In- house actuarial support to Fareast Islami Life Insurance Company Limited

Abstract

“Fareast Islami Life Insurance Company Limited” is a leading third generation company in the insurance sector which started its journey on 29 May 2000 and obtained Certificate of Incorporation and Certificate of Commencement of Business on 29 May 2000 as a Public Limited Company under the Companies Act, 1994 and subsequently listed with the Dhaka and Chittagong Stock Exchange (DSE) Limited in 2005. Since inception, Fareast Islami Life Insurance Company Limited has been working efficiently and achieved strong and prominent position in the insurance sector. By the passing of time the company has consolidated its strength manifold through extending its business rapidly while ensuring sustainable growth. My internship report on FILICL is titled “In- house Actuarial Support to Fareast Islami Life Insurance Company Limited”. To construct the report I have tried to collect as much as related information. First I gave an overview of the company. I included a brief discussion of overall activities to get a preliminary idea of the services of the company. Though the topic is not based on overall activities it has a origination in this sector. The functions of Underwriting, Maturity, Paid up Maturity, Surrender, Death Claim, Re- Insurance Department has important implication on the In- house Actuarial support to the company. In order to get idea of the performance of the company I tried to show how the company differentiates its products. My concentration was to show the whole process of In-house Actuarial support. As a major part of the report overall In-house Actuarial support analysis is done. In-house Actuarial support analysis included product features, product pricing, maturity, paid up maturity, surrender, death claim settlement, re-insurance treaty etc.