Final project

submitted by:
bilal butt
amjad hussian
haris saeed
ziaullah
company:
efu general insurance limited.
Submitted to:
ms. Rabia nawaz

INTRODUCTION

Eastern Federal Union (EFU) is a life insurance company, operating in Pakistan.

Founded originally in 1932 in Calcutta.

After the separation, it started working in West and East Pakistan.

EFU Life Assurance Ltd started operations in November 1992 as the first private sector life
insurance company.

The Company has a growing branch network of over 150 branches throughout the country.

The Company has a relationship with over 12 major banks for Group Benefits, EFU Life
has a marketing team which focuses on providing life insurance coverage to corporate
entities and bank clients.

EFU Life was the first life insurance company in Pakistan to be awarded the ISO 9001:2008
certification, and received the Insurer Financial Strength rating of AA.

QUESTIONS

How much important of ethics in the business world and how it can help in the growth of an organization?

Ethics are one of the most essential, characteristics of any organization. With respect to EFU, they treat all the
stakeholders, employees and customers as a family, the EFU Family where, stern importance and monitoring
is placed on ethical principles. If violated in, any form, the steps or measures are taken immediately, if
possible resolve the issues or problems on the spot.

How much is ethics promoted in your organization and what happens if someone commits an unethical act?

As stated earlier, ethics is a crucial part of this organization. According to the manager, at EFU generally,
people, the employees are busy so as in their own work most of the time but, if case of mild issues of
unethicality reported or seen then they are solved instantly. He further added that, at EFU they dont wait for
the upper management to come and make a decision, as a manager, if there is a discontent among employees,
he would call both of them in his office and solve the matter on the spot. However, if something serious
comes up, as serious as harassment issues then, the person found guilty would be, let go on the very same day.

It is the right of every employee to get equal opportunity. How does your organization fulfill this right?

As per the equal opportunities the hierarchy of this organization is very simple, the job description and methods for
rewards, promotions and bonuses are very well defined and constant for all, something which everybody knows. So
when opportunities arise, all the eligible employees get equal chance to apply but, the most deserving ones based on
merit and performance statistics wins.

What things organization does to make sure that there is transparency in their work and everyone is accountable of their
work?

At EFU, the well-defined and clear system for allocating and monitoring of each task by the respective manager
brings transparency, even starting from the minor areas as any employee working late then, he/she must mention his
task as in what work he is doing and why, to the operations manager.

Maintaining good relationships with stakeholders is necessary for every organization. How does your organization do that?

According to the Mr. Sattar, good relations with customers are what run our business in Insurance. EFU has a very
profound reputation of customer services as compared to others in the market. One main reason for that is the EFU
gives employees, authority as their sole representative for the client. The person handling a client, an employee, is
given authority in his hands, to make the decisions, EFU does not believe in sending a person with no authority and
dealing clients and making decisions at different levels. Evident from the fact that all the business clients of EFU
have been with them since their inception such as the major banks, the Faysal Bank, Bank-e-Islami, Dubai Islamic
bank and others.

This is a consumer society. Demands of consumers are ever-growing. How does your organization cope up with such
increasing demands?

According to Mr. Sattar, EFU believes in responsibility and honesty from work, whatever demands the market or
clients make, they fulfill them at all costs, because it is their responsibility, sometimes they do push employees with
workload but then, it is accounted in their performance which later, becomes the way for their rewards and
promotion.

How much research your R&D department do before launching a new product? What kind of research is that?

All the research for the new product, the market-survey, competitors analysis, market research, etc. is done by the
Technical Department in the Head Office. Insurance being a need-based industry, the EFU continuously innovates
with the ever changing needs of the modern society.

Striving for social responsibility helps an organization to have a positive impact. How does your organization fulfill this
responsibility?

EFU does believe that CSR has a positive impact on an organizations image. They have been sponsoring Cricketing
events at a national level, the 2005 Indo-Pak series. EFU does donate, every year, allocated funds to the Sindh
Institute of Urology and Transplantation (SIUT), Aga Khan and other charities.

Can unethical shortcuts be helpful to an organization?

According to the manager, shortcuts, in anything, are not helpful. Unethical behavior let alone is not tolerated, in
any form, shortcuts or the long way. If a person is caught or found, he will be punished.

Ads have fundamentally changed our society. Do you agree with this statement?

Mr. Sattar did agree to the statement but, as an Insurance company, EFU does publish advertisements in the print
media but, not so much in the electronic media because, they have their clients, individuals and businesses, already
working with them for such long time, such as the commercial banks. As the banks grow or, open a new branch, the
business for EFU also grows so, there is not much need for the electronic media advertisements. However, EFU
does respond if a competitor brings a TV commercial.

Is ethical training provided to the employees?

After the recruitment process, ethical training sessions are done at the Head Office, for the training of the new
employees.

What if some other company infringes or copies some of your copyright products?

This does not happen so, as in the Insurance industry all the companies operating are reinsured by the foreign
Reinsurers or agencies, thats why the policies provided are more or less the same to every company.

How are whistleblower protected in your organization and what is the reward for him or her if he or she proves his or her

point and what if he or she is not able to prove?

Whistleblowing does happen at EFU, the whistleblower is rewarded by recognition for his/her honesty. Protection is
given as, regarding of whatever matter the whistle blowing takes place, the manager himself calls all the participants
involved and solve the matter at the very instant.

Whistleblowers are considered as traitors. How does your org. motivate those whistleblowers?

At EFU, particularly at this branch, no case for whistleblowing outside the organization has ever been reported. But,
even as then, Whistleblowers are not considered to be traitors at EFU, they honesty and efforts are recognized.

How much strictness is there regarding discipline and punctuality?

Regarding, discipline and punctuality, all the policies and norms are clear to everyone. There is a fair amount
of strictness as, if even an employee wants to work late then; he/she would have to take the permission from
the operations Head first to sit in the office. Further, there are cameras fitted all over the office and the
monitoring is done by the manager himself. The Operations manager also keeps an eye on what time people
are arriving and leaving the office.

Are there any tests or any verification made before hiring a worker? If yes then, what kind of tests?

Various interviews and other necessary recruitment steps are taken. At EFU, a candidate goes through various
interviews, each one acts as a test by the person in charge regarding all the aspects including Ethics.

Building trustworthiness in business transactions is necessary according to Islam. How does your organization. do
that?

Being an Insurance company, trustworthiness is a crucial part for EFU. One major and distinct way of doing
that is, the amount of authority and decision making power EFU gives to its employees, when handling a
clients case. An employee dealing with the client will be in charge of taking a decision and not wait for to ask
the management.

Discrimination and harassment is common in workplace. What measures have you taken to minimize it?

As stated earlier, at EFU, every manager keeps a close eye on his/her subordinates, as their behaviour ethical or,
unethical, is the managers responsibility. Furthermore, the monitoring is done through the cameras by the
Operations manager himself. The ethical policies on discrimination and harassment are clear and, known by
everyone, any violation caught, meets the punishment immediately.

How effective are you in encouraging employees to report discrimination or harassment?

At EFU, the door of a manager or supervisor is always open in this regard. Even during the interview, it was
evident that, any employee could come to Mr. Sattars office and report any issue. Similarly if any employee
wants to report any discrimination or harassment, he or she has no one to go to for permission or wait for
anything. You could straight go to the Division Head or the Operations Head and report without any fear.

Conclusion
As per the interview conducted and the information received it can be determined that, EFU Life
has a culture promoting the ethical values and following all the ethical principles of a workplace.
Being in Insurance industry, good relations with customers is their prime duty and concern.
However, issues of unethicality do get to report at EFU but, since everything and every
employee has an unrestricted access to the supervisors office, it was certain that the issues are
solved with consent and proper understanding.

Thank
You !