How the EFU Group is Made a Success Story
Transcription
How the EFU Group is Made a Success Story
How the EFU Group is Made a Success Story world at Pearl Continental Hotel, Karachi where Mr. Zoomkawala shared with the audience the continuous services and efforts of EFU Group and its people for Pakistan and Pakistanis. Following is the brief summary of his presentation for the interest of our readers: The presentation started with the history of EFU. Eastern Federal Union (EFU), the first insurance company of the Muslims of the Sub-continent. EFU started operating from Kolkata in 1932 and also set up offices in London, Ceylon and Palestine. Mr. Saifuddin N. Zoomkawala, Chief Executive and Managing Director of EFU General was invited to make a presentation on 'How The EFU Group is Made a Success Story: A Pakistan Case Study' in a joint 102nd event of 21st Century Business & Economics Club (CBEC), Overseas Universities Alumni Club (OUAC), 21st CBEC Women Forum and Pak-China Business & Economics Forum (PCBEF). It was a memorable gathering of the people from the corporate After the partition EFU shifted its office to Pakistan by establishing its registered office at Chittagong and Head Office at Karachi. EFU was listed at the Karachi Stock Exchange in 1949 and was amongst the first seven certified companies of Pakistan. During 1961-1972, EFU achieved great success and reached tremendous heights of business, It was the era of Mr. Bhimjee to whom the EFU would always remain indebted. Under his dynamic leadership, every second insured person was an EFU customer and some of the very best brains of the country were How The EFU Group is made success story History of EFU The Great Success Saifuddin N. Zoomkawala Chairman EFU Life Assurance Ltd Allianz EFU Health Insurance Ltd Managing Director EFU General Insurance Ltd Director Board of Pakistan Reinsurance Co., Ltd Member Board of Investment, Govt. of Pakistan Pakistan Postal Services Management Board Board of the Sindh Institute of Urology and Transplantation 06 History of EFU Eastern Federal Union (EFU) Insurance Company Ltd. 1st Insurance Co. Of Muslims Established on September 2, 1932 A. Rehman Siddiqui Founder Chairman Presently Known as: EFU General Insurance Ltd. EFU Life Assurance Ltd. Allianz EFU Health Insurance Ltd. Interior of EFU’s First Office in Kollkata, 1932 1961 - 1972 The Era of Mr. Bhimjee EFU Today EFU Group - Gross Premium 45000000000 16000000000 (Figures in Pak Rupees) 14000000000 40000000000 (Figures in Pak Rupees) 35000000000 12000000000 Secret of Success EFU Today EFU Group - Total Assets “Success is a Journey not a destination.” 30000000000 10000000000 25000000000 8000000000 Four Important Factors 20000000000 6000000000 Sound claims paying ability 15000000000 4000000000 Professionalism & Commitment 10000000000 2000000000 Innovative products 5000000000 0 2007 4/4/2008 2006 2005 2004 2003 2002 0 4/4/2008 2007 2006 2005 2004 2003 2002 After sales service 07 recruited by EFU. EFU also made training as an essential tool for its employees. EFU introduced Group Term Insurance for the first time in Pakistan. In 1970 EFU become the largest Life Insurance Company inAfro-Asian countries (excluding Japan). Loss of East Pakistan in December 1971 resulted in huge loss of business. Nationalization of life insurance companies gave another jolt to EFU in 1972. All its assets were taken over and the EFU was left with only general insurance business. However, EFU survived and carried on its business. When private sector was allowed to undertake life insurance in 1992, EFU was the first to establish a separate entity EFU Life Insurance Company and now enjoys a market share of more then 60% of the private sector life. It is also Pakistan's first life insurance company, which got ISO 9001-2000 certification. EFU is also the innovator of Unit Link Life Insurance. JCR-VIS Credit Rating Company Limited has upgraded the insurer financial strength rating of EFU Life to 'AA-' (Double AA Minus) from 'A+' (SingleAPlus) with a 'Stable' Outlook. In 2000, EFU Group launched Allianz EFU Health Insurance Ltd. It is the First specialized medical insurance company of Pakistan. EFU General has also been adjudged amongst Top 25 Companies seven times by the Karachi Stock Exchange. It is also the recipient of 24th Corporate Excellence Award of Management Association of Pakistan. Today, EFU stands for Brand name in Insurance. Although knowing the fact that coming years of Insurance Industry will raise countless challenges in the progress of insurance sector but efu wishes to look ahead and march forward very firmly keeping faith in God and hard work to sustain the commitment to meet and exceed its stakeholders expectations by modern technology, collective wisdom and institutionalized leadership. Secret of Success Secret of Success Trust on People Our People, Our Strength Management Style & Culture Compassionate Management Policy and Stretegy Operation Control Customer Shareholders Employees 08 Day-to-day Management Future of EFU