Bupa saudi arabia iban update form

Internship Report 1

Lara Hamzah

1310042

BNFN 4303 Internship Banking and Finance

Instructor: Ms. Dunia Mamlouk

Executive Summary

(Misses introductory info about what is this internship? also you need to summarize the too much info about BUPA ARABIA as it can be written in the section about company background and write briefly about your training department ( which are Summary of Internship Role in Finance Operations and Reporting below in this report and the other role in the file named new department Summary of Internship Role in Financial Planning Policies and Solutions) and write briefly also about all sections of the report) after you add all the missing paraphrase all executive Summary.
An internship provides learners with an opportunity of applying the theory they learn in class into a practical shape. In this regard, the internship provides great benefits to the students who desire to obtain critical knowledge in the corporate world as it presents them with real-work experience. In addition, the student will be able to develop and grow personal contacts and relationships that may lead to an opportunity for job replacement, because its helps in building good communication skills, leadership, and confidence as one works with others. Through performing well and exceeding expectations in the internship, a student creates a great impression that is critical in providing a great reference letter at minimum, in addition to potential outcome of employment offer. The intern is engaged in the internship practice from 6th January 2019 to 30th March 2019. Bupa is a globally recognized institution that provides such services in healthcare as insurance funding, health care in clinics and hospitals, as well as aged care in villages and cares. Bupa seeks to be the Health and Care leader in Saudi Arabia by taking care of the lives of its customers. The company is guided by such values as Passionate, Caring, Openness, Authentic, Accountable, Courageous, and Extraordinary. The company differentiates itself through providing quality services that give the customers access to the best healthcare facilities, in addition to facilitating a more comfortable healthcare experience. Bupa also offers health insurance services and products that are essential in catering for the needs of the small and medium enterprises, government institutions, Kingdom’s corporations, as well as its employees.

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Table of Contents Introduction 3 Internship Objectives: 4 Objectives for The Intern 4 Internship Organization Objective 4 University Objectives 5 Internship Scope 5 Background About Internship Organization (Bupa Arabia) 5 Mission 5 Vision 5 Values 5 Profile 6 What Bupa Does 6 Bupa’s People 7 Achievements 7 Purpose 8 Bupa Arabia Branches in Saudi Arabia 8 Employees Headcount of Bupa in Saudi Arabia 8 Financial Information of Bupa 8 Financial Statement of Bupa 9 Services That Bupa Provide in Saudi Arabia 9 Functions of Finance Operations 10 What Does Finance Operations and Reporting Department do? 11 Summary of My Role in Finance Operations and Reporting 11 Provider Payments 12 Refunded and Reimbursed Payment: 13 Brokers Commission Payment: 14 Supplier Payment (Vendor Payments) 14 Why Finance Department Is Important in Bupa and in Every Company? 15 Challenges That I faced While I am Working at Account Payable - Finance Operations and Reporting Department 16 Solutions for These Challenges 16 Appendix 18

Introduction
( add briefly in the introduction about all the report focused mainly on the two department which are Summary of Internship Role in Finance Operations and Reporting below in this report and the other role in the file named new department Summary of Internship Role in Financial Planning Policies and Solutions), but in a different way not as executive summary above ) after that paraphrase all introduction.
Internships are critical as they offer learners with practical work experience, whereby it offers them an experience of understanding classroom information and theories in a more efficient way. In addition, different internship programs offer learners with an opportunity of preparing for the transition from learning institutions to the workplace. As such, a student will be able to develop and grow personal contacts and relationships that may lead to an opportunity for job replacement, because its helps in building good communication skills, leadership, and confidence as one works with others. Through performing well and exceeding expectations in the internship, a student creates a great impression that is critical in providing a great reference letter at minimum, in addition to potential outcome of employment offer.

Internship Objectives:
Objectives for The Intern
· To develop employer-value skills that include attention to detail, communications, and teamwork.

· Exposure to the expectations and environment of performance in a particular professional field practice that is related to the intern’s career.

· To enhance and expand the knowledge of the intern in the respective career field.

· To obtain professional mentors or role models who provide necessary support that shapes the behavior expected at workplace.

· To increase proficiency in particular career disciplines.

· To develop and improve professional and technical skills such as teamwork, quantitative reasoning, technology, and communication.

Internship Organization Objective
· Practical experience in banking and accounting.

· Time management.

· Meeting the target and setting up goals.

· Problem solving.

· To provide trainees with critical experience that improves their skills in a real-working environment.

· To help in the improvement of the analytical and behavioral skills of the interns.

University Objectives
The primary goal of having an internship program for a university is to provide the students with learning professional activities, abilities, and skills that are critical in rehabilitation of interns whereby they are supported such that they can develop social, career, recreational, physical, psychosocial, and independent living skills. The internship program also helps interns in their career development through the provision of real work experience that given the learners an opportunity of exploring their interests as well as developing professional competencies and skills.

Internship Scope
The internship has been placed at Bupa Arabia, Jeddah. Starting from 6th of January 2019 to 30th of March 2019. Daily working hours beginning from 08:30 AM and ending at 05:30 PM, 5 days a week from Sunday to Thursday. In addition, the training role situated in accounts payable under financial control, finance operations department.

Background About Internship Organization (Bupa Arabia)
(some info about historical background of BUPA in KSA is required before stating its mission, .. )

Mission

To be the Health and Care leader in Saudi Arabia by taking care of the lives in our hands.

Vision

Taking care of the lives in our hands.

Values
· Passionate: Full of energy and inspired to serve their customers.

· Caring: Compassionate and big hearted as they treat other people with kindness and respect.

· Openness: Finding new ideas and new perspectives. Shares ideas freely, listens, understands, and embraces diversity.

· Authentic: Being true, honest, and genuine.

· Accountable: Always responsible and takes ownership of the outcomes.

· Courageous: Bravery, daring, and speaking up.

· Extraordinary: Going over and above the call of duty thus delivering outstanding results.

Profile
Bupa has vested great interest in the development and wellbeing of all its working staff through providing them with a similar standard of professionalism, support, and care, which is expected to be replicated to the customers. The company is also proud of being one of the largest employers of Women in Saudi Arabia and has portrayed great commitment towards helping them grow and develop as business professionals (McDaid & Park, 2011). In this regard, the institution has provided workplace opportunities and facilities that have been voted as No.1 company that is most favorable for work by women in Saudi Arabia. The company has also been honored by the Saudi Ministry of Social Affairs for its corporate social responsibility (CSR) efforts, which has greatly contributed to improved provision of healthcare insurance to over 3,000 orphans in the Kingdom (de Vries, 2011).

What Bupa Does
The company strives to be the partner to the healthcare of the customers. As such, it differentiates itself through providing quality services that give the customers access to the best healthcare facilities, in addition to facilitating a more comfortable healthcare experience. Bupa also offers health insurance services and products that are essential in catering for the needs of the small and medium enterprises, government institutions, Kingdom’s corporations, as well as its employees (de Vries, 2011).

The products and services provided by Bupa are a representation of a lifetime of care, which starts at the prenatal life stage, on through maternity, as well as the later life stages. As such, the company seeks to help its members make life choices that are healthier through establishment of programs that are carefully designed. (de Vries, 2011). These include the Rahatkom and Tebtom offerings. The company has an uncompromising commitment towards serving the customers, an attribute that has enabled the company to realize an unparalleled growth over the years. Bupa has introduced the Tebtom and Rahatcom services, which are consistent with the requirements and the needs of the market, which aims at helping the customers realize their health aspirations through receiving the finest healthcare insurance services (Bupa, 2019).

Bupa’s People

Bupa remains to be an international healthcare company. Bupa has more than 15.5 million health insurance customers and provides healthcare to at least 14.5 million individuals in its hospitals and clinics (Ansari, 2011). Moreover, the company looks after more than 22,000 aged care residents in its homes and villages. Being the largest healthcare facility in Saudi Arabia, Bupa has about 40 percent share and more than 2.9 million customers (Ansari, 2011).

Achievements
Bupa has received a number of regional and international nominations and awards. The most recent achievements include:

· Best Medical Insurance Company 2017 – International Finance Magazine (2018 award).

· Best Investor Relations Saudi Arabia 2017 – International Finance Magazine (2018 award).

· Ranked 1st in Saudi Arabia in the Corporate Governance Index (CGI) rankings, for Public Disclosure & Transparency, and also the no 1 ranked insurance company, in the overall CGI rankings list, ranked 9th of all Saudi listed companies, and in the top 10 overall rankings for the second successive year since the awards began, at the AlFaisal University’s second Annual Corporate Governance Conference, for strong Corporate Governance practices during 2016 (2018 award) (Ansari, 2011).

· Runner up in the Lean Transformation Category of the inaugural Four Principles Kaizen Awards of 2018.

· Ranked 13th in the Saudi Arabia’s Great Workplaces of 2017 awards (2018 award).

· Ranked 8th most powerful brand in Saudi Arabia and the number one insurance brand – MISK foundation at the NEXT festival (2017 award) (Ansari, 2011).

· Ranked 37th of the best 100 companies in Saudi Arabia by Al-Eqtisadeya (2017 award).

Purpose
Bupa’s purpose is to help individuals live happier, healthier, and longer lives. Although the company does not have shareholders, it greatly focuses on its customers. Bupa has reinvested its profits into provision or more and better healthcare for the good of its current and future customers.

Bupa Arabia Branches in Saudi Arabia
Bupa Arabia has 6 branches in Saudi Arabia which located in Riyadh, Khobar, Madinah, Buraidah, and 2 branches in Jeddah.

Employees Headcount of Bupa in Saudi Arabia
In Saudi Arabia, Bupa has over 1,300 employees, and the company has protected them together with their families through provision of a quality health cover (de Vries, 2011).

Financial Information of Bupa
The financial information (unaudited) of Bupa that is available regards to the company’s performance for the year ending December 31, 2018 (Bupa, 2019).

Capital $7,878.2 million

Total Assets $17,829.8 million

Profit for the financial year $630.9 million

Financial Statement of Bupa

Statement of financial Position (Unaudited) as at September 30, 2018

SAR’000

Total Assets 9,086,725

Total Liabilities 6,575,318

Total Equity 2,511,407

Total Liabilities and Equity 9,086,725

Statement of Income (Unaudited) for 9-month period ended September 30, 2018

SAR’000

Net Revenues Earned 6,007,411

Total Underwriting costs and expenses (5,037,477)

Total other operating expenses (496,163)

Net Income for the Period 473,771

Summary of Report 1 ( after correcting above information that highlighted with blue color, do the summary )
(the summary written in 2 to 3 pages only focusing mainly on the department’s operations and challenges faced and its solutions. The departments operations is a Summary of My Role in Functions of Finance Operations below in this report and the challenges and solutions also below in this report )

Services That Bupa Provide in Saudi Arabia
The origin of Bupa is provision of health insurance, which remains one of the critical services provided by the company. Bupa also engages in delivery of healthcare services that have complemented the position of the company in health insurance, which gives it a greater insight regarding the performance of health systems as well as enhancing the company in terms of delivery of outstanding customer experience (Ansari, 2011). Critical products and services provided by Bupa include funding through insurance services, provision of healthcare in clinics and hospitals, as well as provision of aged care through retirement villages and care homes (Alkhamis, Hassan & Cosgrove, 2014).

Bupa has introduced the Tebtom and Rahatcom services, which are consistent with the requirements and the needs of the market, which aims at helping the customers realize their health aspirations through receiving the finest healthcare insurance services (Bupa, 2019). The Tebtom program is geared towards providing guidance and services relating to numerous health queries and condition for free. In support of this program, Bupa has recruited over 160 medical practitioners (Bupa, 2019). On the other hand, the Rahatkom program has been introduced to facilitate the hospital’s journey for its clients, whereby it makes it easy and effective means of interacting with the practitioners. The Tahatkom offers the clients with integrated experience from the time they enter the hospital to the moment the health care services are administered effectively (Bupa, 2019).

Functions of Finance Operations
Finance Operations & Reporting

Collection Services Credit Control Financial Control

SME Corporate Lapsed Credit Allocation Data Accounts Financial Asset

& Control Analysis Payable Reporting Management

Broker & Staff & bank oper.

· Credit Control

Credit control make decision about the late and unpaid contracts.

Allocation allocate the receivable funds under the client’s contracts.

Data analysis analyze all the outcomes from sales and collection to prepare the commotions for the brokers.

· Collection Services Control

SME (Small and Medium Enterprise) and corporate and broker collect Bupa Funds from the Clients, make Reminder, and following for the coming installments.

· Lapsed Manage the late and unpaid Installments.

· Financial Control:

· Accounts payable manage company expenses of supplier’s payments, provider’s payments, broker’s payments, refund and reimbursement payments.

· Financial reporting responsible of finalizing financial statement financial statement for SAMA (Saudi Arabian Monetary Authority), audit assessment, and other regulatory reporting.

· Staff benefits pay all the internal funds including payroll, expense claim, and travel expenses.

· Asset management mange and count Bupa Arabia assets and liabilities.

· Bank operations reconcile funds payable and receivable.

What Does Finance Operations and Reporting Department do?
· Control all the funds, operate the financials and cash flow, and report all the financials regarding to SAMA or internal.

· Maintaining great relationships with vendors, and ensuring that timely payment to the vendors is done.

· Accounting and tracking the receivables, which includes the invoices and all other required collection functions

· Ensuring that all the employees are paid timely and accurately.

· The department also ensures accurate collection of financial data, preparation of financial statements, and reporting them accurately, which helps in creation of budget, forecasts, and other processes for decision making.

Summary of My Role in Finance Operations and Reporting
Finance Operations & Reporting

Collection Services Credit Control Financial Control

SME Corporate Lapsed Credit Allocation Data Accounts Financial Asset

& Control Analysis Payable Reporting Management

Broker & Staff &Bank Opr.

Finance Operations and Reporting Financial Control Accounts Payable (Accountant)

Account Payable

Provider (Hospital) Refund and Brokers Supplier

Payments Reimbursement Commission Payments

Provider Payments
Its a daily payments function that enable Bupa to process and monitor all various types of provider (Hospital) payments Local and International which impacts medical claims cost.

Types of Payment

Local International

Prompt Payment Full and Final Signed Statement

Payment

There are three different types of payments which are Prompt payment, Full and Final payment, and Signed Statement payment. These three types it could be local payments or international payments.

· Prompt payment: Agreement between Bupa and the provider on a discount if it is paid early on a certain period.

· Full and Final Payment: Final settlement to be paid which has multiple batches.

· Signed Statement Payment: Final settlement to be paid which has individual batch.

Process:

1. Monitored and controlled all hospital payment recovery.

2. Processed international provider payment through direct bank (HSBCnet).

3. CEACAR to ACCPAC (Finance Operational Software and Accounting Software) journal mapping process and ensure all the entries are correctly allocated in the GL (General Ledger).

4. Received the payments from provider control (commercial actuarial).

5. Made accounting entries based on the bank statement.

6. Made the Monthly closing regarding to the bank statement reconciling.

7. Responded to all query related to provider payment (Payment Conformation and Transaction Receipt).

Refunded and Reimbursed Payment:
Refund: Refunded the remaining amount to the client for the canceled contract.

1. Received the refund form from account receivable team.

2. Entered the date in ACCPAC system (Accounting Software).

3. Released the refund amount in the bank.

Reimbursed: It’s a daily payments function that enable Bupa to process and monitor customer medical claims reimbursement payments proceed on time to meet the customer satisfaction KPI (Key Performance Indicator).

Process:

1. Received the approve documents from claim department.

2. Made the entries in the ACCPAC system.

3. Journalized all claims.

4. Released the payment in the bank.

5. Updated customer service and claims department rejected EFT (Electronic Fund Transfer) on daily basis.

Brokers Commission Payment:
It’s a weekly payment function that enable Bupa to process and monitor broker payments and proceed on time.

Process:

1. Obtained the data from data analysis team and release the payment for the brokers.

2. Received the invoice from the broker.

3. Reconciled the invoice with data analysis team.

4. Confirmed broker accounts by reconciling monthly statement and related transactions (monthly closing).

Supplier Payment (Vendor Payments)
The last step in the purchase cycle. When Bupa orders goods and services from the market.

Supplier Payment

Local International Utility through SADAD

STC SEC Jawazat

Process:

1. Received the invoice.

2. 3-Way Matching: Obtained approvals from the other department (Marketing, IT, HR, etc.) from the cost center manager or budget owner, link the invoices with the purchase order, and check the purchase order status.

3. Checked the invoice form if it is correct based on GAZT Terms.

4. Charged expenses to account and cost center from accounting wise.

5. Reconciled of Sundry creditors / aged payable.

6. Analyzed supplier accruals on monthly basis.

7. Weekly SADAD payments batch closing activity.

8. Confirmed vendor accounts by reconciling monthly statement and related transactions (monthly closing).

9. Responded all query related to supplier payment (Payment Conformation and Transaction Receipt).

Why Finance Department Is Important in Bupa and in Every Company?
· Ensures that there are adequate funds that can be utilized in the acquisition of the resources that are required towards achievement of organizational goals.

· Ensures that costs are effectively controlled

· Ensures that the organization has adequate cash flow

· Facilitates establishment and control of profitability level of an organization.

· Identifies appropriate financial information before communication of the information to decision-makers and managers so that they make informed decisions and judgments.

· Prepares final documents and financial documents that are utilized by managers and for reporting purposes.

Why Finance Department Is Important in Bupa and in Every Company?
· Finance department report financial transaction and handling confidential and critical data of the company to report financial statements.

· Ensures that there are adequate funds that can be utilized in the acquisition of the resources that are required towards achievement of organizational goals.

· Ensures that costs are effectively controlled

· Ensures that the organization has adequate cash flow

· Facilitates establishment and control of profitability level of an organization.

· Identifies appropriate financial information before communication of the information to decision-makers and managers so that they make informed decisions and judgments.

· Prepares final documents and financial documents that are utilized by managers and for reporting purposes.

Challenges That faced While Working at Account Payable - Finance Operations and Reporting Department
1. Duplicate Payments. Receive the same payment twice from provider control (commercial actuarial), supplier and brokers.

2. Payments have same batch ID number but different provider ID.

3. Payments have wrong PPD (Prompt Payment Discount).

4. Rejected by the bank since incorrect bank IBAN in refund and reimbursement payments.

5. Received invoices for a consumed purchase order.

Solutions for These Challenges
1. Focus and monitor all coming transaction regarding to our recorded data.

2. Upgrade the system not accepting same batch ID.

3. Make a fixed calculation template

4. Systemize the IBAN entries by clients.

5. Track the purchase order status before releasing the payment.

Conclusion

In conclusion, Bupa Saudi Arabia is one of the most recognized institutions that provide services such as insurance funding, healthcare services through clinics and hospitals, as well as aged care through villages and homes. The interns who are adopted by the company are given the responsibility of gaining multitude of knowledge and skills that enhance their on-the-job expertise. Under the internship program, learners greatly related what they learn in class with real-time job skills and experience, particularly regarding provision of healthcare. As such, the internship program is greatly beneficial to the students as it improves their thoughtfulness regarding their future careers.

Recommendation

( general recommendation about the internship experience where their recommendations may address the internship organization or Department/Course or both. Write personal experience, observation and recommendation about the whole internship experience)

Appendix
Alkhamis, A., Hassan, A., & Cosgrove, P. (2014). Financing healthcare in Gulf Cooperation Council countries: a focus on Saudi Arabia. The International journal of health planning and management, 29(1), e64-e82.

Ansari, Z. A. (2011). Analysis of the impact of reforms on insurance industry of Saudi Arabia. Interdisciplinary Journal of Research in Business, 1(8), 28-37.

Bupa (2019). About Us. Retrieved from https://bupa.com.sa/en/about-us

de Vries, S. A. (2011). BUPA; A Healthy Case, in the Light of a Changing Constitutional Setting in Europe? In Health Care and EU Law (pp. 295-317). TMC Asser Press.

https://bupa.com.sa/en/about-us#branch (branches)

McDaid, D., & Park, A. (2011). Online health: Untangling the web. evidence from the bupa health pulse 2010 international healthcare survey. London, Bupa. Zugriff am, 16, 2011.