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1. Polytechnic University of the Philippines
Sta. Mesa, Manila
Minimizing Job Effort and Time in Refunding Premium
Philippine Prudential Life Insurance Company, Inc.
Credit Life Insurance Department
Submitted by:
Mercado, Monica Lucille Anne M. Mercado
BBF 3-10N
Submitted to:
Prof. Realin C. Aranza
Practicum Coordinator
May 20, 2011

2. 1. Presentation of the Case
The Philippine Prudential Life Insurance Company, Inc. (PPLIC) offers Credit Life
Insurance as one of its services. It is where the face amount matches the loan balance
of a bank borrower at any given time and is designed so that the loan will be paid off in
full in the event of death of the Insured/Borrower. Credit life insurance will, in the event
of your death, pay out the outstanding capital on a short or long term debt (such as on a
car or home) to your loan provider; is a decreasing sum assured product which means
that the pay out amount decreases in direct correlation to the repayment you make on
your loan; includes occupation-based disablement cover as well as dread disease
cover; is valid for the whole loan contract period or outstanding period (if you start the
life policy after you took your loan) or until a disablement, death or dread disease claim
is made and paid out; and covers you immediately.
The applicant must comply with the agreement of the company and the bank or
the lending institution. Some of these requirements are: minimum and maximum age
and maximum loan coverage. The company has developed a system where applicants’
personal information is transferred for future use. When the system does not accept an
applicant because he/she is underage, overage, or has exceeded the maximum
coverage, the individual and the institution must be informed that the application is
either unaccepted or terminated. The system has been developed to provide
computations and covering letters, but the employee in-charge still develops a separate
program and makes of the covering letters manually.

3. I. Point of View
PPLIC was a pioneer in credit life insurance. It has agreed to provide
insurance to different financial institutions such as banks (government and
private), pawnshops, and lending institutions from Luzon, Visayas, and
Mindanao.
PPLIC is also among the first life insurance companies to computerize
operations. The company has adopted the Electronic Data Processing (EDP)
and has developed different systems for the different types of services they
offer. As the need for development arises, the Information Systems
Department attempts to improve the system successfully or develops a new
line of system that keeps up with the fast paced technology.
II. Statement of the Problem
Although the employee is able to keep up with his objectives and
tasks, it is very time and effort consuming on his part since it is not the only
job assigned to him. Payment vouchers and checks are processed by the
accounting department before the premium is refunded to the applicant.
When the refund is approved by the accounting department, he makes letters
for the applicant and the institution. Because of the process and the time he
allots for making the letter and developing a separate system, it takes about
one week before the letter, together with the check for the refunded premium
remitted, to be sent to the bank or lending institution.

4. III. Objective
The objectives of this study are: to lessen the time and effort
contributed by the employee in informing the institutions and their borrowers;
to develop the system in making the job simpler and faster; and to avoid
refunding premium remittances to the institutions.
IV. Areas of Consideration
Since developing a system is not the real nature of the employee’s
work, the Information Systems Department plays a role in making the system
meet the needs of the employee. The institution and their borrowers are also
affects the study because the case starts from them as provider of premium
remittances and required information.
V. Alternative Courses of Action
On the part of the employee, instead of preparing letters manually, he
should use the system that has been developed to process the letters
automatically. Instead of developing a separate system, he should ask the
permission and assistance of the developer/s to add necessary data and to
make changes to the present system.
On the part of the institutions, since they have a record of the
information of the borrowers, (birth date and loan amount), they should have
the initiative to inform their borrowers that they did not meet the proper

5. requirements. It is also possible for them to obtain a copy of the system used
by the company to inform them at an earlier time about their borrowers.
VI. Analysis of the Courses of Action
The Information System Department may improve the system to
process the same outcome as what the employee produces. It can result to
the same output or even become more accurate than before. But due to the
different needs of different departments, they have many concerns that may
affect the outcome of the system.
The banks and lending institutions can make sure that their borrowers
meet the requirements agreed upon with the company. Having their own copy
of the system, they may perform the task faster and easier. It results to lesser
refunds of premium remittance and more accuracy on the system and their
transmittal. However, most of these institutions are rural banks and multi-
purpose cooperatives which are small in terms of their financial capabilities.
Most institutions still do not use computers in their business. It makes them
unable to use the system of the company. Furthermore, they have other
functions as an institution. It becomes difficult for them to submit the
remittance at the proper time to ensure that there are no problems with their
borrowers.

6. VII. Recommendation
To arrive at a solution, the employee should explain the job to the
Information Systems Department properly and thoroughly. The developer
may perform his job in order for him to understand the job and to provide
more accurate results.
The company should know whether the banks and lending institutions
have access to computers in dealing with their business. If they do, they
should provide them with their system to help one another in making their
own jobs easier and faster.
2. Conclusion
The practicum training program provides the students taking it to learn the basics
of their work after they graduate. It is a preparation for them in facing their future. It is
also where the students are able to apply their learning to the real world in order for
them to earn a living.
I have learned a function of some banks which is to offer insurance to individuals
and to micro-insurance agencies. I also learned that borrowers may also be insured with
the banks usually becoming the beneficiary. It is through Credit Life Insurance. The
company pays the loan when the borrower dies and their loan is not yet paid or fully
paid.

7. As banking and finance students, it is important to note that the field does not
only focus on banks but also on other financial institutions. The students should always
be informed that there other institutions that they may be trained into.
3. Bibliography
 The Philippine Prudential Life Insurance Company, Inc.
http://www.philprudentiallife.com
 Credit Life Insurance
www.insurance.za.org/credit-life-insurance.htm