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GENERAL INSURANCE
VOLUME 11/ISSUE 3
02 1st International Snooker Tournament
03 Liability
06 Connecting Today with Tomorrow
10
Jubilee Takaful Launch Ceremony
16 Hawa Bandar
18 Snooker Tournament Urdu Article
Jubilee General proud to sponsor for the first time in
Pakistan an International Tournament after 20 Years.
This issue covers an articles on Connecting Today with Tomorrow, Eid
Milan event and Award Distribution, Signing Ceremony between HBL
& JGI and Jubilee Takaful Launch ceremony. In addition, the issue also
covers a historical monument in Karachi and Customer’s Testimonials.
20
Jubilee Insurance
is proud to sponsor
1st INTERNATIONAL
TOURNAMENT
IN ALMOST
Y
E
A
R
S
Imran Mughal, Chief Risk Officer – EVP
Recently on 6th August 2015 Jubilee Insurance 6 Red and Team Snooker
Championship 2015 was held at Movenpick hotel Karachi. It was the first
International tournament held in Pakistan in last 20 years. Jubilee Insurance takes
pride in promoting the sports activities in Pakistan especially the Snooker events,
and enabled our sports persons to to matchtheir skills with international players
through Pakistan Billiards & Snooker Association since 2007, and during this
period Jubilee Insurance has sponsored 15 National (including Senior and Junior
National Championships) and 6 International tournaments.
This year IBSF - World Championship was held for events (Individual Men &
Women Championship and Team Men & Team Masters) with participation of 18
Countries including 110 players. The total prize money of US$ 18,400 was
awarded to the winners and runner ups of the event. Throughout the tournament
many game enthusiast) witnessed some of the finest cueist in action. The final
results were
Winner 6 Red Men
Winner 6 Red Women
Winner Team Men
Winner Team Master
Pankaj Advani – India
Ng On Yee – China
Hoh Keen Hoo & Kok Leong Lim – Malaysia
Saleh Mohammed & Zamarai Hassas – Afghanistan
02 > VOLUME 11 / ISSUE 3
HOW
BILLIARD
TABLES
ARE MADE
Billiard tables are designed to fully comply
with the World Pool and Billiard Snooker
Associan (WPBSA) specifications. The size
is 12’ x 6’, British height specifications are
33½” to 34¼” from floor to top of Cushion. Birch, red oak, white oak, walnut,
mahogany and cherry are suitable woods.
The playing surface of a billiard table has
traditionally been made using a large slab
of Slate. Slate can be ground and polished
into a perfectly flat surface fairly easily,
which is why it is sought after for billiard
tables. The slate is normally three-quarters
of an inch to 1-inch (1.9 cm to 2.54 cm)
thick. Slate is normally split into three slabs,
each about 150 to 200 lbs (68 kg to 90.7
kg), However Marble slab is also used
instead of slate. Inexpensive recreational
billiard tables use non-slate playing
surfaces, including Slatron and Permaslate Hard, synthetic materials that are basically
sheets of plastic layered over particle
board, Honeycomb and Medium Density
Fiberboard (MDF). The table cabinet starts
with a large, rectangular, wooden frame,
typically made of thick hardwood planks.
Usually, there are one or more cross
beams, along with a center beam, to
provide additional support to the slate. The
frame is connected at the corners either
with metal brackets or wooden blocks. The
metal brackets or wooden blocks are
placed in each corner and bolted to the
planks, forming a very solid frame. All
around the edge of a billiards table are
rails. Ranging from about 2.5 to 3.5 inches
(6.35 cm to 8.89 cm) in width, the rails are
normally made of the two pieces. The top
part is made of the same hardwood or
other material as the rest of the table.
Glued to the bottom of this is a piece of
wood or MDF that the cloth will staple to
when it is stretched over the cushion. The
cushion is a long, wedge-shaped piece of
hard rubber that is glued to the side of the
rail that faces into the table's playing
surface. Cushions are covered with the
same felt cloth used to cover the slate and
should provide a consistent response to any
ball that strikes them.
by Maliha Shuja - Manager | Operations
Liability insurance in Pakistan is widely believed
to be an insurance solution meant for
organizations and/or a form of insurance
obtained by motor vehicles owners as a
mandatory requirement for taking their vehicles
on road.
What is unknown to masses is how this form of
insurance solution is vital to their use. It is
probably one of the most important and
overlooked form of insurance. Liability insurance
is perhaps the only type of policy which in its
own self has multiple sub variants as well as
bundle variants existing in the market. From
Liability arising from use of products to liability
arising out of medical malpractice to liability
arising out of cancelation of events, a huge
variety and a potential for further variants exist.
Products like Personal Liability insurance cater to
liabilities arising out of damage occurred to a
third person or their assets without any intention
of doing so. The basic logic remains the same
for almost all the liability products. The damage
occurring to the third person or their asset should
be unintentional and pure accident. The main
difference amongst these products is basically
due to the intended occupations to be covered
and the triggers and dynamics of the policies.
More or less the names indicate the intended
occupations of these products such as:
General Third Party Liability Insurance : Covers
Bodily Damage/Property Damage to general
public in surrounding of the insured
Product Liability Insurance: covers legal liability
arising out of unintended Bodily
Damage/Property Damage to the users of the
insured’s product due to the product features
Employer’s liability covers legal liability arising
out of Bodily Damage to employees due to work
assigned by the employer.
Directors and Officers Insurance: this type of
insurance protects the directors and officers of a
company against their actions that affect the
profitability or operations of the company.
These are just a few examples of liability
insurances and many more exist, each with their
unique viability and . Even when a business
does everything right there is always the chance
of an accident happening. With the right
insurance cover, a business can operate
knowing that should the worst happen, their
customers’ property could be repaired, their
possessions replaced and their medical costs
paid for. Hence, Liability insurance is not only a
solution for large organizations but can also be
vitally utilized by small entrepreneurs,
manufacturers and even can be obtained for
personal use.
VOLUME 11 / ISSUE 3 < 03
Jubilee General Insurance celebrated Pakistan’s 68th
Independence Day on the 13th of August 2015.
People all over Pakistan celebrate Independence Day with
patriotic zest, we celebrated at our Head Office. Freedom is
our most precious possession and celebrating this freedom at
work makes us appreciate the freedom we have.
A week before the actual day, our entire office was decorated with lots of National Flags which evoked the patriotic
feeling in all of us and gave our office a festive look.
The day dawned with the exchange of Independence Day
wishes. To top the occasion, most of the employees were
dressed up in green and white, representing Pakistan Flag
colors.
By Osman Arif
Deputy Manager-HR Department
“Photo Booth Corner” was an icing on the cake, where our
employees used all the props related to the occasion and got
themselves and their memories captured.
Everybody geared up for the week-end with the motive of
clicking and posting snaps of themselves.
“There is no Power on Earth that can undo Pakistan”.
Muhammad Ali Jinnah
04 > VOLUME 11 / ISSUE 3
With growth in the number of vehicles in Pakistan,
the number of traffic accidents that occur in a year
has risen significantly. In fact, according to the data
gathered by WHO on road traffic accidents in
Pakistan, the country experienced over 30,310
deaths from RTAs in 2014. Worldwide, over 3,400
people die every day and thousands get injured,
according to WHO. In Pakistan, even though our
liability law stresses on compensations and benefits, there are times when the beneficiaries of these
victims receive nothing.
In order to protect bus passengers against such
unfavorable events and to guarantee compensation
for them and their loved ones at the time of death
or disability, we at Jubilee General Insurance have
introduced a specially designed, Bus Passengers’
Personal Accidents Insurance for intercity travelers.
Jubilee’s Bus Passengers’ Personal Accidents
Insurance is a comprehensive cover which triggers
in the event of a road traffic accident resulting in an
injury, disability or even death.
We firmly believe in innovation and teamwork. We
believe that pioneering in products and integrating
technology into our systems are absolutely necessary and the way forward to provide excellent
customer service and achieve sustained growth. To
make operational functionality speedy and smooth,
we have especially designed an android application that goes by the name of “Musafir”. The
application is available on the Google Play Store
and can be downloaded by our partners nationwide and used with the help of the credentials
configured by Jubilee’s team. The entire process is
simple and effortless and takes less than 2 minute’s
time. Our system offers quick notifications and
digital certificates for both passengers and beneficiaries.
Jubilee General offers an opportunity to bus
operators, micro finance institutions, tour operators,
aggregators, travel ticketing service providers as
well as independent entities to join hands with it
and play their part in making this humble, humanitarian initiative more active and widespread in its
reach and outcome. We can design and propose a
bespoke insurance program which can blend
ubiquitously in partners’ sales and customer
acquisition processes - Our underwriting and
acquisition system comes with unique API for quick
integrations. This bespoke approach makes our
initiative extremely flexible and dynamic for our
partners.
With the system in place, possibilities are endless.
Tech-Insurance
for Musafir
intercity travelers
By Umair Ismail Ghaya - Retail Sales Head & Senior Vice President
VOLUME 11 / ISSUE 3 < 05
Globally most insurers seem to be left behind by the rapid changes in
customer expectations. The insurance covers have become progressively
commoditized and choice over its purchase is almost determined by
price, as many customers fail to recognize its value. Megatrends are
also redesigning the competitive environment for insurance companies
and the market in which they operate. Insurers need to be looking at
how to keep pace with the sweeping Social, Technological, Economical,
Environmental and Political developments ahead.
Digital holds the key to customer connection, digital innovation can help
insurers to engage more closely with customers and it can open up
untapped commercial opportunities.
06 > VOLUME 11 / ISSUE 3
Imran Mughal
Chief Risk Officer – EVP
Social – customers are increasingly using social media to find out about insurance
products and how others rate the services.
Digital is the term we use
to describe the
leading-edge collection of
‘SMAC’ (Social, Mobile,
Analytics, Cloud)
developments in customer
expectation, behavior
and interaction, which
are rapidly reshaping the
rules of business:
Mobile and sensors –Mobiles and sensors offer insurers a regular source of
information into how customers go about their daily lives, which would enable
insurers to price risk more effectively.
Analytics – using the wealth of data created through social, mobile and sensor
channels offers huge opportunities including sharper customer profiling and
pricing of risk.
Cloud – cloud computing frees insurers from the constraints of on-premise IT and
allows them to move to a more flexible technology platform. Cloud enables
insurers to innovate and try out new services and solutions for customers with
much shorter lead times.
Digital innovation has been the facilitator for the customer revolution; nevertheless it can also offer the opportunity to develop the sharper customer engagement, vision and understanding needed to meet these more
challenging demands. Whereas most insurers are still primarily focused on e-commerce, the leaders are evolving deeper, more personal and extensive relationships by using their digital competencies to gain and greater
information of their customers. The competitive gains consist of being able to move away from simply contending on price, while more effectively governing risks and matching the capability being offered by the contestants targeting their segment.
Though technology is going to be an important part of insurers’ ability to capture and analyze new sources
of customer data and develop deeper relationship. Yet the real differentiator is how well this information is
turned into perceptions and willingness to lead the innovations in the open market. What this demands is as
much of a cultural leap as a technological shift. This includes comfort with big data decision-making and the
ability to bring creations to market with much greater speed and flexibility than today.
This article is based on PwC’s ‘Insurance 2020’ digital insurance survey 2014, where 9,281 consumers were
surveyed in May 2014 across 16 countries. The participants form a representative sample of ages, genders
and income groups in Brazil, Canada, Central & Eastern Europe, China/Hong Kong, France, Germany,
India, Mexico, Netherlands, Singapore, South Africa, Spain, Switzerland, Sweden, the UK and the US.
VOLUME 11 / ISSUE 3 < 07
Around 70% of consumers
used some form of digital
research before buying
insurance (e.g. price
comparison or social media)
36% of consumers
surveyed felt that they
would need telephone
support at hand if they
were to purchase
online.
The survey findings provided
valuable insight into how digital is
reshaping buying habits and how
companies can capitalize on new
market openings.
50% of policies in
the UK were
bought online
Nearly 70% would be
willing to download
and use an app from
their insurance
provider
49% of US consumers would be
prepared to provide their
insurer with additional personal
and lifestyle information to
enable them to seek the best
deal for relevant services on the
their behalf
75% would be willing to
have a sensor attached to
their car or home, provided the end result is a
reduction in premium.
Over 50% would be prepared
to provide their insurer with
additional personal and lifestyle
information to enable them to
seek the best deal for relevant
services on their behalf
Over a 25% bought
their policies online
(e.g. web or via a
mobile device)
Customers have access to more information than ever before, at the same time, customers want insurers to propose them the simplicity
and approachability they’ve become comfortable to in other sectors. They want quotes and prices when they want via the platform
they choose, access to help when they need it and to only interact when renewing or making a claim. Where customers are looking
at value rather than just price, they want policies tailored to their requirements and to be only paying for what they need.
What emerges from this research is how strongly embedded digital already is within the market and the potential to take the
engagement and commercial possibilities
In the past, digital business meant e-commerce. But the landscape has changed; the rapid rise of social media, smart devices, big data
and cloud computing has opened up new avenues of potential. Social media customers are changing too through demographic
change, increased expectations and empowerment. Technology and social media are making customers better informed, more
connected and more vocal. Smart devices, sensor technology, wearable tech, big data and analytics cloud computing
08 > VOLUME 11 / ISSUE 3
By 2017 a new breed of customer will dominate – we call them Digital Natives
iPa
d
9:4
5 AM
100%
Traditional Consumer
Transitionals
Digital Natives
What does this mean for business? As a result, businesses have changed to deal with:
More Transparency | Reduced barriers to interacting with customers globally | Using new business models
Different threats and risks to privacy and security | The rise of the trust economy
Adding value through digital, three influences of change are taking place:
1. Businesses have the precise combination of digital channels to improve customers’ e-commerce experience and effectively
integrate their physical and digital operations.
2. Businesses exploit information gained from how customers want to use their products and services to develop new proposals
that help customers improve their lifestyle and increase their loyalty.
3. Customers’ digital identity will become multifaceted. The more they interact with business’s products and services, the more
understandings they will gain about themselves. That then offers an opportunity for a ‘digital identity manager’ to work on
their behalf to get the best deals.
…which means businesses need to become more customer-centric
Digital is a catalyst and accelerator of ‘total-customer centricity’
It is not like being just additional channel, the effect of digital is converting what customers expect, generating fresh opportunities to
get closer to the customer and moving insurer from a price to a value consideration. Indeed, instead of digital strategy, the main
objective for insurers should be developing a business strategy for the digital age.
What insurers know about their customers is still very much focused to an individual product view of risk, understanding the
individual risk rather than the customer and their needs. There is need for more developed profiling techniques which will enable
closer tailor interactions, products and services to a customer’s exacting needs.
What underlies these developments is an important shift from the insurer being a reactive claims’ payer to a proactive risk manager.
By helping customers to understand and mitigate their risks more effectively, the true value and differential of insurers’ risk
management expertise would become more tangible and they would be in a better position to increase their prices and returns.
VOLUME 11 / ISSUE 3 < 09
JUBILEE TAKAFUL
LAUNCH CEREMONY
by Sohail Ahmed
Head of Takaful – EVP
On 25th of August 2015 Jubilee Insurance has officially launched their Window Takaful Operations for General and Life.
Top executives of financial sector were invited on this auspicious occasion to encourage Takaful in the market.
Inaugural speeches of Mr. Syed Sohail Ahmed Head of Jubilee General Window Takaful and Mr. Nadym Chandna Head
of Jubilee Family Takaful briefly described about Takaful penetration in Pakistan and how it can be supportive to Islamic
finance. They emphasized that this will enable Takaful to capture the untapped market and increase the overall pie of
Takaful.
Mr. Zeeshan Abdul Aziz, Shariah Advisor of Jubilee Takaful said that Takaful is not only an Islamic alternate to conventional
insurance but it also offers tremendous growth potential to Takaful providers as this is a large and untapped market segment
which is now being targeted by many insurance companies with the approval of SECP.
The Managing Director Jubilee General Mr. Tahir Ahmed in his speech suggested that it would be worthwhile to rename
Takaful to ‘Islamic Insurance’ to make it consistent with ‘Islamic Banking’. Furthermore, he said that Jubilee General Window
Takaful Operations is proud to introduce ‘Takaful Online’ for the benefit of Pakistani consumers from the word ‘go’.
Managing Director Jubilee Life Mr. Javed Ahmed concluded that Shariah compliant Takaful with a true spirit will lead to
customer/participant confidence and will serve as a backbone to the success of this venture.
The mega event was organized with enthusiasm and the commitment to promote Takaful products in the market.
10 > VOLUME 11 / ISSUE 3
Distribution
12 > VOLUME 11 / ISSUE 3
Mr. Muhammad Hashim
Mr. Ali Akber Imani
Mr. Afzaal Ahmed
Mr. Azfar Irshad
Mr. Muhammad Suleman
Ms. Zeba Parven
Mr. Zameer Ahmed
Mr. Muhammad Safdar
Mr. Syed Abid Waseem
Mr. M. Amin Haroon
Mr. M. Saleem
Mr. Kamran Arif
Mr. Tariq Mahmood
Mr. Sohail Haider
Mr. M Arif Bashir
Mr. Sharafat Ali Ghouri
Mr. M Shakil Qadri
Mr. M Ahmed Khan
VOLUME 11 / ISSUE 3 < 13
SIGNING CEREMONY
BETWEEN HBL & JUBILEE GENERAL INSURANCE
SIGNING CEREMONY BETWEEN HABIB MUDARABA
& JUBILEE GENERAL TAKAFUL
14 > VOLUME 11 / ISSUE 3
Branch Performance
as at September 2015
Fasihuddin Khan
Manager- Operations Department
VOLUME 11 / ISSUE 3 < 15
The Hawa Bandar, also known as the Jehangir Kothari Parade is
an esplanade built by Jehangir Hormusji Kothari in 1919 in the
heart of Karachi. This Promenade was construsted at a cost of PKR
300,000 and donated to the people of Karachi.
Hawa Bandar consists of two structures, the Promenade Pavilion
and the Pier. The Pier is named after the wife of Governor of
Bombay Sir George Lloyd. The pavilion structure was inaugurated by Lady Lloyd on 5th January 1920.
by Nadir Ejaz- Call Center
Today the place has turned into extensive lighting and lush Green
Park. The spectacular park is built on 47 acres land. Hawa
Bandar is not only popular among locals but also tourists from
around the country visit this historical place.
Hawa Bandar is renovated and maintained by the City District
Government Karachi (CDGK) & in June 2005, an extensive
renovation work was started of the promenade pier and pavilion.
16 > VOLUME 11 / ISSUE 3
Translated by: Iqbal Yousuf Siddiqui, Senior Manager - Administration HO
18 > VOLUME 11 / ISSUE 3
2nd Floor, Jubilee Insurance House,
I.I. Chundrigar Road,
Karachi 74000, Pakistan
UAN: 111-654-111, Tel: 32416022-26
Toll Free 0800-03786
Fax: 32438738, 32416728
Email: info@jubileegeneral.com.pk
W W W . J U B I L E E G E N E R A L . C O M . P K