MGT430 internship final report - adding my cv as appendix

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College of Administration and Finance Sciences Form No 4- Internship Report Cover Page Student's name: Yousef Abdulrahman Alhashmi Student`s ID #: 160041272 Training Organization: ACE Insurance & Reinsurance Brokers Field Instructor Name: DR. YOUSSEF RIAHI Trainee Department: Admin Field Instructor Signature: Course Title: Internship CRN: 15724 Internship Start Date: 01/09/2021 Internship End Date: 01/12/2021 Academic Year/Semester: 8 UG For Instructor's Use only Instructor's Name: Total Training Hours /280 Students' Grade: Marks Obtained /30 Level of Marks: High/Middle/Low 1 College of Administration and Finance Sciences Executive Summary ACE Insurance & Reinsurance Brokers Ltd is a leading insurance company in the GCC region. The report aims to reflect on the professional aspects of the program experience, provide an overview of the tasks done and skills learned while highlighting challenges and providing recommendations. I undertook my internship program in the company for three months, starting 1st September 2021 to 1st December 2021. The company was established in 1952 in Al-Khobar city. MIG Holding and Gallagher Global Brokerage currently have 70% and 30% stake of ACE Insurance & Reinsurance Brokers, respectively. The company operates in the financial services and insurance sector, with the three primary services being; direct broking, consultancy & risk management, and reinsurance broking. Every department in the organization has specific tasks that it executes diligently. The company utilizes a service procedure that ensures all processes are managed. Further, the company is guided by the Statutory Accounting Principles (SAP) for financial accounting. With a boom in technology and ecommerce, technology has been adopted and is used in quality planning and control of activities. During the internship program, I was working in the administration department, whose primary functions are; general office management, asset management, transport management, communication, security, and safety management. As such, my tasks revolved around executing the department's functions. Some of the skills I gained include managing regional purchases, effective communication, and the process of establishing and running an insurance company. Additionally, the training was an opportunity to put theory studied in the course work into practice. Advantages that helped in completing the training program included an experience of working in a big organization, discipline, and work ethic. However, I experienced challenges like working two shifts as I had my regular work and the internship program. I overcame the challenge through effective time management. Another challenge was writing policies and analyzing them. Nonetheless, with practice and supervision, I perfected the skill. For the college, I would recommend allocating more time for internship programs. For ACE company, I recommend that the management develop various working shifts tailored to the timelines that reduce burnout and improve performance. 2 College of Administration and Finance Sciences Acknowledgment I would like to acknowledge my field instructor Mr. Imtiaz Ahmed for guiding me during the attachment program and ensuring that I gained skills and put my theoretical knowledge into practice. I also thank ACE company for giving me the opportunity for an internship program. I wish to thank the College of Administration and Finance Sciences for allowing me to partake in my studies and lecturing me on the course work. Further, I wish to acknowledge the effort and support of my family at large for supporting me, and I believe that their efforts will pay off. Finally, I wish to express my gratitude to all staff members at ACE company who, in one way or another, contributed directly or indirectly towards the completion of my internship training program. 3 College of Administration and Finance Sciences Table of Contents Executive Summary ........................................................................................................................ 2 Acknowledgment ............................................................................................................................ 3 Table of Contents ............................................................................................................................ 4 Introduction ..................................................................................................................................... 6 Chapter 1: Description of the Company ......................................................................................... 7 History of the Company .............................................................................................................. 7 Organizational Chart ................................................................................................................... 9 Functions performed by different departments ........................................................................... 9 Overview of the Service Procedure ........................................................................................... 11 Process Chart of a service ......................................................................................................... 12 Finance, Accounting, and Marketing ........................................................................................ 13 Ecommerce and Management ................................................................................................... 13 Quality Planning and Control Activities ................................................................................... 13 Quality Control Activities in the Life Cycle of Service ............................................................ 14 Financial Analysis and Decision-Making Methods .................................................................. 14 Marketing, Selling, and Human Resources Analysis ................................................................ 14 Chapter 2: Internship Activities .................................................................................................... 14 Description of the Administration Department ......................................................................... 14 Description of Tasks during the Training Period ...................................................................... 15 Skills gained during the Training Period................................................................................... 16 Comparison between Theory and Practice ................................................................................ 17 Lessons Learned ........................................................................................................................ 17 Chapter 3: Recommendations ....................................................................................................... 17 Advantages that helped in the completion of the Training Program......................................... 17 Challenges and how I overcame them....................................................................................... 18 Recommendations ..................................................................................................................... 18 4 College of Administration and Finance Sciences Conclusion................................................................................................................................. 19 References ..................................................................................................................................... 20 Appendix ........................................................................................Error! Bookmark not defined. Appendix 1: CV .........................................................................Error! Bookmark not defined. 5 College of Administration and Finance Sciences Introduction This report documents the activities and tasks executed during my internship training program at ACE company. The aim of the report is to reflect on the professional aspects of the program experience, provide an overview of the tasks done and skills learned while highlighting challenges and providing recommendations. The insurance industry is one of the most complex industries globally, with many firms entering the industry aggressively. Many trends within insurance increase the complexity of the industry (Faiier et al., 2019). The property and life of individuals are surrounded by many risks, including destruction, disability, and death. Usually, such risks result in financial losses and compel people to turn to insurance as a prudent way to transfer life and property risks to insurers. Insurance involves a legal contract between an insurer (insurance company and the insured (person or an organization transferring risk). In the contract, the insurer promises to compensate the insured financial losses sustained by the occurrence of a contingency (Orlando & Bace 2021). A contingency relates to an uncertain event that results in a loss. The loss could be property destruction or the death of a policyholder. In insurance, the event resulting from a loss is known as a contingency because there is uncertainty regarding its occurrence. In return for the promise made by the insurance company, the insured or policyholder pays insurance premiums. This report describes our internship at the ACE insurance company (Faiier et al., 2019). The company provides a wide range of insurance services, and this is why I chose ACE to familiarize ourselves with how insurance works. Some of the products or services that the company provides include consultancy services, reinsurance broking, and risk management. At the start of the internship, I formulated goals to achieve, including; understanding working and functioning conditions of insurance, gaining professional experience, gaining insurance skills and knowledge, knowing required skills and knowledge as professionals, to gain experience in working with people from different cultural backgrounds, and to improve communication skills. 6 College of Administration and Finance Sciences Chapter 1: Description of the Company History of the Company I undertook my internship program at ACE Insurance & Reinsurance Brokers Ltd. The company was established in 1952 in Al-Khobar city Saudi Arabia ("ACE," 2021). Originally, it started as a general trading company with an insurance agency. Over the years, the company grew to represent international insurance companies that wanted to establish themselves in Saudi Arabia. Currently, the firm has diversified and opened 16 offices in 7 countries. Indeed, it indicates the vast growth that has occurred since the company's establishment. The type of ownership in ACE is a limited liability company. The MIG Holding Ltd (MIG Group) is the parent company to ACE Insurance and Reinsurance Brokers. In April 2021, the MIG group partnered with US-based Gallagher Global Brokerage. As a result, MIG Holding and Gallagher Global Brokerage have 70% and 30% stake in ACE Insurance & Reinsurance Brokers, respectively. In Al Khobar, the company's details are; • Location: Juffai Building, King Fahd Road, Al Bandariyah, Al Khobar 34423 • Contact: Telephone: (+966) 920011180/ (+966) 138823751 • Company Website: https://www.ace-ins.com/ In Riyadh, the company's details are: • Location: 2nd Floor – Building 1 Makeen Logistics • Adress: P.O.Box 6852 • Contact: Telephone – (+966) 11 4405500/ +966 11 4405501 • Email: info@ace-ins.com The company operates in the financial services and insurance sector. It provides three primary services; direct broking, consultancy & risk management, and reinsurance broking ("ACE," 2021). Other services include acting as surveyors and claim settling agents. In direct broking, some of the company's sectors include; property insurance, marine insurance, motor insurance, casualty insurance, specialty risk insurance, medical insurance, and employee benefits insurance. As a result, the company can provide insurance coverage to a variety of customers, all 7 College of Administration and Finance Sciences of whom are essential for business continuity and growth. It is essential to note that ACE has adopted a company culture that ensures that each customer is served as per their needs. Therefore, there is increased customer satisfaction in the products and services they get from the company. The second service is consultancy and risk management. It is sometimes difficult for clients to make complex and difficult decisions about choosing insurers and designing appropriate policies in the insurance world. As a result, ACE provides insurance consultancy services to fill in the existing gap in the market while providing professional advice and innovative solutions. Further, risk management comes into play as the company has expertise in dealing with business risk resulting from operations, strategic decisions, and implementation. This service aims to improve a client's risk control and reduce their insurance premiums. A different service that ACE provides is reinsurance broking. The company provides the service by reviewing a client's financial situation before suggesting possible solutions ("ACE," 2021). Making better choices allows the clients to reduce vulnerability and exposure to risks. Notably, this service helps insurers have financial loads within their ability to meet financial commitments and settle claims. Based on ACE's three primary services, it has a wide range of customers and clients. They include; individual clients, registered companies, government and private institutions, and corporate clients. 8 College of Administration and Finance Sciences Organizational Chart Board of directors Company secretary Committees CEO/President Audit Investment Risk Management Investment Vice President Administration department/Team HR Department Finance Department Sales Department ACE Insurance and Reinsurance Brokers ltd Al-Khobar branch has 35 employees. 9 College of Administration and Finance Sciences Functions performed by different departments The administration department is responsible for the operations of the company. The primary functions of the department are; • General office management • Asset management • Transport management • Communication • Security and safety management Under the sales division, there are general insurance and health insurance departments' primary functions are: • To cater to their respective clients • Write and analyze policies • Review claims • Settle or dismiss claims. Functions of the Human Resources department include: • Talent recruitment • Employer-employee relations • Benefits and compensation • Monitoring labor law compliance • Training and development The functions of the finance department are: • Manage equity • Cash flow management • Risk management • Tax management • Accounting and financial reporting • Budget preparation 10 College of Administration and Finance Sciences Overview of the Service Procedure A service procedure guides ACE to ensure that the employees provide quality customer service. First, it is routine and essential for the company to collect and sort data from customers. The analysis of the data guides making informed decisions on the needs of specific clients. Additionally, communication with clients is an essential step in delivering services. Notably, the company offers various services, all within different cost ranges. Effective communication with clients helps identify the specific insurance packages they require and those within their budget. Once the client has selected a package that meets their needs, they are subscribed to paying premiums. When the client is exposed to a risk they had insured against and suffers a loss, they file a claim to the company. In turn, the company reviews the claim and acts accordingly by either settling the claim or denying it. Overall, the cycle of the service procedure is monitored by professionals who ensure that they diligently serve the client while adhering to the code of conduct. 11 College of Administration and Finance Sciences Process Chart of a service Figure 1: Process chart of an insurance service Source: ("Flowchart Representing Insurance Company Claim Process," 2021) 12 College of Administration and Finance Sciences Finance, Accounting, and Marketing ACE is guided by required regulations that guide the sector as an insurance company. First, the financial transactions of insurance companies differ from other types of businesses; therefore, ACE has to use Statutory Accounting Principles (SAP). Indeed, all insurance companies must use SAP for their financial accounting. Using a statutory account, the company's annual statement indicates its value as if it is in liquidation instead of continuing in business. The company cannot indicate revenue that has not been invoiced. By utilizing SAP in the insurance company, accountability is upheld, ensuring that reports reflect the last day of a fiscal year. Ecommerce and Management In the wake of globalization, technology and ecommerce have become essential tools in the business. Likewise, ACE has been at the forefront of digitalization, with its information technology (IT) playing a central role. First, the company has developed a website that provides customers with information on the various services offered. Cross-cultural communication tools are also a necessity for companies. ACE utilizes digital communications with its clients and management board, especially when remote access is required. During the covid pandemic, communication guaranteed business continuity for ACE, mitigating the adverse impacts of the pandemic. Further, technology measures are implemented to promote cyber security, minimizing the risks of an attack. Notably, it ensures that company data is safeguarded. Such measures also impact the brand as customers feel safe and are attracted to the company. The company also utilizes big data and machine learning. Their use guarantees insightful analysis, and the findings are used to make informed decisions tailored to benefit the clients. Quality Planning and Control Activities ACE has a quality management program that ensures that quality planning and control are achieved. The program requires department managers to review significant business areas. The first activity is the review of transaction audits. The audits are performed regularly, and they monitor work distribution and check adherence to established guidelines. Further, backlog audits determine the employees' ability to stay current with daily transactions. Also, it checks for compliance with the company guidelines and quality standards. Workflow reviews are also 13 College of Administration and Finance Sciences conducted in the quality management program. The quality is determined by having lower errors and omissions in the workflow. Lastly, the correspondence review determines the quality of services provided to clients. Indeed, it helps keep employees on track. Quality Control Activities in the Life Cycle of Service Different quality control activities are executed in the life cycle of insurance service. To begin with, client reviews and setting of quality standards based on a client's needs. Next, clients are served by specific departments to ensure the operational process delivers quality. A regular review of results is crucial in determining compliance with established standards. Further, client feedback is important as it helps improve service delivery. Financial Analysis and Decision-Making Methods Horizontal analysis, vertical analysis, and ratio and trend analysis are the primary financial analysis methods utilized. Additionally, technology is crucial as machine learning and big data are incorporated to help departments make informed decisions based on findings of analyzed data. Marketing, Selling, and Human Resources Analysis To ensure that ACE maintains many customers, cost analysis and consumer evaluation are conducted. It ensures that different insurance packages are tailored to meet the needs of diverse clients. For promotional strategy, advertising, public relations, and direct marketing approaches are utilized for business continuity. Chapter 2: Internship Activities My supervisor and field instructor was Imtiaz Ahmed and was instrumental to my training in the company. Description of the Administration Department The administration department was the trainee department at ACE company. The department provides administrative and logistical support for the organization and all the teams in the region. The department's primary functions are; general office management, asset management, transport management, communication, security, and safety management. Under general office management, there is office equipment, cleaning services, payment of utilities, organizing facilities for meetings, and monitoring of lease contracts. The administration 14 College of Administration and Finance Sciences department reviews and purchases requisitions from reliable suppliers in the asset management function. Moreover, the department manages the company's physical assets. The department is also responsible for transport management for the company employees when they attend to its business. Communication is also a key function of the department. The communication occurs internally and externally to ensure a proper information flow between staff members and customers. Lastly, the administration department is involved with the security and safety management within the company. Such includes ensuring that the working conditions are safe and suitable for personnel's health. Security involves guaranteeing the safety of employees within the workplace. Overall, the department is central to the company's operations. Description of Tasks during the Training Period Throughout the internship period, I executed various tasks and was involved in different activities in the training department. One of the tasks involved offering the HR and administrative department support services to the company's regional teams. The support services included effective communication of tasks and providing logistical support. Indeed, it was essential as the regional teams required transport services and equipment necessary for accomplishing various tasks. Moreover, timely dissemination of information was crucial for keeping track of the teams and getting feedback on the progress of business activities. Providing support services through the administration department ensured smooth operations within the region. Additionally, I worked as a personal assistant for the AVP. Some of the tasks executed under this role included drafting and preparing letters, making regional communications, setting up and coordinating meetings and conferences, and taking minutes during meetings. The meeting and conferences were with stakeholders and customers at times. Executing these tasks allowed me to gain insight into the administration department's primary functions and to practice coordination and communication skills. More so, the opportunity to write minutes allowed appropriate filling of issues discussed. A different task I executed was coordinating clients' requests for insurance with the relevant departments. Such was done after communicating with the clients and determining the 15 College of Administration and Finance Sciences type of service. For instance, I would direct the clients to the medical insurance department to subscribe to a medical cover. Notably, the coordination of clients' requests ensured that they received timely services. Also, it reduced instances of clients having a poor experience within the company as they felt they were properly attended to. Furthermore, I collected data from customers, analyzed, and sorted the data. The data analysis process allowed me to make informed decisions regarding choosing appropriate insurance coverages that the company provided. As a result, it was crucial in assisting clients and meeting their requests. Skills gained during the Training Period Undertaking my internship training at ACE was an opportunity to gain various skills. One of the skills gained pertained to managing regional purchases, including materials and supplies required by the company and support teams. Indeed, logistical support is a core function of the administration department, where I was training during the internship. I also learned to take an active role in implementing safety and security in an organization. The skill is aligned with the administration department's security and safety management function. I learned of the various safety and security measures that should be implemented within an organization to promote and guarantee a safe and healthy working environment. Interestingly, a healthy environment positively affects employee motivation in an organization. Another skill I gained involved establishing and running an insurance company. ACE is a leading insurance company in the region. Thus, it was an opportunity to train and learn skills from the best. The skill was gained by learning the company's history and being involved in the daily tasks and activities of the insurance company. Moreover, reviewing company policies helped me understand how an insurance company should be governed. By learning this skill, I was better positioned to be productive and proactive, helping the organization achieve its set goals and objectives. Communication skills were a key takeaway from the internship. I communicated with people of different personalities throughout the internship training, ranging from clients to corporates. Additionally, there were internal communications with my supervisor and other company employees. Ideally, improving my communication skills was crucial in the insurance 16 College of Administration and Finance Sciences sector. First, I mastered the art of being patient and choosing the appropriate words while communicating. As a result, the dissemination of information was effective, ensuring no distortion. Also, errors and omissions were significantly reduced by applying effective communication skills. Utilizing the communication skills allowed me to execute tasks as required and deliver as per the customers' requirements. Overall, communication skills helped improve my performance while working in the organization. Comparison between Theory and Practice The class courses provided the theoretical basis for my internship training practice. For instance, the courses on communication and policy writing. The two provided me with the basic knowledge I used in the internship practice. Therefore, there was a significant relationship between the theory and practical aspects of the internship. Lessons Learned The first lesson was learning to exercise patience with clients. Indeed, people have different communication skills. As a staff in an insurance company, being professional and patient while communicating with clients is paramount. Communication also requires adopting a two-way communication style. In turn, one gets to listen to the clients and vice versa. Such ensures that all information regarding customer needs is recorded. Indeed, it gets easier to serve the clients and meet expectations and deadlines with the correct information. A different lesson I learned was policy writing. Undoubtedly, policy writing is at the heart of insurance institutions, a lesson that I will implement throughout my life. Chapter 3: Recommendations Advantages that helped in the completion of the Training Program One of the advantages is that I have been an employee since 2015, and I was in charge of various duties. Therefore, I had already experienced what it is like working in a big organization. Moreover, I was used to time management and ensuring that I completed my tasks within the allocated deadline. It played a crucial role in preparing me for the internship training program. Lastly, discipline and work ethic were an advantage when working under pressure to meet deadlines and deliver quality work. Overall, the discussed skills were advantages that aided in completing my internship training program. 17 College of Administration and Finance Sciences Challenges and how I overcame them Initially, there was a challenge of time as I had my regular work shift from 12:00 AM to 08:00 AM, then I reported for the internship program from 08:00 AM to 03:00 PM. Indeed, adjusting to this timeline was challenging as I felt a burnout. In turn, it would affect my performance. Nonetheless, I overcame this challenge by applying skills of time management. After a while, I was used to working around my two shifts and being productive throughout with minimal burnout. A different challenge was preparing, sorting, analyzing, and comparing insurance policies. Given that I was used to the theory aspect of policies, it became challenging at first. However, through the mentorship of my supervisor and reviewing some of the previous policy plans, I overcame the challenge. As a result, I would prepare policies, sort and analyze them as required. The last challenge was providing clients with the best insurance packages per their requirements. The processes involved extensive research and comparisons of the available packages. I overcame the challenge through practice in that as I attended to more clients, my research skills improved. Recommendations For the college, I would recommend allocating more time for internship programs. Such will allow students to have significant exposure to the training companies. Additionally, the college should regularly sign a memorandum of understanding (MOU) with various organizations to allocate students internship slots. In turn, it will be easier for students to get internship opportunities without the challenges of making applications to a wide range of companies. For ACE company, I recommend that the management develop various working shifts tailored to the timelines that reduce burnout and improve performance. For instance, their working hours should be minimal and flexible for trainees who have other jobs. Lastly, I would recommend that trainees be engaged in training activities like communication and policy writing programs during the internship program. Such would help the trainees improve their skills for the organization's benefit. 18 College of Administration and Finance Sciences Conclusion Overall, the internship training program was crucial in developing my skills and career. It was an opportunity to gain practical experience and apply the course theories into practice. Further, the ACE company was instrumental in the training program. The company's program is designed to equip the trainees with professional skills that are essential in their careers. Given that the company has vast experience as the leading insurance company in the region, trainees get a chance to work with the best. Throughout the program, I executed various tasks and activities, which allowed gaining skills. Although there were initial challenges, the appropriate solutions were utilized to overcome the situation. Indeed, the program is beneficial and has positively impacted my studies and career. 19 College of Administration and Finance Sciences References ACE. ACE.com. (2021). Retrieved 9th December 2021, from https://www.ace-ins.com/. Flowchart Representing Insurance Company Claim Process. Slideteam.net. (2021). Retrieved 9th December 2021, from https://www.slideteam.net/flowchart-representing-insurancecompany-claim-process.html. 20 Contact details EMAIL y.alhashmi91@gmail.co m Yousef Alhashmi Work Experience CEO ADDRESS Khobar city Alhashmi group Khobar city Jan 2010 / Jan 2015 PHONE 0595444445 CEO Development of the brand's products on the international market. Continually adapting products to the way the market was evolving and the opportunities available. CEO Development of the brand's products on the international market. Continually adapting products to the way the market was evolving and the opportunities available. CEO Development of the brand's products on the international market. Continually adapting products to the way the market was evolving and the opportunities available. Languages Arabic Native English Fluent Skills Project management: Expert Risk management : Advanced level Photography: Expert Photoshop: Expert Marketing: Advanced level Computer skills: Expert Customer service: Advanced level Communication: Advanced level Time management: Advanced level Flexibility: Expert Home Soul Khobar city Jan 2015 / In progress Zumrut Khobar Dec 2021 / In progress Yoshi Khobar city Jan 2020 / In progress Education High diploma in Mechaical Engineering JIC Jubail Industrial City 2015 Bachelor degree in Business Administration SEU Dammam 2021
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