )Insurance
electronic equipment insurance
EAR insurance
Comprehensive project insurance
Machinery insurance

Fire Insurance
Policy provides compensation to the insured
person or firm in the event of damage to the
property insured (i.e. buildings, stock,
machinery and other contents) caused by fire,
lightning and explosion.

Health Insurance:
Health insurance:
benefits covered under Adamjee Health
Insurance care are
Hospitalization Benefit
Major Medical Care Benefit
Critical Illness Benefit
Maternity Benefit
Out Patient Cover
Additional Benefits

Micro Insurance
AICL through MI offer hospitalization, personal
accident, maternity and child birth coverage.

Retail Insurance
Crop Insurance
Livestock Insurance
Travel Insurance

Motor Insurance:
Adamjee comprehensive motor insurance policy
gives you the maximum coverage against theft,
accidental damage and third party liability with
greater. The major scope of the cover includes

Loss or Damage Due To:

Accidental means, Fire external explosion, Self ignition
Lightning, Flood
Theft & Burglary
Malicious Act
Whilst in transit (Road & Rail)
Terrorism, Riots & Strikes (Optional)

Third Party Liability

Property Damage
Bodily Injury
Death

Underwriting policy and process

Each car insurance company has
adapted its own policy associated
with the underwriting process.

Factors of Underwriting

 DEMOGRAPH
Including sex and age

Driving records

How you use your car

Make , model and age of your car

Single verses multiple car policy

INTIMATION OF CLAIMS
Intimate your claim by calling or writing to your
concerned Adamjee Insurance branch. Insurance
policy also bears the details required for
intimating any claim. Surveyor will be
appointed after the intimation and required
documents will be collected.
Adamjees a flexible claims tracking system.
In addition, the system enables you to drill down
to look at the status of individual claims. All
data is updated overnight.

In 2010,
net claims in fire insurance were 414millions
Marine insurance had 136million
Motor insurance had claims worth 984million
rupees against 1386millions premium.

Claim Adjustment Process

Claims adjusting is the process of determining coverage,
legal liability, and settling a claim. The claim function exists
to fulfill the insurers promises to its policyholders. Claim
adjusting is essential to establishing an insurers relationship
to its policyholders..

Users of Claim Information

Marketing department

Underwriting department
Actuarial

 Marketing

MARKETING DEPARTMENT:

Needs information about customer satisfaction,

in addition, information gathered from the claims
department can be used to fashion new coverages
to better meet the needs of policyholders e.g.
insurance provision for power surges

Underwriting department:

A
post-evaluation of claims costs can reveal characteristics of
loss that an underwriter may have been able to detect
when considering an application for insurance. A number of
similar claims could also alert underwriters to an emerging
problem with a particular class of policies.

Actuarial:
Actuarial-require accurate information on the actual claims
costs, as well as, up to date information on claims that have
occurred and need to be reserved against settlement later
on [IBNR]

Claim Settlement Process

Centralized Settlement
Decentralized Claims Settlement

SETTLEMENT OF CLAIMS:
After receiving all requisite documents of claim, Claim
Department will check the papers in accordance with
approved plan. All the papers will be forwarded to
Internal Audit department to check the compliance of
law and application of other Audit procedures.
Once the file is cleared by Internal Audit department, a
discharge voucher will be sent for consent of claimant on
the final claim amount and verification of signature by
the respective bank along with claimants account
number and branch information.
A cross cheque will be dispatched through your nearest
branch as per details mentioned in the signed discharge
voucher

Credibility
Adamjees security has passed the stringent standards of IFC,
world bank & other leading agencies in the world

JAPANS credit rating agency LTD & VITAL INFORMATION

SERVICES PAKISTAN has assigned AICAA for the year 2010

 The MANAGEMENT ASSOCIATION of PAKISTAN

has awarded Adamjee the corporate
excellence award twice in the year 1997 &
1998

AIC holds a distinctive record of holding best

company award from KSE among all sectors
for 17 consecutive years.

We are credible
Adamjee is the first general insurance company in
Pakistan to achieve ISO 9002 certification from the
worlds oldest and most reputed certifying company

The company continually endeavors to provide its

clients with sophisticated analysis; quality advice,
innovative solutions, and the capacity to transfer
risks to internationally renowned A rated Reinsurers.