Internship Report on Chartered Life

Insurance Company Ltd.

A comparative analysis on Human Resource Management
practices between Chartered Life and Metlife Alico.

Prepared For
Mohammad Sajjad Hossain
Senior Lecturer
Department of Business Administration
Prepared By
Sabila Muntaha
ID: 2010-1-10-245
Department of Business Administration

East West University

Date of Submission: April 17, 2014

Contents

Page
CHAPTER ONE

1.1 Background of the study

1.2 Origin of the report

1.3 Objective of the Study

1.4 Scope of the report

1.5 Methodology

1.6 Limitation

3
CHAPTER TWO

2.1 Introduction

2.2 History & Development of Insurance

2.3 Needs of insurance in Life

5-6

2.4 Development of insurance in Bangladesh

6-8

2.5 Implication of Five forces Model (By Michael E.

Porter) in insurance industry of Bangladesh

9-10

2.6 Background of the Company

11-12

2.6.1 Vision

13

2.6.2 Mission

13

2.6.3 Objectives

13

2.6.4 Goal

13

2.6.5 Strategy House of the Company

14

2.6.6 Our Services and Network

15

2.6.7 Our Believe and Messages

15

2.6.8 Strengths of the Company

15

2.7 Types of Insurance

2.8 Types of Policies Chartered Life

16-18
18

2.8.1 Three Payment Plan

18-21

2.8.2 Five Payment Plan:

22-24

2.8.3 Child Education Protection Plan (CEPP) Plus

22-24

2.8.4 Pension Plan

24-26

2.8.5 Monthly Saving Plan

28-29

2.8.6 Endowment Insurance

29-31

2.8.7 Single premium life insurance

31

CHAPTER THREE
3.1 Company Organogram

32

3.2. Marketing & Agency Department

32-34

3.3. Underwriting Department:

34-35

3.4 Actuary Department

35-36

3.5 Customer Service

3.6 Human Resource Management Department

36
36-37

3.7 Information and communication Technology

Department

38

3.8 My Job Responsibilities

39

3.8.1 Responsibilities in Marketing & Agency

Department

39

3.8.2 Responsibilities of Human Resource

Department

39

3.8.3 Responsibilities of Admin & General Service

Department

40

CHAPTER FOUR
4.1 Introduction

40

4.2 Theoretical Background

40-42

4.3 Human Resource Management Key

Responsibilities

42 -45

4.4 Comparison In terms of Human Resource

Planning

45 -49

4.5 Comparison In terms of Recruitment Process

50-54

4.6 Comparison In terms of Recruitment Method

55- 57

4.7 Comparison In terms of Selection Process

57 -61

4.8 Comparison In terms of Training and

Development Program

61-64

4.9 Comparison In terms of Performance Appraisal

Systems

64-66

4.10 Comparison In terms of Recognition and

Rewards

66-68

4.11 Linking Performance to Promotions

68-69

4.12 HRIS Practiced by Metlife Alico and Chartered

Life

69

Conclusion

70

Bibliography

71

LETTER OF TRANSMITTAL
April 17, 2010
Mohammad Sajjad Hossain
Senior Lecturer
Department of Business Administration
East West University.

Subject: Submission of internship report

Dear Sir,
I would like to take this opportunity to thank you for the guidance and support you have
provided me during the course of this report. Without your help, this report would have been
impossible to complete. With deep gratitude, I also acknowledge the help provided by Mr.
Md. Mohiuddin, Incharge of Human Resource Department and Mr. Shahadat Hossain
Bhuiyan, Officer of Agency Service Department for providing me utmost supervision during
my internship in the organization.
To prepare the report I collected what I believe to be most relevant information to make my
report as reliable as possible. I have concentrated my best effort to achieve the objectives of
the report and hope that my endeavor will serve the purpose. The practical knowledge and
experience gathered during report preparation will immeasurably help in my future
professional life. I request you to excuse me for any mistake that may occur in the report
despite of my best effort.
I would really appreciate it you enlighten me with your thoughts and views regarding the
report. Also, if you wish to enquire about an aspect of my report, I would gladly answer your
queries.
Thank you again for your support and patience.
Yours Sincerely,
Sabila Muntaha
ID- 2010-1-10-245
Department of Business Administration
East West University

ACKNOWLEDGEMENT

Prosperous conclusion of any course requires support from various personnel and I was
fortunate to have that support, direction, and supervision in every aspect from my teacher,
Chartered Life officials and friends.
First of all I would like to thank beyond measure grace and deep kindness of the Almighty
Allah.
I like to express my deep sense of thankfulness to my supervisor of Internship Program Mr.
Mohammad Sajjad Hossain, Senior lecturer, East West University for his frank
encouragement as well as guidance in preparing this report. I acknowledge my gratitude to
Mr. Mohammad Mohiuddin, Senior Officer of HR Department for his help and valuable
suggestion from time to time and for being my supervisor in the host organization in
achievement of my internship program as well as preparing the report. And I would also like
to thank to Mr. Shahadat Hossain Bhuiyan, Officer of Agency Service Department, for their
kind cooperation.
I also show my utmost gratitude to all the officials of Chartered Life Insurance Company
Ltd.. The speed and helpfulness of the officers really helped me in obtaining the necessary
information in time.
I would also like to thank Mr. Abu Musa Siddiqui, Managing Director and CEO of the
company as well as Mr.Rezaul Hossain Khan the Honorable Advisor of Chartered Life
Insurance Company Ltd. who made the door of Unilever wide open for me.

EXECUTIVE SUMMARY

Chartered Life Insurance Company Ltd is one of the newest life insurance companies of
Bangladesh. Officially it has started its journey from January 1, 2014. As the company is an
honest life insurance company and they are committed to doing what is right the company
believe very soon they will become the most admired life insurance company by securing the
financial future of the customers.
This report is designed in four major chapters. Initially the opening words about the report
were described in the first segment titled Introduction. The next segment Overview of
Insurance Industry and Chartered Life contains the history of insurance industry and the
present condition of insurance industry in Bangladesh as well as here we discuss the total
background of Chartered Life Insurance Company Ltd, and its Organizational structure.
Next two chapters are on my intern experience and the project part. In chapter three I have
briefly describe all the departments of the company and my key responsibilities and
involvements as an intern of Chartered Life. And in project part I have done a comparative
analysis on human resource management practices between a local and foreign life insurance
of Bangladesh. As a local company I have chosen Chartered Life and as a foreign company I
have chosen the very famous and well established Metlife Alico.

1.1 BACKGROUND OF THE STUDY

Insurance industry is one of the growing sectors in Bangladesh Insurance sector is
extenders its hand in different areas from time to time. At the same time the insurance
process is becoming faster ,easier and the insurance arena becoming wider .As the
demand for better service increases day by day, they are coming with different
innovative ideas and products. In order to survive in the competitive field of the
insurance sector, all insurance organization are looking for better service opportunities
to provide their fellow clients. As a result, it has become essential for every person to
have some idea on the insurance. The trade atmosphere today is changing more
rapidly than ever before. It is characterized by increasing competition from both
domestic and foreign companies, a brandish of mergers and acquisitions, and more
sophisticated and demanding customers who have great expectations related to their
consumption experiences. Since services are intangible, heterogeneous, and
inseparable, it is difficult to measure service quality objectively. So the companies have
focus to so many different aspects in order to make sure their sales. This report deals
with how a new private Life insurance company can compete with the existing
insurance companies. And thus in this report we discuss the present scenario and as
well the future strategies of the company. Finally this report has analyzed and
compared the human resource management practice in insurance industry of
Bangladesh and has considered a local and a foreign insurance in this regard. As a
sample it has taken the Chartered Life which is a new local insurance and Metlife Alico
a foreign life insurance of Bangladesh.

1.2ORIGIN OF THE REPORT

This report is a requirement of the internship program for my BBA program. My supervisor Mr.
Mohammad Sajjad Hossain assigned me the topic. I have tried my level best to make it as an
excellent one. I used all the latest data and information. I have been serving this company as an
intern for three months so I got privilege to put latest data .

-1-

1.3 OBJECTIVE OF THE STUDY

The main objective of this report is to have an assessment about overall activities of
Chartered Life Insurance Company Ltd. How they manage all the departments, what services
it is providing to the Clients and how Clients are getting benefit from it and what is the future
strategy of Chartered Life, in short how it is meeting up the requirements and competes with
the existing insurance companies. Finally This paper has analyzed and compared the human
resource management practice of chartered life with the existing strong foreign insurance
company Metlife Alico.

1.4 SCOPE OF THE REPORT

This report gives an overview about the company like about the mission and goals of the
company, the functional departments, the strategies, etc.
This report has been prepared through extensive discussion with the top level and mid level
management. While preparing this report, I had a great opportunity to have an in depth
knowledge of sales activities of the agency service department gives an overview of human
resource department. It also helped me to acquire a first-hand perception of a very new Life
Insurance Company of Bangladesh.

1.5 METHODOLOGY
To make the report more meaningful and presentable, two sources of data and information
were used widely. Both primary and secondary data sources were used to prepare this report.
There are some records collected from various resources of the company. Most of them can
be treated as the secondary date. Furthermore, I also attend some general meeting of the
companies. That have been used as a medium of collecting data for preparing this report.
Primary data that are mainly used are from different persons directly related to different
department of chartered life. The secondary data are mainly collected through different
journals, yearbooks, brand book, presentations slides, websites and etc. specially the
information and data about Metlife Alico are the secondary data we used in this report.
-2-

1.6 LIMITATION
The preparation of this report was not an easy task. As chartered life is a new company and
they do not have any previous record of business I had to face some problems & limitations
during the preparation of this report despite the fact that I have tried my best to prepare this
project successfully. The limitations were:
The Chartered Life is a totally new company so yet they do not prepared any furnished
format of their activities so collecting information from different sector was difficult and time
consuming.
Confidential information that no organizations inclined to share due to their business interest
was the major limitation I face while collecting information from Metlife Alico
Data from different sources were quite inconsistent which created some problems in making
the report & compelled me to verify the data diligently.

2.1. Introduction
Insurance is a system of spreading the risk of one onto the shoulders of many. Whilst it
becomes somewhat impossible for a man to bear of himself 100% loss to his own property or
interest arising out of an unforeseen contingency, insurance is a method or process which
distributes the burden of the loss on a number of persons within the group formed for this
particular purpose.

2.2 History & Development of Insurance

The origin of insurance is lost in antiquity. However, there is no evidence that insurance in its
present form was practiced prior to the twelfth century. A brief chronological historical
development of the various branches of insurance is given below:

Marine Insurance:
Marine is the oldest form of insurance and came first in the list. This type of insurance
probably began in northern Italy sometime during the 12th & 13th century and gradually the
concept was rather transferred to or taken over by the United Kingdom. During the 13th / 14th
century the Italian merchants went to UK and along with the merchandise carried with them
the trading customs including the concept of marine insurance. Marine insurance as such was
not being practiced as a separate specialized entity during that time since it were the
merchants who used to transact marine insurance business side by side with their general
trading activities.

Fire Insurance:
After marine insurance fire insurance developed in present form. It had been observed in
Anglo -section Guild form for the first time where the victims of the fire hazards were given
personal assistance by providing necessaries of life.
It had been originated in Germany in the beginning of sixteenth century. The fire insurance
got momentum in England after the great fire in 1666 when the fire losses were tremendous.

Life Insurance
The third in the list of development is the life insurance business. The earliest policy of which
there is a record dates back to 1583. During this period only short term polices were used be
issued meaning that only at the death of the life assured during the term period the money
was to be paid. On survival nothing was payable.

In 1693 Halley introduced the mortality table giving a definite value to risk of

death. In

1974, the life Assurance Act was passed in the British parliament requiring the presence of
insurable interest before one could affect a life policy on the life of another. All these
gradually gave life assurance a sound, systematic and scientific basis as we see in the present
day.

2.3 Needs of Insurance in life

The need for life insurance is simple; you should consider life insurance if anyone depends
on your income. Essentially, you transfer the risk (loss of your income) to the insurer by
paying a fee, or premium, to the insurer. The insurer, with a large capital base and expertise
in risk selection and management, is better able to accept this risk than any single individual
would be.

This risk transfer may be helpful in both personal and business situations.

Personal needs:
Dependent's Support: The major reason people buy life insurance is to replace income that
would be lost because of the death of an income earner. If you support or help support a
family, the loss of income that would result from your death could mean that your surviving
dependents may face financial difficulties. Household expenses continue, utility bills and
school fees must be paid, and food and clothing must be purchased. Life insurance provides
you with a sense of security in the knowledge that the life insurance money will be available
to help support family members in case of your death.

Education Costs: One of your primary objectives may be to send your children to a university
or college. Due to an untimely death, the tuition may become beyond your family's reach.
Life insurance may be used to provide for the tuition expense.

Burial expenses and estate planning: Life insurance may be used to pay funeral or burial
expenses. In addition, it may be used to pay inheritance taxes.
5

Investment Income: Life insurance policies that accumulate savings can also be used as
vehicles for personal savings and investment. Over a period of time, the accumulated savings
in a permanent life insurance policy can grow to a substantial sum and, while growing, will
still provide the insured with life insurance coverage.

Business needs:
A business continuation insurance plan: When the owner or a key person (any person whose
death would cause the business a significant financial loss) dies, a business continuation life
insurance plan may be used to provide the necessary fund for the business' continued
operation.

Buy-Sell Agreement: If your business partner dies and you don't have enough money to buy
your partner's financial interest in the company, life insurance may be arranged to cover this
cost.

Life insurance as Employee Benefits: Businesses often use life insurance to provide benefits
for their employees. Employers pay for all or part of these employee benefits as part of the
total package under which they compensate their employees.

2.4 Development of Insurance in Bangladesh

Insurance is not a new idea or proposition to the people of Bangladesh. About half a century
back, during the British rule in the then India, some insurance companies started transacting
insurance business, particularly life in this part of the world. Since 1947 until 1971 insurance
business gained momentum in this part of what was then known as East Pakistan. There were
about 49 companies transacting both life and general insurance business. These companies
were of various origins, Viz, British, Australian, Indian, West Pakistani and East Pakistani.
Except a few companies these were mostly limited liability companies acting under a free
competitive economy.
With the emergence of the Peoples Republic of Bangladesh, the government in order to
6

make available the fruit of liberation to the general mass, nationalized the insurance industry
in 1972 by presidential order no 95 more specially known as the Bangladesh insurance
(Nationalization) order 1972.
By virtue of the order, save and except postal life insurance and foreign life insurance
companies (other than the Pakistani companies), all companies and organizations transacting
all types of insurance business in this country came under this nationalization. Five insurance
corporations were basically established, Viz.
i)

Jatiya Bima Corporation

ii)

Teesta Bima Corporation

iii)

Karnaphuli Bima Corporation

iv)

Rupsa Jibon Bima Corporation

v)

Surma Jiban Bima Corporation

The Jatiya Bima Corporation was not an underwriting corporation, actually, it was a central
corporation to supervise and control the activities of the remaining four subsidiary
corporations. As per this order Teesta and Karnaphuli were made responsible for general
insurance business and Rupsa and Surma were made responsible for life insurance business.
All the existing 49 companies were merged with this 4 corporation whilst life companies or
the life portion of a composite company joined the Rupsa and Surma, the general companies
or the general portion of a composite company joined the Teesta and Karnaphuli.

Formation of two corporations

Although the basic idea behind creating 2 corporations in each main branch was to encourage
competition even under a nationalized system, it was observed soon that the unnecessary
administration expenses for maintaining these two corporations in each front
and arr apex institution.
Therefore, on 14th May, 1973 the structural arrangement under nationalization was changed
vide act VI 1973.
The previous 5 corporation were abolished and instead 2 corporations were established, Viz.

i)

Sadharan Bima Corporation

For transacting general insurance business only. The two general insurance
7

corporations were merged under it.

ii)

Jibon Bima Corporation

For transacting life insurance business only. The two life insurance
corporations were merged under it. In the sector, postal life insurance business
and corporation of life business by foreign companies (other than Pakistan) are
still permitted as before.

This is the present structure under which the insurance business in transacted in this country.
Insurance is not altogether a new idea in this country, but somehow it could not flourish
much. Now however, there is enough provision for tapping the untapped resource and
potentialities. During the Pakistan or Pre-Pakistan period this market was basically a
production market dealing only in limited conventional types of insurance business both in
life and general. Consideration used to be missing as to what type of policy would suit best
the requirement of the people. Hence, even though there was tremendous growth prospect, it
never gained momentum in the past. Lake of proper technical know-how of the insurance
personnel and the general ignorance of the public as to the importance of insurance business
were also partly responsible for extremely slow growth of insurance activities in the past.

2.5 Implication of five forces model (By Michael E. porter) in

insurance industry of Bangladesh.

Risk of
entry by
potential
competitor

Burgaining
Power Of
Supplier

Riverly
among
established
Firm

Burgaining
Power of
buyers

Threats of
substitute
Product

Michael E. Porter of the Harvard School of Business Administration developed a five forces
model which helps the business managers analyze the forces of the environment within a
specific industry context. In this respect, I like to make discussion below in respect of
insurance industry its importance and implication in Bangladesh.

i) Risk of entry by potential competitors

The change of entry by potential competitors depends on the barriers to entry. The higher the
barriers are, the lower is the chance to entry by the potential competitors. In this respect,
Bangladesh government has not given permission to establish any insurance company except
ALICO. As such, the insurance companies of Bangladesh are enjoying better facilities and
benefits, but to allow the foreign insurance companies are dependable on the wishes of
Bangladesh government. So our own insurance companies are always remaining anxious if
Bangladesh government permits insurance companies of foreign countries, then they will be
in the face of hard competition.

ii) Rivalry among establish companies

The extent of rivalry depends on the function of three factors, such as, a) competitive
structure, b) Demand conditions and c) Exit barriers.
Competitive structure refers to the number and size of companies in an industry. Structures
vary from fragmented to consolidate. Growing demand is good for existing companies
because it gives opportunities to the existing companies to expand operation. Exit barriers
9

could be economic, strategic and even emotional. In the light of above discussion the
insurance companies of Bangladesh are better in their competitive structure, demand
condition, but the spoken in the last exit least number of barrier.

iii) Bargaining power of Buyer

Buyers can be viewed as a competitive threat when they force down prices or demand higher
quality products and better services. Alternatively weak buyers give a company the
opportunity to raise prices and earn greater profits. The bargaining powers of the policy
holders of insurance companies of Bangladesh are mostly limited. As such they are enjoying
better facilities.

iv) Bargaining power of supplier

Suppliers are most powerful in the following circumstances-

When the product that suppliers sell has few substitutes and is important to the
company.

When the companys industry is not an important customer to the suppliers.

Above stated factors are not a matter of thread for the insurance companies of
Bangladesh.

v) The threat of substitute products

When there are close substitutes, they pose strong competitive threat. It results in reduction in
price by limiting profitability. In this regard the insurance companies of Bangladesh are
mostly in safe condition, As insurance is the substitute of its own itself.

2.6 Background of the Company

Chartered Life Insurance Company Limited got its government license on 4th July 2013
and incorporated as a public limited company on 29 July 2013 under the Companies Act1994
10

to conduct life insurance business the Insurance Act 2010. But yet the company is not a
member The authorized capital of the company is Tk. 250 Crore divided into 25 Crore
ordinary shares of Tk. 10 each. Its paid up capital shall be Tk. 30 Crore. The sponsor
shareholders subscribed 60% of its paid up capital and the remaining 40% was paid by the
public shareholders. The company officially started its journey from 1st January 2014. The
Head Office of the Company is located at Dhaka and at present company has 15 other branch
offices in 15 other area and they are located at

Chittagong, Sylhet,Rajshahi, Comilla, Feni, Noakhali, Rangpur, Mymensing, Barishal,

Khulna, Jhalakathi, Gazipur & Narshingdi.

11

The management of the company is vested in a 16-member board of directors with the
managing director and with an advisor as the chief executives. The List of Board of directors
and chief executives is given below

SL.
No

Name

Position

1.

Vice Principal Mr. Abdus Shahid

Chairman

2.

Mr. Shykh Seraj

Vice Chairman

3.

Mr. Mohammad Nazim Uddin Khan

Founder Director

4.

Mr. Rezaul Karim

Director

5.

Mr. Md. Kamrul Noor ( Unique Hotel & Resort Director

Ltd.)

6.

Mr. Ghulam Mustafa

Director

7.

Mr. Niaz Ahmed ( Golden Oil Mills Ltd.)

Director

8.

Mr. Shamshed Ali

Director

9.

Mr. Md. Jahangir Alam ( GPH Power Generation Director

Ltd.)

10.

Mr. Mohd. Imtiaz Ahmed

Director

11.

Mr. Durjoy Khan Majlish

Director

12.

Mr. Zillur Rahman Jillu

Director

13.

Mr. Munyam Khan Babul

Director

14.

Mr. Md. Rabiul Alam (Energypac Power Director

Generation Ltd.)

15.

Mr. Mohd Noor Ali

Independent Director

16.

Mr. Faridur Reza Sagar

Independent Director

17.

Mr. Abu Musa Siddiqui

Managing Director

18.

Mr. Rejaul Hossain Khan

Advisor

12

2.6.1 Vision :
To become the best private life Insurance Company of
Bangladesh and in South East Asia as a whole by
maintaining
utmost
integrity,
responsibility
and
transparency.

2.6.2 Mission :

Abide by Shahriah Principles in day to day business

affairs.
Build dynamic, sound and professional management team.
Conduct business in a responsible Manner.
Develop Innovative products.
Enhance Good Governance.
Faster Quality Management System.

2.6.3 Objective: To provide with ethical highest standard service

that uphold the value of Islam.

2.6.4 Goal: To serve the humanity for its well being in the present
and the world hereafter by providing financial and moral
gains through utmost good faith, good conduct, mutual
trust, sincerity, integrity and personalized service.

13

Strategy House

To become the best private life Insurance Company of

Bangladesh and in South East Asia as a whole by maintaining
utmost integrity, responsibility and transparency

VISSION

Meet the Break Even Point in 4 years

TARGET
PILLARS

Distribution

METRICS

VoNB By
Channel

Product

New Product
VoNB ratio

Core
Distribution
-Agency
manpower
to 15000 by 20
-Improve
agency
selection
model
-Fast track
promotions
-Geographical
expansion
-Training &
Development
- Job Fairs
New
Distribution:
- Potentials of
new Act for Bancassurance
Sponsored
Marketing
-Enhance
Cross/Up sell
-E-commerce
- Maturity
Recapture
-Partnership
for Microinsurance
-Expatriate
worker
insurance
VALUE
ENEBLE

Discipline

Marketing &
Customer Centricity
Communication & Conservation
Brand Survey/
VoNB

Customer Survey/
Net promoter score

Employee of
Choice

Operational
Efficiency

Independent
Survey

OPEX
Ratio/TAT

- Enhance
technical
resources
- Product
Development
for agency
- Develop
product suite
for
banacassurance
- Develop
product suite
for micro
Insurance
- Develop
Takaful product

- A full fledged
Marketing
Department
-Market
research
-Build
Awareness
About
insurance
-Enhance
brand
recognition
-Customercentric sales
aids

- Customer
touch points in
key locations
- Customer
Loyalty
-CRM
-Bilingual policy
Material
-Double- billing
and embedding
-Performancebased Reward
-Customer
information
desk

Communicate
vision & values
-Talent
development
-career
progression
opportunities
-Crossfunctional
training
-Goal-setting
and scorecard
-Review
recruitment
process
-Compensation
survey
-Tier grouping
and salary
banding

- Improve TAT
-Automate
workflow
-Install
Dashboard
-Strengthen
premium
collection
facilities
-JET
underwriting
-Improve claim
Administration
-Automate call
distribution
-Web-based
solutions
-Enhance data
capture capacity
- Quick
complaint
resolution

Innovation

Distinction

Customer Focus

People

Performance

WORLD CLASS TECHNOLOGY, HUMAN RESOUCE MANAGEMENT, FINANCE, OPERATIONS &

COMPLIANCE CAPABILITY

14

2.6.6 Our Services and Network

Our services are available from individual to massive concern from (life) all risk
analysis by appropriate insurance. At the other end of your telephone call or e-mail
and even of your doorstep.

2.6.7 Our Believe and Messages

We believe the client must stand of the center of all our activities. Our ability to
optimally fulfill the clients requirement is based on three strategic capabilities: best
risk management advice, maximum security with minimum cost and personalized
service.

2.6.8 Strengths of the Company

As the Insurance Company, initially I have the following strengths:
o Sufficient capital
o New technology
o Skilled agents
o Efficient administration
o Customer care
o Regularity in service
o Availability of financing & efficient financial
structure
o Located in a reputed area
o Marketing research facility

15

2.7 Types of insurance

Although you may hear about many names for different types of life insurance policies, the
majority of policies contain benefits derived from one or more of three basic types. These
types are briefly outlined in very general terms below.

Term Life Insurance: Term insurance is issued for a specific period, or term. This
term usually ranges from 1 to 30 years. You may choose the length of the term that best suits
you. Term insurance is considered an afforda
ble insurance choice. If you are young with a family and need a large amount of protection
without paying high premiums, this type of life insurance may be of interest to you.

Under a Term policy, in case of death during the term of the policy, your beneficiary receives
the cash payment equal to the insurance amount, or death benefit. The death benefit
amount is chosen when you buy the policy. Term insurance protection ends when the period
or term is over, and only pays out in case of death. For this reason this product type offers
higher protection at a lower cost. It is a pure risk transfer product.

Term insurance can be divided into three main types: level term, increasing term, and
decreasing term. Level term means that the death benefit remains the same throughout the
term of the policy. Increasing term means the death benefit gets larger throughout the term of
the policy. Decreasing term means the death benefit gets smaller.

Endowment Life Insurance: Endowment life insurance generally guarantees that a

sum of money will be available to you or your beneficiaries, whether you live until the policy
ends (or matures,) or in case of an untimely death. Endowment insurance usually provides
a guaranteed death benefit and has a savings component called the cash value.

Generally, if you buy an endowment policy and keep it until maturity, it will provide a lumpsum cash payout equal to the insurance amount, or death benefit. In case of death before
maturity, the death benefit would be paid to your beneficiary.

16

Endowment insurance can be useful for people who know that they will have to incur a
specific expense in the future like a wedding or college tuition. They know that regardless
of what the future may hold, the expense will have to be paid. Endowment insurance allows
them to be certain that the money will be there.

Whole Life Insurance: Whole life insurance has many of the same features as
Endowment insurance, but it is designed to remain in force during the insured's entire
lifetime. Like Endowment insurance, it provides a guaranteed death benefit, and has a
savings component called the cash value. As you pay your premiums, a portion of each
payment is set aside to create the cash value. The insurance company typically invests the
cash value, which continues to grow as long as the policy is in force.

Some of the advantages of a policy's cash value are that:

You can cancel or surrender the policy in total or in part and receive the cash value;

however, since this is a long-term policy, in the early years the cash value may be small or
even equal to zero.
-

If you find that you need to skip a premium payment, you can use the cash value to

continue your current insurance protection for some time.

-

In most cases, you may borrow from the insurance company, using the cash value in

your life insurance as collateral.

Other types of whole life insurance:

A number of supplementary benefits can also be added to the various forms of life insurance
policies. Adding riders to the life insurance policy usually provide these additional benefits.
The most common supplementary benefits include:

17

- Accidental Death Benefit: If the insured dies as a result of an accident, the insurer will pay
an amount of money in addition to the basic death benefit provided by the life insurance
policy.

- Waiver of Premium for Disability Benefits: The insurer waives its right to collect
premiums that become due while the insured is totally disabled.

- Disability Income Benefits: The insurer provides a monthly income benefit to the policy
owner insured if he becomes totally disabled.

- Critical Illness Benefits: The insurer agrees to pay a portion of the policy's face amount to a
policy owner insured that suffers from one of a number of specific, critical illnesses

2.8 Types of Policies in Chartered Life

1.
2.
3.
4.
5.
6.
7.
8.

Three Payment Plan

Five Payment Plan
Endowment Plan ( EP-1) with profit
Endowment Plan ( EP-2) without Profit
Education Protection Plan ( CEPP)
Single Premium Plan
Pension Plan
Monthly Savings Plan

2.8.1 Three Payment Plan:

Chartered Life Three Payment Plan (3PP) plus provides High Insurance Protection and
attractive returns on Your Premium.

How Does the Plan works:

The unique feature of the plan is that Chartered Life pays you 50% of the Face Amount much
before the maturity of the policy. It combines both death and living benefits in the most
beneficial and convenient manner to you or your beneficiaries.
18

The living benefits consists of, among others, Three Installment Payments:

25% of the Face Amount is paid at the end of One- Third ( 1/3rd) of the Term of the
policy.

Another 25% of the Face Amount is paid at the End of Two- Third ( 2/3rd) of the
Term.

The remaining 50% of the Face Amount is paid with Reversionary Bonus and Capital
Growth Dividends (if applicable) at MTURITY.

The Death Benefit payment of the Full Face Amount along with Bonuses paid in the event of
death at any time during the term of the policy. 3PPP is available for 12,15,18,21 or 24 years
of coverage.

PROTECTION ALL THROUGH

Important, the 1st and/or 2nd installment amount has no bearing on the Benefits receivable by
the beneficiary (ies) in case of Insureds Death. Even if the insured dies after the 2nd
installment has been paid , the beneficiary(ies) receives the FULL FACE AMOUNT plus
accrued BONUSES.
In the event of death , no deduction is made for the installment already paid.

PAYMENT BEFORE MATURITY

Two installments that you receive before maturity can be used to meet any of your following
needs or you can invest it wherever you want, to give you the maximum returns.

Buy additional protection from Chartered Life.

Reinvest in your business.

Meet Expenses for any Emergency.

Meet Expenses for education and marriage of your children.

Finance future premiums for the same policy.

Acquire Assets

Automatic transfer of those installments to buy Single Premium Endowment Policy

which has been especially developed for our 3PPP policy owners.

19

BONUSES & DIVIDENDS

Chartered Lifes 3PPP policy will participates in the profits declared in the form of
Reversionary Bonuses. 3PPP policies with terms 18 years and above also entitled to Capital
Growth Dividends (Special Bonus). From the 2nd Year onwards, all premiums paid by 3PPP
policy and Chartered Life Adds the applicable Bonus amounts to it. The current bonus rates
may change in the future. However, the declared bonuses are paid at the time of Maturity /
Death Claim Settlement. In case the policy is surrendered, the cash value of reversionary
Bonus is payable.

PERSONAL ACCIDENT COVERAGE

If you qualify for accident coverage, this plan also provides the following additional benefits
in case of your death, disability or injury due to accident within in the premium paying
period.

Accidental Benefit

100% of FA

Permanent Total Disability Benefit

100% of FA

Permanent Partial Disability Benefit for the following Losses

Both Hands of Feet or Sight of Eyes

100% of FA

One hand and one foot

100% of FA

Either Hand /Foot and sight of eyes

100% of FA

Hearing of both ears

100% of FA

Speech

100% of FA

Either Hand or Foot

50% of FA

Sight of one eye

50% of FA

Thumb and Index fingers

25% of FA

Medical Expenses Reimbursement

Max 15% of FA

Personal Accident Coverage provides Maximum of Tk. 20,00,000 and its proportionate
amount as mentioned above.
For housewives, and insured of age 25 or below, the Maximum Coverage would be
Tk. 10,00,000.
You can add many optional valuable benefits to your basic plan from following riders:
20

Waiver of Premium: Premium waived if totally disabled due to accident or sickness

for mane than six month.

Health Care: Weekly benefit when you and your family members are hospitalized
due to accident or sickness.

Critical Care: Lump sum payment if you are diagnosed for any of the covered dread
diseases.

Accidental Indemnity / Limited Accident Insurance Certificate: Lump sum

payment up to 2 times of face amount for loss of limbs due to accident and up to 2
times of face amount due to death caused by accident while travelling in a common
carrier.

Accidental Death Benefit: Up to 2 times of face amount due to death caused by

accident.

These payments will not reduce your life cover,

OTHER ATTRACTIVE FEATURES

Your Premium will never increase. All through, a fixed amount of premium is to be
paid.

Cash Values, Paid Up Values, and extended term insurance values are Guaranteed.

Loans up to a maximum of 90% of cash value are available, if required.

Like all other life policies, the paid premiums are Income Tax Deductable. (Subject
to income tax laws.)

21

2.8.2 Five Payment Plan:

Chartered Life Five Payment Plan (5PP) plus provides High Insurance Protection and
attractive returns on Your Premium.

How Does the Plan works:

The unique feature of the plan is that Chartered Life pays you 50% of the Face Amount much
before the maturity of the policy. It combines both death and living benefits in the most
beneficial and convenient manner to you or your beneficiaries.

The living benefits consist of, among others, five Installment Payments:

12.5% of the Face Amount is paid at the end of One- Fifth (1/5th) of the Term of the
policy.

12.5% of the Face Amount is paid at the End of Two- Fifth (2/5th) of the Term.

Another 12.5% of the Face Amount is paid at the End of Three- Fifth (3/5th) of the
Term.

And end of Four- Fifth ( 4/5th) of the Term another 12.5% of the Face Amount is paid

The remaining 50% of the Face Amount is paid with Reversionary Bonus and Capital
Growth Dividends (if applicable) at MTURITY.

The Death Benefit payment of the Full Face Amount along with Bonuses paid in the event of
death at any time during the term of the policy. 3PPP is available for 12,15,18,21 or 24 years
of coverage.

PROTECTION ALL THROUGH

Important, the 1st and/or 2nd installment amount has no bearing on the Benefits receivable by
the beneficiary (ies) in case of Insureds Death. Even if the insured dies after the 2nd
installment has been paid, the beneficiary (ies) receives the FULL FACE AMOUNT plus
accrued BONUSES.
In the event of death, no deduction is made for the installment already paid.

22

PAYMENT BEFORE MATURITY

Two installments that you receive before maturity can be used to meet any of your following
needs or you can invest it wherever you want, to give you the maximum returns.

Buy additional protection from Chartered Life.

Reinvest in your business.

Meet Expenses for any Emergency.

Meet Expenses for education and marriage of your children.

Finance future premiums for the same policy.

Acquire Assets

Automatic transfer of those installments to buy Single Premium Endowment Policy

which has been especially developed for our 3PPP policy owners.

BONUSES & DIVIDENDS

Chartered Lifes 3PPP policy will participates in the profits declared in the form of
Reversionary Bonuses. 3PPP policies with terms 18 years and above also entitled to Capital
Growth Dividends (Special Bonus). From the 2nd Year onwards, all premiums paid by 3PPP
policy and Chartered Life Adds the applicable Bonus amounts to it. The current bonus rates
may change in the future. However, the declared bonuses are paid at the time of Maturity /
Death Claim Settlement. In case the policy is surrendered, the cash value of reversionary
Bonus is payable.

PERSONAL ACCIDENT COVERAGE

If you qualify for accident coverage, this plan also provides the following additional benefits
in case of your death, disability or injury due to accident within in the premium paying
period.

23

Accidental Benefit

100% of FA

Permanent Total Disability Benefit

100% of FA

Permanent Partial Disability Benefit for the following Losses

Both Hands of Feet or Sight of Eyes

100% FA

One hand and one foot

100% FA

Either Hand /Foot and sight of eyes

100% FA

Hearing of both ears

100% FA

Speech

100% FA

Either Hand or Foot

100% FA

Sight of one eye

100% FA

Thumb and Index fingers

100% FA

Medical Expenses Reimbursement

100% FA

Personal Accident Coverage provides Maximum of Tk. 20,00,000 and its proportionate
amount as mentioned above.
For housewives, and insured of age 25 or below, the Maximum Coverage would be
Tk. 10,00,000.

2.8.3 Child Education Protection Plan (CEPP) Plus

Children are precious object and it is prime responsibility of parent to furnish their future.
There is no gift you can give your children than a secure future, and is qualitative and
functional education will remain the only permanent legacy parents can pass on to the
children to ensure their future.
This laudable vision may be completely jeopardized in the event of sudden death of parents.
It is against this background and that Child Education Protection Plan (CEPP) is presented.

WHY DO YOU THINK ABOUT YOUR CEPP

Youve been blessed with success, and now you want your child to enjoy the fruits of your
labor and get a head start on life, with the best possible education you can provide, whether in
24

Bangladesh or abroad. CEPP plus allows you to turn that dream into a reality along with
offering life insurance protection.

CEPP plus allows you to save regularly so that you can offer your children the education they
deserve.

HOW CEPP WORKS

You select the period plan at which you want the policy proceeds to be paid. You can select
any period from 10 to 25 years. It is mentionable that the age of the child at maturity will be
maximum 25 years.

PAYMENT AT MATURITY
At plan maturity, the Face Amount of the policy plus bonuses will pay. The money can be
used to pay for his/her higher education. Or if he/she has already completed education,
money may be very helpful for starting his/her new career or marriage expenses offer
purposes.

IN CASE OF DEATH
A. Future premiums under the policy will be waived and the policy would continue till
the maturity of the policy.
B. Stipend for Education equal to 1% of the Face Amount/ Sum Assured will be paid
every month to the insured child till the maturity of the policy, and
C. At Maturity, he/she would receive the Face Amount ( FA) with Bonuses
In the unfortunate event of the childs loss of life the plans maturity, Face Amount plus
accrued Bonuses are payable, subject to Juvenile Endorsement.

PERSONAL ACCIDENT COVERAGE

If you qualify for accident coverage, this plan also provides the following additional benefits
in case of your death, disability or injury due to accident within in the premium paying
period.

25

Accidental Benefit

100% of FA

Permanent Total Disability Benefit

100% of FA

Permanent Partial Disability Benefit for the following Losses

Both Hands of Feet or Sight of Eyes

100% of FA

One hand and one foot

100% of FA

Either Hand /Foot and sight of eyes

100% of FA

Hearing of both ears

100% of FA

Speech

100% of FA

Either Hand or Foot

50% of FA

Sight of one eye

50% of FA

Thumb and Index fingers

25% of FA

Medical Expenses Reimbursement

Max 15% of FA

BONUSES
Your policy will be participated in bonus declared in the form of Reversionary Bonus and
Capital Growth Bonus (Terminal Bonus), if applicable.

OTHER ATTRACTIVE FEATURES

In accordance with rule Cash Value, Paid-Up Value payments are guaranteed.

Your Premium will never increase.

2.8.4 Pension Plan

When youve worked hard all your life youll want to make sure that you can enjoy
your retirement? Chartered Life Pension Plan can help make sure you get the most out of
your work-free years. All you have to do is tell us when you want to retire and what income
you think you might need. We can help make your retirement dreams come true for you.
Product Overview

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
26

You can start receiving the pension payment, 1 year after the completion of the
premium payment period

You can choose to postpone this pension payment and leave the annual income with
Chartered Life to accumulate further

This annual pension payment will continue up to the age of 100

We offer a minimum guaranteed return of 4% with the option to receive an excess for
the years your investment performs better than expected

In the unfortunate event of your death, our loved ones will receive the full
face amount plus accrued bonuses.

Like in all other life policies, the paid premiums are income tax deductible (subject to
prevailing tax laws & rules)

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

A. ACCIDENTAL DEATH BENEFIT

: 100% of FA

B. PERMANENT TOTAL DISABILITY BENEFIT

: 100% of FA

C. PERMANENT PARTIAL DISABILITY for the following

losses:

Both Hands or Feet or Sights of eyes

: 100% of FA

One Hand and One Foot

: 100% of FA

Either Hand / Foot and Sight of One Eye

: 100% of FA

Hearing of Both Ears

: 100% of FA

Speech

: 100% of FA

Either Hand or Foot

: 50% of FA

Sight of one Eye

: 50% of FA

Thumb and Index fingers

: 25% of FA

D. MEDICAL EXPENSES REIMBURSEMENT

Product Details
Eligibility
Minimum Age: 90 Days
Maximum Age: 55 Years
Term
10 to 20 Years
Currency
Bangladesh Taka (BDT)
27

Max of : 15% of FA

Face Amount
Minimum BDT 100,000
Maximum BDT 75,000,000
Gender
Male and Female
Personal Accident Coverage
If you qualify for accident coverage, this plan also provides the following additional benefits
in case of your death, disability or injury due to accident within the premium paying period.
The Personal Accident Coverage provides a maximum cover of Tk.20,00,000 and the
proportionate amounts are mentioned below:

2.8.5 Monthly Saving Plan

Some of the best things in life are not always free and some can cost quite a bit be it your
daughters wedding or a dream home for your retirement Whatever your aspirations for the
future, the Income Growth Plan can help you achieve them with benefits that means you
can face the future not only with confidence but with your dreams in mind.
Product Overview

A unique plan that combines protection and savings

Offers you a maximum premium payment term of up to 30 years thereby giving the
flexibility of choosing small payments to suit your budgetary needs

The plan is split into 2 phases. The first phase is for a period of 7 years and then the
second phase starts (from the 8th year) and includes the rest of the term.

During the first 7 years your savings accumulate and grow and at the end of the 7th
year a dividend is declared. This dividend could be up to 40% of the cash value of
your plan.

In the second phase, the cash value and dividend are transferred to the Investment &
Protection Account (IPA)

From the 8th year onwards, the policy offers a range of flexible options such as
changes to the amount of premium, insurance coverage, etc, subject to the policy
terms and conditions.

Maturity Benefits: On maturity, the policy owner can either withdraw the account
(IPA) value; or convert it into a life time pension.

Like in all other life policies, the paid premiums are income tax deductible (subject to
prevailing tax laws & rules)
28

Income Growth also provides Personal Accident Coverage in case of your death,
disability or injury due to accident.

Personal Accident Coverage

If you qualify for accident coverage, this plan also provides the following additional benefits
in case of your death, disability or injury due to accident within the premium paying period.
The Personal Accident Coverage provides a maximum cover of Tk.20,00,000 and the
proportionate amounts are mentioned above

A. ACCIDENTAL DEATH BENEFIT

: 100% of FA
: 100% of FA
B. PERMANENT TOTAL DISABILITY BENEFIT
C. PERMANENT PARTIAL DISABILITY for the
following losses:
: 100% of FA

Both Hands or Feet or Sights of eyes

: 100% of FA

One Hand and One Foot

: 100% of FA

Either Hand / Foot and Sight of One Eye

: 100% of FA

Hearing of Both Ears

: 100% of FA

Speech
: 50% of FA

Either Hand or Foot

: 50% of FA

Sight of one Eye

: 25% of FA

Thumb and Index fingers

Max of : 15% of FA
D. MEDICAL EXPENSES REIMBURSEMENT

Product Details
Eligibility
Minimum Age of 90 days and a maximum Age of 60 years
Currency
Bangladesh Taka (BDT)
Face Amount
Minimum BDT 100,000 & Maximum BDT 7,500,000
Premium
Minimum (excluding riders) BDT 10,000 (Adult) & Minimum BDT 7,500 (Juvenile)
Gender
Male and Female

2.8.6 Endowment Insurance

Description of Policy
Endowment Insurance provides insurance protection, as well as a savings opportunity for the
duration chosen by the insured.

29

In case of death of the insured as a result of an illness or accident before the policy
matures, Chartered will pay the capital amount to the beneficiaries.

If the insured is alive when the policy matures, the capital amount is paid to him/her.
The capital amount is guaranteed and, depending on the prevailing financial
conditions of the market, it can be further increased with the Interest Benefit.
Also, after the first 3 years, the policy can be surrendered and the insured can receive
the guaranteed Cash value and the Interest Benefit accumulated by that time.
The policy may be paid either through equal periodic payments or a lump sum
payment.

What needs are met

The sudden death of the income earner in the family may have significant financial
consequences for the family and upset its financial planning. An Endowment Insurance may
be used for:

Settlement of regular family obligations (housing or consumption loans, credit cards,

taxes etc.)

Settlement

of

extraordinary expenses of

the

family

(hospitalization, burial

expenses etc.)

The

unhindered

continuation

of

childrens

studies

Also, Endowment Insurance can at the same time function as a savings scheme given
that when the policy ends the insured is paid the guaranteed capital amount, which
may be used to:

Finance significant purchases (house, car, etc)

Meet the cost of childrens studies

Finance childrens professional plans

Meet health-related emergency situations

Significant benefits of the Policy

Insurance Protection is combined with savings scheme over the duration chosen by
the insured.

A technical interest rate of 2.5% for the entire duration of the plan (the maximum
allowable by law).

Significant cost reduction for those who choose a coverage amount in excess of
18,000.

30

Option of tailoring the policy to your personal needs (cover amount, duration of the
policy, and cost of the policy).

Option of an additional insurance coverage so that there is a comprehensive insurance

coverage.

Premium payments can be made annually, semi-annually, quarterly or monthly.

Premium tax exemption in accordance with the tax laws applicable from time to time.

Tax exemption of benefits paid out to the insured.

A premium payment certificate is issued annually and can be attached to the tax
return.

Annual updates concerning the results of the Interest Benefit (I.B.).

2.8.7 Single premium life insurance

Single premium life insurance is a terrific way to guarantee your beneficiaries (be it family
members, friends or charity of your choice) your whole life insurance benefits. You start by
paying a one-time only premium of a sum at your discretion. This money is then invested,
either at the insurance company's discretion or, through a Variable Premium Life Insurance
policy, through your own, and should gain considerably by time of death. Both the amount of
money paid in the single premium and the amount of time the premium stays invested will
increase the death benefit. Another benefit of a single premium life insurance benefit is that
you can take out a portion of your premium as part of a loan to yourself, to be repaid at your
leisure. There is also no income tax on a single premium life insurance policy to either you or
your beneficiary. So although it might be, at first glance, one of the most expensive life
insurance options, it's also one of the most secure for you and your beneficiaries.

31

3.1 Company Organorgram:

3.2. Marketing & Agency Department

Chartered Life serves policy by its agents. In this process agents first find out a people who
have a probability to take policy and then try to convince him. If the person is satisfied then
agent gives him a policy form to make the policy.
Process of Formation of Life Insurance contract.

Offer of Proposal
Insurance company gives offer to a person with all information thats the need to know. If
anybody wants to create a policy collect a form of application as his wish and give a proposal
to the company to create a policy by this form.

Consideration of proposal
After this company consider this proposal. For this reason they collect some information to
justify the probability of risk of the proposal.

Collection of Medical Report

32

In this step company collects all kinds of information about the fitness of the person and
collect medical certificate and test report from him.

Collection of Agents Report

In this step company collects information from their company agent.

Collection of Extra Information

In this step the company collects more information if they need. They collect information
from the closer person of propose, from the personal doctor of propose and from other
trustable source.

Corporate

Marketing
Network

Assistant
Agency
Director
(AAD)
Local
Assistant
Agency
Director
(AAD)

Sales
Manager
(SM)

Unit
Manager
(UM)

Financial
Associate
( FA)

Sales
Manager
(SM)

Unit
Manager
(UM)

Financial
Associate
(FA)

Sales
Manager
(SM)

Unit
Manager
(UM)

Financial
Associate
(FA)

Proof of Age
To consider the proposal company need to justify the age of the person. For this reason they
collect the birth certificate and other related documents of propose.

Selection of proposal
In this step company select the proposal by justifying all information like medical certificate,
birth certificate, agents reports etc.

Acceptance of offer
33

In this step company accept the offer and announce the amount of premium to propose.

Insurance of policy
In this step company collect money from the person and give him the policy and the cover
note.

3.3. Underwriting Department:

Their risk management is a process of identifying, measuring, analyzing, monitoring and
controlling risks. In life insurance business the factors which may affect the risk are usually
those factors which are affecting the mortality; they are also called factors affecting longevity
of a person.
These factors area) Age
b) Physical condition
c) Personal History- 1) Health record, 2) Past habit, 3) Previous occupation, 4) Insurance
history.
d) Family History
e) Occupation
f) Residence
g) Present habits
h) Morals
i) Race and Nationality
j) Sex
k) Economic Status
l) Defense Service etc.
For this, they collect of above risks from various sources because it is not possible to
get all information from one source and this are:
a) The proposal form
b) Medical Examiners Report
34

c) Agents Report
d) The Inspection Report
e) Private Friends Reports
f) Attending physicians
g) Medical Information Bureau
h) Neighbors and Business Associates
i) Commercial Credit investigation Bureau etc.

After collect the risks the company confirm to the following principles in their risk
management practices and then accept the offer of proposal and announce the amount
of premium to propose.
a) To define risk profile on the basis of their risk tolerance.
b) To determine risks and analyze them from the beginning with the help of their risk
strategy.
c) To comply with regulatory requirement and guidelines for risk management.

3.4 Actuary Department

Actuaries mathematically evaluate the probability of events and quantify the contingent
outcomes in order to minimize the impacts of financial losses associated with uncertain
undesirable events. Since many events, such as death, cannot be avoided, it is helpful to take
measures to minimize their financial impact when they occur. These risks can affect both
sides of the balance sheet, and require asset management, liability management, and
valuation skills. Analytical skills, business knowledge and understanding of human behavior
and the vagaries of information systems are required to design and manage programs that
control risk. Life, health, and pension actuaries deal with mortality risk, morbidity, and
consumer choice regarding the ongoing utilization of drugs and medical services risk, and
investment

risk.

Products

prominent

in

their

work

include life

insurance, annuities, pensions, mortgage and credit insurance, short and long term disability,
and medical, dental, health savings accounts and long term care insurance. In addition to
these risks, social insurance programs are greatly influenced by public opinion, politics,
budget

constraints,

changing

demographics and
35

other

factors

such

as medical

technology, inflation and cost of living considerations. Actuaries use skills primarily
in mathematics,

particularly calculus-based probability and mathematical

statistics,

but

also economics, computer science, finance, and business to help businesses assess the risk of
certain events occurring and to formulate policies that minimize the cost of that risk. For this
reason, actuaries are essential to the insurance and reinsurance industry. On both the life and
casualty sides, the classical function of actuaries is to calculate premiums and reserves for
insurance policies covering various risks. Premiums are the amount of money the insurer
needs to collect from the policyholder in order to cover the expected losses, expenses, and a
provision for profit. Reserves are provisions for future liabilities and indicate how much
money should be set aside now to reasonably provide for future payouts. If you inspect the
balance sheet of an insurance company, you will find that the liability side consists mainly of
reserves. Actuaries also design and maintain products and systems. They are involved in
financial reporting of companies' assets and liabilities. They must communicate complex
concepts to clients who may not share their language or depth of knowledge. Actuaries work
under a strict code of ethics that covers their communications and work products, but their
clients may not adhere to those same standards when interpreting the data or using it within
different kinds of businesses.

3.5 Customer Service

The reputation and progress off the corporation largely depends on prompt and efficient
services rendered to the policyholders. Keeping this in view they have further strengthened
their servicing and computer departments for rendering quick services to policyholders and
marketing personnels. In order to give easy access to their products and to give best possible
services to the customers, the company offers personalized services by recruiting highly
experienced and customer focused professionals.

3.6 Human Resource Management Department

Sound and effective planning of human resources is the key of success in the implementation
of development projects in any sector. This is why the issue of human resource development
is taken up at national level. The dedication, skills and professionalism of the employees are
factors that contribute to the success of a company. But this company has no better human
36

resource development process. So in human resource management, the company should focus
on the following areas:

1. Continuous training and acquiring of new skills.

2. Empowering people and creating a congenial work environment.
3. Staff briefing.
4. Competitive compensation package.
5. High end-service benefits which include Gratuity, contributory provident fund,
Benevolent fund etc.
6. Liberal bonus policy.
7. Encouraging innovation
8. Quality employees.
9. Equal opportunity.
Bonded by common goals, each of the employees will truly proud to be a member of
Chartered Life.

3.7 Information and communication Technology Department

Information technology explores the roles of information system, which defines systems
analysis and design and outlines the responsibilities of system analysis. It introduces system
concept and outlines categories of business information system. It appears a system
development, which provides the Information communication Technology (ICT) for the
purpose of global networks, Network Technology platform of Chartered Life has the
following key features:

Lightweight computer system

Web site

Contact Center

Data warehouse and

Simplified accounting system. Presently they are providing with information based service on
the following items:

System control/Development

Software control
37

3.8 MY JOB RESPONSIBILITY

As an intern I was involved in different sort of activities of different departments. Especially
I was attached with the Marketing & Agency Department, Human Resource Department, and
Admin & General Service Department.
Short brief of those responsibilities of different departments are written below.

3.8.1 Responsibilities of Marketing & Agency Department

The key responsibility of mine was to monitoring the Sales Managers Activities
directly. Every day the Sales Managers from different area provide me information
about their daily achievements and targets that is their daily number new recruitments,
number of policy (ies), total amount of Premium at policy and their Collected
Premium. After getting that informations I had to prepare a daily monitoring report
which contain the information and also had to add the up to date number of new
recruitment of agents, up to date number of policy, up to date premium at policy and
up to date collected premium. After completing the report 4 copies of the report had
to shown to the Managing director, Advisor and 2 Assistant agency directors. At last I
had maintain the reports accordingly the date. Comparing the achievements and the
targets among different area are also part of my duty.

3.8.2 Responsibilities of Human Resource Department

Issuing appointment letters of the Unit Managers and Branch Mangers with company
provided conditions are one of the major responsibilities of mine. Creating and
maintaining an up to date report of those Unit managers basic information is also a
part of my duty. Maintaining Companys server database of the Unit Managers and
Financial Associates and giving them their own company code according to the
database input is my another key responsibility as because without those code number
Unit Managers or Financial Associates cannot start their business with the company.
Setting up a complete training program schedule for Unit Managers as well as officers
as well as preparing the slides of the training materials on behalf of the Advisor/
Trainer was another responsibility of mine.

38

3.8.3 Responsibilities of Admin & General Service Department

I had to maintain the requisition forms for Business card, leaflet, brochure, Calendar
and Stationary items. Issuing the business cards of the Officials, Unit Managers, Sales
Managers, Financial associates is also a part of my responsibility. To perform this job
I had to design a demo card for the officials for proof checking and after the proof
checking had to finalize the business card. I also prepared quotations for office
equipments like furniture, computers etc after comparing different companies.
I had also prepared a report on the corporate mobile package. The report was prepared
on the basis of the SWAT analyzing the packages provided by different operators.

My diversified responsibilities gave me the opportunity to lean out of the box, which
ultimately make me a good professional personality.

39

4.1 INTRODUCTION
This part of the report has analyzed and compared the human resource management practice
in insurance industry of Bangladesh and has considered a local and a foreign bank in this
regard. As a sample it has taken Chartered Life Insurance Company Limited which is a local
life insurance company and Metlife Alico a foreign life insurance of Bangladesh that is well
known in their respective field. From the analysis it has been found that though there are
some differences in HR practice but both of the companies are careful and concerned about
their employees and practicing a good HR system. In this report we have describe all the
factors of Chartered Life Insurance Company Ltd which has just started his journey in Life
Insurance market. It is a new local private company with lots of new ideas of insurance. On
the other hand MetLife Alico, has been helping people and businesses in Bangladesh with
their insurance needs since 1952. Throughout their history, they have continuously sought to
nurture talent, respect local cultures and promote the diversity that characterizes the
Bangladeshi society. They have grown by understanding the needs at the heart of the
community and by tailoring our extensive product offering to the unique needs of individuals,
families and businesses of all sizes.
Today, Metlife Alico is one of the leading insurance companies in the country, with close to
1,000,000 insured members and over 12,000 agents who understand this market better than
anyone else, so people can rest assured that nobody is better placed to find a solution which
fits their needs.

4.2 THEORETICAL BACKGROUND

Human Resource Management (HRM) is the term used to describe formal systems devised
for the management of people within an organization. The responsibilities of a human
resource manager fall into three major areas: staffing, employee compensation and benefits,
and defining/designing work. Essentially, the purpose of HRM is to maximize the
productivity of an organization by optimizing the effectiveness of its employees. This
mandate is unlikely to change in any fundamental way, despite the ever-increasing pace of
change in the business world. As Edward L. Gubman observed in the Journal of Business
Strategy, "the basic mission of human resources will always be to acquire, develop, and

40

retain talent; align the workforce with the business; and be an excellent contributor to the
business. Those three challenges will never change."
Until fairly recently, an organization's human resources department was often consigned to
lower rungs of the corporate hierarchy, despite the fact that its mandate is to replenish and
nourish what is often citedlegitimatelyas an organization's greatest resource, it's work
force. But in recent years recognition of the importance of human resources management to a
company's overall health has grown dramatically. This recognition of the importance of
HRM extends to small businesses, for while they do not generally have the same volume of
human resources requirements as do larger organizations, they too face personnel
management issues that can have a decisive impact on business health. As Irving Burstiner
commented in The Small Business Handbook, "Hiring the right peopleand training them
wellcan often mean the difference between scratching out the barest of livelihoods and
steady business growth. Personnel problems do not discriminate between small and big
business. You find them in all businesses, regardless of size." Dessler and Varkkey placed that
Human resource planning, recruitment, selection, training & development, compensation,
performance appraisal these are the major function of HRM. HR planning is the process of
identifying the position for which the organization needs employees and the process of filling
those positions.While Mary Parker Follett said that Human Resource Management is an art to

achieve organizational objectives through setting up the other people to carry out various jobs
as needed, or in other words do not do the work themselves.
Again Edwin B. Flippo said that Human Resource Management is the planning, organizing,
directing and monitoring the activities of procurement, development, compensation,
integration, maintenance and release of human resources in order to achieve various goals of
individuals, organization and communities.
Business consultants note that modern human resource management is guided by several
overriding principles. Perhaps the paramount principle is a simple recognition that human
resources are the most important assets of an organization; a business cannot be successful
without effectively managing this resource. Another important principle, articulated by
Michael Armstrong in his book A Handbook of Human Resource Management, is that
business success "is most likely to be achieved if the personnel policies and procedures of the
enterprise are closely linked with, and make a major contribution to, the achievement of
corporate objectives and strategic plans." A third guiding principle, similar in scope, holds
that it is the HR's responsibility to find, secure, guide, and develop employees whose talents
41

and desires are compatible with the operating needs and future goals of the company. Other
HRM factors that shape corporate culturewhether by encouraging integration and
cooperation across the company, instituting quantitative performance measurements, or
taking some other actionare also commonly cited as key components in business success.
HRM, summarized Armstrong, "is a strategic approach to the acquisition, motivation,
development and management of the organization's human resources. It is devoted to shaping
an appropriate corporate culture, and introducing programs which reflect and support the core
values of the enterprise and ensure its success."

4.3 HUMAN RESOURCE MANAGEMENTKEY RESPONSIBILITIES

Human resource management is concerned with the development of both individuals and the
organization in which they operate. HRM, then, is engaged not only in securing and
developing the talents of individual workers, but also in implementing programs that enhance
communication and cooperation between those individual workers in order to nurture
organizational development.
The primary responsibilities associated with human resource management include: job
analysis and staffing, organization and utilization of work force, measurement and appraisal
of work force performance, implementation of reward systems for employees, professional
development of workers, and maintenance of work force.
Recruitment
refers to the process of attracting suitable candidates to apply for a vacancy arising within an
organization. When an organization needs individuals with certain skill sets, it taps the
market. It may require individuals to join the organization to supplement the existing skill or
complement the existing skills. In both the cases after careful job analysis and manpower
planning an organization develops a candidate profile. This comprises of the technical skills
sort and the attitude. Depending upon the status of the job market an organization deploys its
sources of recruitment(Company website, search agencies, head hunters, campus placement,
newspaper advertisement and others).The primary function of these sources is to identify the
right kind of people for the vacancy and motivate them to apply to the organization.
Recruitment is followed by selection . They are related but not the same though the term

42

recruitment has a blanket usage for attracting, selecting and bringing people on board, which
is practically wrong. often with the help of other company areasthe nature and
responsibilities of various employment positions. This can encompass determination of the
skills and experiences necessary to adequately perform in a position, identification of job and
industry trends, and anticipation of future employment levels and skill requirements. "Job
analysis is the cornerstone of HRM practice because it provides valid information about jobs
that is used to hire and promote people, establish wages, determine training needs, and make
other important HRM decisions," stated Thomas S. Bateman and Carl P. Zeithaml in
Management: Function and Strategy. Staffing, meanwhile, is the actual process of managing
the flow of personnel into, within (through transfers and promotions), and out of an
organization. Once the recruiting part of
the staffing process has been completed, selection is accomplished through job postings,
interviews, reference checks, testing, and other tools.
Selection
Selection is the process of picking up individuals (out of the pool of job applicants) with
requisite qualifications and competence to fill jobs in the organization. A formal definition of
Selection is as under
Definition of Selection: Process of differentiating
Selection is the process of differentiating between applicants in order to identify and hire
those with a greater likelihood of success in a job.
DIFFERENCE BETWEEN RECRUITMENT AND SELECTION:
Recruitment

Selection

1.

1.

Recruitment refers to the process of

Selection is concerned with picking up

identifying and encouraging prospective

the right candidates from a pool of

employees to apply for jobs.

applicants.

2.

2.

Recruitment is said to be positive in its

Selection on the other hand is negative in

approach as it seeks to attract as many

its application in as much as it seeks to

candidates as possible.

eliminate as many unqualified applicants as

43

possible in order to identify the right

candidates.

Performance appraisal
Performance appraisal is the practice of assessing employee job performance and providing
feedback to those employees about both positive and negative aspects of their performance.
Performance measurements are very important both for the organization and the individual,
for they are the primary data used in determining salary increases, promotions, and, in the
case of workers who perform unsatisfactorily, dismissal. It is a systematic evaluation of an
individual with respect to performance on the job and individuals potential for
development. Performance appraisal is a formal process of reviewing and assessing individual
and team performance Mondy et al,

It is formal, structured system of measuring, evaluating job related behaviors and outcomes
to discover reasons of performance and how to perform effectively in future so that
employee, organization and society all benefits.
Performance Appraisals is the assessment of individuals performance in a systematic way. It
is a developmental tool used for all round development of the employee and the organization.
The performance is measured against such factors as job knowledge, quality and quantity of
output, initiative, leadership abilities, supervision, dependability, co-operation, judgment,
versatility and health. Assessment should be confined to past as well as potential performance
also. The second definition is more focused on behaviors as a part of assessment because
behaviors do affect job results.
Reward systems
Reward Systems are typically managed by HR areas as well. This aspect of human resource
management is very important, for it is the mechanism by which organizations provide their
workers with rewards for past achievements and incentives for high performance in the
future. It is also the mechanism by which organizations address problems within their work
force, through institution of disciplinary measures. Aligning the work force with company

44

goals, stated Gubman, "requires offering workers an employment relationship that motivates
them to take ownership of the business plan."
Employee development and training
is another vital responsibility of HR personnel. HR is responsible for researching an
organization's training needs, and for initiating and evaluating employee development
programs designed to address those needs. These training programs can range from
orientation programs, which are designed to acclimate new hires to the company, to
ambitious education programs intended to familiarize workers with a new software system.
Training refers to the planned effort by a company to facilitate employees learning of job related
competencies (Noe, 2011).

"After getting the right talent into the organization," wrote Gubman, "the second traditional
challenge to human resources is to align the workforce with the businessto constantly build
the capacity of the workforce to execute the business plan." This is done through
performance appraisals, training, and other activities. In the realm of performance appraisal,
HRM professionals must devise uniform appraisal standards, develop review techniques,
train managers to administer the appraisals, and then evaluate and follow up on the
effectiveness of performance reviews. They must also tie the appraisal process into
compensation and incentive strategies, and work to ensure that federal regulations are
observed.
Responsibilities associated with training and development activities, meanwhile, include the
determination, design, execution, and analysis of educational programs. The HRM
professional should be aware of the fundamentals of learning and motivation, and must
carefully design and monitor training and development programs that benefit the overall
organization as well as the individual. The importance of this aspect of a business's operation
can hardly be overstated. As Roberts, Seldon, and Roberts indicated in Human Resources
Management, "the quality of employees and their development through training and
education are major factors in determining long-term profitability of a small business'.
Research has shown specific benefits that a small business receives from training and
developing its workers, including: increased productivity; reduced employee turnover;
increased efficiency resulting in financial gains; [and] decreased need for supervision."

45

4.4 COMPARISON IN TERMS OF HUMAN RESOURCES PLANNING:

The Human resource planning of Metlife Alico really plays a very important part for the
organization. Metlife Alico usually go for the plans according to the top-level management
of the organization. As the company is going for the plan to set up by the top level
management and the Human resource management they usually have to make a long term
and a short term planning for the recruitment process needed in various types of the
operations in the company. To overcome the constraints of the overall process of recruiting
the people the Human Resource Department is going to make the planning according to the
demand set up by the top level management and the HRM director.
The Human resource strategy of the company is a very important factor to achieve the
organizational objectives as we have discussed earlier. Thus as a multinational company
ALICO has got their own human resource strategies which will support the activities directed
toward the goals of the organization. Thus the strategies of the HRM department are given
below in various parts to specify each of them below:
Analyzing the company objectives and setting policies for job Vacancies: At first the
human resource department needs to find out at the starting of the year that how many
employees will the company need approximately to fill up the vacant positions, then the
budgeting and the analysis of the overall expenses needed to make the recruitment should be
considered. This is done by getting the organizational goals to be achieved in a certain year,
thus for each regional headquarters like Bangladesh, there is a specific target given by the
company to be achieved by acquiring the sales volume or customers achievements. Thus the
company then determines that how many employees are needed to make sure about the
company objectives or goals and what are the ways, plans, sources and methods

through which the company will recruit and hire people for various positions to fulfill
the organizations demand of the employees.

Approval of the Recruitment Policy and Job Analysis: Then the policies and the
planning of the HRM recruitment process should be approved by the RSVP of the
company in Bangladesh, Mr. Nurul Islam to make sure that the HRM department of
the head office in USA gives away the approval to recruiting strategies to be achieved
and to make the process of recruiting people in the company. So the strategy will
depend on the approval and the sales objectives set by the top level management of
46

the company. The approval means that the setting objectives and the planning process
of the HRM department are accepted.

Figure out the Company objectives and start the recruitment process: lastly after
getting the approval the HRM department staff off the recruitment procedures and
they go for the internal and external recruitment to the various position needed and to
make the right use of the vacant position they get the best employees to make sure
that the recruitment process really helps to get the company objectives. This is the
strategy of the recruitment process as the top level management and the HR directors
of the company sit together and find out the company objectives first and then do all
the regular necessary activities to recruit the employees to attain the selected sales and
the corporate objectives. The overall strategy of the recruitment process is to get the
best employees to lit the vacant positions in the company and to make sure that the
company gets the best outcome from him and to achieve the business and the
corporate goals which are set to get the best outcome from the individual employee.

When to recruit: This is a method which is used to make sure the time and the specific
situation in the year to make to make the recruitment of employees in the company,
thus Alico use this to make the right use of the human resource planning of the
employees to make sure about the various job vacancies and the position of the jobs
in various positions of the organization.
How to recruit: This method is used to make sure how the organization is going to
recruit the employees which includes the sources of recruitment, whether the
recruitment will be from the external or internal sources or it will depend on the
recruitment needs and positions.

Human resource planning of Chartered Life is a process that systematically forecasts or

projects the future human resource and organizations future demand for and supply of
employee. This forecast include both number of employee, type of employee, what quality of
employee, what skills of employee and what are knowledge of employee. HR department to
develop staffing plans that support the organization strategy by allowing it to be proactive. It
helps the HR to staff the organization with right number and right the people. All
organization should identify their short run and long run need by examination of their
corporate strategy. HR planning is useful to HR specialist in both small and large
organization.
47

There are two causes of HR planning in Chartered Life and they are 1) Demand causes
2) Supply
Demand Causes
Demand causes are the purpose of future need for human talent in the organization. Some of
these causes are within organizations control and others are not.
Three reasons of demand causes which are
1)External Causes or Challenges :The external causes or challenges that affect the
organizations strategies are difficult to predict in the short run and long run. The
organizations external factor economic,
social political legal, technology and competitor. The planners try to estimate the
availability of current workers o meet that demand by analyzing the organizational external
factor.
2) Organization decision and policy: sometime decision and policy may affect future need
and demand for the HR in the organization. Decisions are made to modify the strategic plan
like budgets, sale, and production forecast, production line, and organization.
3) Workforce factor: Termination of employee, rejection of employee, retirement of
employee, death, long live absence f employee also effects future need or demand of HR in
the organization.

Forecast Technique
Expert Forecast
This knowledge about HR activity all people are needed for manger of organization. Usually
the HR department may survey all production supervisor and manager until an agreements is
reached on the number of replacement needed for the next year.

Trend Projection Forecast

In this method passed or preceded trend used for forecast the future HR need of the
organization.Two methods are used under this technique:
Extrapolation: In this method past trend are expanded in to future HR need.
Indexation: In this method HR need are estimated on basis of a specific index of the
organization e.g. 240 Financial Associate will be added during the upcoming year.
48

New Venture Analysis

In this method future payment for HR need of organization are estimated by making
comparison with other organization that perform similar operation.
Supply Causes of HRM
Human resource manager must know source of supply. There are two supplies which are as
follows:
Internal source of supply: internal source of supply include the current employees. Internal
source of supply consist of existing employee who can be trained and or promoted,
transferred at different level.
External source of supply: It includes the people or who are unemployed who are working in
other organizations.
The Future Supply of HR
Human resource audit
Succession planning
Replacement chart and replacement summary
Human Resource Audits
Human resource audit is a technique a method or process that explains or describes or
summarize skill, ability of each employee of the organization-both managerial and non managerial. Human resource audits for the non-managerial subordinate position are called
skills inventory and human resource audits for managerial are called managerial inventory.
So some of information for the Managerial Inventor must be collected from the following
information:
1) Number of employee supervised by the manger
2) Total budget manage by the manger
3) Duty and responsibility of the subordinate of the manger
4) Type of employee supervised by manger
5) Management training and development received by manger
The human resource expansion planning of the is the basic planning process of the company
to make sure that the company is getting the expansion in the Human Resource planning
every time they are going on with the planning of the human resourced of the company. The
company takes all the initial plans to make sure that the recruitment is going to be the
ongoing process of the organizational planning. As the top level makes the organizational
49

planning then the Human resource department makes their expansion planning to get the
recruitment process intact with the various other organizational and human resource
activities. The planning process goes on from the top level management and the human
resource activities. The planning process goes on from top level management and the
resource director to the managers of the human resource to implement the expansion planning
to the recruitment process and they are the one who originally make sure the recruitment
process.

4.5 COMPARISON OF RECRUITMENT PROCESS

The recruitment process of Metlife Alico goes on with the every aspect of the company. Thus
the recruitment process will go hand to hand with the recruitment policy and the various
methods of recruitment. Thus to make sure that the recruitment is done perfectly the human
resource managers should make effective planning and policy making thus Metlife Alico
have got various steps in their recruitment process, but at first we should go along with the
selection process and the employment opportunities, Metlife Alico has also got their own
employments opportunity factors and the selection process.
The selection process of the recruitment took place in about 1 month long, the employees has
to gone through the various tests and interviews to make sure about the selection criteria. The
company needs to make sure that the employees are getting the equal opportunities and there
is no biasness and any other unfair means in the selection process and to make the selection
more effective the human resource department needs to be more transparent and accountable
in their jobs in recruiting people.
The company responds relatively very quickly in the selection process which is done by the
human resource department within 2 weeks from final interview and the screening session
began, the employees are given adequate time by the human resource management to accept
or reject the opportunity

50

.
As far as the minority equal employment opportunity and the discrimination is concerned the
company has no such purpose to reject or discriminate the disadvantaged workers, the
disabled worker, the senior junior complexity, the informal, formal method of recruitment
and the opportunity for the passive job seekers. The employment procedure s are getting
through the process which is only approved by the MEASA countries and which is quite
different from the European and USA countries. So the overall process is maintained by the
human resource department of the company.
Metlife Alico usually have a specific recruitment process. The organizations recruitment
policy and the human resource strategies have integration in between to make a smooth flow
of recruitment process. The company also has the co-ordination between the job analysis and
the HR Recruiting Process. But it does not include any assessment centre for recruiting
employees. Sometimes the company prefers to choose informal method of recruiting process
in the company. For recruiting executive or strategic level of management, they prefer
internal recruiting. Metlife Alico has its own recruitment process which can be classified into
several steps.
When there any vacant or new position occurs, the Company searches internal
employees for strategic or mid level management. And for the entry level position
external candidates are influenced to apply through internet recruiting, union and
social organizations or advertising recruitment.
Then the company screens among employees & operate applicants pool based on job
description & specification. This is done within 1 week from the starting of the
recruitment process.
Recruitment committee then evaluates applicants through a selection process. They go
through various sides of the applicants like educational background previous
experiences, skills and technical knowledge of applicants.
The applicants have to face a preliminary interview with HR manager and have to
perform a written test and then they need to go for another interview with the
recruitment committee and top management and finally the medical test.
The company and the human resource department finally select candidates by offering them
its Compensation package and reward benefits based on the job criteria, the job analysis and
the key responsibilities.

51

Sometimes the company also prefers to select employees from the informal method of
recruiting. Those who are passive job seekers are always influenced. All the employees
whom the company recruits are full time employees. They have no part time employees.
These recruiting processes are very important for supporting the overall Recruitment system
of Metlife Alico. These are the various important parts of the recruitment process which can
be changed according to the demand of the jobs, the position requirements, the hierarchy of
the job and other factors linked with the job.

In Chartered Life there are mainly five segments of employee position.

Executive Level

: Managing Director, Additional MD, DMD & Assistant MD

Senior Level

: From Senior Management (SM) to Senior General Manager

(SGM)

(Previous VP to SEVP)

Mid Level

: From SEO to Manager ( previous SEO to FVP)

Junior Level

: From Officer Grade B to EO

Other Category

: From Cleaner to Senior Associate Officer and Assistant Officer,

IT Officer (AIO) to Senior IT Officer (SIO)

Executive Level:
To fill up higher positions, the Company will give preference firstly to the in house
employees; if not available from in-house then the Company will find talents from various
Insurance Companies or from other development organizations in the country, who must be a
graduate at least. The Management will watch the job market in the insurance sector and will
look for sound potentially promising personnel. In making definite offer to such personnel,
PLIL shall hold an informal interview by the Administrative Committee. It will also take into
account of candidates social and political connections, insurance experience, training
progression rate, position held, salary drawn and other related variables. These recruitments
comprise special cases but the Committee will take the decision through mutual discussion.
The Committee then sends the decision to the Board of Directors/Chairman for final
approval.
Senior Level Officer:
These posts have to be advertised in two national dailies.
52

 Recruitment of the post of SM to SGM, the candidates will have to face an interview.
The interview Board shall be considered of member of the Admin Committee and the
MD.
The candidates must have extensive knowledge and experience in the relevant field.
The short listing of candidate, if any, is to be done by the Admin Committee.
Mid Level Officer:

These posts have to be advertised in two national dailies.

For recruitment for the post of SEO to Manager, the candidates will have to face an
interview to be conducted by the Admin Committee. Candidates for SEO are newer
recruited to satisfy the eligibility criteria.
The candidate must have sufficient knowledge and experience in the relevant field.
The short listing of candidate, if any, is to be performed by the Admin Committee or by
the management if instructed by the Admin Committee.
Officer grade B to EO, if authorized by the Administrative Committee recruited for the
post of SEOs may be conducted by the management.
Junior Level Officer:
For recruitment of junior level officers, a formal written test and viva voce will have to be
administrated. Application will be invited through press publication at least in two national
dailies.
An application for a Junior Level position will not be considered unless he/she fulfills all the
requirements.
Recruitment of experience candidates:
The criterion for junior level officers may be relaxed for recruitment depending on
candidates sufficient knowledge and experience according to his/her position from reputed
Life Insurance or in related field. The position given in PLIL would be equivalent to the
position held in previous Company but for deserving candidate he/she could be places in one
rank higher. Such candidate will have to face a Viva Voce. Recruitment of personnel for all

53

level above the age of sixty years will be on contract basis only considering the candidates
experience, knowledge and skill.
Recruitment Sources of Alico:
Both Chartered Life and Alicos recruitment process comprises of various recruitment
sources which are primarily divide into two categories: the Internal and the External sources.
They promote or transfer present existing employers based on performance. They also fulfill
the empty positions through seeking from external labor market. Different sources of
recruitment help to verify recruitment process more effectively seeking for an company uses
different sources. The recruitment sources of alico are:

Internal recruitment: The Company goes for the internal recruitment when they
need employees to fulfill the vacant positions internally. The company usually
requires these recruitment sources to make sure about the mid level and the top
level management requirements which needs more experience in the company
itself and to maintain a high knowledge about the own company.

External Recruitment: The Company also goes for the external recruitments
whenever they need to go for the hiring of the line management or the entry level
management and executive positions. The company invited a various groups of
people to make then choose from the pool and then to make them go for the final
selection or recruitment.

Newspaper and internet Recruitment: Alico also plays an important role in

recruiting and advertising in the various internet websites and in the number of
newspaper advertisements and to some extent also in the various commercial
journal advertisements, but in these case the name of the company is not
mentioned for corporate policy and regulations. As the Chartered Life is a new
company they only use the newspaper circular for their vacancies and use the
internal and external sources mainly for the recruitment.

Informal internal recruitments: The various informal and internal recruitments are
done whenever the company needs to have the job in the sudden situation to share
the work load or to assign the employees in a specific working environment. This
is usually done to meet the buffer demand of the specific position and to get them
company uses the various expert employees.

Union and social organization: The various unions and the social organizations
like the clubs, the business associations and many other firms who really work as
54

the sources of the recruitment in both the internal and the external sources in the
company. These unions and social organizations relate each other needs of
recruiting the people and then call the companies and their human resource
departments to choose the assigned applicants.
The various sources those are shown above works as the formal and informal sources of the
recruitments as there are sources like the external recruitment s sources. The internet and
newspapers are the formal recruitment sources and the internal recruitments, the informal and
internal recruitments and union and social organizations are the informal recruitment sources.
Both the companies are more depending on the informal sources of recruitments and they are
less depending on the formal sources of recruitments.

4.6 COMPARISON OF SELECTION METHOD

The various methods are used in Metkife Alico to make recruitment Process a successful one,
they have to go through the various techniques and methods which are technically and
skillfully helping them to understand the applicants performance better. While recruiting
new employees Metlife Alico follows a specific Recruitment method. Candidate has to fulfill
all the requirements and conditions before they are going to be recruited. The company uses
various test methods like Pen & Paper test and Personality Tests for recruiting personnel. The
methods they use are divided in two parts which are the Test methods of the applicants and
the Interview methods of the applicants. As the Human resource recruitment planning is
conducted and coordinated by both the sides which are followed by the: 1. Home country and
2. Host Country. The selection methods of the employees recruitment of Chartered Life and
Metlife Alico are given below:
Pen and Paper Test: This type of tests are known as the basic aptitude test where the
applicants can give the various feedback about the knowledge and educational skills
needed to perform the job its like the tests in the university and post graduation level
where there might be questions on English, Maths, Analytical Abilities and many
other job related questions. Written test is also an important method for chartered
Life. In chartered Life A formal letter to be issued in the name of each selected
candidate and mailed to his/her mailing address at least 10 (Ten) days before the date

55

of written test. The Recruitment Committee authorized by the management shall

decide regarding the question design, venue, time and date of written test. To avoid
personal influence the test will be conducted by educational institutions or by
professionals. The written test shall be consisting of Language Proficiency,
Mathematical & Analytical problems and General Knowledge.
Personality Test: The various personality and the psychological tests are taken to give
the questions and take the relevant feedbacks from the applicants on the related job
specified factors like honesty , Motivation , team work and more, this are done to
make sure that the employees attitude will match the attitude of the organizational
cultures in future.
Work sample test: This kind of tests are basically taken to marketing and other
technically needed people like the salesman, the technical support divisional
employees, the customer service division and for many other recruitments.
Interviews:
Semi structured Interview: For the Top level and mid level management the interview
is needed to be semi structured and they need to make the questions according to the
flow and the job analysis. So these type of interviews helps the interviewers of Alico
to understand the relevance and the ability to perform the work in a more efficient
way.
The interview of Alico in the entry level or in the junior level are totally designed in the
structured way so that the interview can be conducted in all the same ways in various
types of jobs in the same level of operations and management. Thus alico doesnt use
any specific assessment center to conduct the interviews and to make it clearer they
do it in their own designed styles of recruiting the entry level positions.
Viva- Voce:
A Selection Committee authorized by the Chartered Life management will make a
shortlist of candidates based on the written test result for a final Viva-Voce.
The Viva Board authorized by the management will conduct all interviews. MD of the
Chartered Life will be Convener of the Viva- Board.
The Viva Board will finalize its recommendation as soon as the interviews are
completed and may forward the list of the successful candidates to the Admin
Committee for perusal.
56

 Appointment will be given based on the recommendation of the Viva-Board and the
requirement of the Company.
No expenses will be reimbursed to the candidate to attend interview/written test
The members of the Selection Committee will consider the candidates appearance,
personality, communication ability, presence of mind, social connection, manners, general
and common sense and award marks individually which will be totaled and averaged for
determining interview performance score. The following criterion for interview may be
followed:

a) Appearance & Personality

20

b) Expression & Presentation capacity & Manners

24

c) General Knowledge

24

d) General & Common Sense

24

e) Overall Assessment of Evaluator

08

---------------------100
There are various tests and interviews offered by both companies in the various level of the
job according to the types and responsibilities of the job and to the specified recruitment
needs of the position. These tests are all part of the screening so these are really very
important to make sure that the applicants can really impress the human resource department
and the feedback can really impress the test scores to get the call in the final steps of the
interviews with the Top level management. So these tests are the parts if the interview session
going also the 1 month and to make them very easy they are the evaluation bars to be attained
in the different level of interviews in the organization.

4.7 COMPARISON OF SELECTION PROCESS

The company has to gone through the various techniques for selecting and evaluating the
applicants in the recruitment process. Thus these selection techniques are used in the internal
and the external recruitments. Thats why the company goes for these techniques to make
57

sure that the efficient use of evaluation is done. They use the Grading Scale Method as the
techniques or methods to evaluate the employees performance of the applicants by grading
the various test and interview result, and the results are done in the computerized process to
make the fair and transparent evaluation of the recruitment. Thus the company can see the
difference in other techniques used before and they are getting the best result in this methods
as the techniques can be changed by the Human resource department is there is any other
sources of evaluating the employees.
Recruitment Policy of Alico:
Alico being the best service provider in the life insurance industry in Bangladesh are going to
recruit applicants in their own policy made by the home and the host country management
and the human resource and also by the overall understanding between the home and host
countrys top level management. Alico follows particular recruitment Policy for the recruiting
personnel. The companies recruiting policy and the HR strategy have an integration to make
to recruitment process successful. The specific recruitment policy are suggesting that the
company are having more emphasis on recruiting the local employees and the various
regional based recruitments are done as the company suggested from the past experience that
they have on recruiting the local employees and the Human resource managers says that the
local people have got the better one region to another region can be hired like the Pakistan
Region can also hire the employees of Bangladesh as they are all followed by the rules and
regulations of the MEASA which is controlling the whole process. Alico follows particular
recruitment policy for recruiting personnel. The companys recruiting policy and the HR
strategy have an integration to make the recruitment process successful. Alico recognized that
the success ia a result of the collective efforts of all the employees. Hence they are interested
in individual of high intelligence, integrity and dedication providing them with ample
opportunities for growth. Their contributions reflect a wide range of roles and
responsibilities including insurance management , underwriting, claims, actuarial, marketing ,
customer service, accounting, legal , information technology , human resourceand
administrative support. Alico offers candidates the opportunity to employ many distinct skills
and qualities. The company prize strong analytical interpersonal and communication skills
with underlying desire to explore learn and grow. Alico target individual who thrive for
success in a culture where setting new standards are part of everyday work. So the overall
policy or the company may defer from the place to place but the objectives and the goal set
by the company is more or less same in all senses. The various policies to recruit the
employees in different level are given according to the levels of recruitment in the company.
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 For Entry level: Qualification Recruitment; Minimum Masters/MBA

Experience: 0 1 year
For Middle level: Qualification Recruitment ; MBA
Experience: 2 3 years
Preferably from Marketing/ Sales Background
For top Level : Generally prefer to choose from Internal Employers,
Experience is given the top priority
As we can see that the recruitments and the policy for hiring employees at different level
differs from the various sources and they are different at the various types of the jobs will be
offered. So the company needs to tailor their policy in various ways to make sure that there
are various types of people needed to perform the jobs. As a multinational company Alico
needs to define their recruitment philosophy and their recruitment goals which will obviously
match with the overall recruitment standard to each of the units and to maintain healthy
relationship with the company and the employees. Because the employees are the one who
are bringing glory to the company so Alico should and they strivefor the fair and the best
recruitment policy to make it more transparent and accountable in many sector these are
given below:
To the Home country
To the Host Country
To the MEASA continent
To the Existing Employees
To the new recruited Employees
To the Customers
So these are the policy should be attained by the company to maintain itself in taking a proper
recruitment process and to make sure that they are going in the right way to the people and to
make the transparibility high to the employees to the accounts, to the accounts, to the
customers and many other parties of the business world wide.
To be eligible for any post in Chartered Life a candidate must not be less than 18 years of
age, must be a citizen of Bangladesh, must be physically & mentally fit and must secure
minimum points based on educational qualifications against the posts given below:

[Table-1]

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Post

Minimum Point

Senior Executive Officer (SEO)

Minimum 10 points and Masters with

honors background with no third
division/class at any examination.

Executive Officer (EO)

Minimum 9 points. Masters with honors

background with no third division/class at
any examination.

Junior Executive Officer (JEO)

Minimum 8 points and Masters with

honors background with no third
division/class at any examination.
Minimum 7 points. Masters with no 3rd

Officer Grade - A

division/class at any examination.

Officer Grade - B

Minimum 6 points and Graduate with no

3rd class.

Criterions for calculation of points in respect of educational qualifications are given below:
[Table-2]
Examination

3rd Division/Class

First Division/

Second

Class

Division/Class

S.S.C

H.S.C

Honors/Graduate

Master

Insurance Diploma

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Preference will be given to those having exposure to Economics, Business Administration,

Accounting, Finance, Management, Marketing, Public Administration and other development
oriented subjects.
Other Category Officers:
For recruitment of Other Category Officer rank a Recruitment Sub Committee authorized by
the management will analyze and justify the requirement and make recommendation to the
Recruitment Committee authorized by the management. The Committee after scrutinizing all
the application shall place the proposal with recommendation to the Management for final
approval.
The educational qualifications for Other Category Officers will be as describe below:
Post

Education

Assistant Officer- 2

Minimum 6 points and Graduations

Office Assistant/ Asst. IT Officer

Minimum 5 points and Graduation

Probationary Record Keeper

Minimum 4 points and HSC

Peon/Driver

Minimum Class- VIII

Cleaner

Minimum Class - V

4.8 COMPARISON IN TERMS OF TRAINING AND DEVELOPMENT

PROGRAMS
Training: It for operating people that training teaches them how to perform their current jobs.
Steeps in Preparing Training and Development Program
HR specialists and managers must assess the needs, objective, continent, and learning
principle associate with training.
Assessing the Training Needs
First step, manager must identify which of the employee of the organization both manager
and non managers need training and what type of training need.

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Secondly, manager must identify the present problem and future challenges of the
organization that it is required training of the employees to solve this problem and to face
these challenges.
Thirdly, manager must identify and evaluate the changes both in the internal and external
environment that it leads to requirement for training of the employees.
Designing the Training Objective
In this step, a number of training programs should be design with a specific objective or
objectives and this objective or objectives must be decided before starting the training
programs. Metlife Alico designs their training program for top level management to entry
level management as well as for the company agents and Unit Managers. Class room Lecture
Method is the mostly used method of training in Metlife Alico .This is the most commonly
used, simple, cost effective and conventional method. It is timesaving because it covers
maximum number of people in a short period of time. It involves a speech by the instructor
with very limited discussions and Clear and direct methods of presentation. Weaknesses of
the method are that, lecture time is more than the normal human attention span of fifteen
minutes and the contents of the lecture could be easily forgotten. Since the method does not
provide for active participation on the part of the trainees, the extent of take-home learning is
not to be known clearly. Moreover, lecture might be useful only if the presentation is made
skillfully. While lecture is a useful method in so far as information dissemination is the
objective, it has not been highly successful in modifying human behavior or in building
commitments in the audiences minds. An improvisation of this method is the lecture-cumdemonstration method in which the lecturer reemphasizes a skill or information by displaying
the same in action.
Designing the Training Contents
In this step managers design the contents or tropics or subject makers for a specifics training
program which should be related to teaching specifics skills and abilities, providing special
knowledge changing attitudes to the right direction and increasing or improving moral and
job satisfaction of the employees. As Metlife Alico is a multinational company they can
provide training in their other branches of other countries too.
Designing the Learning Principles
In this step, manager will make arrangement for providing or delivering the contents of
training or tropics of training or subject matter of training. Manager or trainers must decide
and tactics some principles of learning such as participations, repetition, relevance, feedback
etc.
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Evaluating the Effectiveness of Training

In this step after completion of a training manager will evaluate the effectiveness of training
program in order to determine whether successful or not. If any training program is
unsuccessful then manager should changes or modify either the content of training program
or method of providing training.
Method or techniques of training of development
On-the-Job Training Techniques
Off-the-Job Training Techniques
On-the-Job Training Techniques
Job Instruction Training
Job Rotation Training
Apprenticeship Training
Coaching
Off-the-Job Training Techniques
Lectures
Video Presentation
Role Playing
Behavior Modeling
Case Study
Simulation
Self-study
Recently MetLife Alico Life Insurance is partnered with the U.S.-Japan Council to support
the MetLife Womens Leadership Program to develop opportunities for womens
empowerment and mentorship. This year-long program pairs highly-motivated female
freshman and sophomore university students with female mid-career professionals to
encourage networking among a select corps of women who show promise as Japans next
generation of leaders. Metlife Alico has lots of other international intuition based training for
their top level and mid level management.
As chartered Life is a new company their main target is to increase the number of policy and
premium and thats why they have their training program only for the Unit Managers and
Financial Associates. And for these training they follow their own method which is known as
PESOS. This refers to

63

Prepare
Prepare the Man
Put him at ease
Create Interest
Explain
Explain to him
Concentrate on key points
Dont tell too much at one time
Show
Show him
Set a high standard
Give reason for methods or procedure
Show one thing at a time
Observe
Observe him do it
Be sure he is ready
Let him carry the ball
Complement him
Supervise
Supervise him doing it
Avoid criticism use correction
Complement before you correct
Let the man correct himself
Dont overdo correcting

For all other employees Chartered Life generally used the Personal Coaching Method &
Mentoring Method. These methods are on-the-job approach in which a manager has the
opportunity to teach an employee, usually his immediate subordinate, on a one-to-one basis.
Coaching is helping self and others gain new perspectives their intentions and behaviors, to
understand whats possible and how to access inner resources such as motivation,
commitment, passion, etc. as a coach, the supervisor gently confronts employees with their
shortcomings and makes suggestions for corrective actions. The supervisor is also alert to
encouraging good performance. Coaching is considered to be one of the most effective
management development techniques. Constant guidance makes the trainee learn quickly.
Mentoring is an on-the-job approach to training in which the trainee is given an opportunity
to learn on a one-to-one basis from more experienced members of the organization. The
mentor is usually an older, experienced executive who serves as a host, friend, confidant and
advisor to a new member of the firm. The mentor is given the charge of protecting and
responsibility of helping the new employee. The relationship may be formally planned or it
may develop informally. For mentoring to be productive, the parties interests must be
compatible and they must understand each others learning styles and personalities. If
mentors form overly strong bonds with trainees, unwarranted favoritism might result. A
64

highly successful mentor-protg relationship might create feelings of jealousy among other
colleagues who are not able to show equally good results out of the mentoring process.
Evaluation of Effective of a Training Program
After complete the training program mangers of both companies can be evaluated by
applying the following outcome of training and development:
1. Reaction of the trainees to the content of training and process of training program.
2. The knowledge and learning that the trainees acquire through the training program.
3. The changes in the behavior of the trainees that resulted from the training program.
4. The measurement result or improvement in the trainees of a training program.

4.9 COMPARISON IN TERMS OF PERFORMANCE APPRAISAL

Metlife Alico generally uses the past oriented methods for the performance appraisal on the
other hand the insurance company presently using the future oriented appraisal methods.
They use the checklist method for appraisal. Under this method, checklist of statements of
traits of employee in the form of Yes or No based questions is prepared. Here the rater only
does the reporting or checking and HR department does the actual evaluation. The checklist
also contains few statements and the rater has to indicate which statement is true or false. The
Rater is forced to make a choice. HR department does actual assessment. Metlife Alico also
use the Cost Accounting Method here performance is evaluated from the monetary returns
yields to his or her organization. Cost to keep employee, and benefit the organization derives
is ascertained. Hence it is more dependent upon cost and benefit analysis.
As Chartered Life is a new company at present they are using the Future oriented Methods
for performance appraisal. In Chartered Life management by objectives and the performance
is rated against the achievement of objectives stated by the management. MBO process goes
as under.

Establish goals and desired outcomes for each subordinate

Setting performance standards

Comparison of actual goals with goals attained by the employee

Establish new goals and new strategies for goals not achieved in previous year.

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These appraisals are more directed to assess employees potential for future performance
rather than the past one. It is done in the form of in-depth interviews, psychological tests, and
discussion with supervisors and review of other evaluations. It is more focused on employees
emotional, intellectual, and motivational and other personal characteristics affecting his
performance. In near future the company will try to use the 360-Degree Feedback method for
appraisal. It is a technique which is systematic collection of performance data on an
individual group, derived from a number of stakeholders like immediate supervisors, team
members, customers, peers and self. In fact anyone who has useful information on how an
employee does a job may be one of the appraisers. This technique is highly useful in terms of
broader perspective, greater self-development and multi-source feedback is useful. 360degree appraisals will be useful to measure inter-personal skills, customer satisfaction and
team building skills.
Comparative Evaluation Method is the common method which is used by both Metlife Alico
and Chartered Life. These are collection of different methods that compare performance with
that of other co-workers. The usual techniques used may be ranking methods and paired
comparison method.

Ranking Methods: Superior ranks his worker based on merit, from best to worst.
However how best and why best are not elaborated in this method. It is easy to
administer and explanation.

Paired Comparison Methods: In this method each employee is rated with another
employee in the form of pairs. The number of comparisons may be calculated with the
help of a formula as under.

4.10 COMPARISON IN TERMS OF RECOGNITION

Both Metlife Alico and Chartered Life use different types of formal and informal recognition
to motivate their employees.
The Service Awards they are generally used by Chartered Life are a) Teamwork/leadership
b) Customer Service
c) Citizenship
66

d) Innovation
e) Attendance
Awards includes:
a) Plaques/Desk trophies
b) Certificates
c) Gifts/Certificates
d) Picture in the webpage
Informal Recognition used by Chartered Life are
1) Team Building Retreats
2) Acknowledgement of Dept/Division goals achieved
3) Committee Involvement
4) Project Completion meals
5) Picnics
6) Staff Appreciation Day
7) Holiday Parties
10) Corporate Merchandise
11) One night sponsored at a renowned restaurant
12) Dinner/ Lunch with Spouse
In Metlife Alico There are 2 Award Night in total; 1 Grand Award Night & 1 regular Award
Night. The participants of Grand Award Night will not participate in the Regular Award
Night. For Met40 club qualifier Air-fare is not allowed. There is also a Grand Award Night
in Metlife Alico where
Top 120 FAs per published Leaders Club can participate. And the leading financial associates
are rewarded by Trophy or Crest on that award night. The reward formate of Metlife Alico is
given belowOL

PA

Category
VIP
Centurion
Senior
Executive
Executive

PAP (BDT)
2,400,000
1,200,000
840,000

No.
200
100
70

1QA
85%
85%
85%

PAP (BDT)
675,000
340,000
235,000

No.
200
100
70

Premium
Pers.
75%
75%
75%

720,000

60

85%

200,000

60

75%

67

Junior
Executive
Met40
Picnic Club
Group

600,000

50

85%

170,000

50

75%

480,000
420,000
360,000

40
35
30

85%

100,000
75,000
65,000

40
35
30

75%

Rewards:
Category

VIP

Centurion

Sr.
Executive

Executive

Met40

22,000

18,000

15,000

Picnic
Club

Group
Coverage

Awards Night with

Spouse
Awards Night
(Single)
Crest/ Medal
Reserve Sit in
Awards night
Picnic with Spouse
Group Coverage
Blazer in awards
night
Cash Rewards

30,000

Category
1st Category

Duration
Jan-Mar

2nd Category

Jan-June

3rd Category

Jan- Sep

4th Category

Jan- Nov

25,000

Award
Picture in
Prospect
Picture in
Prospect
Picture in
Prospect
Picture in
Prospect

Lunch

Congratulation
letter from BM

Lunch with
spouse
Conference
Certificate

4.11 Linking Performance to Promotions

Some firms promote their employees based on how long they have been working in the
company, and others promote them on the basis of their performance. There is no doubt of the
need to ensure that the best people rise to management levels and thats why both Metlife Alico
and Chartered Life apply both methods. Metlife Alico monitors all employee performance and
then link performance to promotion of those employees. Chartered Lifes value rating,
performance rating and talent rating mechanism also provide perfect basis for linking
performance to promotion.

68

Promotion

Linking Performance to Promotions in Chartered Life

4.12 HRIS Practiced by Metlife Alico and Chartered Life

Both Metlife Alico and Chartered Life usually use almost all-possible modern IT equipment in
their offices. Bothe the company uses Human Resource Information System (HRIS) software in
their HR division and underwriting division for accomplishing their assigned task timely with
standardized way such as payroll, time and attendance, appraisal performance, benefits
administration, scheduling, absence management, number of policies, premium, information
about customers and all personal and professional information of all the employees are stored in
the database software.

69

Conclusion
Chartered Life Insurance Company is one of the newest life insurance companies in Bangladesh.
I had the opportunity to work for this company during my internship program. I have worked in
different departments of Chartered Life. During this time I got an opportunity to observe the
overall activities of a new prosperous company.
This report has provided some interesting insight into what kind of service an insurance company
provides to the customers. It also analyzed the perceptions of Human Resource Department of
two different insurance company of Bangladesh like how they recruit their employees, how they
select them, what is the training and development methods etc .It has helped to build the
comparative analysis with a local insurance and a foreign insurance. As it can be seen that
Chartered Life is a new progressing company with a strong human resource Chartered Life
should try to attract the customer and bring them to the positive side of the road so that strong
relationship with the customers should be maintained. UBL should also provide more value to its
branding sector.
Finally, I would say that this internship at Chartered Life has increased my practical knowledge
of Business Administration and made my BBA education more complete and applied.

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Bibliography
www.metlifealico.com.bd
en.wikipedia.org/wiki/MetLife /
www.idra.org.bd
toptenbrandlist.blogspot.com/2012/01/history-of-insurance-business-in.html
http://www.economic-observerbd.net/admin/images/10_M_Shefaque_Ahmed_oct_11
Far East Journal of Psychology and Business Vol. 9 No. 1 Oct 2012
www.thefinancialexpress-bd.com/old/index
www.inc.com/encyclopedia/human-resource-management.html

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