Presentation on Motor Insurance of Phoenix Insurance Company

1. W
E L
C MO E

2. Group List
Nowshin Naina
Jobaer Hossain Munna
Emad Akhter
Mahmudul Rimon
Mohammad Minhazul Hoque

3. Motor Insurance

4. Phoenix Insurance Company
One of the first
generation leading
general insurance
companies in
Bangladesh Listed in Dhaka stock
exchange ltd (DSE) on
December 4, 1994
31 branches in
Bangladesh

5. Service of Phoenix Insurance Company
Marine. Fire Engineering Cyclone
Earthquake Motor
Life
Insurance
Miscellaneous
Flood, Riot
& Strike
damage
Overseas
Mediclaim
Cattle
Insurance

6. Types of Motor Insurance Policy in Phoenix Insurance
Company
Types of Motor
Insurance
Policy
Act Liability
Policy
Comprehensive
Policy

7. Required document
Construction class
.
National ID
Documents of Vehicle purchase & license
Signature & Date
Declaration
Perils of Insurance
KYC form

8. Procedure involved in taking Motor Insurance Policy
1. Scrutinizing Un-revoked Offer getting from insured
2. Taking necessary steps after declaring the written policy
worthy of insurance
3. Ensuring if there has insurable interest in proposed
subject and object from insured
4. Based on Utmost Good Faith taking necessary steps
after knowing properly about insurable subject
5. Arranging Risk Inspection survey on proposed Subject of
insurance.

9. Procedure involved in taking Motor Insurance Policy
6. Properly filling up the Proposal Form from insured along
with his/her signature, sill, and date. And then accepting
the form for insurance.
7. Knowing properly about insured and his business good
well.
8. Collecting data of Loss history for last few years of
insured.
9. After collecting all data and analyzing it then taking
necessary steps to provide insurance policy.
10. Calculating insurance premium based on Tariff Rate.
11. After preparing insurance policy providing money receipt
and insurance policy to insured.

10. Premium calculation
Insurance
Class
Insurance
Type
Vehicle
Type
Vehicle CC Tariff Rate
Full
Insurance
Value
Number of
Driver &
Passengers

11. Act Liability
Act Liability Basic 0.00
Driver Amount 0.00
Passenger Amount 0.00
Net Premium 0.00
Vat (15%) 0.00
Gross Premium 0.00
Comprehensive
Comprehensive Basic 0.00
FIV (0.00%) 0.00
Act Liability Basic 0.00
Driver Amount 0.00
Passenger Amount 0.00
Net Premium 0.00
Vat (15%) 0.00
Gross Premium 0.00
Premium calculation procedure

12. No Maturity benefit
in motor insurance
Offer No Claim
Bonus benefit in
motor insurance
Maturity & No Claim Bonus of Phoenix Insurance
Company

13. Claim Settlement Procedure of Phoenix Insurance
Company
Inform loss
intimation in writing
or over telephone to
verify
Claim is registered
and a claim numbers
allocated to the
insured, after
checking the policy.
Claim form is issued
and return with some
papers/documents in
support of the loss to
the insured.
A Surveyor is
appointed to
investigate and
report on the cause
and total loss.

14. Document for Motor Claim Settlement
Copy of G. D.
Entry/FIR
Copy of Registration
Certificate, Tax
Token & Fitness
Certificate of the
Vehicle Copy of Driving
License
Driver’s Statement
regarding the
accident
Copy of Route
Permit of the Vehicle Repairing
Estimate/Quotation
of the damaged
Vehicle
Police Final
Report/Charge Sheet
in case of theft loss

15. Marketing strategy of Phoenix Insurance Company
• Qualified ,skilled agent.
• Maintains and updates insurance service information on
their website and facebook page.
• Informative advertisement though banner ads, billboard,
newspaper for promotion.
• CSR activities, sponsored of media programs.
• Online insurance service.
• Several tagline for advertisement.

16. Prospect of selected insurance company in Bangladesh
Price
Company's financial
strength
Coverage
Company
history/reputation
Ease of doing
business
The power of
referrals
Agent

17. Major Risk of the insurance sector of Bangladesh
Liquidity
risk
Actuarial
Risks
Reputati
on risks
Business
risks
Strategic
risks

18. Case
On 23may, 1998, a man named Sivanayaitha Perumal,
while driving a van hit a bicycle rider called Charles,
who succumbed it injuries from the accident. Charles
wife claimed compensation under the part of vehicle’s
insurance that covers third parties. The matter went to
court which decided that since Sivanayaitha Perumal
was driving a light motor vehicle (LMV) as a
commercial vehicle, while holding a LMV license for
non Transport, the insurer was not liable to compensate
the deceased’s kin. Instead, the court made the
vehicle’s owner liable to pay the compensation amount
to the victim’s family.

19. Case
Learning:
If the policy has recorded vehicle to be for
personal use, using it as a commercial vehicle without
the knowledge of the insurer will get rejected to claim.
Insurance companies do not offer the insured amount if
the accident takes place while the car is being driven
for a purpose other than the one specified in the policy

20. Thank you.
Do you have
any question?