“A STUDY ON BRAND IMAGE AND PERCEPTION OF LIFE INSURANCE COMPANIES WITH A SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED”

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.


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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The project report of

Arunabha Chowdhury




is approved and is acceptable in quality and form

Internal Examiner External Examiners


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Directorate of Distance education

This is to certify that the project report entitled




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 :[email protected]. in


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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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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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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:[email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]


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Syndicate Bank

Contact Number :020 4026 742

E-mail Address:[email protected]

Placement Sales and Services Ltd.Contact Number :

0487-2388666,2385922 Tele Fax - 2388666

E-mail Address: [email protected]

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 : [email protected]
mailto:[email protected]:[email protected]:[email protected]


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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


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


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


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


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:


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?


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?


Yes 46

No 40

Can not say 14

Interpretation:


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?


Yes 72

No 22

Can not say 6

Interpretation :


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

Documents

“A STUDY ON BRAND IMAGE AND PERCEPTION OF LIFE INSURANCE COMPANIES WITH A SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED”