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8/2/2019 A STUDY ON BRAND IMAGE AND PERCEPTION OF LIFE INSURANCE COMPANIES WITH A SPECIAL REFERENCE TO BAJ
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A project report
submitted in partial
fulfillment of the
requirements for the
degree of Master of
Business
Administration of
Sikkim Manipal
University,INDIA.
SMUSikkim Manipal University
Directorate of Distance education
Sikkim-Manipal University of Health,
Medical and technological Sciences
Distance Education Wing
Syndicate House
Manipal - 576104
AABBCC FFOOUUNNDDAATTIIOONNBB - 36,Salt lake City, Kolkata - 700064
Centre Code No:01831
A PROJECT
ON
A STUDY ON BRAND IMAGE AND PERCEPTION OF
LIFE INSURANCE COMPANIES WITH A SPECIAL
REFERENCE TO BAJAJ ALLIANZ LIFE INSURANCE
COMPANY LIMITED
By
Arunabha Chowdhury
A project report submitted in partial fulfillment of the
requirements for the degree of Master of Business
Administration of Sikkim Manipal University,INDIA.
SMUSikkim Manipal University
Directorate of Distance educationSikkim-Manipal University of Health,
Medical and technological SciencesDistance Education Wing
Syndicate House
Manipal - 576104
2008
2010
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Arunabha Chowdhury 2 Sikkim Manipal University
I here by declare that the project report entit led
A STUDY ON BRAND IMAGE AND PERCEPTIONOF LIFE INSURANCE COMPANIES WITH A
SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE
INSURANCE COMPANY LIMITED
submitted in partial fulfillment of the requirements for
the degree of Masters of business Administration to
Sikkim-Manipal University ,India , is my original work
and not submitted for the award of any other degree ,
diploma ,fellowship, or any other similar t i t le or prizes.
Place : Kolkata Arunabha Chowdhury
Date : 21.05.2010 Reg. No. - 510823664
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Arunabha Chowdhury 3 Sikkim Manipal University
The project report of
Arunabha Chowdhury
A STUDY ON BRAND IMAGE AND PERCEPTIONOF LIFE INSURANCE COMPANIES WITH A
SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE
INSURANCE COMPANY LIMITED
is approved and is acceptable in quality and form
Internal Examiner External Examiners
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Arunabha Chowdhury 4 Sikkim Manipal University
SMUSikkim Manipal University
Directorate of Distance education
This is to certify that the project report entitled
A STUDY ON BRAND IMAGE AND PERCEPTIONOF LIFE INSURANCE COMPANIES WITH A
SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE
INSURANCE COMPANY LIMITED
submitted in partial fulfillment of the requirements for
the degree of Masters of Business Administration of
Sikkim-Manipal University of Health ,Medical and
Technological Sciences.
Arunabha Chowdhury
has worked under my supervision and guidance and that
no part of this report has been submitted for the of any
other Degree ,Diploma ,Fellowship or other similar t i t les
or prizes and that the work has not been published in any
Journal and Magazine.
Reg. No: 510823664
Certif ied
Mr.Debjyoti Dhar
Faculty Member
ABC FoundationUnivers i ty L.C. Code 01831BB-36,Sector - I ,Salt Lake City,Kolkata - 70006
Phone : +91 33 2358 8096 / 8098 / 9874032500
Fax : 2359 2740 E-mail :east.01831@smude.edu. in
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Arunabha Chowdhury 5 Sikkim Manipal University
This is to certify that
Mr.ARUNABHA CHOWDHURY( Reg. - 510823664 ) MBA
(Marketing) student of SIKKIM MANIPAL UNIVERSITY,
SALTLAKE
has successfully completed his two months project work
From - 11th February 2010
To - 27th April 2010
with BAJAJ ALLIANZ LIFE INSURANCE COMPANY
LIMITED , KOLKATA.
We wish him good luck for his success.
Authorized Signatory
Name - Debapriya Barat
Designation - Assistant Manager ( BALIC )
Macmet House , 10B,O.C.Ganguli Sarani , 4th Floor , Kolkata - 700020
Tel : 033-30580878 / 7361 / 7362 , 30531588 / 89 Fax : 30580874
Regd. & Head office : GE Plaza ,Airport Road ,Yerawada ,Pune - 411006.
Tel (+91 20) 66026777. Fax : (+91 20) 66026789
Customer Help Line : 020 - 3058 7888 Toll Free No. : 18002337272
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Arunabha Chowdhury 6 Sikkim Manipal University
AAcckknnoowwlleeddggeemmeenntt
My deep regards to all those who have helped me inone way and I take this opportunity to thank all of them .I would like
to acknowledge my deep sense of gratitude to my project guide
Mr.Debjyoti Dhar , who spend his valuable time in advising and
providing me with constant encouragement and inspiration during thecourse of project work.
I would like to thank Ms.Debapriya Barat to inspire and
helping me through out this session.
I am extremely thankful to the faculties,staff and library
personnel of ABC for their kind co-operation and help in completing
the project work.
Last but not the least,I would like to thank my
parents and friends as without their support the completion
of the project would not have been poss ible.
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Arunabha Chowdhury 7 Sikkim Manipal University
PREFACE
The importance of an academic course would gain
advantage and acceptance of the true form, only through practical
experience. Hence it is quite necessary to put the theories into talk. It
is rigidly accepted that the theory widens ones thinking horizons viz.Concepts of marketing philosophies, but practice indicates the
modern marketing and used in variety of settings of products.
This project programme is designed to give the manager the
future of the corporate happenings and work culture. These real lifesituations are entirely different from the stimulated exercise enacted in
an artificial environment inside the study programmers and designed,
so that the manager to tomorrow do not feel ill case when the time
comes to shoulder responsibilities. Practical exposure for the MBA
students is very necessary because what they study in the classroom is
not the reality. Situation in the market is unknown and very much
unpredictable. So the practical experience is very much necessary this
is made possible with the summer training project in Bajaj Allianz
Life Insurance Co. in marketing related to search for it's brand imageand perception of this brand.
All organizations involves into business with some
objective and one of the objectives is to endorse product or service
which they produce. In my project study ,I tried to fid out the brand
image and perception of this brand through questionnaire on behalf of
Bajaj Allianz Life Insurance Co.
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TABLE OF CONTENTS
Contents Page No.
Executive Summary 10
i) Introduction 11ii) Objective 12-14
iii) Methodology 15
iv) Analysis 16-20
v) Conclusion 21
vi) Recommendation 22
PART - I 23-47
Company Profile 23-33i) Brief introduction of the company 24-26
ii) History of the Organization 27-33
Sector Profile 34-47
i) Insurance in India 35-37
ii) Brief history of insurance sector in India 38-39
iii) Insurance market in India 40-41
iv) Life insurance market 42-47
PART - II 48-116
Project Overview 48-116
i) Introduction 49-60
ii) Objective 61-63
iii) Methodology 64-66
iv) Analysis 67-92
v) Observations and findings 93-94
vi) Suggestion 95-96
vii) limitations of the study 97
viii) Questionnaire 98-109
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ix) Conclusion 110-111
x) Recommendation 112-113
xi) Swot analysis 114-116
PART - III 117-121
i) Appendix 118-119
ii) Bibliography 120
iii) References 121
Thank You
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EXECUTIVE SUMMARY
Monopoly of LIC has been broken to make Indian
Insurance to change its face and pace to tap the market and to make
the new challenges in it. Insurance in India is not about India only; itis an open sector for the private players .The name which you would
see in Indian insurance market is something like: - BAJAJ (Indian
company) + Allianz (foreign player),TATA(Indian company) + Aig
(foreign player) and so many like them .Companies now are tapping a
lot of ways to capture the market and hence adopting different ways
to hold the large portion of the market .My project was to understand
the brand image and perception possessing by the general people
about the company which will help the company to increase it's
market share and along with it meeting it's own targets to achieve theposition of no.1 in respective field or segment of the market. My
project study helped me a lot to complete my project in order to learn
a lot of things of the corporate. .For this I developed a questionnaire
and I did my survey in important location of north 24 parganas.
Bajaj Group is one of the India's largest and most respected
business groups .Bajaj Allianz Insurance Company is one of the
leading insurance companies that provide both life insurance as well
as general insurance .This pioneer company is a joint collaboration
between the Allianz AG, and Bajaj Auto .They own the company in
the ratio of 26:74. Bajaj Allianz Insurance Company is havingdifferent insurance policies. At the end of the project people will be
knowledgeable about various insurance organizations and different
products taking into considerations hundred sample sizes in north 24
parganas.
Project is Study of insurance sector and competitiveness
with the special reference to Bajaj Allianz Life Insurance Company
Ltd. to get to know a questionnaire has been prepared which
contains open ended and close ended questions .For collecting the
data field survey method, personal interview technique has beenused. Secondary data has been collected from the company .A
quantitative technique like averages, percentages,range, two- way
tables, has been applied as per the requirement.
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I) INTRODUCTION
Future is always uncertain and full of risk. It is not
certain that what is going to happen tomorrow. Therefore a man i
s always worried about security of property and life. Insurance is a
means of meeting out loss caused by future risks and uncertainties.
Insurance is a contract between two parties whereby
one party called insurer undertakes in exchange for a fi xed sum
called premiums, to pay the other party called insured a fixed
amount of money on the happening of a certain event."
According to Patterson Insurance is an agreement
between two parties under which one party undertakes specified
future ri sk of another party and compensates the loss from thatrisk on payment of some consideration known as premium payable
by the later .
Insurance may be described as a social device to
reduce or eliminate risk of life and property. Under the plan of
insurance, a large number of people associate themselves by
sharing risk, attached to individual
With the help of Insurance, large number of peopleexposed to a similar risk makes contributions to a common fund
out of which the losses suffered by he unfortunate few, due to
accidental events, are made good.
Insurance is a tool by which losses of a small number are
compensated out of funds collected from plenteous. Gradually as
competi tion increased benefits ggiven by industry to i ts customers
increased by leaps and bounds.Insurance is a basic form of risk
management which provides protection against possible loss to life
or physical assets.Person who seeks protection against such loss istermed as insured,and company that promises to honor claim, in case
such loss is actually incurred by insured,is termed as Insurer.In order
to get insurance,insured is required to pay to insurance company a
certain amount called premium.
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II) OBJECTIVE
Main objective of the project is to find out the
strategies of different Insurance agencies and evaluate them.
Project is about to penetrate the competitors of Bajaj Allianz Life
Insurance.
Conclusion of this project can give an idea of strategies of
different companies which may be helpful to the company.Now days
all the insurance companies in India are trying to establish themselves
in the competitive market .They are introducing innovative marketing
strategies to survive in the market. Many other private companies are
looking to enter in the Indian insurance market .so it is very essential
to a company to innovate their marketing strategies in terms of
Recruiting their advisors
To make their advisors active
Well educated and capable employee in the agency
Marketing of their products
Deployment of their products
Targeting the right and potential customers
Differentiating from other companies
Future plan of the company
This study consists of to find out the marketing
strategies of different insurance companies which are the
competitors of Bajaj Allianz Life Insurance. This research requires
the interview of branch managers of different insurance companies
and find out their branches are working in terms of above
mentioned factors.
To know the consumer responses about Bajaj Allianz lifeinsurance policy.
To know about the products of Bajaj Allianz Life Insurance. To know about the objections of people for not taking the
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Insurance policy.
To know the need for Life Insurance. To know the benefits of Life Insurance. To know the market share of Bajaj Allianz Life Insurance in
the Market.
An Overview
Insurance business is divided into four classes:
Life Insurance business Fire Marine Miscellaneous Insurance.
Life Insurers transact life insurance business; the rest is
transacted by General Insurers. No composites are permitted as per
law.
The business of Insurance essentially means defraying risks
attached to any activity over time (including life) and sharing the risks
between various entities, both persons and organizations. Insurance
companies (ICs) are important players in financial markets as they
collect and invest large amounts of premium. Insurance products aremulti purpose and offer the following benefits:
Protection to the investors
Accumulate savings
Channelise savings into sectors needing huge long term
investments.
various actuary studies and models enable them to predict,
relatively accurately, their expected cash outflows. liabilities of ics
being long-term or contingent in nature, liquidity is excellent and their
investments are also long-term in nature. since they offer more than
the return on savings in the shape of life-cover to the investors, the
rate of return guaranteed in their insurance policies is relatively low.
consequently, the need to seek high rates of returns on their
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investments is also low. the risk-return trade off is heavily tilted in
favor of risk. as a combined result of all this, investments of insurance
companies have been largely in bonds floated by goi, psus, state
governments, local bodies, corporate bodies and mortgages of long
term nature. the last place where insurance companies are expected to
be over-active is bourses .lately ics have ventured into pension
schemes and mutual funds also. however, life insurance constitutes
the major share of insurance business. life insurance depends upon the
laws of mortality and there lies the difference between life and general
insurance businesses. life has to extinguish sooner or later and the
claim in respect of life is certain. in case of general insurance,
however, there may never be a claim and the amount can never be
ascertained in advance. hence, life insurance includes, besides
covering the risk of early happening of an event, an element of
savings also for the beneficiaries. pension business also derives from
life insurance in as much as the pension outgo again depends upon thelaws of mortality. the forays made by insurance companies in this area
are, therefore, natural corollary of their business.
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III) METHODOLOGY
To know the consumer responses about Bajaj Allianz life
insurance policy.
To know about the products of Bajaj Allianz Life Insurance.
To know about the objections of people for not taking the
Insurance policy.
To know the need for Life Insurance.
To know the benefits of Life Insurance.
To know the market share of Bajaj Allianz Life Insurance inthe Market.
Limitations
Time limitation
Research has been done only in district town Barasat.
Companies did not disclose their secrets data and strategies.
Possibility of Error in data collection.
Possibility of Error in analysis of data due to small sample
size.
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IV) ANALYSIS
FUNCTION OF INSURANCE
Provide protection: The primary function of insurance is
to provide protection against future risk, accidents and
uncertainty. Insurance cannot check the happening of the risk,
but can certainly provide for the losses of risk. Insurance is
actually a protection against economic loss, by sharing the risk with
others.
Collective bearing of risk:
Insurance is an instrument to share the financial loss offew among many others. Insurance is a mean by which few
losses are shared among larger number of people. All the
insured contribute the premiums towards a fund and out of
which the persons exposed to a particular risk is paid.
Measurement of risk: Insurance determines the probable
volume of risk by evaluating various factors that give rise to
risk. Risk is the basis for determining the premium rate also.
Provide certainty:Insurance is a device, which helps to
change from uncertainty to certainty. Insurance is device whereby
the uncertain risks may be made more certain.
Small capital to cover larger risk:Insurance relieves the
businessmen from security investments, by paying small amount
of premium against larger risks and uncertainty.
Contributes towards the development of
industries:Insurance provides development opportunity to thoselarger industries having more risks in their setting up. Even the
financial institutions may be prepared to give credit to si ck
industrial units which have insured their assets including plant
and machinery.
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Means of savings and investment:Insurance serves as
savings and investment, insurance is a compulsory way of savings
and it restricts the unnecessary expenses by the insured's For the
purpose of availing income-tax exemptions also, people invest in
insurance.
Source of earning foreign exchange:Insurance i s an
international business. The country can earn foreign exchange by
way of issue of marine insurance policies and various ways.
Risk free trade: Insurance promotes exports insurance,
which makes the foreign trade free with the help of different types
of policies under marine insurance cover.
Insurance business is divided into four classes:
Marine Insurance
Fire Insurance
Miscellaneous Insurance
Life Insurance
MARINE INSURANCE:
A STUDY ON BRAND IMAGE AND PERCEPTION OF
LIFE INSURANCE COMPANIES WITH A SPECIAL REFERENCETO BAJAJ ALLIANZ LIFE INSURANCE COMPANY
FIRE INSURANCE:
The Fire Insurance is next important type of insurance.
The owner of the factory or ship or a residential house may
purchase a fire insurance policy on the payment of nominal
premium, and i f unluckily the property is party or wholly
destroyed by fire the insurance company will makes good such
loss .Thus on payment of a very small sum, we are tremendous safety.
MISCELLLANEOUS INSURANCE:
Besides these fire insurance , marine insurance, & life
insurance several other types of insurance have recently come into
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being eg. Motor Insurance, Crop insurance, Bad Debts Insurance,
Sickness Insurance. The functions of these type of insurances are
very clear form their names
LIFE INSURANCE:
Life insurance is a contract under which the insurer
(Insurance Company) in Consideration of a premium paid undertakes
to pay a fixed sum of money on the death of the insured or on
the expiry of a specified period of time whichever is earlier.
A person may insure his life or the life of a person in
whom he i s financially interested so that a certain sum becomes
payable by the insurance when death takes place or when the
insured attains a certain age according to the terms of agreement In
case of life insurance, the payment for life insurance policy is
certain .The Event insured against is sure to happen only the time
of its happening is not known. So life insurance is known as `Life
Assurance`.
The subject matter of insurance is life of human being.
Life insurance provides risk coverage to the life of a person. On
death of the person insurance offers protection against loss of
income and compensate the titleholders of the policy. If the life
of the bread winner of the family is insured his wife or childrenwill be able to tide over the financial difficulty after his death.
ROLES OF THE LIFE INSURANCE:
Life insurance as an investment: - Insuranceproducts yield more than any other investment instruments and it
also provides added incentives or bonus offered by insurance
companies.
Life insurance as risk cover: - Insurance is all aboutrisk cover and protection of life. Insurance provides a unique sense of
security that no other form of invest can provide.
Life insurance as tax planning: - Insurance serves
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as an excellent tax saving mechanism too.
IMPORTANCE OF THE LIFE INSURANCE:
Protection against untimely death: -Life insurance
provides protection to the dependents of the life insured and thefamily of the assured in case of his untimely death .The dependents
or family members get a f ixed sum of money in case of death of the
assured.
Saving for old age: -After retirement the earning capaci
ty of a person reduces. Life insurance enables a person to enjoy
peace of mind and a sense of security in his/her old age.
Promotion of savings: Life insurance encouragespeople to save money compulsorily. When life policy is taken,the assured is to pay premiums regularly to keep the pol icy in
force and he cannot get back the premiums, only surrender value
can be returned to him. In case of surrender of policy, the
policyholder gets the surrendered value only after the expiry of
duration of the policy.
Initiates investments: - Life Insurance Corporationencourages and mobilizes the public savings and canalizes the
same in various investments for the economic development ofthe country. Life insurance is an important tool for the
mobilization and investment of small savings.
Credit worthiness: -Life insurance poli cy can beused as a security to raise loans. It improves the credit worthiness
of business.
Social Security: - Life insurance is important for thesociety as a whole also. Life insurance enables a person to
provide for education and marriage of children and for constructionof house. It helps a person to make financial basefor future.
Tax Benefit: -Under the In come Tax Act, premiumpaid is allowed as a deduction from the total income under section
80C.
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Stages in Policy Issuance
1) ProposalA Proposal Stage is the First stage before the policy is
issued at COPS. At this stage, the appli cation form is received byCOPS, but it is pending for issuance due to further clarifications
required from the customer.
2) LoginA proposal which is complete i.e., duly filled with all
necessary documents attached to it & accepted by the Branch ops, is
called a Login
3) RejectAn Application gets rejected at the Branch Ops level due
to necessary details not filled in the form or necessary documents
not submitted is a Reject. It is then sent back to the Advisor for
completion.
4) IssuanceIssuance means a policy that is issued to the Customer by
Central Ops.
5) Decline StatusWhen a customer refuses to take a policy post login
but before Issuance is called a Decline
6) CancellationWhen the cheque given by the customer bounces, it
amounts to cancellation of the policy
7) LapseA policy for which the Customer fails to pay subsequent
premiums is a Lapsed Policy.
8) Free lookPost issuance of the policy, the policyholder has the option
to turn down the policy within 15 days from the date of issuance. This
period of 15 days is called Free look Period.
9) SurrenderWhen a customer wants to discontinue with the policy.
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V) CONCLUSION
Insurance companies have forgotten their traditional
products . Companies are totally concentrating on selling ULIP
products.
Insurance companies are not doing enough market
researches to know the potential of the market.
To increase awareness in rural market Bajaj Life should do
some activities in villages and small towns.
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VI) RECOMMENDATION
Through out the project work I have tried to my extent to
learn more and more so that I enable myself to deliver the best
services from my part. I always focused my services to full
satisfaction whether it would for employer or for customer. So during
this practical learning process whatever I have realized to improve the
division of the company is as follows:
Work in Semi urban market will have a lot of opportunity.Most of the Life Insurance companies are operating in the metros and
big cities as per their present branch office locations . They can
increase their market size,distributing various urban and semi-urban
markets.
The company can try to increase the morale and productivity.
Premium and economical class of services should be launched
by the company to serve the varied nature of customers.
Service cum awareness camps should be run by the company in
remote areas.
Improvement in services through feedbacks from customers is
recommended.
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PART I
COMPANY PROFILE
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I) Brief Introduction of the Company
Bajaj Allianz Life Insurance is a union between Allianz SE,one of the largest Insurance Company and Bajaj Finserv. (recently
demerged from Bajaj Auto.)
Allianz SE is a leading insurance conglomerate globally and
one of the largest asset managers in the world, managing assets worth
over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over
115 years of financial experience and is present in over 70 countries
around the world.
At Bajaj Allianz Life Insurance, customer delight is ourguiding principle. Our business philosophy is to ensure excellent
insurance and investment solutions by offering customized products,
supported by the best technology .It started in 2001.
Financial Services arm's profit rises to Rs. 42 CroreBS Reporter / Mumbai July 16, 2009, 0:40 IST
Bajaj Finserv, the financial services arm of the Bajaj Group,
posted a net profit of Rs 42 crore for the quarter ended June 30, 2009.
It had posted a loss of Rs 36 crore in the corresponding period lastyear.
The groups life insurance arm, Bajaj Allianz Life Insurance
Company, was the biggest contributor to the firms income. BajajAllianz has posted a profit of Rs 68 crore in the June quarter. In the
year-ago quarter, it had posted a loss of Rs 3 crore.
Gross written premium for the quarter rose 40 per cent to Rs
2,001 crore as against Rs 1,847 crore in the corresponding period lastyear. Renewal premium, too, increased to Rs 1,423 crore as against Rs
1,018 crore in the quarter ended June 30, 2008. However, newbusiness premium fell 42.28 per cent to Rs 577 crore.
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ALLIANZ GROUP
Allianz Group is one of the world's leading insurers and
financial services providers.
Founded in 1890 in Berlin, Allianz is now present in over
70 countries with almost 174,000 employees. At the top of the
international group is the holding company, Allianz AG, with its head
office in Munich.
Allianz Group provides its more than 60 million customers
worldwide with a comprehensive range of services in the areas of
Property and Casualty Insurance, Life and Health Insurance, Asset Management and Banking. ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654crore.
3rd largest Assets under Management (AUM) & largestamongst Insurance cos. - AUM of Rs.51, 96,959 crore.
12th largest corporation in the world 49.8 % of global business from Life Insurance Established in 1890, 110 yrs of Insurance expertise 70 countries, 173,750 employees worldwide
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BAJAJ GROUP
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore
Bajaj group is the largest manufacturer of two-wheelers and three-
wheelers in India and one of the largest in the world.
A household name in India, Bajaj Auto has a strong brand
image & brand loyalty synonymous with quality & customer focus.
A STRONG INDIAN BRAND- HAMARA BAJAJ
One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr. Bajaj Auto finance one of the largest auto finance cos. in India Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03 It has joined hands with Allianz to provide the Indian
consumers with a distinct option in terms of life insurance
products.
As a promoter of Bajaj Allianz Life Insurance Co. Ltd., BajajAuto has the following to offer -
Financial strength and stability to support the InsuranceBusiness.
A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network.
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II) History of the organization
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HISTORY OF THE COMPANY
Bajaj Allianz Life Insurance Co. Ltd.is a joint venturebetween two leading conglomerates- Allianz AG, one of the world's
largest insurance companies, and Bajaj Auto, one of the biggest 2 and
3 wheeler manufacturers in the world. Characterized by global
presence with a local focus and driven by customer orientation to
establish high earnings potential and financial strength, Bajaj Allianz
Life Insurance Co. Ltd. was incorporated on 12th March 2001. The
company received the Insurance Regulatory and Development
Authority (IRDA) certificate of Registration (R3) No 116 on 3rd
August 2001 to conduct Life Insurance business in India. Bajaj Auto
Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the
largest manufacturer of two-wheelers and three-wheelers in India and
one of the largest in the world. A household name in India, Bajaj Auto
has a strong brand image & brand loyalty synonymous with quality &
customer focus. With over 15,000 employees, the company is a Rs.
4000 crore auto giant, is the largest 2/3-wheeler manufacturer in India
and the 4th largest in the world. AAA rated by Crisil, Bajaj Auto has
been in operation for over 55 years. It has joined hands with Allianz to
provide the Indian consumers with a distinct option in terms of life
insurance products.Mission of the company
India has 102 crore population but only 16 crore people are
insured till now. Still 86 crore
People are yet to be insured. Also in broader perspective, company
wants to make every person get benefited through investing in Bajaj
Allianz Life Insurance.
The Company is focusing on improving employee
productivity, policy persistency, operational processes and service
levels.
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Culture @ Bajaj Allianz
Be a winning team.
Have a passion for excellence and hate bureaucracy.
Be empowered,have the confidence to take decisions
quickly and be accountable .
Be driven to achieve results,to deliver .
Be professional and socially committed.
Be open to ideas,sharing,transparent & trusting.
Focus everything we do on our customers .
Make BALIC a "Great place to work" .
Have a sense of humor .
BAJAJ ALLIANZ Way
Dominate the market - Be decisive & communicate clear
goals.
Never sit still - Change continuously,change when the going
is good & revolutionize .
Think service - Service,service - continuous improvement .
Make the future - Be flexible & be aware of competitors .
Learn to lead and lead to learn .
Be prepared to listen .
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Brand Value of Bajaj Allianz Life Insurance
Company Limited
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Management team of the company
Mr. Kamesh GoyalManaging Director and CEO
Sashi Krishnan, CIO,
Bajaj Allianz Life Insurance
Mr. Rajesh Viswanathan,C.F.O.
Bajaj Allianz Life Insurance
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BOARD OF DIRECTORS:
Mr. Rahul Bajaj (Chairman)Dr. Werner Zedelius
Mr. Sanjay Asher
Mr. Niraj Bajaj
Mr. Sanjiv Bajaj
Mr. Heinz Dollberg
Mr. Ranjit Gupta
Mr. S. H. Khan
Mr. Suraj Mehta
Mr. Dietmar Raich
Mr. Manu TandonMr. Kamesh Goyal (Alternate Director to Dr. Werner
Zedelius)
Head Office Address :
Bajaj Allianz Life Insurance Company Limited
GE Plaza, Airport Road, Yerawada, Pune-411006 MaharashtraTelephone: (+91 20) 66026777
CHANNEL PARTNERS OF BAJAJ ALLIANZ
Standard Chartered Bank
Contact Number :
022 2492 8888
E-mail Address:customer.care@in.standardchartered.com
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Syndicate Bank
Contact Number :020 4026 742
E-mail Address:insurancediv@syndicatebank.net
Placement Sales and Services Ltd.Contact Number :
0487-2388666,2385922 Tele Fax - 2388666
E-mail Address: placementss@rediffmail.com
Address: Regency Centre, Kalavary Road, West Fort, Thrissur4 Kerala,
India
Team Life Care Company(India) Ltd.
Contact Number : 0427 - 2410707; 2420707; Tele Fax - 2421245
E-mail Address : www.teamlifecare.in
COSMOS Co-op BANK Ltd.Contact Number : 020 2488051
E-mail Address : info@cosmosbank.in
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SECTOR PROFILE
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sector giant, continued to lead with a premium collection of
Rs.9,688.87 crore, translating into a market share of 90 per cent. In
terms of number of policies and schemes sold, private sector
accounted for only 3.77per cent as compared to 96.23 per cent share
of LIC (The Economic Times, 21 March, 2004).
The ICICI Prudential topped among the private players in
terms of premium collection. It recorded a premium of Rs. 364.9 crore
and a market share of 25 per cent, followed by Birla Sun Life with a
premium under- written Rs.170 crore and a market share of 15
percent, HDFC Standard with 132.7 crore and Max New York Life
with Rs.76.8 crore with a market share of approximately 15 per cent
each. Unlike their counterpart in the life insurance business, private
non-life insurance companies have not yet started addressing the retail
market. All is set to change in the coming years. Like in the banking
sector, non-life insurance companies will soon have no choice but to
focus on individual buyers.
In case of private non-life insurance players, that their
market share rose to 14.13 per cent, recording a growth of 70.75 per
cent on an annual basis, while the market share of public sector stood
at 85.87 per cent, registering a marginal growth of 6.34 per cent. The
overall market has recorded a growth of 12.32 per cent by the end of
January 2004. Among the private non-life insurance players, ICICI
Lombard topped the list with a premium collection of Rs.403.62 crore
in one year period with a market share of 3.05 per cent and with an
annual 131.6 per cent, followed by Bajaj Allianz with a premium of
Rs.385.02 crore and 2.91 per cent market share and Tata AIG with
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II) BRIEF HISTORY OF INSURANCE
SECTOR IN INDIA
The insurance sector in India has come a full circle from
being an open competitive market to nationalization and back to a
liberalized market again.
Tracing the developments in the Indian insurance sector
reveals the 360-degree turn witnessed over a period of almost 190
years.
The business of life insurance in India in its existing form
started in India in the year 1818 with the establishment of the
Oriental Life Insurance Company in Calcutta.
Some of the important milestones in the life insurance
business in India are:
1912 - The Indian Life Assurance Companies Act enactedas the first statute to regulate the life insurance business.
1928 - The Indian Insurance Companies Act enacted to
enable the government to collect statistical information about both
life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by
the Insurance Act with the objective of protecting the interests of the
insuring public.
1956 - 245 Indian and foreign insurers and provident
societies taken over by the central government and nationalized. LIC
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formed by an Act of Parliament, viz LIC Act, 1956, with a
contribution of Rs. 5 crorefrom the Government of India.
The General insurance business in India, on the other hand,
can trace its roots to the Triton Insurance Company Ltd., the first
general insurance company established in the year 1850 in Calcutta by
the British.
Some of the important milestones in the general insurance
business in India are:
1907 - The Indian Mercantile Insurance Ltd. set up, the first
company to transact all classes of general insurance business.
1957 - General Insurance Council, a wing of the Insurance
Association of India, frames a code of conduct for ensuring fair
conduct and sound business practices.
1968 - The Insurance Act amended to regulate investments
and set minimum solvency margins and the Tariff Advisory
Committee set up.
1972 - The General Insurance Business (Nationalization)
Act, 1972 nationalized the general insurance business in India with
effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies
viz. the National Insurance Company Ltd., the New India Assurance
Company Ltd., the Oriental Insurance Company Ltd. and the United
India Insurance Company Ltd. GIC incorporated as a company.
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III) INSURANCE MARKET IN INDIA
NON-LIFE INSURANCE MARKET In December 2000, the GIC subsidiaries were restructured
as independent insurance companies. At the same time, GIC was
converted into a national reinsurer. In July 2002, Parliamant passed a
bill, delinking the four subsidiaries from GIC
Presently there are 12 general insurance companies with 4
public sector companies and 8 private insurers. Although the public
sector companies still dominate the general insurance business, theprivate players are slowly gaining a foothold. According to estimates,
private insurance companies have a 10 percent share of the market, up
from 4 percent in 2001. In the first half of 2002, the private
companies booked premiums worth Rs 6.34 billion. Most of the new
entrants reported losses in the first year of their operation in 2001.
With a large capital outlay and long gestation periods,
infrastructure projects are fraught with a multitude of risks throughout
the development, construction and operation stages. These include
risks associated with project implementaion, including geological
risks, maintenance, commercial and political risks. Without covering
these risks the financial institutions are not willing tocommit funds
to the sector, especially because the financing of most private
projects is on a limited or non- recourse basis.
Insurance companies not only provide risk cover to
infrastructure projects, they also contribute long-term funds. In fact,
insurance companies are an ideal source of long term debt and equity
for infrastructure projects. With long term liability, they get a good
asset- liability match by investing their funds in such projects. IRDA
regulations require insurance companies to invest not less than 15percent of their funds in infrastructure and social sectors. International
Insurance companies also invest their funds in such projects.
Insurance costs constitute roughly around 1.2- 2 percent of
the total project costs. Under the existing norms, insurance premium
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IV) LIFE INSURANCE MARKET
The Life Insurance market in India is anunderdeveloped
market that was only tapped by the state owned LIC till the entry of
private insurers. The penetration of life insurance products was 19
percent of the total 400 million of the insurable population. The state
owned LIC sold insurance as a tax instrument, not as a product giving
protection. Most customers were under- insured with no flexibility or
transparency in the products. With the entry of the private insurers the
rules of the game have changed.
The 12 private insurers in the life insurance market havealready grabbed nearly 9 percent of the market in terms of premium
income. The new business premiums of the 12 private players has
tripled to Rs 1000 crore in 2002- 03 over last year. Meanwhile, state
owned LIC's new premium business has fallen.
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Innovative products, smart marketing and aggressive
distribution. That's the triple whammy combination that has enabled
fledgling private insurance companies to sign up Indian customers
faster than anyone ever expected. Indians, who have always seen life
insurance as a tax saving device, are now suddenly turning to the
private sector and snapping up the new innovative products on offer.
The growing popularity of the private insurers shows in
other ways. They are coining money in new niches that they have
introduced. The state owned companies still dominate segments like
endowments and money back policies. But in the annuity or pension
products business, the private insurers have already wrested over 33
percent of the market.
The private insurers also seem to be scoring big in other
ways- they are persuading people to take out bigger policies. Forinstance, the average size of a life insurance policy before
privatisation was around Rs 50,000. That has risen to about Rs
80,000. But the private insurers are ahead in this game and the
average size of their policies is around Rs 1.1 lakh to Rs 1.2 lakh- way
bigger than the industry average.
Buoyed by their quicker than expected success, nearly all
private insurers are fastforwarding the second phase of their
expansion plans. No doubt the aggressive stance of private insurers is
already paying rich dividends. But a rejuvenated LIC is also trying to
fightback to woo new customers.
WHOLE LIFE INSURANCE PREMIUMS (RS./ YEAR)
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INVESTMENTS OF LIFE INSURERS IN LIFE FUND(Rs. in crore)
PUBLIC SECTOR 2005 2004
LIC (A) 361428.87 304436.88
PRIVATE SECTOR
HDFC STD LIFE 480.77 305.43
MNYL 436.37 241.85
ICICIPRU 970.63 658.45
BSLI 170.06 140.38
TATA AIG 392.76 220.65
KOTAK LIFE 200.67 133.43
SBI LIFE 960.89 367.84
BAJAJ ALLIANZ 382.28 221.91
METLIFE 157.18 120.18
AMP SANMAR 110.71 98.69
ING VYSYA 241.22 75.28
AVIVA 144.95 144.65
SAHARA LIFE 142.48 143.29
TOTAL (B) 4790.98 2872.03
TOTAL (A+B) 366219.85 307308.91
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INVESTMENTS OF LIFE INSURERS IN PENSIONS FUND(Rs. in crore)
PUBLIC SECTOR 2005 2004
LIC (A) 11462.03 9244.06
PRIVATE SECTOR
HDFC STD LIFE 151.91 101.68
MNYL 14.03 2.11
ICICIPRU 166.64 127.59
BSLI 0.06 0
TATA AIG 76.78 39.79
KOTAK LIFE 13.36 7.54
SBI LIFE 78.97 15.41
BAJAJ ALLIANZ 9.28 3.81
METLIFE 210 0
AMP SANMAR 50.45 9.83
ING VYSYA 0 0
AVIVA 0 0
SAHARA LIFE 0.06 0
TOTAL (B) 561.75 307.77
TOTAL (A+B) 12033.78 9551.83
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INVESTMENTS OF LIFE INSURERS IN UNIT LINKED PLANS
(Rs. in crore)
2005 2004
PUBLIC SECTOR
LIC (A) 2758.67 209.87
PRIVATE SECTOR
HDFC STD LIFE 290.67 60.91
MNYL 20.44 0
ICICIPRU 2337.16 780.07
BSLI 1125.72 474.62
TATA AIG 80.81 12.75
KOTAK LIFE 308.33 53.54
SBI LIFE 3.54 0
BAJAJ ALLIANZ 369.24 28.61
METLIFE 1.74 0
AMP SANMAR 21.4 0
ING VYSYA 78.61 20.81
AVIVA 131.13 47.13
SAHARA LIFE 0 0
TOTAL (B) 4768.77 1478.43
TOTAL (A+B) 7527.45 1688.31
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PART II
PROJECT OVERVIEW
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I) INTRODUCTION
WINDS OF CHANGE :
Reforms have marked the entry of many of the global
insurance majors into the Indian market in the form of joint ventures
with Indian companies. Some of the keys names are AIG, New York
Life, Allianz , Prudential, Standard Life, Sun Life Canada and Old
Mutual. The entry of new players has rejuvenated the erstwhile
monopoly player LIC. Which has responded to the competition in an
admirable fashion by launching new products and improving service
standards.
Market Expansion :
There has been an overall expansion in the market. This
has been possible due to improved awareness levels thanks to the
large number of advertising campaigns launched by all the players.
The scope for expansion is still unlimited as virtually all the players
are concentrating on large cities and townsexcept by LIC to an
extent there was no significant attempt to tap the rural markets
New Product Offering:
There has been a plethora of new players, mainly
from the stable of their international partners. Customers
have tremendous choice from a large variety of products
from pure term insurance to unit -linked investment
products. Customers are offered unbundled products with a
variety of benefits as riders from which they can choose.
More customers are buying products and services based on
their true needs and not just traditional money-backpolicies, which is not considered very appropriate for long-
term protection and savings. However, there are still some
key new products yet to be introduced e.g. health
products.
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Customer Service :
Not unexpectedly, this was one area that witnessed the
most significant change with the entry of new players.
There is an attempt to bring in international best practices
in service and operational efficiency though use of latest
technologies. Advice and need based selling is emerging
through much better trained sales force and advisors. There
is improvement in response and turnaround times in
specific areas such as delivery of first policy receipt, policy
document, premium notice, final maturity payment,
settlement of claims etc. However, there is a long way to go
and various customer surveys indicate that the standards are
still below customer expectation levels.
Channels of Distribution :
Till two years back, the only mode of distribution of
life insurance products was through Agents. While agents
continue to be the predominant distribution channel, today
a number of innovative alternative channels are being
offered to customers. Some of them are bancassurance,
brokers, the internet and direct marketing. Though it is too
early to predict, the wide spread of bank branch network in
India could lead to bancassurance emerging as a significant
distribution mechanism.
The introduction of private players in the industry
has added to the colors in the dull industry. The initiatives
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taken by the private players are very co mpetitive and have
given immense competition to the on time monopoly of the
market LIC. Since the advent of the private players in the
market the industry has seen new and innovative steps
taken by the players in this sector. The new players have
improved the service quality of the insurance. As a result
LIC down the years have seen the declining phase in its
career. The market share was distributed a mong the private
players. LIC market share has decreased from 95% (2002-
03) to 82% (2004-05).
The following companies has the market share of the
life insurance industry.
Insurance Company Market Share(Fig.in%)
LIC 71.44
ICICI Prudential 11.35
Bajaj Allianz 7.06
HDFC Standard Life 2.37
SBI Life 1.81
Birla Sun Life 1.49
Max New York Life` 0.98
TATA AIG 0.79
Aviva 0.89
OM Kotak Mahindra 0.86
ING Vyasa 0.57
Reliance 0.37
MetLife 0.24
Market Share of Life Insurance Companies as of May 200 9
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DISTRIBUTION CHANNELS
Till date insurance agents still remain the main
source through which insurance products are sold. The
concept is very well established in the country like India
but still the increasing use of other sources is imperative. It
therefore makes sense to look at well balanced,
alternatives channels of distribution.
LIC has already well established and have an
extensive distribution channel and presence. New players
may find it expensive and time consuming to bring up a
distribution channel to have an advantage.
At present the distribution channels that are
available in the market are:
Direct Selling Corporate Agents Group Selling Brokers and Cooperative Societies Bancassurance
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Distribution Channels of BALIC
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Growth story of BALIC
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New Business and Premium
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P R O D U C T S
Bajaj Allianz has launched different tupes of product to
serve different market throughout the life insurance market of
India.The recently operated products are here.
1) Unit Linked
Regular Premium Single Premium
New Family Gain - II Wealth Gain
New UnitGain - II
Family Assure - II
Century Plus - III
Unitgain Protection Plus - II
Smart Investment Plan - II
I gain - II
Max Gain
Assured Gain
2) WOMEN INSURANCE
Products for house wives
3) Group
Non Employer Employee Employer Employee
Credit Shield Group Term Life(Employer employee)
Group Term Life New Group Gratuity Care
(Non Employer employee) New Group Superannuation Care
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Group Suraksha Group Save Plus
Sarve Shakti Suraksha Group Term Life in liu of EDLI
Group Loan Protecter Group Leave Encashment Scheme
Group Income Protection Group AnnuityGroup Unitgain Group Superannuation Gold
Group Gratuity Gold
4) Pension
Annuity RetirementPension Gurantee Future Income Generator
Swarna Vishranti
Retirement Advantage RPRetirement Advantage SP
Future Secure - II
5) HEALTH
Care First
Health Care
family Care First
6) MICRO INSURANCE
Alp Nivesh Yojana
Jana Vikas Yojana
Saral Suraksha Yojana
7) TRADITIONAL
Endowment Money Back
Invest Gain Cash Gain
Save Care Economy SP
Life Time Care
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Allianz AG with over 110 years of experience in over
70countries and Bajaj Auto ,trusted for over 55 years in the Indian
market, together are committed to offering you financial solutions that
provide all the security you need for your family and yourself.
Bajaj Allianz brings to you several innovative products , the
details of which you can browse in this section.
Factors affecting pricing
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II) OBJECTIVE
About the project :
This project is mainly concentrating on the various
perceptions that each customer has on private life insurance as well as
on the value added service offered by BAJAJ ALLIANZ LIFE
INSURANCE COMPANY LTD .As my project is all about perception
and value added service,I have given a brief introduction about it.
Service marketing :
Service is an act of performing or offering that some thing
extra which gives some benefits or value to the customers without the
ownership of the physical products.
Now a days of service is gaining importance due to
increasing in demand from economic well being,changing life style of
people and complexity of the products .Service differs from physical
goods in certain characteristics such as intangibility ,heterogeneityand perishes ability,which makes them unique and poses a challange
for marketers to make them separately from goods.
This project is mainly concentrating on the perception of
customers who have the policy in private life insurance companies
and know about the value added service offered by the private life
insurances companies.
Perception :
It may be define as the process by which an individual
selects,organizes and interprets stimuli into a meaningful and coherent
picture of the environment in which he lives.To a person, he perceives
the reality,irrespective of the objective trust ,and his behavior is
ditermined by his perception.
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Factors influencing perception :
The perceiver
The perceiver's personal characteristics play major role in
influecing the way he interprets a target .A persons's attitude
,motives,interests ,past experiences and expectation affect his
perception.
The Target
Perception is affected by characteristics of the target.Thepeople who are loud or very tall are or attractive are more likely to be
noticed in a crowed .The target perceived based on its attributes such
as motion,sound,size etc.
The situations
Time,location,climate,person's state of mind and other
situational factors influencing his perception.
The Value Added Services Offered By The BALIC LTD.
Electronic clearing system :
It is a system where the premium gets directly debited from
the bank account on the due dates .This helps the customer to pay the
insurance premium with out to the insurance company.
Financial advisors :
Advisos are the back is not just selling of the policies but
listen to the customer like what they need,how much they can
invest,which policy suits them and what kind of policy expect from us
i.e. what kind of policies should be designed for them.
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Ease in renewal of the lapsed policy
Policy holder can easily renew their policy with much more
difficulties for these customers can seed the help of financial
consultant.
Other services :
Customized products All the information about the companies and its products areavailable in companies website.
Incase a customer wants to pay their premiums through chequethan they can draw them in favours of the insurance company in which
he has the policy.
Market information : customers can check their policy statusthrough online.
Claim settlement : Claim settlement in private life insurancecompany is faster than the other insurance company.
For any queries customer can call to 24 hour help line number..
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CONCEPTUAL CONTEXT OF THE RESEARCH
As the objective of the research focuses on the
research of brand image a with special emphasis of Bajaj
Allianz. It will help the company to increase its
sales,future plannings,initiatives need to be taken which is
the prime objective of the company at this time. The
research attempts to generate awareness among the people
of North 24 Parganas regarding the brand image and
perception of Bajaj Allianz.
METHODS
PRIMARY DATA
Date collection for this research was done
primarily through filling up of questionnaire. The sample
for the research including different individuals of various
age groups and having different professions and
qualifications. Data was collected through the interview of
individuals. The questionnaire was containing questions
regarding the personal details of individuals and then some
light questions regarding their primary knowledge related
to private insurance companies. Then there were questions
related to their interest in being the Insurance Consultants
of company.
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SECONDARY DATA
A large amount of secondary data has been
collected from secondary sources. Some of the sources are:-
Reports on Insurance Sector of India.
Articles from Newspapers and magazines.
Various web sites of the insurance companies and
related sites.
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SAMPLE DESIGN
A sample design is a definite plan for obtaining a sample
from a given population. It refers to the techniques or the procedure
the researcher would adopt in selecting items for the sample. Sample
design may as well be drawn from the population to be included in the
sample i.e. the size of the sample. Sample design is determined before
data are collected.
Sample size has been taken by judgment sampling.
Judgment sampling is a process in which the selection of a unit,
from the population is based on the pre judgement.This research
requires the survey of different insurance agencies in North 24
parganas . So research concentrates on the branch or agency manager
of different insurance companies. So the selection of unit for thisresearch has been judged by the researcher. Sample size for this
research is 100 .
During my study I have taken 100 prospects as the size of sample.The approach to the research is considered in this chapter,
from the theoretical underpinning to the collection and analysis of the
data. It begins with the extent of the research to provide the specific
guidelines of studying. The next part is concerned with the method of
the research that refers to the data collection and analyzing which isused in the research.
Sampling method :The researcher had choice between p robability and
non probability sampling methods .In this study a simple
non probability method namely convenience sampling was
adopted.
For my study I have selected Non-probability
method in which I selected convincing sa mpling method .
Field work :
Survey was done in district town - Barasat .The
data was collected over a period of ten weeks within the
same area using well structured questionnaire .The
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Q.5) which technique is giving good response from
customers?
Options Response in %
Display 18
Door to door 36
Exhibition 18
Catalogue 16
Price off 12
Interpretation:
According to the study 36% insurance care consultants say
door to door demo techniques giving good response, 18% insurance
care consultants say to the display & exhibition, 16% to the catalogues
& 12% say to the price off technique.
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Q.8) Which technique is easily manageable?
Options Response in %Display 18
Door to door 30
Exhibition 10
Catalogue 34
Price off 8
Interpretation:
According to the study 34% insurance care consultants say
that the catalogues is easily manageable, 30% to the door to doordemo,18% insurance care consultants prefer display technique 10% to
the exhibition, and 8% insurance care consultants say to the price off
technique.
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Q.10) Which technique requires more knowledge to execute?
Options Response in %
Display 20
Door to door 42
Exhibition 24
Catalogue 10
Price off 4
Interpretation:
According to the study 42% insurance care consultants vote
to the door-to-door technique that it requires more knowledge to
execute than others. 24% to the exhibition, 20% to the display
technique, 10% insurance care consultants give vote to the catalogues
and 4% insurance care consultants prefer price off technique.
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Q.11) Price off are necessary for sales promotion?
Options Response in %
Yes 46
No 40
Can not say 14
Interpretation:
According to the study 46% insurance care consultants say
yes that the price off are necessary for sales promotion. 40% say no,it
is not requird and 14% were not interested not opine.
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Q.13) Should Bajaj Allianz take up new sales promotion
programme?
Options Response in %
Yes 72
No 22
Can not say 6
Interpretation :
According to the study 72% insurance care consultants say
yes Bajaj should take new ideas of sales promotion.22% consultants
are not interested Bajaj to take new sales promotions.6% insurance
care consultants did not put any opinion about it.
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Q.14) Do you know about the Bajaj Allianz Life Insurance
companies?
Ans. The response of individuals are as :-
Yes - 60% No - 40%
Brand Awareness
Interpretation :
This question was asked to general respondents .60%
respondents want to know more about this company,where as 40%
respondents are not interested to know anything about this company.
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Q.17) How much time you can provide easily besides
your job hours?
Ans. The response of individuals are as follows: -
TIME PERIOD % people0-2 hrs. 12
2-4 hrs. 33
4-6 hrs. 31
Full time 24
willingness to devote time
Interpretation :
This question was asked to sales personnels.12% sales
people are ready to spend maximum 2 hours or eve less than
that.33% sales peoples are ready to spend 2 hour to 4 hour.31% sales
people are ready to spend 4 hour to 6 hour.24% sales people want to
work full time.
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V) OBSERVATIONS & FINDINGS
This study is very much satisfying for me not only practically
and academically but it also helped me in developing my
communication skill and enriched my knowledge also.
I have come to know about the importance of marketing
especially with regard to Sales Promotion on the most renowned
organization like Bajaj Allianz . Especially because of emergence of
many competitor with excellence in services & competitive product.
The base of this chapter conclusion is on the data analysis or what we
say findings.
I have finding from the existing customers ,probable
customers insurance care consultants and retailers of the Bajaj
Allianz. and their interests on my topic.
When the insurance care consultant is asked why they are
dealing in this particular insurance company they mostly stressed oncompanys image. They also said that all income and age group of
customers are attracted towards their product but buyers are mainly
from higher and middle-income group.
Maximum existing customers have chosen this company
due to good brand image and holding policies through out the years.
Probable customers are generally interested in good product and
want to invest in a long running reputed company like Bajaj Allianz
instead of the recently introduced company.
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Retailers are getting good return from the products of this
company and their business volume is also high than that of other
companies.
Maximum retailers said that their sale is very much increased in
the last years because of an excellent performance of the product.
Insurance care consultants said that the employees are very much
satisfied after getting opportunity to sell out the products because of
its features related with risks of life and also because of quality of
service provide by their company is very good.
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VI) SUGGESTION
Here are some suggestions, which may help to strengthen
the firm further.
The backbone of the company is the brand image of Bajaj
Auto .So ,extensive advertisement ,publicity ,sales force and sales
promotion is needed to take place in order to to keep this image
continue.
Many of the insurance care consultants of the Bajaj
Allianz. has the lack of good communication skills and training. So
training should be easy.
Bajaj Allianz. should use new techniques of sales
promotion.
Customer services should be more comfortable than others.
People must be made aware of the benefits of the policies
of Bajaj Allianz.
The company should give personal attention to each
customer.
Proper assistance should be provided to the customer at the
time of claim settlement.
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All the details about the company should be given to the
customers.
Regular advertisement of the company should be given TV
and Newspaper.
The company must try to find new markets especially in the
rural areas.
The company should do frequent analysis of the
competitors.
TOOLS USEDTo know the response, I have used the questionnaire
method. If one wishes to find what prospects think or know, the
logical procedure is to ask them. This has led marketing researchers to
use the questionnaire technique for collecting data more than any
other method.
In this method questionnaire were distributed to the
respondents and they were asked to answer the questions in the
questionnaire. The questionnaire were structured non disguised
questionnaire because the question which the questionnaire contained,
were arranged in a specific order besides every question asked were
logical for the study, no question can be termed as irrelevant.
The questionnaire was non-disguised because the
questionnaire was constructed so that the objective is clear to therespondent. The respondents were aware of the objective. They knew
why they were asked to fill the questionnaire.
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VII) LIMITATIONS OF THE STUDY
Following limitations were faced during my study:
While designing the questionnaire it was kept in mind to gathermore and more information from each target person. For the neither
present nor descriptive questions could have served the purpose.
The study was conducted for Bajaj Allianz in District townBarasat , which has 60 to 100 insurance prospects only. The sample
size was of 100 insurance care consultants only so that accuracy of
data collected could be absurd covered by circulation of
questionnaire.
The accuracy of indications given by the respondents may notbe consider adequate as whether the language used in the
questionnaire is understood by the respondent cannot be taken for
granted.
The study is based on the information gathered from theinsurance care consultants ,existing customer , sales force andretailers. Therefore in such case it is possible that the information
suppliedmight be biased because the target respondents might have
shown partiality towards their interests.
Since the survey was limited to100 prospects it is rather
difficult to give a precise conclusion but I have tried to the best of my
capability to give the conclusion on a comprehensive manner.
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VIII) QUESTIONNAIRE
QUESTIONNAIRES FOR MARKET SURVEY
I am Arunabha Chowdhury , MBA fourth semester student
of SIKKIM MANIPAL UNIVERSITY(Salt lake Branch ) currently
doing my Project in BAJAJ ALLIANZ LIFE INSURANCE
COMPANY LIMITED .As a part of my study,I am collecting
information of the existing and probable customer,retailers and
insurance care consultants perception on value added services
provided by BAJAJ ALLIANZ LIFE INSURANCE COMPANYLIMITED,I kindly request you to fill the following questionnaires.
NAME -
...........................................................................................................
ADDRESS -
.....................................................................................................
...........................................................................................................
CONTACT NO. -
...........................................................................................
DATE - ..............................................
QUESTIONNAIRE
QUESTIONNAIRES FOR THE EXISTING CUSTOMERS
Please ( tick ) the answer
1) Which age group do you belong to ?
( ) Less than 25 years ( ) 25 to 35 years
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9) Which service you prefer to pay premium ?
( ) Website ( ) Reminding letter ( ) Ecs
( ) Reminding call ( ) Reminding sms
10) If you want to clarify any query to whom you will ask ?
( ) Advisor ( ) Company website
( ) Customer care ( ) Branch
Thank you for your co-operation & your answers would be
kept secretly.
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QUESTIONNAIRES FOR THE RETAILLERS
I am Arunabha Chowdhury , MBA fourth semester student
of SIKKIM MANIPAL UNIVERSITY(Salt lake Branch ) currently
doing my Project in BAJAJ ALLIANZ LIFE INSURANCE
COMPANY LIMITED .As a part of my study,I am collecting
information of the existing and probable customer,retailers and
insurance care consultants perception on value added services
provided by BAJAJ ALLIANZ LIFE INSURANCE COMPANY
LIMITED,I kindly request you to fill the following questionnaires.
NAME -...........................................................................................................
ADDRESS -
.....................................................................................................
...........................................................................................................
CONTACT NO. -
...........................................................................................
DATE - ..............................................
QUESTIONNAIRE
Q.1 To which technique of sales promotion you prefer?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
Q.2 which technique is giving good response from cu
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