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Bajaj Allianz General Insurance Co. Ltd. Project Report on “A STUDY OF STRATEGY AND FUNCTIONING OF FIELD FORCES IN BAJAJ ALLIANZ GENERAL INSURANCE Submitted By: SAMEER SINDHER Roll No. : 6793 B.B.A: IIIrd Year PUPIN : Submitted To: H.O.D. (I.T. Department) D.A.V. College Sector - 10 Chandigarh In partial fulfilment of the requirements for the degree of Bachelors Of Business Administration Panjab University (2010-11)

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Page 1: baja allianz - arshad

Bajaj Allianz General Insurance Co. Ltd.

Project Report

on

“A STUDY OF STRATEGY AND FUNCTIONING OF FIELD

FORCES

IN

BAJAJ ALLIANZ GENERAL INSURANCE”

Submitted By:

SAMEER SINDHER

Roll No. : 6793

B.B.A: IIIrd Year

PUPIN : 17508000891

Submitted To:

H.O.D. (I.T. Department)

D.A.V. College

Sector - 10

Chandigarh

In partial fulfilment of the requirements for the degree of

Bachelors Of Business Administration

Panjab University

(2010-11)

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Bajaj Allianz General Insurance Co. Ltd.

ACKNOWLEDGEMENT

To acknowledge all the people who had helped for the fulfilment of

project is not possible for any researcher but in spite of all that it

becomes the foremost responsibility of the researcher and also the part

of research ethics to acknowledge those who had played a great role

for the completion of the project.

First of all, I would like to thank my teachers for their continues

support during this project. They were always there to listen and to

give advice. Without their help, the whole project have been difficult

to pursue. Their advice and suggestion kept me moving to finish this

project.

Last but not the least I would like to thank my family for their

constant support and encouragement to complete the project in the

stipulated time.

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Bajaj Allianz General Insurance Co. Ltd.

DECLARATION

Hereby declare that the project report entitled “A STUDY OF STRATEGY

AND FUNCTIONING OF FIELD FORCES IN BAJAJ ALLIANZ

GENERAL INSURANCE submitted for the degree of Bachelor of Business

Administration, is my original work and the project report has not formed the

basis for the award of any diploma, degree, associate ship, fellowship or

similar other titles. It has not been submitted to any other university or

institution for the award of any degree or diploma.

SAMEER SINDHER

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Bajaj Allianz General Insurance Co. Ltd.

TABLE OF CONTENTS

Sr.No CONTENTS

1. INTRODUCTION

2. SECTOR PROFILE

3. COMPANY PROFILE

4. OBJECTIVES OF STUDY

5. RESEARCH METHODOLOGY

6. DATA ANALYSIS & INTERPRETATION

7. OBSERVATIONS & FINDING

8. SUGGESTION

9. BIBLIOGRAPHY

10. QUESTIONNIARE

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INTRODUCTION

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INTRODUCTION

A marketing strategy is a process that can allow an organization to concentrate its (always

limited) resources on the greatest opportunities to increase sales and achieve a sustainable

competitive advantage.

Marketing strategy as a key part of the general corporate strategy marketing strategy is most

effective when it is an integral component of corporate strategy, defining how the

organization will engage customers, prospects and competitors in the market arena for

success. It is partially derived from broader corporate strategies, corporate missions, and

corporate goals. They should flow from the firm's mission statement. They are also

influenced by a range of micro environmental factors.

Marketing strategy and sectarian tactics and actions:

A marketing strategy also serves as the foundation of a marketing plan. A marketing plan contains a

set of specific actions required to successfully implement a marketing strategy. For example: "Use a

low cost product to attract consumers. Once our organization, via our low cost product, has

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Bajaj Allianz General Insurance Co. Ltd.

established a relationship with consumers, our organization will sell additional, higher-margin

products and services that enhance the consumer's interaction with the low-cost product or

service."

A strategy consists of well thought out series of tactics. While it is possible to write a tactical

marketing plan without a sound, well-considered strategy, it is not recommended. Without a sound

marketing strategy, a marketing plan has no foundation. Marketing strategies serve as the

fundamental underpinning of marketing plans designed to fill market needs and reach marketing

objectives[3]. It is important that these objectives have measurable results.

A good marketing strategy should integrate an organization's marketing goals, policies, and action

sequences (tactics) into a cohesive whole. Many companies cascade a strategy throughout an

organization, by creating strategy tactics that then become strategy goals for the next level or group.

Each group is expected to take that strategy goal and develop a set of tactics to achieve that goal.

This is why it is important to make each strategy goal measurable.

Marketing strategies are dynamic and interactive. They are partially planned and partially

unplanned. See strategy dynamics.

Types of marketing strategies

Every marketing strategy is unique, but if we abstract from the individualizing details, each can be

reduced into a generic marketing strategy. There are a number of ways of categorizing these generic

strategies. A brief description of the most common categorizing schemes is presented below:

Strategies based on market dominance - In this scheme, firms are classified based on their market

share or dominance of an industry. Typically there are three types of market dominance strategies:

Leader

Challenger

Follower

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Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength.

Strategic scope refers to the market penetration while strategic strength refers to the firm’s

sustainable competitive advantage.

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Cost leadership

Product differentiation

Market segmentation

Innovation strategies - This deals with the firm's rate of the new product development and business

model innovation. It asks whether the company is on the cutting edge of technology and business

innovation. There are three types:

Pioneers

Close followers

Late followers

Growth strategies - In this scheme we ask the question, “How should the firm grow?”. There

are a number of different ways of answering that question, but the most common gives four

answers:

Horizontal integration

Vertical integration

Diversification

Intensification

A more detailed schemes uses the categories:

Prospector

Analyzer

Defender

Reactor

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Bajaj Allianz General Insurance Co. Ltd.

INSURANCE NEED

Why is insurance necessary? The question contains the answer within itself. After all, life is

fraught with tensions and apprehensions regarding the future and what it holds for the

individual. Despite all the planning and preparation one might make, no one can accurately

guarantee or predict how or when death might result and the circumstances that might ensue

in its aftermath.

We are not saying that life and existence are constantly fraught with danger and uncertainty.

But then it is essential that you plan for the future. The chances for a fatality or an injury to

occur to the average individual may not be particularly high but then no one can really afford

to completely disregard his or her future and what it holds.

People generally regard insurance as a scheme when and where you have to lose a lot to gain

a little. Nevertheless, insurance is still the most reliable tool an individual can use to plan for

his future.

And just why is it necessary to plan for the future with Insurance?

An Overview

Insurance business is divided into four classes:

1) Life Insurance business

2) Fire

3) Marine

4) 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 organisations.

Insurance companies (ICs) are important players in financial markets as they collect and

invest large amounts of premium. Insurance products are multi purpose and offer the

following benefits:

1. Protection to the investors

2. Accumulate savings

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3. CHANNELISE SAVINGS INTO SECTORS NEEDING HUGE LONG TERM INVESTMENTS.

SECTOR PROFILE

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Brief History of the Insurance Sector

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 enacted as 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 formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of

Rs. 5 crore from 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.

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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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INSURANCE SECTOR

The opening up of Insurance sector was a part of the on going liberalization in the financial sector of

India. The changing face of the financial sector and the entry of several companies in the field of life

and non life Insurance segment are one of the key results of these liberalization efforts. Insurance

business by way of generating premium income adds significantly to be the GDP. Over the past three

years, more than thirty companies have expressed interest in doing business in India. The IRDA

(Insurance Regulatory Development Authority) is the regulatory authority, which looks over all

related aspects of the insurance business. The provisions of the IRDA bill acknowledge many issues

related to insurance sector. The IRDA bill provides guidance for three levels of players - Insurance

Company, Insurance brokers and Insurance agent. Life Insurance sector is one of the key areas

where enormous business potential exists. In India currently the life insurance premium as a

percentage of GDP is 1.3 % against, 5.2 per cent in the US.

General Insurance

General Insurance is another segment, which has been growing at a faster pace. But as per the

current comparative statistics, the general insurance premium has been lower than life insurance.

General Insurance premium as a percentage of GDP was a mere 0.5 'per cent in 1996. In the General

Insurance Business, General Insurance Corporation (GIC) and its four subsidiaries viz. New India

Insurance, Oriental Insurance, National Insurance and United India Insurance, are doing major

business. The General Insurance Industry has been growing at a rate of 19 percent per year.

The entry of several private insurance companies, particularly international insurance companies,

through joint ventures, will speed up the process of insurance mobilization. The competition will

unleash new schemes and benefits, which will give consumers a better Chance to save as well as

insure. The regulatory system in India is relatively new and takes some more time to make the

Insurance sector a perfectly competitive one. Insurance Regulatory Authority of India issued

regulations on 15 subjects which included appointed. Actuary, actuarial report, Insurance agents,

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Solvency margins, reinsurance, registration of Insurers, and obligation of insurers to rural and social

sector, investment and accounting procedure. The reform in Insurance in India is guided by factors

like availability of a variety of products at a competitive price, improvement in the quality of

customer services etc. Also the employment opportunities in the Insurance sector wil1 increase as

major players set their business plans in India. The policy of the government to open up the financial

sector and the Insurance sector is expected to bring greater FDI inflow into the country. The increase

in the investment limit in this vital sector has generated considerable business interests among the

foreign Insurance companies" Their entry wil1 certainly change the Insurance sector considerably.

Insurance Sector Reforms:

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R.N. Malhotra

was formed to evaluate the Indian insurance industry and recommend its future, direction. The

Malhotra committee was set up with the objective of complementing the reforms initiated in the

financial sector.

In 1994, the committee submitted the report and some of the key recommendations included:

Structure:

1. Government stake in the insurance Companies to be brought down to 50%.

2. Government should take over the holdings of GlC and its subsidiaries so that these subsidiaries

can act as independent corporations.

3. All the insurance companies should be given greater freedom to operate.

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Competition:

1. Private Companies with a minimum paid up capital of Rs. 1 bn should be allowed to enter the

industry.

2. No Company should deal in both Life and General Insurance through a single entity.

3. Foreign companies may be allowed to enter the industry in collaboration with the domestic

companies.

4. Postal General Insurance should be allowed to operate in the rural market.

5. Only one State Level General Insurance Company should be allowed to operate in each state.

Regulatory Body:

1. The Insurance Act should be changed.

2.

3. An Insurance Regulatory body should be set up.

Controller of Insurance (Currently a part from the Finance Ministry) should be made

independent.

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Investment:

1.Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%.

2. GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to

be brought down to this level over a period of time.)

Customer Service:

1. LIC should pay interest on delays in payments beyond 30 days.

2. Insurance companies must be encouraged to set up unit linked pension plans.

3. Computerization of operations and updating of technology to be carried out in the insurance

industry.

The committee emphasized that in order to improve the customer Services and increase the

coverage of the insurance industry should open up to competition. But at the same time, the

committee felt the need to exercise caution as any failure on the part of new players could ruin the

public confidence in the industry. Hence, it was decided to allow competition in a limited way by

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Bajaj Allianz General Insurance Co. Ltd.

stipulating the minimum capital requirement of Rs. 100 crores. The committee felt the need to

provide greater autonomy to insurance companies in order to improve.

INSURANCE INDUSTRY: CLASSIFICATION

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Bajaj Allianz General Insurance Co. Ltd.

SOME PLAYERS IN THE INDUSTRY:

Life InsuranceGeneral Insurance

Life Insurance Corporation of India General Insurance Corporation of India.

1. Oriental Insurance Company Ltd.

2. New India Assurance Company Ltd.

3. National Insurance Company Ltd.

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Bajaj Allianz General Insurance Co. Ltd.

4. United India Insurance Company Ltd.

New Entrants

ICICI Prudential Life Insurance Ltd. Bajaj Allianz General Insurance Company

Ltd.

Tata AIG Life Insurance Corporation Ltd. Reliance General Insurance Company Ltd.

ING Vysya Life Insurance Corporation Ltd. Tata AIG General Insurance Company Ltd.

Om Kotak Mahindra Life Insurance

Corporation Ltd.

MaxNewYork Life Insurance Ltd

Royal Sundaram Alliance Insurance

Company

Ltd.

MARKET SHARE

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Bajaj Allianz General Insurance Co. Ltd.

In the FY2008 ICICI Lombard and Bajaj Allianz have witnessed aggressive growth by making the

retail segment their target segment ,aggressive growth strategies and huge distribution

network.The general insurance industry has witnessed the entry of many non-traditional

players .IRDA has issued a license to the Rajan Raheja Group(RRG) for setting up a general

insurance joint veture with Australia’s QBE Insurance Group.Last two years have seen the

emergence of special institutions,such as ECGC,Star Health&Allied Insurance ,Appolo DKV and

Agriculture Insurance Co.

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Bajaj Allianz General Insurance Co. Ltd.

Business mix of Bajaj Allianz

Motor insurance has the biggest share in general insurance market and show a high growth over

three years. Corporate ex-health shown a low depression in Fy 2006-07 and high depression in

Fy2007-08.Health insurance shows positive trend in all these FY’s.

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COMPANY PROFILE

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Bajaj Allianz General Insurance Co. Ltd.

Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj

Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both

enjoy a reputation of expertise, stability and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development

Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General

Insurance business (including Health Insurance business) in India. The Company has an

authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the

remaining 26% is held by Allianz, SE.

As on 31st March 2009, Bajaj Allianz General Insurance maintained its premier position

in the industry by achieving growth as well as profitability. The company garnered a

premium income of Rs. 2866 crore, achieving a growth of 11 % over the last year. Bajaj

Allianz has made a profit before tax of Rs. 149.8 crore and has become the only private

insurer to cross the Rs.100 crore mark in profit before tax in the last three years. The

profit after tax was Rs.95 crores, which is also the highest by any private insurer.

Bajaj Allianz today has a countrywide network connected through the latest technology

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Bajaj Allianz General Insurance Co. Ltd.

for quick communication and response in over 200 towns spread across the length and

breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the

offices are interconnected with the Head Office at Pune.

Vision

To be the first choice insurer for customers

To be the preferred employer for staff in the insurance industry.

To be the number one insurer for creating shareholder value

MissionAs a responsible, customer focused market leader, we will strive to understand the insurance

needs of the consumers and translate it into affordable products that deliver value for money.

A Partnership Based on Synergy.

Bajaj Allianz General Insurance offers technical excellence in all areas of General and Health

Insurance as well as Risk Management. This partnership successfully combines Bajaj Finserv's in-

depth understanding of the local market and extensive distribution network with the global

experience and technical expertise of the Allianz Group. As a registered Indian

Insurance Company and a capital base of Rs. 110 crores, the company is fully licensed to

underwrite all lines of general insurance business including health insurance.

Achievements Bajaj Allianz has received "iAAA rating, from ICRA Limited, an associate of Moody's Investors

Services, for Claims Paying Ability.This rating indicates highest claims paying ability and a

fundamentally strong position

Bajaj Allianz General Insurance has received the prestigious “Business Leader in General

Insurance”, awarded by NDTV Profit Business Leadership Awards 2008. The company was one of

the top three finalists for the year 2007 and 2008 in the General Insurance Company of the Year

award by Asia Insurance Review.

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Bajaj Allianz General Insurance Co. Ltd.

Company’s History

Bajaj Allianz General Insurance Company:

Allianz AG:

Allianz group was founded in 1890 and is one of the world's leading insurance companies with over

100 year's experience in insurance and related services. It is also the largest insurer in Europe. Allianz

group has multi-local structure and presence in over 70 countries. The key business areas of Allianz

group include General Insurance (property, engineering, marine, motor, casualty and miscellaneous),

Reinsurance, Risk Management, Life & health insurance, Asset Management and Pension Funds

Management.

Bajaj Auto Ltd.

Bajaj Auto Ltd the flagship company of Bajaj Group was incorporated in 1945 as Bachraj Trading

Corporation. Initially it started by assembling two and three wheelers in collaboration with Piaggio of

Italy. After the expiry of the Agreement in 1971 the two and three wheelers acquired the brand

name of Bajaj. The strength of the company lies in its strong brand image and ability to offer value

for money products leveraging on its large-scale operations.

The Joint Venture

Bajaj Allianz General Insurance a joint venture non-life company promoted jointly by Bajaj Auto and

German insurer- Allianz. Indian auto major holds 74% while Allianz holds 26% in the Joint Venture,

and has an authorized and paid up capital of Rs. ll0 crores. Mr. Graham Norris is the CEO of the

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Bajaj Allianz General Insurance Co. Ltd.

company. Bajaj Allianz General Insurance will leverage the customer base and expertise of Bajaj Auto

Ltd and Allianz.

Product range of company/industry

Bajaj Allianz General Insurance Products

o Personal Accident

o Hospital Cash Daily Allowance Policy

o Health Guard

o Critical Illness

o Burglary Insurance

o Householders Insurance

o Travel Companion

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Bajaj Allianz General Insurance Co. Ltd.

o Fidelity Guarantee Policy

o Office package

o Money Insurance

o Public Liability

o Plate Glass Insurance

o Consequential Loss (Fire) Insurance Policy

Performance of the company over the last

few years

Despite conditions which were not conducive for growth of gross premium, the company managed

to maintain a growth rate which was more than twice that of the market. The company’s gross

written premium (excluding share of premium from the IMTPIP), grew by 33.3% during 2007-08 and,

despite intense price competition, company maintained its second position among the private sector

companies in terms of gross written premium. The market share of company (excluding premium of

specialized insurers) increased from 7.2% in 2006-07 to 8.5% in 2007-08. Including the share of

inward reinsurance business from the IMTPIP, the growth rate would have been 43.0%. During 2007-

08, company clocked gross written premium of Rs. 24,045 Mn excluding share of business from the

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IMTPIP as compared to Rs 18,033 Mn in 2006-07. Including share of inward business from the

IMTPIP, the gross written premium amounted to Rs. 25,780 Mn. On account of company’s policy of

steadily increasing it’s retention in line with it’s capital base, the net earned premium for the year

(excluding net premium from inward business of the IMTPIP), rose to Rs. 13,266 Mn, an increase of

58.6% over the previous year of Rs. 8,366 Mn. Including the net premium arising out of the share of

business from the IMTPIP, the net premium for the year 2007-08 was Rs. 14,134 Mn. Although de-

tariffication had an adverse effect on the price per policy, the number of policies sold continued to

grow. In the year under review, company sold 6.61 Mn. policies as against 4.90 Mn. policies sold in

the previous year. This growth indicates that despite severe price competition, more customers

preferred company’s service offerings, drawn by it’s strong brand image, convenience of buying and

satisfaction with its service levels. The total incurred claims for the current year including actuarial

provisions but excluding share of claims of the IMTPIP, were Rs. 8,375 Mn. as against Rs. 5555 Mn. in

the previous year. The number of claims reported during the year was 413,281 as compared to

309,160 in the previous year.

As on 31st March 2008, Bajaj Allianz General Insurance maintained its premier position in the

industry by garnering a premium income of Rs. 2578 crore, achieving a growth of 43 % over the last

year.Bajaj Allianz has made a profit before taxes of Rs. 167 crore and is the first company to cross

the Rs.100 crores mark in profit after tax by generating Rs. 105 crores.

In the first quarter of 2008-09, the company garnered a gross premium of Rs.733.53 crores

against Rs.573.73 core last year for the same period registering a growth of 28%.

Bajaj Allianz today has a countrywide network connected through the latest technology for

quick communication and response in over 200 towns spread across the length and breadth of

the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are

interconnected with the Head Office at Pune.

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Bajaj Allianz General Insurance Co. Ltd.

Financial status of the organization

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Bajaj Allianz General Insurance Co. Ltd.

Figure shows profit after taxes in Rs.(In Millions)

The company has earned a Profit Before Tax of Rs. 1,679 Mn for the year ended 31 st March 2008, an

increase of 43.5% over the previous year profit of Rs. 1,170 Mn. The Profit Before Tax includes a

provision of Rs. 361 Mn towards provisions for losses from the IMTPIP. The net profit for the year,

after provisions for reported losses from the IMTPIP, was Rs. 1,056 Mn as against Rs. 754 Mn

reported in 2006-07, which is an increase of 40.0%. In a year when prices of insurance fell

significantly, increasing its profitability whilst improving the market share has been a significant

achievement for your Company. It is a matter of pride for Bajaj Allianz that it have become the

benchmark for other companies in the market in so far as underwriting profitability and return on

equity are concerned. The Earnings per share (EPS) for the year ended 31st March 2008 was Rs.

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9.59/- (compared to Rs. 6.85/- for the previous year) and the book value of equity shares on 31st

March 2008 was Rs. 52.15/- per share (as against Rs. 37.40/- per shares as on 31st March 2007).

516

470

217

1056

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Bajaj Allianz General Insurance Co. Ltd.

Future prospects/plans

The Indian general insurance industry detarrification to start a new growth story.Share of motor

insurance was 43.1% of the total general insurance premium in April-Dec 2008.Motor insurance is

expecting to increase with motor sale,this year, there is a sharp rise in the auto industry (passenger

car sales increased at a rate CAGR of 17% during FY08) as income level rise.However last year and

the initial months of this year showed a negative trend in sales but as the market is recovering ,auto

sales showed a positive trend. Post detarrifictio, in January ‘07 ,drop in motor premiums was

expected ,but rise in car sales has helped boost total motor premiums.Recent hike of 70-150% in loss

making motor third party liability segment will help reduce losses.Its very important time for Bajaj

Allianz to formulate new plans strategies and to capture more marketing share.

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OBJECTIVES OF THE

STUDY

OBJECTIVES OF THE STUDY

To study the sales Strategy of field force of Bajaj Allianz General Insurance.

To study the process of selling of Insurance Policies by Adivsors.

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RESEARCH

METHODOLOGY

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RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem.

Research methodology constitutes of research methods, selection criterion of research

methods, used in context of research study and explanation of using of a particular

method or technique so that research results are capable of being evaluated either by

researcher himself or by others. Why a research study has been undertaken, how the

research problem has been formulated, why data have been collected and what

particular technique of analyzing data has been used and a best of similar other

question are usually answered when we talk of Research methodology concerning a

research problem or study. The main aim of research is to find out the truth which is

hidden and which has not been discovered as yet.

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AREA OF STUDY

The area of the study related with getting correct information of general insurance

policies of different peoples in the region of Ghaziabad.

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.

During my study I have taken 50 insurance care consultants as the size of sample.

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TOOLS USED

To know the response, I have used the questionnaire method. If one wish to find what

insurance care consultants 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 the respondent. The respondents were aware of the

objective. They knew why they were asked to fill the questionnaire.

With the help of following techniques, which are using by Bajaj Allianz I analyse that

the how techniques of sales promotion are useful.

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Bajaj Allianz General Insurance Co. Ltd.

DATA COLLECTION

PRIMARY DATA SOURCES

Through interaction with insurance care consultant

Through questionnaires filled from the insurance care consultant.

SECONDARY DATA SOURCES:

Through internet, various official sites of the companies.

Through pamphlets and brochures of the companies.

Journals & Magazine

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Bajaj Allianz General Insurance Co. Ltd.

LIMITATIONS OF THE STUDY

Following limitations were faced during the study:

1. While designing the questionnaire it was kept in mind to gather more and

more information from each target person. For the neither present nor

descriptive questions could have served the purpose. Therefore the

questionnaire contained in the open-ended questions.

2. The study was conducted in Bajaj Allianz in Ghaziabad city, which has 127 to

170 insurance care consultants only. The sample size was of 50 insurance care

consultants only so that accuracy of data so collected could be absurd covered

by circulation of questionnaire.

3. The accuracy of indications given by the respondents may not be consider

adequate as whether the language used in the questionnaire is understood by

the respondent cannot be taken for granted.

4. The study is based on the information gathered from the insurance care

consultants. Therefore in such case it is possible that the information supplied

might be biased because the insurance care consultant might have shown

partiality towards their insurance policies.

5. Since the survey was limited to 50 insurance care consultants 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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Bajaj Allianz General Insurance Co. Ltd.

DATA ANALYSIS

&

INTERPRETATION

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Bajaj Allianz General Insurance Co. Ltd.

DATA ANALYSIS AND INTERPRETATION

(Based on survey conducted for 50 insurance care consultants)

Q.1 Which technique of sales promotion you prefer?

Options Response in %

Display 40%

Door to Door Demo 14%

Exhibition 16%

Catalogue 20%

Price Off 10%

Int

erpretation:

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Bajaj Allianz General Insurance Co. Ltd.

According to the study 40% insurance care consultants prefer display technique,20%

insurance care consultants prefer catalogues, 16% to the exhibition, 14% to the door

to door demo and 10% insurance care consultants prefer price off technique.

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Bajaj Allianz General Insurance Co. Ltd.

Q.2 Which technique is giving good response from customers?

Options Response in %

Display 18%

Door to Door Demo 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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Bajaj Allianz General Insurance Co. Ltd.

Q.3 Which technique is economically beneficial?

Options Response in %

Display 10%

Door to Door Demo 22%

Exhibition 10%

Catalogue 46%

Price Off 12%

Interpretation:

According to the 46% insurance care consultants, catalogue technique is

economically beneficial. 22% to the door-to-door demo and 12% insurance care

consultants prefer price off technique.10% to the exhibition & display technique.

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Bajaj Allianz General Insurance Co. Ltd.

Q.4 Which technique requires less time in sales promotion?

Options Response in %

Display 22%

Door to Door Demo 38%

Exhibition 10%

Catalogue 16%

Price Off 14%

Interpretation:

According to the study 38% insurance care consultants say display technique requires

less time in sales promotion. 22% to the display technique, 16% insurance care

consultants vote to the catalogues, 14% insurance care consultants vote to the 10%

to the exhibition.

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Bajaj Allianz General Insurance Co. Ltd.

Q5 Which technique is easily manageable?

Options Response in %

Display 18%

Door to Door Demo 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 door demo,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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Bajaj Allianz General Insurance Co. Ltd.

Q.6 Which technique requires less knowledge to execute?

Options Response in %

Display 14%

Door to Door Demo 12%

Exhibition 12%

Catalogue 22%

Price Off 40%

Interpretation:

According to the study 40% insurance care consultants vote to the price off

technique is require less knowledge to execute.22% insurance care consultants

prefer catalogues, 14% to the display and 12% to the exhibition & door to door.

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Bajaj Allianz General Insurance Co. Ltd.

Q.7 Which technique requires more knowledge to execute?

Options Response in %

Display 20%

Door to Door Demo 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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Bajaj Allianz General Insurance Co. Ltd.

Q.8 Price off are necessary for sales promotion?

Options Responses in %

Yes 46%

No 40%

Can’t 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 and 14% say can’t say.

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Bajaj Allianz General Insurance Co. Ltd.

Q.9 Do you think that sales promotion program that is presently undertaken by

Bajaj Allianz. are satisfactory?

Options Responses in %

Yes 34%

No 46%

Can’t say 20%

Interpretation :

According to the study 46% insurance care consultants say No that the sales

promotion program that is presently undertaken by Bajaj Allianz are satisfactorily

36% say Yes and 20% say can’t say.

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Bajaj Allianz General Insurance Co. Ltd.

Q.10 Should Bajaj Allianz take up new sales promotion program?

Options Responses in %

Yes 72%

No 22%

Can’t say 6%

Interpretation :

According to the study 72% insurance care consultants say yes installment offers are

22% say no and 6% say can’t say.

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Bajaj Allianz General Insurance Co. Ltd.

OBSERVATIONS

&

FINDINGS

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Bajaj Allianz General Insurance Co. Ltd.

OBSERVATIONS & FINDINGS

This sales promotion process was very much satisfying for me not only practi-

cally 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 insurance care consultants of the Bajaj Allianz. and

their insurance policies on my topic.

When the insurance care consultant is asked why they are dealing in this partic-

ular insurance policies (product) they mostly stressed on company’s 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.

Insurance care consultants said that their sale is decreased in the last years

because of negative trend in market. Insurance care consultants said that the

customer are curious in getting insurance policies because they want more

discounting on the products and low claim time after any accident.

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Bajaj Allianz General Insurance Co. Ltd.

SUGGESTIONS

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Bajaj Allianz General Insurance Co. Ltd.

SUGGESTIONS

Here are some suggestions, which may help to strengthen the firm further

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.

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.

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Bajaj Allianz General Insurance Co. Ltd.

BIBLIOGRAPHY

Books

Kothari C.R., (1999) Research Methodology, Wishwa Prakashan

Kotler P. and Armstrong G., (2005) Principles of Marketing New Delhi,

Prentice Hall of India

Kotler P., (1999)Marketing Management Analysis, Planning, Implementation

and Control, New Delhi, Prentice Hall of India

Saxena Rajan, (1999) Marketing Management, Tata McGraw Hill

Websites:

www.bajajallianz.com

www.indiainfoline.com

www.irdaindia.org

www.thehindubusinessline.com

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Bajaj Allianz General Insurance Co. Ltd.

QUESTIONNAIRE

Name : _____________________________________

Address : _____________________________________

Q.1 To which technique of sales promotion you prefer?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.2 which technique is giving good response from customers?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.3 Which technique is economically beneficial?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

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Bajaj Allianz General Insurance Co. Ltd.

Q.4 Which technique requires less time in sales promotion?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.5 Which technique is easily manageable?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.6 Which technique requires less knowledge to execute?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.7 Which technique requires more knowledge to execute?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.8 Price off and installment offers are necessary for sales promotion?

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Bajaj Allianz General Insurance Co. Ltd.

A) Yes B) No

C) Can’t say

Q.9 Do you think that sales promotion program that is presently undertaken by

Bajaj Allianz. are satisfactory?

A) Yes B) No

C) Can’t say

Q.10 Should Bajaj Allianz. take up new sales promotion program?

A) Yes B) No

C) Can’t say