A PROJECT REPORT ON

BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD

SUBMITTED TO –

MRS. MEENU KALRA

SUBMITTED BY – Vipin Pawar Roll No. :-52

B.O.A (2009-10)

ACKNOWLEDGEMENT

Any work of this magnitude requires the inputs, efforts and

encouragement of the people from all sides. In compiling this

project report, I have been fortunate enough to get active and kind

cooperation from many people without whom my endeavors

wouldn’t have been a success.

There is an old adage that says that you never really learn a

project until you practice it. So, I would like to extend my deep

gratitude and heartfelt thanks to our mentor Mr. R.k. Sharma for

extending their immense help to us in acquiring valuable

knowledge on the subject for successful completion of the project.

INSURANCE

“Insurance is not necessarily an investment from which one expects to get one's money back. Nor is it gambling. A gambler takes risks, while insurance offers protection against risks that already exist. Insurance is a way to share risk with others. Since ancient times, communities have pooled some of their resources to help individuals who suffer loss.”

"Insurance is a contract between two parties whereby one party called

insurer undertakes in exchange for a fixed sum called premiums, to pay the

other party called insured a fixed amount of money on the happening of a

certain event."

“Insurance is a protection against financial loss arising on the happening of

an unexpected event. Insurance companies collect premiums to provide for

this protection. A loss is paid out of the premiums collected from the

insuring public and the Insurance Companies act as trustees to the amount

collected.”

COMPANY PROFILE

BAJAJ ALLIANZ

BAJAJ ALLIANZ is the joint venture of 74:26 between bajaj auto one of the biggest 2,3 –wheeler manufacture in the world, ALLIANZ AG(GERMANY) one of the world largest insurer.

Bajaj Allianz is the leading private sector life insurer and today has a network presence in over 900 towns spread

across the country.

Bajaj allianz strengthen its product portfolio and aggressively expanded its distribution network from 60 cities t0 117 cities, 200 towns and also opened 170 satellite offices. Satellite offices will act as the collection centers and while the branch will issue the policies

CHAIRMAN- MR. RAHUL BAJAJ

SUBSIDARY

BAJAJ ALLIANZ LIFE INSURANCE

CEO AND COUNTRY MANAGER- MR. SAM GHOSH

BAJAJ ALLIANZ GENERAL INSURANCE

CEO- MR. KAMESH GOYAL

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

Mission

As a responsible, customer focused market leader, they strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money.

A Partnership Based on SynergyBajaj Allianz General Insurance offers technical excellence in all areas of General and Health Insurance as well as Risk Management. This partnership successfully combines Bajaj Auto'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.

SUBSIDARY

BAJAJ ALLIANZ GENERAL INSURANCE

CEO- MR. KAMESH GOYAL

Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India.

In its first year of operations itself, the company acquired the No. 1 status among the private non-life insurers. It also became one of the few companies to make a profit in its first full year of operations.

Bajaj Allianz General Ins - What’s different

Growth… from 0 to 2000 crores in 6 years! Pioneers… innovative… large appetite for learning & experimentation.

Organization structure… … fluid & flat structures…adaptable to change Distribution channels… wide range… Work Culture… Freedom… empowerment… recognition for performance…

open culture… personal & professional development people… rich & diverse expertise… youth given a premium processes… six sigma… decentralized…

Trendsetters in biz practices… Insurance - The BJAZ way!

Tie ups with auto manufacturers like Maruti/Hyundai Esoteric covers like Amarnath Yatra/Film Insurance/Art Insurance On line purchase of insurance On line policy issuance at IMD points Claim management - on line- claims status/SMS In house TPA for health insurance 1st private sector Insurance company to launch an MT Programme, Hire

UG’s They are the competence center for IT in the Allianz Group of companies,

worldwide

Bajaj Allianz General Insurance - Manpower 

Total strength of Bajaj Allianz General Insurance Team (Sep 07) 5000+

The company is headquartered in Pune, with branch offices in Mumbai, Chennai, Bangalore, New Delhi, Baroda, Kolkotta and Hyderabad

Bajaj Allianz General Insurance Co. Ltd.GE Plaza, Airport Road,Yerawada,Pune-411006

Tel : 020-4026666

Fax: 020-4026667 Website URL: www.bajajallianz.co.in

BAJAJ ALLIANZ LIFE INSURANCE

Bajaj Allianz Life capital base jumps to Rs 875 cr. with fresh infusion of Rs 175 cr. Mumbai, 31st Dec 2007, Bajaj Allianz Life Insurance Company, one of the leading private sector life insurance co. in India plans to accelerate growth & services and is gearing up for the strong insurance season by infusing additional capital of Rs 175 cr. Bajaj Allianz life Insurance has one of the largest distribution network amongst the pvt. sector insurance cos. with its own offices in over 900 towns with over 2.5 lac agents and has consistently sustained its growth by making available flexible & simple products and quality services in every nook and corner of India for all types of customers. Bajaj Allianz Life has already collected over Rs 11,000 cr. of new business premiums in the 6 years of it's operations and issued over 50 lac policies.

The strong growth pattern continues for this FY (Apr07-Nov07) also and has already collected new business premiums of over Rs 3,000 cr. and issued over 21 lac policies . Kamesh Goyal, Country Manager Allianz & CEO Bajaj Allianz Life Insurance ‘ commented ‘Fresh capital infusion will help sustain the steady growth and strengthen customer services across the country

PROMOTERS

BAJAJ AUTO LIMITED

• A household name in INDIA• Flagship company of Rs 8000 crores• One of the largest manufacture of Two wheelers and three wheelers in the

world• Holds a strong brand image and brand loyalty synonymous with quality and

customer focus• BAJAJ AUTO has been in operation for over 55 years

As a promoter of Bajaj Allianz General Insurance Company Ltd., Bajaj Auto has the following to offer:

Vast distribution network. Knowledge of Indian consumers. Financial strength and stability to support the insurance business.

ALLIANZ group

Allianz SE is in the business of General (Property & Casualty) Insurance; Life & Health Insurance and Asset Management and has been in operation for over 110 years.

Founded in 1890 in berlin, headquarter in Munich• One of the largest global composite insurers with Presence in over 70

countries • Allianz has insured most of the world's largest infrastructure projects

(including Hongkong Airport and Channel Tunnel between UK and France),• 1,74,000 employees worldwide• Fortune 11 company with business of 90 billion Euros• Providing services in areas of

property and casualty insurance,

life and health insurance,

Banking service

Allianz SE has the following to offer Bajaj Allianz General Insurance Company Ltd. :

Set up and running of General insurance operations New and improved international products One of the world's leading insurance companies More than 700 subsidiaries and 2 lac employees in over 70 countries

worldwide Provides insurance to almost half the Fortune 500 companies ,technology.

PRODUCTS OFFERING

HEALTH INSURANCE

Life Cover

Hospital Cash benefit

Surgical benefit

Post Hospitalisation Benefit

Critical Illness Cover

Accidental Permanent Total / Partial Disability (APT/PD) along with a cash less card facility makes it an excellent product as the benefits under this plan can be taken in addition to any other health insurance plan

OTHER INSURANCE

PENSION

PENSION GUARANTEE INCOME AFTER RETIREMENT

WOMEN INSURANCE

Housewives need to safeguard their financial independence.

additional benefits like Mahila Gain have special features for women which offers

Critical Illness Benefits.

Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer.

Congenital Disability Benefits.

Complications of Pregnancy Benefits.

CHILDREN PLAN

Funds for critical stages in your childs life like

Graduation

Post Graduation

Marriage.

Start a business

TERM PLAN

Accidental death benefit Partial disability benefit Critical illness benefit Joint Life availability - the option to cover the co-applicant of the loan

under this plan. Dual benefit - Life cover + Return of premiums paid on survival at the end

of the term.

MICRO INSURANCE

ALP NIVESH YOJNA

Life cover and Maturity benefit equal to sum assured + vested bonus

Guaranteed Surrender Value.

JANA VIKAS YOJNA

Life Cover.

Maturity Benefit of 125%of the single premium payable on survival till the end of the policy term

SARAL SURAKSHA YOJNA

The Most economical term insurance policy with return of premium on maturity.

Return of premium on maturity

Guaranteed Surrender Value

JUST LAUNCHED

Bajaj Allianz Life Insurance continuously try to improve products and services so that customers get the best buy.

recently launched products are:

New unit gain –an investment that creates value for every rupee you invest Future secure-prepare for future and secure your hapiness

MOTOR INSURANCE

Save on your Motor Insurance policy.

Cashless claims at over 1500 Preferred Bajaj Allianz workshops pan India, 75% on account payment when cashless facility is not available

Transfer your existing No Claim Bonus from any Insurance provider ranging from 20% - 50%

0% EMI option available on payment through Citibank Credit Card. Instant claims assistance and instant updates on your claim status on sms

though our 24x7 call centers Towing facility in an event of a breakdown/accident 24/7 service by phone or online-even on holidays

HOME INSURANCE

Very competitive premium rates First loss basis option for burglary and jewellery Flexible rating for personal accident of the insured No valuation certificate required for jewellery upto Rs.2 lacs Assembled computers can also be covered under EEI

COMPANY STRATEGY

In order to strengthen its position further in India, Bajaj Allianz Life Insurance Co has chalked out aggressive strategies including introducing new products and tapping the rural market. Besides tying up with seven regional rural banks (RRBs) sponsored by Syndicate Bank to tap the rural market, the company also proposes to introduce micro-insurance products and come out with a new capital guarantee product.

Pension sector

"company see the pension market as a big opportunity. Except for government employees, there are no old-age security schemes for those over 60 years," he said. There are certain apprehensions, but the company is hopeful that the market would be opened up for the private insurance players.

company had recently tied up with `Godrej Aadhaar' retail chain and also with seven RRBs sponsored by Syndicate Bank. "Besides this, they have tied up with numerous district co-op banks and NGOs to tap the rural market.

Bajaj Allianz Life Insurance has successfully used a hub-and-spoke distribution model to gain fast penetration across the country. Small towns and local recruits are the pillars of this distribution plan. Sanjay Jain, head of marketing at Bajaj Allianz Life Insurance, has spearheaded the strategy for the past four years.

Customers today have varying requirements and need specific plans to fulfill those requirements. So marketing is focusing on customised solutions rather then mass selling. Marketing activities have increased today because of the competition in the insurance sector and various mediums are used to win the attention of the customers—be it in urban areas or in rural. Not only mass media but on-ground activities have also increased helping players come in direct contact with customers and offer them need-based savings and insurance solutions.

Of course, the entry of private players has improved the customer experience and services in the industry. The private sector of the industry has grown over 100% for the last few years. In the process, private players have taken over 30% of the life insurance market. In fact, in some months in this financial year, the private sector’s share was as high as 50% of the total market. The growth and the acceptance of the private sector is increasing rapidly and would continue to do so because of the innovative, flexible and customised products and services

Make price differentiation for automobile insurance, to tap the rural market

company is having the tie up with 7 regional rural bank, quicker claim settlement.

PRESENT AND FUTURE OF INDUSTRY

RNCOS’ report, “Indian Insurance Industry Forecast (2007-2009)”, provides

extensive research and objective analysis of the growing insurance industry, its

product quality, and services in India. This report helps to analyze the leading-

edge opportunities critical to the success of the insurance Industry in India.

Detailed data and analysis helps investors, financial service providers, and global

banking players to navigate through the evolving insurance market in India.

- Taking into account the changing socio-economic demographics, rate of GDP

growth, changing consumer behavior and occurrences of natural calamities at

regular intervals, the Indian life insurance market is expected to reach the value

of around Rs 1683 Billion in the year 2009. The market is expected to grow at a

CAGR of more than 200% YOY from the year 2006.

- In 2006-07, pension premium contributed about 22.11% to total premium

income of insurers. Interestingly, the figure in the first nine months to December

2005 was 25.22%.

- In the non-life segment, the established players control 65% of the market. So

it is their monthly performance that determines how the market as a whole

would perform.

- In Motor Insurance Business, Public sector covers almost 68% of the market

value whereas the private sector just had 32% market share till September 2006.

- In Accident Insurance Business, private sector players have almost 53% market

share with ICICI Lombard as the lead player. Public sector players constitute

about 47% market value with New India as the leading player followed by United

India. There is vast opportunity in the retail industry, liability, health, travel,

accident, ports, roads, air ports and power sector….

huge market size available –IN INDIA only 2% people are insured leaving behind 50% people (BPL) still 48% of our population (APL) is uninsured and irony of the fate is most of the people are from (BPL)

GLOBAL EXISTENCE

As Bajaj allianz the company has no global existence but for their customers in foreign mostly the non resident Indians (NRI), for providing insurance to them company use online services or mostly they follow these NRI’s when they come to INDIA.

BIBILIOGRAPHY

1 . R.K Sharma

ASST MANAGER – sales & Marketing

sonepat

BAJAJ ALLIANZ LIFE INSURANCE CO. LTD

2 . www.bajajallianzlife.com

CONTENTS

CONCEPT

COMPANY PROFILE

PRODUCT OFFERING

OUTLET IN THE COUNTRY

COMPANY STRATEGY

PRESENT AND FUTURE OF INDUSTRY

AREA OF OPERATION

GLOBAL EXISTENCE

DECLARATION

I (VIPIN PAWAR) declare that the project report prepared and submitted by me , under the guidance of Mr. R.K. Sharma(ASST MANAGER – sales & Marketing BAJAJ ALLIANZ LIFE INSURANCE CO. LTD Sonepat), is my original work and the calculations and suggestions in this report are baesd on the information collected by me during the training.