The document discusses life insurance and presents information about American Life Insurance Company (Alico) in Bangladesh. It defines life insurance as an agreement where the insurer reimburses the beneficiary for death or other events in exchange for premium payments. Alico began operations in Bangladesh in 1974 and is the largest international life insurer. It aims to provide quality insurance products through multiple channels. However, Alico faces challenges like communication issues, high prices, unskilled employees, and limited product offerings. Recommendations to address these problems include hiring English-speaking staff, improving quality, opening Islamic branches, reducing prices, enhancing training, expanding operations, and increasing marketing.

1. PRINCIPLES OF INSURANCE
Company profile
1/10/2015
1
Presented by:-
Mehedi Hasan
ID 1114
Group – Keen orbit
7th Semester
mehedi89hasan@gmail.com

2. WHAT IS LIFE INSURANCE?
 Life Insurance can be termed as an agreement between
the policy owner and the insurer, where the insurer for a
consideration of a sum of money agrees to reimburse
upon the occurrence of the insured individuals' death or
any other event, such as terminal illness, critical illness or
maturity of the policy.
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3. Objectives of the Study
 To gather comprehensive knowledge on
insurance activities.
 To identify the problem and Prospects of
Metlife Alico in Bangladesh
 To make some recommendations to the
problems regarding activities of American
Life Insurance Company.
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4. Background
American Life Insurance Company (Alico Bangladesh)
started full service branch operations in Bangladesh on 15
January 1974 and has since then
been marketing individual and group life insurance
products under the Insurance Act 1938, Insurance Rules
1958, and other applicable laws. Alico, incorporated in
1921 in Wilmington, Delaware, USA, is the largest
international life insurance Company in the world.
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5. Vision
“To be the world’s first-choice provider of life and
health insurance services. We will create unmatched
value for our customers, colleagues, business partners
and shareholders as we contribute to the growth of
sustainable, prosperous communities.”
Mission
To build value for our poly holders, field force,
employee and shareholders by providing quality
products and services through multiple distribution
channels for the Bangladeshi market and through
investing in Bangladeshi financial institutions thereby
the Bangladeshi people.
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6. Product and Services
There are some products of American Life Insurance
Company. These products are as follows:
1. Three Payment Plan Plus (3PP+)
2. Education protection plan plus (EPP+)
3. A.I Benefits.
4. Pension plan
5. Endowment plan plus
6. Good health plan
7. My child special plan,
8. Travel insurance
9. Critical care, etc.1/10/2015 6mehedi89hasan@gmail.com

7. Findings
There are many problems which are faced by American Life Insurance
Company. These problems are as follows:
1. Communication problems: Most of the employee’s cannot
communicate with people face to face because they cannot speak
English properly.
2. High price of product: Their product price is very high but quality is
not expected.
3. Employee’s problem: Most of the employee’s are unskilled. There are
many under educated person in the organization.
4. Problem in decision making: As it is a private limited company, the
mid level employees cannot take any necessary decision without
managing Director’s concern.
5. Small production unit: Bangladesh branches of ALICO have only two
products. The products are Life Insurance, and Health Insurance.
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8. Suggestion
ALICO 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.
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.
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9. Thank
you
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