THE INSTITUTE OF FINANCE MANAGEMENT

FACULTY OF INSURANCE AND SOCIAL PROTECTION

DEPARTMENT OF INSURANCE AND RISK MANAGEMENT

BACHELOR DEGREE OF SCIENCE IN INSURANCE AND RISK MANAGEMENT

YEAR III 2021 / 2022

BIRM STREAM C

FIELD REPORT CONDUCTED AT

NAME: ZENICE PATRICK MALLYA

REG.NO: IMC/BIR/1921958

ACADEMIC YEAR 2021 /2022

SUBMISSION DATE:
 ACKNOWLEDGEMENT

I delight special thanks to God for the love granted to me until the end of practical training and
protecting my life.

I highly acknowledge and appreciate the support offered to me from Human Resource Manager
Madam Victoria Israel.

Also special thanks to Mr. Manasseh who is a currently Chief Executive Officer of Heritage
Insurance Company Tanzania for the moral and material support until I finished my field training.

Thanks to Madam Gema ,for assisting my training also Albert Mbonea, Makani,Susan Rosalia,
Madam Agnes, Madam Catherine , pastory ,lumuli , Regan ,and mummy these staff members
provided a very closely supervision during my field training.

Also special thanks to my Dad and Mum Patrick Paul Mallya and Theopista Patrick Mallya for
there willing and concerns of financing Academic expenses such as fee and other miscellaneous
cost like pocket money for the entire field training.

May God bless all those who read this report and thanks for your time

LIST OF ABBREVIATIONS
BIR Bachelor of Science in Insurance and Risk Management

CBT Competence based training

CCTV Closed-circuit television

CEO Chief Executive Officer

Dep Deputy

EST Establishment

H.R Human Resource Officer

ICT Information Communication Technology

IFM Institute of Finance Management

L.A.F Loss Acceptance Form

REG Registration number

EXECUTIVE SUMMARY
The report is about field training as carried at Heritage Insurance Company Tanzania. Student is
hereby required to provide feedback to the Institute of Finance Management. The main objective
of requiring reports from students is to determine how strong theories taught in classes satisfy the
market needs and prosperity of Insurance market. The report will comprise organizational
background and introduction, by detailing the background of Heritage Insurance Company,
primary functions, role within the business, review of the industry that the Company works within
also organizational structure.

Also in this report the duties undertaken will be detailed plus lessons learnt on each work as
assigned during the field training period. Literature review will be presented in relation of the task
performed during training period.

In this report analysis is also discussed to examine how far theories taught in class matches the
market requirements especially for Insurance student including skills that most of students we
currently lack.

Brief conclusion has been presented plus recommendations to both Heritage Insurance Company
and to the Institute of Finance Management. Recommendations help to initiate new approaches
that will support to achieve goals and objectives.

TABLE OF CONTENT
ACKNOWLEDGEMENT.............................................................................................................ii
 LIST OF ABBREVIATIONS.......................................................................................................ii

EXECUTIVE SUMMARY..........................................................................................................iv

CHAPTER ONE................................................................................................................................1

1.0 INTRODUCTION...........................................................................................................................1

1.1PRIMARY FUNCTIONS OF HERITAGE INSURANCE COMPANY TANZANIA.....................1

1.3 HOW HERITAGE INSURANCE OPERATES IN MARKET........................................................2

1.4 THE STRUCTURE OF HERITAGE COMPANY..........................................................................5

CHAPTER TWO...............................................................................................................................7

WORKDONE AND LESSON LEARNT.....................................................................................7

CHAPTER 3....................................................................................................................................10

LITERATURE REVIEW............................................................................................................10

3.1 Literature review meaning.............................................................................................................10

CHAPTER 4....................................................................................................................................12

4.1 The relationship between theories taught in class and market situations..............................12

4.2 The skills that most of students lack in current.....................................................................13

CHAPTER FIVE.............................................................................................................................15

5.1 Conclusion.............................................................................................................................15

5.3 Recommendation to the Institute of Finance Management............................................................16

REFERENCE..................................................................................................................................18
 CHAPTER ONE

1.0 INTRODUCTION
Heritage insurance Company has been operating since 1998, and becoming the largest private
insurance company in Tanzania. Heritage insurance is a subsidiary of heritage insurance company
of Kenya. It is also a member of Standard Bank Group which is the largest financial group
services in Africa. Also MAC group limited, under Chairman Mr.Yogesh Manek this group owns
almost 40% of the shares. Exim Bank Tanzania Ltd, Strategis Insurance Tanzania Ltd plus Chemi
and Cotex Industries Ltd. Mr. Yogesh, Manek is also Board member of Alliance Insurance
Corporation Limited. Mr. Manek his stute leadership, successfully guided and transformed
business ventures to entrepreneurial excellence, he also actively participates in various Trade,
Business councils and social welfare organizations in Tanzania.

Heritage Insurance Company is located at Masaki iKon Msasani Road. Mr. Manasseh kolowoka
has been operating as CEO . However, including the most important person for Human resource
management Madam Victoria who insures all human resource is well utilized efficiently and
effectively to achieve organizational goals and objectives that places Heritage Company to remain
a best performing insurance company in Africa.

1.1 PRIMARY FUNCTIONS OF HERITAGE INSURANCE COMPANY TANZANIA

a). Proper management of fund

Heritage Insurance Company receives revenue from business scenario like collection of premium,
fees or commission from policyholders and sometime through benefit management, provider
network management, Data management, medical management and claim administration.
Therefore the Company insures all the necessary approaches are adhered and implemented to
make sure there is no unnecessary costs that might cost the company portfolio.

b).Providing extensive products to clients. The company is committed to protect the clients
against any loss, damage or injury as caused by the specified risk in the policy, example, fire,
Motor, engineering, Aviation, Public liability, Directors and Officers liability and Golfer Package,
Home insurance, Business package, marine covers cargo and Hull, Asset All Risks, industrial All
Risks and many more therefore due to its efficiency Heritage Insurance is the First Choice of large
Corporate in Tanzania. You won’t regret choosing Heritage insurance Company.
c). Meeting customer expectations. Heritage insurance company is willing to make sure all
customers are served well and meets their expectations. Due to ability of paying claims Heritage
has been rated as AA by Global Credit Rating Company.

d). Maintaining the Market Difference. The main function of Heritage Insurance, the office
understands the importance of working together with Agent and the homeowner. From the
smallest problem to a major, hence Heritage insurance will be there for you.

1.2 HOW HERITAGE INSURANCE OPERATES IN MARKET

Heritage insurance company deals with insurance policies, to protect clients and investment
objectives. Heritage Insurance Company has three customers such as direct customers; these
customers purchase insurance policies directly from Heritage Insurance Company without
intermediaries. Customer as connected by Brokers, these purchase insurance policies through
brokers, it is approximated that more than 90% of Heritage’s business comes from Brokers such
as J . H MINTE, ARIS, MIC insurance broker, EAGLE, ASTRA, CRDB insurance broker ,
platinum insurance broker,Standbic bank and Exim bank . And also there are Agents who work
for Heritage such as Kibwe insurance agency ,Nana insurance agent and Apostle insurance
agent . Customer from coinsurers’ participation, Heritage Insurance Company distribute any
business that exceeds 2billion. The company distributes risks to other insurance company plus
mandatory entities that must be implemented by the law. The following are common business
covers as offered by Heritage Insurance Company Tanzania. These covers involve Non motor
and motor policies as exemplified below in details.

1. GROUP PERSONAL ACCIDENTS

The Personal accident policy provides compensation to the insured for physical and visible body
injury caused by accident. It goes on further to cover individuals if the injury as a sole cause
results in death or disablement. This cover may be extended, at an additional charge, to include
additional risks such as riot and strikes.

2. FIRE AND ALLIED PERILS

The policy provides coverage to the insured’s property when damage resulted from, fire, lightning
or explosion of domestic appliances. There are additional covers on this policy such as malicious
damage, explosion special perils (water perils of flood, blocked etc), earthquake, and bush Fire
3. GOODS IN TRANSIT POLICY

The Goods in Transit policy offers protection against loss, destruction, or damage to goods whilst
they are in transit, from the time of leaving the insured’s premises to final delivery.
The policy also protects the insured from liability during loading and unloading of the goods, and
temporary housing in the course of transit. The cover is available for individuals or companies
transporting goods.

4. MARINE CARGO AND HULL POLICY

Heritage Insurance company provides a coverage to both Hull and Cargo which is the most
potential business to Heritage since bring huge return due to very rare to have claims compared to
motor Insurance policy.

5. FIDELITY GUARANTEE

This policy indemnifies the insured against loss of money or goods (their own or for which they
are responsible) as a result of any act of fraud/dishonesty committed by their employees.

6. DIRECTORS AND OFFICERS LIABILITY

This cover protects Directors and Officers for their legal liability in conjunction with the
performance of their duties, for example, accountants, auditors.

7. BUSINESS ALL RISKS

This policy covers the property of the insured against accidental loss or damage,
This cover is suitable for portable items like cameras, laptops, personal computers, videos, mobile
phones and other fragile electronic items, personal items, baggage.

8. MONEY/CASH IN TRANSIT

The policy covers protects the policyholder under the following specified risks, loss of money at
your premises during business hours, loss of money in transit, Loss of money in the custody of an
authorized employee, loss of, or damage to safes or strong rooms insured in the process of a theft
or an attempt thereat also there are extensions such as riots and strike loss of keys.

9. WORKMEN’S COMPENSATION

The Policy Indemnifies the employer against legal liability under Workmen’s Compensation act
for death, injuries or diseases sustained by employees arising out of and in the course of their
employment or duties.
10. ASSETS ALL RISKS

This is a customer-designed policy for large trading corporations. It combines wide covers, large
deductibles and individualized rating methods.

11. THEFT

The Burglary policy covers loss or damage by theft involving forcible entry to or exit from a
building.

12. CONTRACTORS ALL RISKS

This policy covers the property of the insured against accidental loss or damage,
This cover is suitable for portable items like cameras, laptops, personal computers, videos, mobile
phones and other fragile electronic items, personal items, baggage.

13. MOTOR POLICY

Motor contingent liability, motor commercial, motor cycle, motor trade external

Motor trade internal, motor private, motor special type and Motor aggregate excess

14. ENGINEERING POLICY

The policy covers against all loss of Profit following Electronic Equipment, advance Loss of
profit, erection All Risk, loss of Profit following, machinery Breakdown, contractor All Risks,
boiler and Pressure vessels, plant All Risks, electronic Equipment , deterioration of Stocks and
Contractor Plant Machinery.

1.3 THE STRUCTURE OF HERITAGE COMPANY

Heritage Insurance Company operates under the following main structures that comprises
Underwriting and Marketing Department also Finance and Accounting Department. There are
several sections responsible for performing and achieving organizational goals effectively and
efficiently such sections are Human Resource Manager, claim officers, underwriters, marketers ,
Information officers, Documentation officers, Accounting and Financing officers including
Cashiers, Receptionists and Messengers and drivers. This structure is what makes Heritage
Insurance Company to be a model successful in East Africa. Due to its outstanding trust from
clients and other stakeholders as a result of diligence, integrity and excellent customer care that
meets their expectations.

FIGURE 1.1 STRUCTURE OF HERITAGE MANAGEMENT

BOARD OF DIRECTORS

Mr. YOGESH, MANEK

 CHIEF EXECUTIVE OFFICER

MR. MANASE
KOLOWOKA

GENERAL MANAGER
UNDERWRITING
CHIEF FINANCIAL OFFICER

MRS TECLA MAGASHI

H.R OFFICER

Madam.
VICTORIA
ISRAEL

ICT Risk Financial

Underwriting
Adm. and
Controller Manager
Comp Dep. Claim Manager
MR.JOSEPH
liance MARDAI
ICT
Office
Offic
r
Administrative er Senior

Officer Reinsurance Claim

Accountant Officer
Senior
Receptionist underwrit

Senior F. Claim er

officer officer
Drivers
Underwri
ting
Financial Junior
Messengers officer
Officer

Claim
Janitor Junior
Credit officer Underwri
Control ter.
Officer
Filing
clerk FILING

Cashier CLERK
 CHAPTER TWO

2.0 WORKDONE AND LESSON LEARNT

2.1 READING UNDERWRITING GUIDE BOOK

In the first day I was signed to read underwriting guide book in order to become with underwriting
procedures and discipline that are adhered and implemented in the underwriting activities
regarding to the type and nature of the business class and type.

LESSON LEARNT

I became more aware with the underwriting procedures, first motor underwriting is quite different
from non motor covers, in motor we as underwriters we must determine whether the proposed
vehicle to be covered is for which purpose either private use or commercial purpose. Private
vehicle has relatively low risk compared to commercial vehicle or cycles also rate used to
calculate premium per each business.

2.2 FILE DOCUMENTATION

Heritage Insurance Company has the tendency of arranging documents systematically to enable
future review and easily picking of files incase needed

LESSON LEARNT

Proper arrangement of office documents necessitate to allocate and find them easily without any
trouble a person can directly go to the specified shelve to take intended document. Also due to
systematic arrangement time is not wasted to find the file and documents.

2.3 MOTOR UNDERWRITING POLICY

During underwriting motor policies, the use of motor is very important to be considered, motors
which are used for business have more risks compared to private purpose therefore even the
premium will differ due to associated risks.

LESSON LEARNT
Motor policies are only covered in the market due to insurance companies have been directed to
cover these policies as compulsory policies otherwise insurers could abandon them due to are not
much profitable to companies as result of high frequency of claims, reduce the companies
reputations, good image and trust due to complains from disqualified claimants for payment,

2.4 FIRE UNDERWRITING POLICIES

There are policies for Domestic home insurance including fire and allied insurance for house and
other contents, renting business which involves commercial activities. The use of building
whether for Domestic or commercial, location of the building and construction materials, source
of the power, remoteness of the building and risk pre-measure instruments for the purpose of
rescuing risk all these factors will determine premium and whether to accept the risk or not

LESSON LEARNT

Domestic cover can be covered under sections of building, contents, All risks, Occupier liability
although this cover is not much common in Tanzanian insurance industry rather it is common in
developed countries, therefore building can be covered against the following risks such as fire,
floods, and storms the same to content cover but includes Theft risk cover. But all risk covers all
valuable and portable items to the occupier.

2.5 REGISTERING MOTOR POLICIES IN TRAMIS

The system designed for registering motor policies for easy verification of Revenue payments to
Tanzania Revenue Authority this helps to identify whether motor is registered and if there is no
outstanding debts in relation to taxes, driving licenses and other regulations if complied.

LESSON LEARNT

It simplifies the verification of the motors that are used in the roads and to give access to Revenue
authority to collect revenues by identifying the number of motors as registered in the TRAMIS
also police traffic can easily inspect by using mobile access like texting as *( plate number then
send to 15200, then you will receive confirmation.

2.6 PREPARING SEPARATORS

These are folded papers special for writing policy number of the customer in order to separate and
differentiate policyholder from another as filed in one file document.

LESSON LEARNT
Separators helps to differentiate one policyholder from another hence easy review of the
document, in case is needed but also it is a systemic arrangement of documents in the proper and
convenient document arrangement.

2.7 PREPARING CLAIM REPORT AND RECORDING IN ESKADENIA

The reported claims from clients are reviewed and processed by recording them in the files, excel
sheet and ESKADENIA system. During preparing the claims as reported by clients or brokers
there are important things to be considered such as policy number, claim number, premium paid,
date of loss, and description of risk.

LESSON LEARNT

It is very crucial to review the claim as reported by claimant to the claim Department in order to
insure the policy is active or the claimant is our policyholder, this will help the company to
operate effectively and avoid paying not covered risks.

2.8 PREPARATION OF OFFER TO CLAIMANT

The company after verifying the claimant check list document as attached therein then processes
the request through emails or letters to inform clients or Broker concerned with the policy to
return the Loss Acceptance Form (L.A.F) as a feedback to the company that will pave for
preparation of claim payment voucher.

LESSON LEARNT

The company proposes the amount to be paid or compensated to claimant regarding the terms and
conditions of the contract hence voucher is issued to the claimant after receiving the acceptance of
the offer on the regard of the loss form.

2.9 ISSUING PREMIUM REMITTANCE CONFIRMATION SHEET

This form is prepared in order to details, the claimant details about the loss occurred , date of loss,
reported date, insurance period, policy number, claim number, premium payment confirmation
that must be confirmed by the Finance and Accounting department.

LESSON LEARNT

This document is very important because helps the company to verify as whether the policyholder
qualifies to be compensated and if he paid the premium in fuel also whether the policy is active.
2.10 PREPARING DISCHARGE VOUCHER

This is the document that requires claimant to provide all necessary information, such as claimant
address, name, account number that must be filled properly for the sake of payment procedures.

CHAPTER THREE

3.0 LITERATURE REVIEW

3.0 LITERATURE REVIEW

Is an account of what has been published on a topic by accredited scholars and researchers? In my
literature review the topic to be discussed is “why students lack skills and discipline essential in a
work place”. It has been an outstanding big challenge to school leavers and graduates, who fails to
show up more human skills that are required in the world work. Irrespective of having good
degrees still is not enough if the new graduate has no personal skills that can be applied in the
competitive market environment. John Longworth emphasizes all schools and colleges to shift
their focus from good grades to the broader issue of “employability”. Example in British business
currently has 735,000 job vacancies, but the biggest barrier to employ these graduates is all about
“matching skills with vacancies” This problem causes students to unsecure employment as
attached by incompetence on communication skills, that hinder effective communication with
customers.

Also Mr. John Longworth, advices the schools and colleges to develop coaching skills in schools
and colleges and working with employers so as people can experience and understand what the
world of work requires from graduates and school leavers from the early age.

But in general, the education establishment was “driven to focus on grades and academic ability”
rather than producing rounded people with the skills required to thrive in employment at work. In
fact you can’t change who you are, but you can change behavior. Said, Mr. Longworth

All these changes must involve the government policy and strategies, that will cut across the
curriculums and preparing students to master their environment and to transform them into
innovative activities that will enable school leavers to engage into entrepreneurship.

The student can have competent skills and knowledge if the learning environment is favorable,
some scholars have discussed factors which influence an individual to become competent and
skillful in life.
Attribution theory as stipulated by Kelly 1971, the theory deals with process by which individuals
perceive and explain causal relationships and give meaning to events in their environment. These
processes need to have veridical understanding of these relations in reality orientation to the world
and must be predicted and applied. Sometime behavior is caused by external factors that might
cause an individual to have less confidence of what he or she does example most of students they
don’t have internal source of confidence due to incompetence. Also Mr. Settle in 1973 added that

some individuals tend to perceive events more under the influence of external causes while others
Interpret what happens to them due to internal causes. Many reports has reveled the concept of
behavior basing on the common underlying assumption on this principle, that predetermined
behavior according to the role of expectation does not reveal such to the observer as stipulated by
Jones and Nisbett 1971. Therefore for the case of students who seems to be lacking skills in
current it revealed by Attribution theory that stands on the perception of the individual who judges
student, however, there is a big possibility of student to master the business environment. Because
confidence results from many factors like knowledge and awareness of the business environment

Also in the research of Emily Cruse (M.Ed., Curriculum Director, Library Video Company) He
believes that using audio visual material helps to capture the attention of learners, increases
motivation and experience. According to the research and educators surveys, educational
television and video might enhance the student to have skills package as follows

o Reinforces reading and lecture material

o Aids in the development of a common base of knowledge, among students

o Enhances student comprehension and discussion

o Provide greater accommodation of diverse learning styles

o Increases student motivation and enthusiasm

o Promotes teacher effectiveness ( CPB,20 )

Therefore, whenever this media is used for lecturing the insurance and Risk Management
concepts will help students to capture many skills, such as speaking skills basing on public
speaking competence, but also students must have enough time to evaluate the session as
presented in the television and visual audio this will help to enhance knowledge and skills by
carrying intensive discussion of what has been presented or watched in the television. Also there
must be programs that can help the students to interact with market stakeholders, hence helping
them to learn the real situation of the prevailing market which increases confidence and
competence. All these efforts will enable to solve the problem as identified in Chapter four
sections 4.2 which depicts the currently skills that are lacked by students. By using televisions,
visual audios and intensive tutorial discussions, seminars, events and other regulations that help
students to practice career experiences, But also students must be taught models and concepts that
directly intervene with their career rather than teaching models which do not prepare students or
equip them with career competencies and experiences.

CHAPTER FOUR
4.0 ANALYSIS

4.1 THE RELATIONSHIP BETWEEN THEORIES TAUGHT IN CLASS AND MARKET

SITUATIONS
Basing on insurance and Risk Management disciplinary course, I have noticed that what we learnt
in class, paves a direct relationship to what is happening in the insurance market. Example we
learnt claim Management model, Insurance Broking, Liability insurance and Principle of
Marketing. The following are some of examples as learnt in class starting with claim
management, claim is the request filled by the policyholder to be lodged to the insurance company
to be reimbursed this concept has been practiced in the market environment, reported claims are
processed for further procedure of arranging claim settlement but also in class we are insisted to
adhere all claim procedures and its disciplines in order to achieve perfect performance of
organization objectives and policies. Also in Insurance Broking we learnt the roles of Brokers to
clients in matter of business intermediaries which is perfectly practiced at Heritage insurance
where more than 90% of business depends on brokers. Therefore it is true to say that insurance
Broking have direct relationship to the market. Also in Liability Insurance we learnt many things
concerning the liability model, in the insurance market there so many liability policies to cover
policyholders like employer’s liability, employees, and business liability basing on products,
motor vehicle liability to third parties. All these concepts were learnt in class hence created a plat
form to understand insurance business due to there is a direct match of theories taught in classes
otherwise it could be very hard for me understand the business during the field placement. Also on
the side of Principles of market as we learnt in class organization must create good marketing
team who are competent to identify potential customers that will be used on business matters
example for Insurance, marketing department is the crucial department that brings business.
Therefore, marketers must be well equipped to master insurance competitions. I witnessed this
issue at Heritage Company where the department is very busy negotiating with customers
including brokers who negotiate for business basing on commission rate.

Basing on the facts exemplified above, the student of the Institute of Finance Management is well
lectured to meet market expectations as a result of models lectured especially for second and third
year students. Otherwise, if student seems to be incompetent in relation to market happening this
must be treated as personal weakness.

4.2 THE SKILLS THAT MOST OF STUDENTS LACK IN CURRENT

The meaning of skilled student simply is a student who is having enough ability, experience and
knowledge to be able to do something well, like ability to serve customers well which requires
special abilities.

It is a fact that most of students are struggling harder to become more potential and competent in
the Market especially to play part on the efforts of enabling Insurance market to prosper and
Penetrate extensively where individuals can be reached especially to low income earners, by
designing insurance products that can fit their needs and expectations. However, the dream of
achieving those objectives is backed down by a number of factors especially low contributions
from upcoming professional in the insurance industry as exemplified below.

i ). COMMUNICATION SKILLS BACKED BY INTERNATIONAL LANGUAGE

Most of students including myself we are currently suffering from communication skills due to
inabilities of mastering international language such as English, French , Chinese during field
training I used to meet different customers and visitors at my field placement but sometime it was
a big problem to communicate effectively due to language disparity, as Tanzanians we are much
fluent in Swahili language and little bit in English therefore whenever we face new visitor out of
England it become problem to effect effective communication.

ii). COMPUTER APPLICATION SKILLS

Most of students we don’t possess much computer skills out of typing skills, in working
environment, a worker is required to have many computing skills in order to perform his or her
duties promptly and at speed with accuracy. Therefore student must be familiar with computer
hardware and software especially word processing, spreadsheets, and using emails. This problem
is common to most of students due to most us we are very lazy and even sometimes we don’t
practice to use computer although in college there is access of computer Lab. And the very worse
behavior, most works are not typed by students; they use stationeries as a result of laziness which
deteriorates computer skills.

iii). FLEXIBILITY AND UNDERSTANDING CAPABILITIES

Understanding is affected by tension you pay or listen to the facilitator and this goes proportional
with your flexibility mind most of students due to they don’t have insurable interest on the duties
that are undertaken at placement and due to they are not directly bind by the organization law and
regulations they don’t pay much care, diligence and integrity to work promptly. Hence they find
themselves doing work poorly

iv). BUSINESS AWARENESS

Most of students they don’t struggle to know the organizational culture and values hence they find
themselves not fitting the environment and even not knowing the business dealings like kinds of
products and services that the company wishes to provide to customers effectively.

v). PROBLEM SOLVING

Students fail to display their abilities on problem solving issues and to take a logical, analytical
approach to solve the problem and resolving issues, this is backed by incompetence and in
confidence problems hence most employers do not trust students at the grass route.

vi). WORKING AS TEAM AND WITH LEADERSHIP SKILLS

In order to realize the organizational goals and objectives there must be team working as initiated
by leadership skills that help to harmonize and coordinate people in the business environment but
most of students fail to approach this crucial skill, therefore there must positive relationships that
will help everyone to achieve goals and business objectives, by having potential motivational
skills to members of the organization.
 CHAPTER FIVE
5.0 CONCLUSION AND RECOMMENDATIONS

5.1 CONCLUSION
As concluding to my field report, the objective of the Institute of Finance Management to
schedule this important training to students has been perfectly achieved. Due to most of students
have transformed their theories taught in classes into practical training, by performing different
duties and tasks as assigned during the field training period. Also the Institute wanted to make a
research on ‘Whether the theories taught in class relates the market requirements’ this objective
has been well answered in the chapter four, which agrees that the Institute provides what students
deserve to be lectured in classes in relation to Market happenings, not only that, but also the report
identifies common skills that most of students, are currently lacking as observed in the field
training environment. And this problem at large percent is personal problem, due to most of
students including myself; we don’t participate effectively in class discussions, Tutorial
discussions and other plat forms that in one way or another might increase student’s
competitiveness that meets the market requirements. These are just few challenges from students
however, there is a need to change Lecturing timetable that will give more discussion hours for
students especially during Tutorials. In fact one hour for Tutorial Discussion is not enough due to
it’s the only plat form that builds students’ communication skills, public speaking skills,
confidence and listening skills, team working skills and so on. Therefore according to me it is
wealthier to use one hour on Lecturing session due to students is required to struggle more than
75% basing on CBET which actually enforces hard working to students.

5.2 RECOMMENDATION TO HERITAGE INSURANCE COMPANY

During the training I noticed few challenges that I think, must be put into consideration for the
prosperity of the Company.
a). MARKET EXPANSIONISM

Heritage Insurance Company is among of the greatest performing insurance Industry in Tanzania
even to East Africa, but very few individuals are familiar with Heritage Company rather than
Brokers. Although its nature indicates that the business depends on brokerage. Therefore due to
market competition that seems to burst soon in the market, there is a need for the Management to
increase market awareness to all individual by advertising and even selling motor policies to

Private policyholders like bodaboda policy. Which will increase and expand awareness of the
existence of Heritage Insurance Company? Also there is a need to employ competitive and
innovative marketers who can help to keep Heritage at the Peak of Success.

b). LOCATION OF THE COMPANY

There is a need to locate the company or establish new branches of Heritage, in areas where
people can easily visit and reach, Oyster Bay, is the good area but for few people especially reach
ones, low income earners may not easily have access, due to public transport is not convenient.
Therefore, in order to harmonize more people in the market other small branches can be
established in other areas. This also will expand awareness.

c). NEW PRODUCTS MUST BE ESTABLISHED

The company may undergo legal procedures that will allow expansion of more products that are in
demand of customers such as Income Protection product, that covers employee , self employee
incase suffers with illness or any other problem that affect normal inflow of income. This is a
common problem to the society hence Heritage may use this market advantage to bit other rivals,
since Heritage can be trusted due to persistent performance in the Industry since 1908, 1998 up to
currently. Also more Research and Projects must be performed to position Heritage in strong
effectively and efficiently performance.

SURVEILLANCE CAMERA

Human resource Manager must have access to CCTV camera, that will surveillance to all
departments for monitoring staff members to ensure works are performed and implemented
timely, Also there must be timely organizational seminars that will remind all workers to behave
on the disciplinarily manner, like each worker to respect, leaders, supervisors, and top
management, I think there is a need to do so, for the prosperity of Heritage Insurance company.
As well recognition and motivation to hard workers, who achieve organizational goals and
objectives, must not be undermined; this will increase efficiency, diligence, integrity,
proactiveness, positive attitude and competence for the welfare of Heritage Insurance Company

5.3 RECOMMENDATION TO THE INSTITUTE OF FINANCE MANAGEMENT

Basing on the challenges, faced by students during field training as discussed in chapter four. The
following approach can be used by the Institute of Finance Management to resolve them; students
do not have skills to be used for effective and efficient business utilization, such as poor team
working and leadership, poor communication skills, business awareness. Therefore, I recommend
the following approach to be taken.

a). TUTORIAL SESSION

The Institute must allocate at least 2 Hours for Tutorial presentations due to, creates a plat form
link, where students can discuss and present their ideas. Tutorials help to develop many skills

such as public speaking, confidence, and innovative therefore basing on CBET concept tutorial
hours must be increased to give a wide room for students to participate effectively and efficiently
to discuss and implement different ideas across their career. These seminars helps to create
market awareness to students also awareness to business environment operations; this will help
students to become familiar and competent in relation with the business culture, hence become
potential personnel who can serve the industry and help to achieve excellent performance of the
market

c) LECTURING SYSTEM MUST BE TRANSFORMED IN THE USE OF TELEVISION AND

VISUAL AUDIOS

In this globalized society where no youth is left behind on the use of technology and other related
software, there is a need to learn through video; audio and television hence achieve time
management and other benefits like practicing other skills as presented by actors.

d) DEVELOPING COACHING SKILLS IN COLLEGES

The Institute must collaborate with stakeholders to know what exactly the market needs from the
products of the Institute of Finance Management, this will help to reduce “mismatching skills with
vacancies” If we real need to achieve excellence performance in Tanzanian Education, we must
restructure our teaching curriculums into coaching curriculums that bases on entrepreneurship
skills, since Tanzania is vast country with abundance of natural resources underutilized, we need
graduates who be entrepreneurs and not focused grades achievers, In fact you can’t change who
you are, but you can change behavior. Said Mr. John Longworth
 REFERENCE
http//:www.heritagetanzania.com

http//:www.bankbazaar.com

Oxford Advanced Learner’s Dictionary

http//:www.coursepark.com

Underwriting guidebook and Heritage brochure