Assignment on BUS 1133 (Section:06)

Submitted By
Name: Raihan Ahsan
ID:2015010000068

Submitted To
MD. Nazrul Islam
Lecturer SBS, SEU

Date of Submission: 21st August 2017

Title Page
 Letter of Transmitted
Date: 21st August 2017
MD. Nazrul Islam
Lecturer of SBS
Southeast University
Subject: Submission of term paper on Product and Services of Reliance Insurance Limited
Dear Sir,
We have prepared our final term paper of BUS-1133 course on Product and Services of Reliance Insurance
Limited. It was an energizing experience working on this activity. I am confident that, this term paper will help
you to understand what product and services provide by Reliance insurance Limited. I tried my best to follow
your guidelines in preparing this paper. I have presented what I do believe to be most important information to
make this term paper as specific & coherent as possible. I expect that this report will fulfill your requirements.
Thank you for your kind consideration and guidance. I hope my effort would satisfy you.

Sincerely Yours
MD. Raihan Ahsan Rabby
 ACKNOWLEDGEMENT

Special thanks to MD.NAZRUL ISLAM who provided unreserved comments and guidance for the completion of this
assignment paper. Not forgetting the time that you always foregone, this work would not have been finished. Indeed I am who I
am because of you .I also grant special acknowledgement to all the respondents in Reliance Insurance Company
Limited that I appreciate for all your support in the process and provision of information for my study. I wish to express my
gratitude to my parents, brothers and sisters. I appreciate for your readiness to facilitate me in what so ever incidence that
challenged me. I would like to heartily thank all those who have collectively helped to make this study a success my Lecturers
and all other colleagues in the School of School Of Business Administration Southeast University for their
guidance and support during the course of my study.

Table of Content
Serial Headline Page Number
Number
Chapter: 01 06-09
Introduction Part
1.1 Executive Summary 06

1.2 Introduction 07

1.3 Objective 08

1.4 Methodology 08
1.5 Limitation 09

Chapter: 02 10-11
Company Overview
2.1 Background Of RIL 10

2.2 Objectives of RIL 11

2.3 Mission and Vision 11

Chapter:03 12-16

3.1 Product & Services 12-16

Chapter: 04 17-19

4.1 Conclusion 17

4.2 Recommendation 18
Reference 19

Chapter-01(Introduction Part)

1.1 Executive summary

Peoples life, livelihood and properties are always risky because any kind of uncertain event can happen anytime
which can cause unexpected losses. The process of insurance has been evolved to safeguard the interest of
people from uncertainty by providing certainty payment at a given contingency. It provides indemnification
against losses arising from the happening of some uncertain events. Insurance plays an important role in
modern business and commerce. It stimulates expansion of trade operation to a very great extent for some
consideration named premium and provides opportunity to businessmen to develop sense of independence and
security from anxiety. The insurance market in Bangladesh now consists of two state owned corporations:
Sadharan Bima Corporation and Jibon Bima Corporation, Forty-three non-life private insurance companies,
sixteen private life insurance companies and one foreign life insurance company; a total of 62 insurance
companies. Thus the insurance sector in Bangladesh has grown substantially and depended remarkable with
number of companies in both life and non-life segments with the expansion of size of the insurance market, the
value of assets of the industry has also been increased substantially. The general insurance includes property
insurance, liability insurance and other forms of insurance. Reliance Insurance Company stands as insurer of
public sector assets on its own behalf and also on behalf of private sector general insurance companies and also
playing a role of national reinsurance to the reinsurance industry. It also contributes to the GDP of our country
but it is still in a primary stage. Though limited but contributes of insurance business in the economic
development of the country are very important. The premiums collected by RIL play a major role in building up
national capital. This sort of capital can increase overall production by investing in different sectors. Compare to
other countries in the subcontinent the progress of general insurance business is very slow. Various problems,
obstacles and peoples lack of knowledge and concepts regarding insurance are making the progress of this
business slow. Though having many problems on behalf of general insurance business in Bangladesh, GDIC has
continued and also is continuing its business with increasing growth rate which helps the development of
national economy.

1.2 Introduction
Insurance is not a new business in Bangladesh. Almost a century back, during British rule in India, some
insurance companies started transacting business, both life and general, in Bengal. Insurance business gained
momentum in East Pakistan during 1947-1971, when 49 insurance companies transacted both life and general
insurance schemes.
 The government of Bangladesh nationalized insurance industry in 1972 by the Bangladesh Insurance
(Nationalization) Order 1972. Through an ordinance passed in 1984 amending the Insurance Act 1938 and the
rules under the Insurance Corporations Act 1973, the initial entrants into the market, including Reliance
Insurance Limited (RIL), by the way of their professional approach were instrumental in bringing a change and
gave the insurance sector a decent shape and structure. However when subsequent insurance companies entered
into the market, the insurance sector found itself saturated which caused unethical practices and relentless
competition.

Reliance, as being the first generation insurance company in Bangladesh, realized the problems within the
industry at the very outset and were able to commission a very structured and pragmatic base for managing the
affairs of the company.

1.3 Objectives:

To gather comprehensive knowledge about insurance Company

Indentify the Product and services of Reliance Insurance Company limited
To make some recommendation regarding the problems of Reliance Insurance Company Limited.

1.4 Methodology:
This report has been prepared on the basis of experience gathered during the period of internship. For
preparing this report, I have also got information from annual report and website of the RILs. I have presented
my experience and findings by using different chart and tables, which are presented in the analysis part. The
details of the work plan are furnished below:

Data collection method: Relevant data for this report has been collected primarily by direct
investigation of different records, papers, documents, and operational process and different. The
interviews were administered by formal and informal discussion. No structured questionnaire has been
used. Information regarding office activities of the insurance has been collected through consulting
records and discussion.
Data Sources:
The information and data for this report have been collected secondary sources.
We collect Information from RIL website; Annual report and different manual
publish report.

1.5 Limitation of the study

To prepare this report, I have faced some limitations, which are mentioned in the fallows :

Time Limitation
The main and the first constraints is time that hinder to cover all aspect of the study. In three months it is not
possible to cover learning about any bank properly and also going to write a report on this.
 Lack of data:
If anyone can wise than he can gather primary date to the banks employees. But this data is not proper for
writing a report. Secondary data is also very rears. It is just only the annual report and the website.

Limitation of scope:
While collecting data, We are not able to contact with any employee of Uttara Bank Limited.

Personal Limitation:
Bank policy was not disclosing some data and information, for obvious reasons.

Chapter :02 (Company Overview)

2.1 Background of RIL

Reliance Insurance Limited was established in 20 th March 1988.Reliance Insurance Limited being incorporated on the
20th of March 1988, starts operation by virtue of the Certificate of Commencement of Business issued by
Registrar of Joint Stock Companies on the 22 nd of March 1988. It obtains Certificate of Registration from
Controller of Insurance on the 7 th of April 1988. Currently the company is regulated by Insurance Development
and Regulatory Authority (IDRA).
Pioneering the industry Reliance Insurance Limited proudly celebrated its Silver Jubilee in 2013. The mission of
Reliance is to be one of the outstanding amongst insurers in Asia by putting the customer at the heart of
everything they do

Equipped with a team of experienced personnel, the company is ever-ready to cater to all the insurance needs
required by people of Bangladesh thus providing protection to personal properties and cover unfortunate
casualties. Almost all the Multi-nationals working in Bangladesh are in Reliance Insurance Companys port-folio
and they provide them with international standard service.

The Company looks forward to reaching people through their personalized services as well as through various
media communications. They are ensuring quality services at a competitive price and promises to be beside
anyone as soon as they need.

2.2 Objectives Of RIL

To gather comprehensive knowledge on insurance activities.

To identify the product & Services of RIL.

Service excellence is one of the objectives of RIL.

RIL objective is the complete automation and computerization of all of its insurance activities.

2.3 Mission and vision

Vision:
Our vision is to:

Become the premier insurance organization

Become first choice in Bangladesh
Maintain good reputation for dependability
Professionalism
Provide the highest standard of customer services.

Mission:

Our Mission is to:

Grow significantly and achieve significant non-life insurance market share.

continue delivering attractive returns to our shareholders.
become a caring organization and employer of choice.
invest in top quality human resources and develop full potentials of employees by providing continued
training and insurance education.
bring innovation in insurance products and selling techniques.

Chapter: 03

3.1 Products & Services

Reliance Insurance Limited provides a wide array of general insurance services such as the followings:

1. Fire Insurance
Provides insurance against to fire to all type of properties having intrinsic value like furniture, building,
fixtures, fittings, goods, plant and machinery and merchandise
Fire & Allied Perils Insurance

2. Property Damage All Risk Insurance

Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its
contents, in the event of damage or theft.Property insurance can include homeowners insurance,
renters insurance, flood insurance and earthquake insurance.
Fire
Lightning
Riot & Strike
Explosion
Malicious Damage
Earthquake
Flood
Cyclone & Electrical Short Circuit (Electrical Clause B) and Burglary.

3. Industrial All Risk Insurance

This insurance provide covers of all risks of loss or damaged to the Insured propertyother than by an excluded
causes. Provided that the liability of the Insurer in respect of any one loss or in the aggregate in any one period
of insurance shall in no case exceed.

Material damage

All risks/perils other than a few perils excluded specifically in the policy wording.
Business Interruption for a certain period of time (Optional).
 4. Marine Cargo Insurance

Provides insurance for risk in transportation of goods through river, sea, air, railway, truck

Marine Cargo Insurance transit by Steamer or Powered Vessel

Marine Cargo Insurance transit by Rail/Lorry/Truck
Marine Cargo Insurance transit by Inland Rail or Road
Marine Cargo Insurance transit by Inland Cargoes (water borne)
Marine Cargo Insurance transit by Air Cargo

5. Marine Hull Insurance

Provides insurance for risk of vessel / ship going in sea or river
Total Loss Only (TLO)
Inland Time Clauses Hull (ITC)

6. Health Insurance

The Health Insurance covers expenses of medical treatment while hospitalized due to illness or injury. Each
confinement in broad terms includes:

Hospital Accommodation
Consultation with Physician or Surgeon
Medical Investigations
Surgical Operation (major and intermediate)
Use of Operation Theatre facilities, anesthesia, and other services.
Medicines
Ancillary services like labour room services, ICU/CCU room, post-operative room, blood transfusion,
ambulance service etc.

7. Engineering Insurance
Provides Insurance for Machinery Breakdown, Deterioration of stock. It also provides insurance for all kind of
erection risk and contractors risk
 Machinery Insurance (Machinery Breakdown)
Deterioration of Stock (DOS)
Boiler and Pressure Vessel (BPV)
Electronic Equipment Insurance (EEI)
Erection All Risks (EAR)
Contractors All Risks (CAR)
Work Plant (WP)
Oil & Gas Well Drilling Equipment Package (OGD)
Contractors Plan & Machinery (CPM)
Hotel Owners All Risks (HOAR)

8. Overseas Travel Insurance

Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight
accident and other losses incurred while traveling, either internationally or domestically.

9. Overseas Travel Insurance protects

Accidental injury
Sudden sickness while traveling overseas for Business
Holidays
Studies and Employment.

10.Miscellaneous Insurance
Provides Insurance for all kind of business accidents and interruptions, personal accidents including
workmens compensation
Agent Banking Insurance
Bankers Blanket Bond
Burglary
Cash in Safe
Cash in Transit
Cash on Counter
 Cash in Premises
Commercial General Liability (CGL)
Clinical Trail Insurances
Employers Liability
Fidelity Guarantee
Hole in One Insurance/Event Cover
Marine Terminal Operators Liability (MTOL)
Personal Accident
Product Liability (PRL)
Public Liability (PL)
Professional Indemnity
Workmens Compensation

11.Motor Insurance

Provides all kind of insurances for various types of automobiles

This policy provides protection in respect of:

Own damages or loss of the Motor Vehicle and/or its accessories whilst thereon,
by fire explosion, self ignition or lighting
by burglary housebreaking or theft
by Riot and Strike including malicious activities
by Earthquake (Fire & Shock damage)
by Flood, Typhoon, Hurricane, Storm, tempest, inundation, cyclone, hailstorm, frost.
 by accidental external means

Chapter: 04

4.1 Conclusion
Reliance Insurance Limited is one of the largest insurance companies in Bangladesh. In present insurance is too
much important to the business and individual sector. Most of the companies provide more or less same services.
For this reason the competition is increasing day by day between the insurance companies. On the other hand
some new insurance companies are going to start businesses in the competent market. RIL need to develop their
some productive esectors. In present, a company cannot establish properly without developing information
technology. People search their desires requirement through Internet so, insurance companies need to develop
Web address to increase both foreign and local investors. The progress of insurance business depends on the
progress of economic condition .Insurance business also faces many problem. So if we develop economic
condition as well as overcome the problems, it will help a lot to flourish this business in our country. Like most of
the organizations, RIL wants its employees to be energetic, visionary, and talented. Minimum qualification for
entry level is an undergraduate degree in the related field. Job experience is preferable. After selection, the
selected candidates have to go through relevant information about the organizational activities which are shared
with them as much as possible. Plus, RIL puts high emphasis on working in a team oriented environment. So
entry level employees get a sense of belonging in the organization also making them enthusiastic with their career
with RIL.

For the middle level jobs, a minimum of postgraduate degree in related field is required. Experience plays a
primary role for middle and supervisory jobs. So either employees within the organization are promoted or, if a
new individual is given the job, his/her prior job experience is taken into consideration In the middle level,
recognition for job performance serves as a motivating factor. RILs target market is relatively broad since they
cover a large portion of the insurance services. Their services are acquired by various large organizations ranging
from multinational companies, manufacturing industries, aviation companies who needs the services of fire
insurance, marine cargo insurance, general aviation industries, etc and many others while they also provide
smaller services to the general public like motor insurance.

4.2 Recommendation
RIL will have to figure out how to survive in current competitive market. If all problems can be solved it will
result in reduced cost, improve the quality, and increase efficiency delivery. Some recommendations are given
below:
1. First of all top management need to get an educated person who can speak in English and he can
communicate with other easily. He must also be able to communicate effectively in his own language i.e.
Bengali.
2. The company should produce high quality product keep close contact with customer.
3. The company should open Islamic Branches.
4. Product price should be reduced for customer satisfaction.
5. Employees should be trained up in needed area and should be hired from related background.
6. The company should increase number of agents, unit manager, and branch offices.
7. Company should make aggressive marketing for its products.
8. The company should give in advertisement of Newspaper, Television, etc.
9. Decision making problems should be solved and reduced.
10. Number of products may be increase in Bangladeshi market.
 Reference

http://www.bankersbd.com/bangladesh-insurance-company.html

www.businessdictionary.com/

http://www.investorwords.com/

http://reliance.com.bd/

https://www.google.com.bd/