Newsletter Volume 6, Issue 1...Newsletter Volume: 6, Issue: 1, June, 2016 Prime Insurance Company Ltd. always believes in ‘Client First’ service and thus …

NewsletterVolume: 6, Issue: 1, June , 2016

www.prime-insurance.net

It is indeed a great pleasure and honour for us to welcome you all with the 6th Volume, Issue: 1 of our Newsletter. We are very much delighted to inform you that we have successfully completed 5 years of our newsletter publication.

To begin with, let us express our heartfelt gratitude and appreciation to you for your kind patronage and continued trust in the Prime Insurance Company Ltd. Your support and admiration made us confident to create a new height & dimension as well as acquire the light of success in the industry.

In 2015, our company has gone through some significant changes. We have shifted our Head Office to our own premises with a spacious floor of 15,736 sft.

From the inception, our strategic objective is to shape the company as an organization of excellence specially in terms of product, service, cost efficiency, market share & corporate governance.

To reach our destination, we have launched four exclusive products: Prime Health Plan, Bankers Blanket Bond Policy (BBB), Shipbuilders Liability Insurance and Hajj & Umrah Insurance Policy in the market and we feel proud for being the pioneer of those products in the insurance industry of Bangladesh.

To make the health product more available to our valued clients & serve them in a better way; for the first time in the history of the country, Prime has organized a ‘Medical Education’ & ‘Free Medical Advice Session’ tying up with the world famous National University Hospital (NUH), Singapore.

We have been upholding our recognition even in achieving the ICSB National Award for Corporate Governance Excellence for the year 2014.

During the introductory period, our pavement was not level & we had to face various challenging situations. But gradually we have overcome all unfavorable conditions through our merit, professionalism & earnest team efforts and turned those uneven avenues into a smooth walk way.

In continuation with our efforts; today, our big achievement is effectively accomplishment of our 20 years journey with remarkable successes in all of our endeavors which has just been possible only for the great support from our business partner clients’; advice & assistance from the Hon’ble Members of the Board, Strong Management Team; valuable guidance & co-operation from the Insurance Development & Regulatory Authority (IDRA) & other regulatory bodies and finally our dedicated employees & their untiring team work.

I am optimistic that like the previous years; our efficient, committed & dedicated team will make the best use of our strategy and maintain the highest standards of quality in all areas & sustain the status of the Company as one of the market leaders in the insurance industry.

Our passion is always bringing up the innovative products in the market meeting the demand & challenges of time. Here, again we are focusing on innovation to decorate & publish our newsletter. This year we have enriched our newsletter with some informative news that you would find interesting to know. For this, we need your kind support and advice.

Look forward to receiving your impartial comments & suggestions for the betterment of our newsletter.

Mohammodi Khanam Chief Executive Officer

MESSAGE FROM THE CEO



ELECTION OF CHAIRMAN AND VICE CHAIRMAN OF THE BOARDOF PRIME INSURANCE COMPANY LTD.Mr. Md. Zakiullah Shahid has been re-elected as the Chairman of the Board of Directors of the Prime Insurance Company Ltd. in its 276th

Board Meeting held on 30 March 2016.

The Company also elected Ms. Nazma Haque as the Vice Chairman of the Board of Directors during the same meeting. Prior to this, Ms. Haque was the Chairman of Executive Committee of the Board of Directors of Prime Insurance.

Mr. Md. Zakiullah Shahid, ChairmanMr. Md. Zakiullah Shahid is a dynamic entrepreneur and also a Sponsor Director of the Prime Insurance Company. Before this, during the year 2014-2015, 2007 and 2002, he was the Chairman of the Company. Under his inspirational leadership, Prime Insurance Company is now one of the leading insurance companies in the market, focusing mainly on providing corporate

insurance packages.Md. Zakiullah Shahid obtained his MMS Degree in Public Administration from the University of Dhaka in the year 1987.At present, he is the Managing Director of Electra International Limited, Electra Telecom Limited and Chairman of the Federal Securities & Investment Limited. He is a lifetime member of Dhaka Club Ltd. and Mohammedan Sporting Club Ltd. He is a firm believer of progress and entrepreneurial leadership and volunteers his time on associations that contribute to the innovation landscape of Bangladesh.

Ms. Nazma Haque, Vice Chairman

Ms. Nazma Haque is a reputed business woman of the country. With her dynamic leadership, she has remarkably contributed in the business sector of our country.

She has completed her Graduation in Economics from the University of Dhaka. She is the Executive Director of Bangla Trac Ltd., Chairman of Anirban Enterprise Ltd.

and also Director of Asian Gate Ltd., ACORN Ltd. and THANE Technology.

Besides, Ms. Nazma Haque is an active social worker and deeply engaged in various Social Welfare activities in Rajshahi. She is one of the founders of Bangla Trac Cricket Academy, located in Rajshahi and engaged in training of underprivileged boys of the locality.

PRIME INSURANCE SUCCESSFULLYACCOMPLISHED ITS 20TH ANNUAL GENERAL MEETINGThe 20th Annual General Meeting (AGM) of Prime Insurance Company Ltd. was held on March 30, 2016 at the BIAM Auditorium, Dhaka. Mr. Md. Zakiullah Shahid, Chairman of the Company presided over the meeting along with the Board of Directors. A large number of shareholders attended the meeting and unanimously adopted the Directors’ Report, Auditors’ Report & the Audited Accounts for the year ended 31 December 2015, declared 12.5 % cash dividend, elected the Directors and also appointed the external Auditors for the year 2016.

The Chairman of Prime Insurance thanked the Management for their admirable performance and also the Shareholders for the sincere & wholehearted participation in the AGM.



ANNUAL BRANCH CONFERENCE- 2015OF PRIME INSURANCE COMPANY LIMITEDThe Annual Branch Conference- 2015 of Prime Insurance Company Ltd. was held on Thursday, February 11, 2016 at the Corporate Head Office of Prime Insurance Company Ltd.

The Chief Executive Officer Ms. Mohammodi Khanam presided over the Conference & Mr. Md Zakiullah Shahid, Chairman of the Company graced the occasion as the Chief Guest. Directors of the Company Qazi Saleemul Huq, Mr. Abu Hasan Khan, Ms. Saheda Pervin Trisha & Chairman of Hotel Victory Mr. S. A. M. Hossain, Deputy Managing Director & Head of Operation-Syed

Monirul Huq; All Branch Heads, Departmental Heads & other Marketing Executives were present in the conference.

Ms. Mohammodi Khanam, CEO of the Company presented the business summary of the year 2015 through power point presentation. She congratulated all for passing a successful business year as well as the successful business achievers for their outstanding performances and advised them to become more sincere towards their work.

Mr. Shah Muhammed HasanExecutive Committee Chairman

Mr. Shah Muhammed Hasan, after completion of graduation from Pakistan Naval Academy, joined Bangladesh Navy. After that, he served in Bangladesh Inland Water Transport Authority and Chittagong Port Authority. He is the Managing Director of Mariners Bangladesh Limited & Orbit Pharmaceuticals

Limited and Director (Production) of Confidence Cement Limited. Mr. Hasan started his business career with shipping and clearing & forwarding business in 1984. He has commendable experience in the field of Ports, Inland Water Ways, Shipping Affairs, Cement Industries and other business arena in Bangladesh.He received Lions’ Club International Award, International President’s Medal, International President’s Leadership Medal (3 times), 100% Governors’ Award and Founder Membership Growth Award. He is a permanent member of Chittagong Club Limited, Chittagong Boat Club Limited and Army Golf Club, Past District Governor of Lions’ Club International, life member of Bangladesh Lions Foundation, Chittagong Lions Foundations, Bangladesh Cancer Foundation and Maa-O-Shishu Hospital, Chittagong. He is also involved with Autistic Children Organization of Blind and Hearing impaired Children and in many other social & educational development activities.

Mr. A.Z.M Sazzadur RahmanAudit Committee Chairman

Mr. A. Z. M Sazzadur Rahman obtained B. Sc in Mechanical Engineering in 1970 and Post Graduation in Industrial & Production Engineering in 1990 both from Bangladesh University of Engineering & Technology (BUET). He also studied in Railway Foundation Engineering at Heidelberg, FRG (1976),

Petroleum Engineering at University of Alberta, Edmonton, Canada (1980) and Coal Technology at University of New Castle, Australia (1990).

Since his graduation from BUET in 1970, he started his professional career in Planning Commission in 1972 as Research Officer. Then, he joined in Bangladesh Railway in September 1972 as an Assistant Mechanical Engineer and served there till 1988 as Chief Mechanical Engineer. Later on, he served as Director, Energy Monitoring & Conservation Centre and various important posts from 1988 to 1996 under Ministry of Energy & Mineral Resources, Government of Bangladesh. Lastly, he again served Bangladesh Railway as General Manager, Joint Director General & also Additional Director General from 1996 to 2006. Presently, he works for Bangladesh Public Service Commission as Part Time External Examiner.

ELECTION OF EXECUTIVE COMMITTEE CHAIRMAN ANDAUDIT COMMITTEE CHAIRMAN OF THE BOARDOF PRIME INSURANCE COMPANYMr. Shah Muhammed Hasan has been elected as the New Chairman of the Executive Committee of the Board of Directors of Prime Insurance Company Ltd in its 276th Board Meeting.In the same meeting, the Company also re-elected Mr. A.Z.M Sazzadur Rahman as the Chairman of the Audit Committee of the Board of Directors of the Company.



Prime Insurance Company Ltd. always believes in ‘Client First’ service and thus to serve our valued clients in a better way; for the first time, Prime Insurance invited National University Hospital (NUH), Singapore to conduct a Medical Education Session which held on January 16, 2016 at Tawfiq Aziz Khan Seminar Hall, The Daily Star Head Office, Dhaka.

Renowned Surgeons from NUH Singapore: Prof. Michael G. Caleb, Cardiac, Thoracic & Vascular and Dr. Ngiam Kee Yuan, Endocrine & Thyroid were the keynote speakers at the program.

The Medical Education Session commenced with the recitation from the Holy Quran. Ms. Mohammodi Khanam, Chief Executive Officer, Prime Insurance Company Ltd. delivered the welcome speech of the event. The NUH Specialists stated their services & clinical experiences. After that, they joined the Open Discussions & Question-Answer Session.

To honor the NUH Physicians, Mr. Md. Zakiullah Shahid, Chairman, Prime Insurance Company Ltd. handed over the crests to Prof. Michael G. Caleb & Dr. Ngiam Kee Yuan. Vote of Thanks was given by Mr. Shah Muhammed Hasan, Director of Prime Insurance Company.

The Chairman of the Company, Board of Directors from Prime family, Top Executives, Head of the Branches & also many more elite of the society joined the program and made it successful.

Prior to it, at the same day with the collaboration of NUH Singapore, Prime Insurance Company arranged a Free Medical Advice Session for its valued clients & their family members held at the Corporate Head Office of the Company. Surgeon Prof. Michael G. Caleb Cardiac, Thoracic & Vascular and Surgeon Dr. Ngiam Kee Yuan, Endocrine & Thyroid gave the medical advice to the patients.

Through this initiative, all the respected clients of the Prime Insurance & the other participants were greatly privileged with the precious advice and kind cooperation of NUH Doctors & expressed their extreme satisfaction after meeting the Doctors.

PRIME INSURANCE ORGANIZED A MEDICAL EDUCATIONSESSION TYING UP WITH THE WORLD CLASSNATIONAL UNIVERSITY HOSPITAL (NUH), SINGAPORE

Prime Insurance Company Ltd. in collaboration with National University Hospital (NUH), Singapore organized

a ‘Medical Education Session’ on January 16, 2016. In the photo from Prime Insurance Company Ltd. Mr. Md.

Zakiullah Shahid, Chairman; Ms. Mohammodi Khanam, CEO; Mr. Shah Muhammed Hasan, Director & Ms.

Saheda Pervin Trisha, Director pose with Prof. Michael G. Caleb (Cardiac, Thoracic and Vascular Surgeon), Dr.

Ngiam Kee Yuan (Endocrine and Thyroid Surgeon) & Mr. Zhang Fang, Senior Manager from NUH, Singapore

and Mr. Mashuk Ahmed representative of NUH, Singapore.

NEW YEAR CELEBRATION OF PRIME INSURANCE COMPANY LTD.After the successful accomplishment of the year 2015, Prime Insurance Company Ltd. cheerfully celebrated the New Year 2016 at its Corporate Head Office ‘Unique Heights’. Mr. Md. Zakiullah Shahid, Chairman of the Company, Board of Directors, CEO-Ms. Mohammodi Khanam joined the occasion & made it eventful.

During the conference, the CEO also fixed their target for the year 2016 and wished that they will achieve the same successfully.

Mr. Md. Zakiullah Shahid, Chairman of the Company thanked the CEO, all the Head of Branches & Executives of the Company for their great success and advised them to give extra efforts for achieving the newly fixed target for the year 2016.



FINANCIAL AID FOR THE INSOLVENTMERITORIOUS STUDENTS

Ms. Mohammodi Khanam, CEO of Prime Insurance Company Ltd. handed over a cheque to Mr.

Md. Alamgir Hossain, student of BBA 1st year, University of Dhaka. Prof. Shibli Rubayat Ul

Islam, Dean, Faculty of Business Studies, University of Dhaka; Syed Monirul Huq, DMD of Prime

Insurance, Executives of Prime Insurance and Professors of Business Faculty were also present.

Mr. Md. Zakiullah Shahid, Chairman of Prime Insurance Company handed over a cheque to Ms.

Jannatul Ferdous, student of BBA 1st year, Banking and Insurance Department, University of

Dhaka.

Ms. Shirin Sharmin Chaudhury, speaker of parlament; Mr. AAMS Arefin Siddique, Vice

Chancellor of Dhaka University; Mr. SK Sur Chowdhury, Deputy Governor of Bangladesh Bank;

Ms. Saheda Pervin Trisha, Director of Prime Insurance, Prof. Shibli Rubayat Ul Islam, Dean,

Faculty of Business Studies, University of Dhaka and Ms. Mohammodi Khanam, CEO of Prime

Insurance Company were also present at the scholarship program organized by Business

Faculty of Dhaka University.

Education is the core tool that can bring about most of the positive changes in the society as well as leave an endless effect to stimulate further changes toward the development of the country automatically. However, living up to someone’s own potential is an opportunity everyone should have. But some never get the chance. That’s why Prime Insurance focuses on providing financial support to the insolvent meritorious students thus they can continue their study to build a bright future and make their dreams come true as well as contribute towards the development of the country.

In the year 2015, the Board of Prime Insurance Company has given their kind concern for creating an Endowment Fund of Tk. 10 Lac. The profit of this fund will be spent to provide scholarships to the insolvent meritorious students which have already been provided to the insolvent bright student from this fund. We have our plan to increase the volume of the fund in the near future.

PRIME INSURANCE CELEBRATES INTERNATIONAL WOMEN’S DAYPrime Insurance Company celebrates International Women’s Day at the Corporate Head Office of the Company. Ms. Mohammodi Khanam, Chief Executive Officer of the company participated the occasion & cut a cake along with all the female Executives of the Company, then stated her views on women empowerment & their rights towards the Executives present.



ANNUAL PICNIC OFPRIME INSURANCE COMPANY

In the picture, Chairman Mr. Md. Zakiullah Shahid and CEO Ms. Mahammodi Khanam hading over the first

prize of the Raffle Draw to Mr. Mohammed Monirul Alam, EVP & Head of Mohakhali Branch.

The Annual Picnic (2016) of the Prime Insurance Company was held on Friday, 12th Feb’ 2016 at ‘Meher Uddan’, Gazipur through a day long program. The Chairman Mr. Md. Zakiullah Shahid, Board of the Directors with their spouse & family, the CEO, Top Executives, other employees & associates of the Company along with their family members joined the picnic.

It was indeed a mind refreshing day out full of fun, excitements, delicious foods & amusements from the beginning to end. Cultural Program was performed by the members of Prime family. The Company arranged different activities & games for the different age group & class of people which satisfied all to the fullest. The raffle draw & its lucrative gifts were one of the main attractions & sources of pleasures of the picnic. In a word, everyone spent a wonderful time altogether.

Earthquake is a sudden shaking of the earth surface which cannot be identified before it put its catastrophic step on the earth. So it is necessary to distinguish the possible approaches to minimize the earthquake damage. Insurance instruments are only one of many options which help to lessen the vulnerability of losses from such natural hazards by providing financial security.

It is an alarming sign that the situation, the people of Nepal are facing for Earthquake, it can happen at any time in our country as well. But people of our country are not ready to face it even they are not aware about it whereas we are in the most danger position. From the earlier observation in the year of 1991 we have seen, people of Bangladesh were affected drastically for flood & cyclone as they did not have any insurance protection. After the occurrence, Insurance Controlling Authority made it mandatory to take the flood and cyclone insurance policy to cover the loss.

Globally for facing these types of calamity, various insurance penetrations are available whereas in Bangladesh, insurance is not popular to the people, especially for earthquake. Even they are not aware about it. Though we do not have any separate insurance policy for earthquake, anyone can get the coverages

additionally along with Fire Insurance Policy. However, due to lack of awareness, most of the people of our country and banks only show their interest to take the Fire Insurance. So, as earthquakes pose a gigantic threat to the economy and well being of a country, it is the high time to reshape the thinking to aware about earthquake devastation.

As a matter of preparedness for recovering the loss as well as get the financial security during the happening of earthquake, earthquake insurance should be taken without further delay and implemented on a priority basis.

It should be mentioned that usually, fire Insurance is mandatory requirement for the banks & compliance issue by the RMG sectors in Bangladesh for protecting one’s property or assets caused by fire. However, people can take the earthquake coverages additionally with Fire Insurance for protecting their property as well.

Earthquake insurance with fire insurance policy could be one of the strongest weapons of taking the preparation for protecting of properties. Here, initiatives as well as awareness are needed from both parties’ i.e Public & Govt. to create the awareness about earthquake insurance.

PROPERTY PROTECTION FROM EARTHQUAKEDEVASTATION/ RISK WITH FIRE INSURANCE POLICY



PRIME INSURANCE PARTICIPATEDTHE FIRST-EVER INSURANCE FAIR IN BANGLADESH

PRIME INSURANCE COMPANY LTD.SUPPORTS ‘ONE STUDENT ONE TREE’ CAMPAIGN Prime Insurance Company Ltd. is always different from the other insurance companies. As a concern member of the society, Prime Insurance is aware all the time about the environment protection and we believe it is our responsibility to protect the environment for the betterment of mankind.

Prime Insurance realizes the importance of green plantation and thus in its CSR activities, the Company supported ‘One Student One Tree’ campaign of Treeism Foundation at New Model Multi Lateral High School, Dhaka.

The main goal of this ‘One Student One Tree’ campaign is to raise awareness among the school students about environment and bring all the school going children of Bangladesh under one green-umbrella. To engage the entire student group to "One Student One Tree" campaign, every student of the targeted schools will be gradually involved in this peaceful green movement.

Ms. Mohammodi Khanam, CEO of Prime Insurance Company Ltd. started the program by handing over a tree to a student of the New Model Multi Lateral High School. Ms. Khanam exchanges her views regarding the importance of tree plantation with the students. She also told them to take care of

the tree like a pet. The students of the school enjoyed the campaign. Under this green campaign, two hundred students of this school were gifted trees.

Syed Monirul Huq, DMD & Head of Operations & High Officials of Prime Insurance Company and Mr. Saiful Islam, Founder of Treeism Foundation were also present at the campaign.

In order to create awareness amongst the people of Bangladesh and give an impulsion to the financial sector, the Insurance Regulatory and Development Authority (IDRA) organized a three-day insurance fair at Bangabandhu International Conference Centre (BICC) on March 23-25, 2016. The Insurance Fair 2016 was

the first of its kind in the country started with the slogan 'Insurance for Secured Future'.

Honorable Minister, Mr. Abul Maal Abdul Muhith, Ministry of Finance, Government of the People’s Republic of Bangladesh inaugurated the fair. Most of the public and private insurance companies participated in the fair.

Prime Insurance took part in the fair with a general stall. Ms. Mohammodi Khanam, CEO of Prime Insurance attended the inauguration session along with the high officials of the Company. Ms. Khanam opined that this was a great achievement by the IDRA Authority & expressed her special gratitude towards the visitors who visited Prime’s booth.

It was a golden opportunity for us to exhibit our product & services to the targeted business communities. Prime Insurance has been issued instantly Motor Certificate in the fair. Many people including prospective clients visited our stall during the fair. On the sidelines of the fair; seminars, raffle draw and cultural programs etc. have also been arranged by IDRA.

PRIME INSURANCE COMPANY LIMITEDUnique Heights (9th Floor), 117, Kazi Nazrul Islam Avenue Dhaka-1000

Phone: (+88-02) 55138659-62, 09613262188, 09613262100 Fax: 88 02 55138658, Email: [email protected]

ADVISORMohammodi Khanam

EDITORRehana Akter Ruma

MEMBERSabrina IslamShalimar Islam

Editorial Board of Prime Insurance Newsletter



PRIME INSURANCE INAUGURATEDTHE CENTRAL DEVELOPMENT UNITAiming to provide faster service and to perform underwriting of all the specialized business of the Company, a business operation unit named ‘Central Development Unit (CDU)’ has been inaugurated at the Head Office of Prime Insurance Company Ltd. (Unique Heights, 9th floor, 117 Kazi Nazrul Islam Avenue, Dhaka). Central Development Unit will be headed by Mr. Monobrata Roy, Senior Vice President of the Company.

Chairman of the Company Mr. Md. Zakiullah Shahid, the members of the Board of Directors, & Chief Executive Officer Ms. Mohammodi Khanam and other high officials of the Company were present on the occasion.

Documents

Newsletter Volume 6, Issue 1...Newsletter Volume: 6, Issue: 1, June, 2016 Prime Insurance Company Ltd. always believes in ‘Client First’ service and thus …