Dear clients, reinsurers and colleagues :

“I wish you all a joyous and prosperous New Year”, is the greeting of our Managing Director on the page across.

The feather - or shall I say feathers - in our cap this quarter has been securing the 1st position in the Best Corporate Report  Awards 2009, in the Non-Banking Financial Sector; and on heels of this accolade receiving  ‘Certificate of Merit’ from South Asian Federation of Accountants (SAFA).

We also welcomed a visitor  from Jubilee family : Mr Daniel M Mugao, Head of Bancassurance, Jubilee Insurance Company of Kenya Limited when Mr Imran Mughal our Head Bancassurance had the pleasure of sharing and discussing matters of mutual interest.

NJI, as part of its Corporate Social Responsibility sponsored digging of a well at Bittri Bheel village in Tharparkar region and a visit to the village by our officers has captured the life and need of that community.

You may like to test your Team Player Skills or read about Effective Communication, both contributed by our young officers.

We also wish to pause and reflect on the year gone by: on the business side we are proud to have become an ISO 9001:2008 Company :  on humantarian one we are gratified by our  active, albeit small,  part in alleviating the suffering of our brethren affected by unprecedented floods in summer of 2010.

Thank you for your readership which enthuses us to give you quality news each quarter.

New Year Message from our Managing Director

Alhamdulillah!  New Year has commenced and I wish you all a joyous and prosperous New Year. We achieved a healthy premium of more than Rs.4.20 billion in 2010 and now let us all pray that 2011 will be a year of stability for Pakistan and of profitable growth for New Jubilee.

Dear colleagues, the business environment is tough but you have proved time and again that your positive spirit is capable of rising above the difficult circumstances. We will need to work harder and smarter to develop new products and markets to build upon the growth momentum which already exists in New  Jubilee. The focus on traditional products and markets by ever improving service standards will augment our efforts to achieve our goal. Remember! Our profitable growth must beat the rate of inflation to post real growth. Bearing this in mind, 2011 target of Rs.5.20 billion is critical and eminently achievable.

Now is the time to go forth and achieve our target – I wish you all best of success.

Tahir Ahmed
Managing Director & Chief Executive

NJI Wins Best Corporate Report Award 2009

NJI Finance team made a quantum leap to 1st position from 5th position in a single year at the Best Corporate Report contest and here is how we achieved it.

NJI Finance Department under the lead of Executive Director-Finance Mr Atiq A Mahmudi decided to participate in the contest for the first time in 2008. In June 2009, we were informed by Institute of Chartered Accountant of Pakistan (ICAP) that our 2008 Annual Report has been selected among top five reports of non banking financial sector for the Best Corporate Award. The news was not only encouraging but also inspired us to do better next year.

We decided to participate in 2009 Best Corporate Award contest with proper strateg, and with the objective to further improve our Annual Report. The decision to improve was purely not related to competition but mainly to bring more transparency and quality in our financial reporting to our stakeholders. In order to improve in quality financial reporting and to achieve distinction in the 2009 Corporate Report Award we started working for it.

Firstly, our team made a detailed gap comparison between our reporting and the top position holder of 2008. The criteria for non financial sector defined by Joint Committee of ICAP and ICMA was scrutinised  thoroughly and each item was discussed and analysed in detail. Considerable time was also given to study the  international financial reporting of insurance companies. The task become more challenging as 2009 was the first year for the implementation of International Financial Reporting Standard 4 “Insurance Contracts” (IFRS-4) and there were some complexities involved in implementation of the said IFRS which  mainly pertained to additional disclosures requirements. All the complexities and difficulties were overcomed by adopting concentrated approach and proper consultation.

As per the defined criteria, another very important aspect was to announce the financial results for the year in a short span of time. Considering our large and countrywide operations, the finance team gave due consideration to this aspect and special efforts were made to process the information timely and efficiently. In this regard certain improvements were done in information system so that the required financial information can be processed and consolidated on time.

The finance team in striving to improve its financial reporting had focused in all areas but main consideration was given to the following:

•     Enhancement of the level of information provided in Directors Report and include more detail discussion on CSR, BPR, risk management and Human Resource development
•     Include more stakeholder information such as detail of Board of Directors and its committees, Organisational Structure, etc
•     Provide more detailed analysis of financial information along with graphical and pictorial presentation
•     Development of Company’s strategic objectives and core values
•     Provide more detail of offered insurance products
•     Include additional disclosures in financial statements
•     Adaptation of proper theme for the front cover and report inside

As a result of the organised and passionate efforts, NJI has secured the 1st position in the Best Corporate Report Awards 2009, in the Non-Banking Financial Sector. This sector comprises of over 120  insurance, leasing, investment banks, mutual funds, modarabas and asset management companies.

In the Award Ceremony which was held on 22nd October, 2010 the Chief Guest Dr Ishrat Hussain, Dean of Institute of Business Administration (IBA), Karachi and former Governor State Bank of Pakistani has said that accountancy profession must respond to challenges ahead to meet future needs of clients and the public and that the profession played a vital role in the economic development of the country. He added that these prestigious awards hold a unique position and a great value in the field of accountancy which encourages companies to provide maximum information in short time. In his short award acceptance speech Mr Atiq A Mahmudi endorsed the views expressed by Dr Ishrat Husssain and emphasized on transparent and qualitative role of accounting profession.

We feel proud of this quantum leap of achieving 1st position in a short span of time. We acknowledge continuous support of our other colleagues in NJI and the guidance of our top management. We are now more conscious of our responsibility to maintain this position in years to come by setting high standards in our financial reporting. 

Finance Department, Head Office

SAFA  Award



On heels of Best Corporate Report Awards 2009 by ICMA / ICAP, NJI won another accolade. ‘Certificate of Merit’ from South Asian Federation of Accountants (SAFA). This Award was for best presented Accounts for 2009 in the ’Non-Banking Sector not subject to Prudential Supervision’.

Evaluation for this award is on basis of  transparency, accountability and governance of published annual reports among South Asian countries.

For the interest of our readers we add that SAFA was formed in 1984 to serve accountancy profession in the South Asian Region and uphold its eminence in the world of accountancy.  It represents over 170,000 accountants having membership of the national chartered accountancy and cost and mangement accountancy institutions in Bangladesh, India, Nepal, Pakistan and Sri Lanka

Institute of  Cost and Management  Accountants of  Pakistan and Institute of Chartered  Accountants of Pakistan are members of  SAFA.

The Certificate of Merit was presented at the Valedictory Session of first SAFA Summit on 12th December, 2010 at Hotel Soaltee Crowne Plaza, Kathmandu, Nepal.

 

Mr Tahir Ahmed, our Managing Director was invited to the 25th East Asian Insurance Congress (EAIC) in Bali, Indonesia in October 2010.

The biennial congress was organised this year by the Federation of Indonesian Insurance Association and the General Insurance Association of Indonesia. They were proud to inform that this was the third time that Jakarta was hosting the EAIC.

The theme of the conference was “Going Back to Basics with a Dynamic New Mindset in Insurance”. It provided a venue for discussing current issues in the industry and some possible solutions, as well as fraternising  of senior executives of the Asian insurance industry.

The exquisite natural splendours of Bali were not lost on the delgates who equally enjoyed rich nature, diversity of culture and Indonesian hospitality.

The congress forged its traditional role of strengthening bonds among participating countries.

Effective Communication

What I intend to achieve through this communication? If you have this question in your mind  and your communication goes in the right direction, you achieve your targets.

Mind you! every step you take in communication is eye catching and being recorded by the receiver who immediately reflects a feedback in return and converts your action into history.

Upon receiving untoward response, you realise Oh! there was some mis-communication… thereafter you learn “I could enjoy success if I value my aim.”

Being an effective communicator, you are 100% responsible to deliver your message in a manner that the “message intended” equals “message received”.

Communication becomes most effective when it is targeted towards some specific objective/purpose, as there is no such thing as failure it’s only that what you were doing did not produce the results you aimed for.

One of the most important factors in communication is your tone, a very effective tip here is “control your emotions before they control you.” Therefore, you should never let your anger  deal with any task, because it leads you towards a course of action (at any cost) without taking into consideration the consequences.

You are excellent at communication if you understand your role as a communicator and you give equal importance to your position as a sender and receiver. Communication skills enable you to anticipate problems and choose the right ways of communicating to achieve the targeted aim.

You really  feel happy and honoured when people respect you for your ability to communicate clearly as a sender, and appreciate your good listening skills as a receiver.

Azam Khan
Assistant Vice President

Bancassurance at NJI

During the last two days of November we had a pleasure of meeting and training a member of Jubilee family from Kenya Mr Daniel M Mugao, Head of Bancassurance, Jubilee Insurance Company of Kenya Limited.

It was indeed gratifying to meet and have acquaintance with pleasing person and a friend with a smiling face. Mr Mugao’s visit to NJI’s Bancassurance Department at the Head Office was organised at a request of Jubilee Insurance Company of Kenya to share our experience, operational as well as marketing techniques and overall NJI - Bancassurance best practices with him.

Therefore the sessions were designed keeping in mind the orientation and practicable solutions to bancassurance. The undersigned had the pleasure and the opportunity to share and discuss the following:

• Overview of Bancassurance business in Pakistan, the role of its regulator (SECP) and the guidelines set for the best practices
• Case Studies and scan of Bancassurance products available in the Pakistan market, offered by various banks actively selling ‘Banca’ products
• Prologue to product development and designing stages
• Service level agreements with banks to clearly assign the role and reponsibilities of insurer and bank. (MOUs and Business SOPs)
• How to skillfully establish infrastructure and design internal controls for Bancassurance Department
• Comprehensively discuss the alignment and responsibility of Customer Service Department in support of Bancassurance business, CSD reporting procedures and MIS formations
• Significance of Information Technology in projection of Bancassurance business and statistical analysis.

NJI’s management and Bancassurance team wishes all the best for Mr Daniel M Mugao and Jubilee Insurance Company of Kenya; and  a very successful and profitable Bancassurance business with offer of support from our end always.

Best of Luck!
Imran Mughal
Head Bancassurance

Well at Bittri Bheel Village in the Tharparkar Region

Bittri Bheel is a village in the Tharparkar region of Pakistan and from the top left picture, you can see what an arid land it is. At present village women walk 3 miles on bare feet and on rough terrain to get their daily supply of water.
NJI felt that the villagers will  have immediate access to water if a  well is dug there. To arrange this we provided financial assistance to Thardeep Rural Development Programme, which is a non-profit organisation in the Tharparkar district of Sindh.

TRDP’s approach is to involve the community in digging of wells,in order to gain ownership from the villagers.

NJI’s Iqbal Qazi, Manager-Administration and Amin Aziz Manager-Claims along with driver Abdul Aziz visited Bittri Bheel Village in November 2010. They found that 12-13 feet of ground was dug and  that total 150 feet of digging would complete the well.

Iqbal Qazi felt that this project is the best utilisation of NJI’s funds given as donation, as these people (as can be seen from the pictures) have absolutely nothing by way of possessions or comfort.

WHATEVER SERVICE OR PRODUCT WE SUPPLY, it takes a company very far if everyone involved continuously seeks and implements improvements, in all that they do.

Interestingly, improvement is very visible where it is mandatory. So why not take it further whether in delivering a piece of data /  document,  part-completing a product, or even serving lunch.

Nonstop improvement is achieved when everyone in a company continuously improves his own processes individually and in teams.

This brings us to Team-Work. I strongly believe that the greatest asset of a company is its people, but what counts is how these people and their skills are utilised in an organisation. If we get that right, then we’re on our way.

Why Team Work?
I understand that team work is the most effective way to enable employees to enhance their abilities and skills at all levels. Through team work employees can improve the performance of the organisation they work for, and the quality of their own way of working.

Having said all this, I will add that though working in a team is a reality, it is challenging for those who wish to work in an isolated way.

Putting team work into the DNA of any organisation is beneficial in myriad ways, but some lasting benefits are:   

•   Development of interpersonal, analytical, and leadership skills
•   Instilling quality consciousness among all employees
•   Resultant higher quality product
•   More effective use of resources
•   More individual job satisfaction
•   Improved two-way communication between employees and management
•  Also, Decisions are long lasting if they are team-based.

Taking the above measures in a positive way, assess yourself whether you are a good team player or not, by filling the below mentioned quiz. Every answer has it’s own score that’s why the quiz is self explanatory, but for intepretation of your final result email your score to DM-HR, Fasihuddin Khan at fasih.khan@nji.com.pk  and find out how good a team player you are?

Q1: For most projects, I prefer to rely on my own skills and abilities rather than work with others.

Q2: While I am focused on my personal career success, I do truly support my team members and want the team to succeed.

Q3: For the most part, I believe that my team members do not work as hard as I do.

Q4: I seek out ways to learn to get along better with people and to do a better job of collaborating, to be a better team member.

Q5: I tend to come up with the best solutions to the problems my team faces, yet I usually receive very little of the credit.

Q6: People generally enjoy working with me on a team.

Q7: I understand that the value of teamwork is the emergence of new ideas and creative solutions as  well as the sharing of the workload.

Q8: The reality of the workplace requires me to work in teams — even if I do not like it.

Q9: I always end up carrying my team and it’s disappointing that I do not receive more credit for  doing so.

Q10: I am very flexible and can quickly adjust to new situations and changing demands of the team and team leader.

Fasihuddin Khan
DM-Human Resource

NJI Eid Milan

Congratulations! to Ather Jafri, AM-CU1 and his wife Shumail on birth of their daughter Zameen on 21 November 2010.

behind the scene ...... While we enjoy Eid Milan, let’s see what happens behind the scene A day before the Milan, despit being public holiday the Administration team is at work. At 2 pm the caterers van is  to deliver furniture, carpets, crockery etc.  VP-Administration Mr Ghulam Hussain lines up his team and continues to be in touch with the caterers, who actually arrive at 10 pm!  This he informs me is not usual but this year there was an extended delay due to prevailing conditions in the city. Lift technician Umair and clearning staff supervisor Patrick who had been on our premises since 2 pm, now phone the lift operators who are also on stand-by.  Once they arrive items are transported to our roof top and the arrangement is complete at 2 early morning next day! At 6 am Mr Ghulam Hussain monitors whether all food items have arrived and himself comes at Jubilee House at 7:30 am. Tea mugs are missing and biscuits need to be ordered. Manager-Administration Iqbal Qazi, man-of-the-moment, steps in and arranges this. At 9 am when our Managing Director arrives, dot on time, at the venue everything is in place. Forward would like to thank our team in Administration for giving us all an enjoyable get-together twice every year.