A Study on Satisfaction of Motor Insurance claim settlement Procedure among policyholders' with special reference to Bajaj Allianz General

Insurance Co. Ltd.,

A project report submitted in partial fulfillment for the award of the degree of Master of Business Administration of Pondicherry University
By

SRINIVAS PERUMALLA
Register Number: 12395033

Under the Guidance of

Dr. S.A. Senthil Kumar

M.B.A., M Phil, Ph.D.

Associate professor Department of Management Pondicherry University. Karaikal Campus Karaikal 609 605

DEPARTMENT OF MANAGEMENT PONDICHERRY UNIVERSITY KARAIKAL 609605

MAY JULY, 2013

CERTIFICATE
This is to certify that Mr. SRINIVAS PERUMALLA, Reg. No.12395033 has completed a summer project titled A Study on Satisfaction of Motor Insurance claim settlement Procedure among policyholders' with special reference to Bajaj Allianz General Insurance Co. Ltd., in partial fulfillment of the requirements for the award of MBA Degree in Insurance Management of Pondicherry University, Karaikal Campus during the academic year 2012-2014 under my supervision and guidance.

(Prof. Lalitha Ramakrishnan)

Head of the Department

(Dr. S.A. Senthil Kumar) Faculty guide

Mr. SRINIVAS PERUMALLA Register number: 12395033 Department of Management Pondicherry University Karaikal 609605

DECLARATION
I hereby declare that the project entitled A Study on Satisfaction of Motor Insurance claim settlement Procedure among policyholders' with special reference to Bajaj Allianz General Insurance Co. Ltd. is carried out Pondicherry University in partial fulfillment of the requirements for the award of the degree of Master of Business Administration in Insurance Management carried out under the guidance of Dr. S.A. Senthil Kumar,Associate Professor Department of Management from 13TH MAY to08TH JULY, is my original work and that no part of it has been submitted for any degree, diploma or any other similar title.

Date: O8.07.2013 Place: Karaikal Mr. SRINIVAS PERUMALLA

CERTIFICATE

Submitted for viva-voce examination held at Pondicherry University on

Internal Examiner 1. 2.

External Examiner

ACKNOWLEDGEMENT I take this opportunity to express my sincere gratitude to everyone who directly or indirectly helped me to complete this placement training within the prescribed time. I would like to express my deep sense of gratitude to my faculty guide Dr.S.A.Senthil Kumar for providing this opportunity and his valuable guidance and supervision from time to time. I would express my gratitude to Prof. Lalitha Ramakrishnan for providing this opportunity. My special thanks to Mr. P. KISHORE (Branch ManagerKakinada Office), for giving the permission to carry out the project work. Finally, I would like to thank my parents and friends, who gave me moral support. SRINIVAS PERUMALLA

CONTENTS
CHAPTER No.

INDEX
INTRODUCTION Industry profile Company profile Product RESEARCH METHODOLOGY Need of the study Objectives of the study Scope of the study Research design Data collection Sample size Sample techniques Data Analysis tools Limitations of the study DATA ANALYSIS AND INTERPRETATION Tabular and Graphical representation Statistical inference RESULTS AND RECOMMENDATION Findings Suggestions Conclusion Bibliography Appendix

PAGE No.

II

III

IV

CHAPTER - I

INTRODUCTION STUDY
INTRODUCTION

AND

DESIGN

OF

THE

Motor insurance is a contract between the vehicle owner and the motor insurance company, where the latter agrees to indemnify any loss that may have been incurred by the person due to involvement of his vehicle on road accidents, thefts, or damages etc. Motor Insurance Covers a legal liability that a person may incur arising out of the use of a motor vehicle. Types of policies include Comprehensive cover and Third Party only. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from.The Tariff Advisory Committee administers all tariffs relating to General Insurance. TAC is a statutory body established under the Insurance Act 1938 (amended in 1968) to regulate the rates, terms advantages and conditions relating to General Insurance business. Motor Insurance in India is also governed by the India Motor Tariffs formulated by the TAC. This tariff has undergone several revisions, the latest revision being effective from 1.7.2002. It accounts for a major portion of insurance industry. More than 45% of premium is generated from motor business only. It is a part of miscellaneous class of insurance. For the purpose of insurance, motor vehicles are classified into three broad categories: A. Private Car B. Motorcycle and Scooter C. Commercial Vehicles i. ii. Goods Carrying Vehicles Passenger Carrying Vehicles

D. Miscellaneous Vehicles: Ambulances Publicity Van Dispensaries, etc.

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Types of Losses can be arising in respect of motor vehicles are: Loss or damage to the vehicles Third party liability

Insured Declared Value (IDV)

A. Insured Declared Value is the maximum Sum Assured fixed by the insurer. Basically, IDV is the current market value of the vehicle. Prior to revision, in case of Total Loss of the insured vehicle, the Motor Policies indemnified the insured either the Insureds Estimated Value (IEV) or the Market Value whichever is less. Invariable, at the time of loss, the market value of the vehicle, being the depreciated value, would be less than the IEV whereas the Insured would have paid the premium for the IEV at the inception of the policy. The insured, naturally, would prefer to be indemnified the full sum insured at the time of settlement of claim and not a lesser value than for which the vehicle had been insured. With the introduction of the concept of IDV, the sum insured no longer depends upon the vagaries of the market. Thus the insured knows beforehand the sum insured which will be indemnified to him in case of total loss or constructive total loss of the vehicle. (a) In case of vehicle not exceeding 5 years of age the IDV has to be arrived at by applying the percentage of depreciation specified in the tariff on the showroom price of the particular make and model of the vehicle. (b) In case of vehicles exceeding 5 years of age and Obsolete models (manufacture of those vehicles which have been stopped by the manufacturers) they have to be insured for the prevailing market value of the same as agreed to between the insurer and the insured.

B. Proposal form is required to be submitted by the insured to the insurer compulsorily in case of any material alteration. C. The liability only Policy covers Third Party Liability for bodily injury or death and Property Damage. A new Compulsory Personal Accident Cover for Owner-Driver is included. D.No claim Bonus (NCB): A common NCB table has been introduced to apply to all classes of vehicle except vehicles under Motor Trade Policies, road Transit Policies and Policies which offer limited covers.

20% discount on OD Premium 25% discount on OD Premium

No claim made or pending during the preceding full year of insurance No claim made or pending during the preceding 2 consecutive years of insurance

35% discount on OD Premium

No claim made or pending during the preceding 3 consecutive years of insurance

45% discount on OD Premium

No claim made or pending during the preceding 4 consecutive years of insurance

50% discount on OD Premium

No claim made or pending during the preceding 5 consecutive years of insurance

E. Vehicles fitted with Anti-Theft Device (other than those covered under the Motor trade Policies) are eligible for discount. F. Long term policies hereto issued under the Two Wheeler section of the tariff is abolished. G. Introduction of uniform codification based on the category of vehicle, zone where it is registered, age of the vehicle and the risks covered. H. New Regulation for vehicles fitted with Bi-fuel system such as Petrol/Diesel and CNG/LPG provided. I. Common table of depreciation for partial loss claims in respect of all categories of vehicles/accessories.

1.1 Motor Vehicle insurance

Vehicle insurance (also known as Auto insurance, Car insurance or motor insurance) is insurance Purchased for cars, trucks, motorcycles and other road vehicles. Its primary use to provide financial protection against physical damage and/ or bodily injury resulting from traffic collisions and against liability that could also arise there from.

Motor insurance is a contract between two parties the car owner and the motor insurance company, where the latter agrees to indemnify any loss that may have been incurred due to involvement of owners car in road accidents, thefts, or damages etc.

1.2 Types of Motor Insurance Cover

Broadly there are two types of insurances policies that offer motor insurance cover: Liability Only Policy (Statutory requirement) Package Policy (Liability Only Policy + Damage to owners Vehicle)

Package Policy - Section I Section(OwnDamage)ofPackage Policy: Section I of package policy covers loss or damage to the vehicle and / or accessories due to

Accidental external means Fire Self ignition lightning Burglary house breaking or theft Terrorist activity Riot Strike and Malicious Damage Earthquake Flood cyclone and Inundation etc While in transit by rail road air elevator lift or inland waterways Landslide or work slide None of the above perils can be excluded from the scope of a policy. Loss or damage to accessories by burglary/house breaking/theft: For private car it is covered In case of Motorized Two Wheelers this can be covered on payment of an additional premium at 3% of the IDV of such accessories.
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Loss or damage to Lamp Tires mudguard and / or Bonner side parts bumpers etc. can be covered on payment of additional premium. This is applicable only to Commercial Vehicles.

If the vehicle is disabled in an accident cover is provided for the reasonable cost of the following:

Its removal to nearest repairers The cost of reasonable repairs immediately necessary subject to the limit provided for. Package Policy - Section II Section II ((Liability) of Package Policy :

Liability to third parties bodily injury and or death and property damage Personal accident cover for the owner driver for a specified sum insured.

The following are payable under Section II of the Package Policy subject to the limit of liability laid down in the Motor Vehicles Act:

The insured's legal liability for death / disability of third party Loss or damage to third party property Claimant's cost as decided by the court All costs and expenses incurred with company's written consent In case of death of an Insured person entitled to indemnity for a liability incurred under this policy his legal representative will be indemnified in place of insured if he observed all conditions as the insured himself. Contractual liability. War perils nuclear perils and drunken driving Consequential loss Depreciation Wear and tear mechanical or electrical break down Damage suffered due to driving the vehicle under the influence of intoxicating liquor or drugs Claims arising outside the geographical area specified in the policy Claims arising whilst the vehicle is used in contravention of the limitations as to use Claims arising when the vehicle is driven by a person without valid driving license.

Liability only policy:

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Liability to third parties bodily injury and or death and property damage Personal accident cover for the owner driver for a specified sum insured The following are payable under Section II of the Package Policy subject to the limit of liability laid down in the Motor Vehicles Act:

The insured's legal liability for death / disability of third party Loss or damage to third party property Claimant's cost as decided by the court All costs and expenses incurred with company's written consent In case of death of an Insured person entitled to indemnity for a liability incurred under this policy his legal representative will be indemnified in place of insured if he observed all conditions as the insured himself.

Exclusions
Contractual liability. War perils nuclear perils and drunken driving Consequential loss Depreciation Wear and tear mechanical or electrical break down Damage suffered due to driving the vehicle under the influence of intoxicating liquor or drugs Claims arising outside the geographical area specified in the policy Claims arising whilst the vehicle is used in contravention of the limitations as to use Claims arising when the vehicle is driven by a person without valid driving licence.

1.3 NEED OF THE STUDY

We the members of the society, individually can afford to buy a motor vehicle of any description for our use, but most of us cannot afford the luxury of meeting all the liabilities by way of legal damage payable to third parties towards loss of or damage to third party properties, personal injuries and /or death arising out of the use of such a vehicle in a public place. The natures of these liabilities are TORTIOUS. It has to be born e in mind that the

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driver of the motor vehicle has no intention to cause death, injuries to third party persons or damage to a third party property unless the contrary can be proved. The act of motor vehicle drivers a wrongful act in an accident which in turn results in legal damages to the affected other persons and thus gives rise to a legal remedy in the form of an action for damages. Thus the liabilities on the part of a driver of a motor vehicle are tortuous. Thus in such cases the driver is liable to compensate the third parties affected in Motor vehicle are tortuous. Thus in such cases the driver is liable to compensate the third parties affected in the motor vehicle accident. If the driver of the motor vehicle is not the owner , then the owner is vicariously liable for such damages, i.e; an employer is liable for the tortious acts of his employee in course of such employee carrying on his duty for his employer stands to gain the fruits of discharge of duty by his employee. All motor insurance policies seek to indemnify the owners of insured motor vehicles of liabilities arising out of use of such duly insured motor vehicles. Motor Vehicles Act 1988, one of the social welfare pieces of legislation thus has come into being as a matter of necessity like some other statues such as the Workmens Compensation Act 1923 etc. The Motor Vehicles Act 1988 thus makes it a statutory obligation on the part of owners of all motor vehicles to insure their motor vehicles at least against the Liability Only cover as provided for in the act.

1.4 OBJECTIVES OF THE STUDY

To study the awareness level of motor insurance products (TP & OD) To study the claim settlement procedure in Bajaj Allianz General Insurance Co. Ltd. To analyze the customer satisfaction towards motor insurance policies offered by Bajaj Allianz General Insurance Co. Ltd. To identify the problems faced by the policy holders during lodging and getting claim To study the awareness level of No Claim Bonus (NCB) on motor customers insurance

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1.5 SCOPE OF THE STUDY

The focus of the study is to measure increase the level of satisfaction towards claim settlement procedure of Bajaj Allianz General Insurance Co. Ltd. in East Godavari Dist., in Andhra Pradesh. The study also aimed to provide suggestions to overcome the challenges in settling claims for providing better service to the customers.

1.6 Background of the Study

The motor insurance appeared for the first time at the beginning of the 20th century and was included in the category of insurance for accidents. In the second half of the century, due to the development of road transportation, impressive increase in the number of cars and their diversification, motor insurance was no longer only a type of insurance for accidents but became a new type of insurance as such.Any vehicle driven on public roads must have a certain level of insurance. The total amount of insurance premiums in the case of motor insurance was in fact already higher than the total amount of insurance premiums cashed in for all other types of accidents. In fact, the need for motor insurance appeared short after the first cars were introduced at the end of the 19th century, although at that time the number of cars was quite limited as only few could afford it. After, road transportation flourished mainly as a result of the new stimulating trend in the economy and the development of the car manufacturing industry. In this backdrop, the present research is undertaken to study the level of satisfaction among the motor policyholders of Bajaj Allianz General Insurance Company inKakinada, Andhra Pradesh, who had claim experience, at least once, in the past. The research is also undertaken to provide suggestions to overcome the challenges in settling claims for providing better service to the customers.
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1.7Limitations of the Study

Limited sample size had been considered for the study and therefore, the conclusions drawn based on this may not be a reflection of the entire population. Since the study was aimed to collect the data related to motor insurance from existing motor insurance policyholders, response bias might have occurred in primary data collection.Some of the respondents were reluctant to give their responses.

1.8 Claim Process

Notice of accident should be filed with the insurers. If damage is a major one, the accident may be reported before the vehicle is removed from the spot so that the insurers can arrange for spot inspection of damage. The vehicle may then be moved to a workshop, preferably to authorized workshop, for estimation of repair charges. On receipt of completed claim form and estimate of repairs the insurers will arrange detailed inspection of damage and cost of repairs will be ascertained. The insurers will ensure that a person duly licensed drove the vehicle at the time of accident, they will verify the Registration Certificate and the Driving license of the driver who drove at the time of the accident. Upon completion of the above procedure, the repairers will be authorized to carry out repairs. The insurer may undertake to settle the repair bills directly with the garage or reimburse the insured. Insurers would like to collect the damaged parts for which replacements have been allowed, as salvage. In case of theft of the car or its accessories, it has to be reported to the police and final report should be submitted.
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1.9 RESEARCH METHODOLOGY

Research Design Sampling Design

:- Descriptive research :- Non Probability sampling

Sampling Techniques :- Convenient sampling Sample size:-The sample size of the survey is 70

1.10 Methods of Data Collection

Data collected: Data includes facts which are required to be collected to achieve the objectives of the project. In order to determine the present position and claim satisfaction level of customers.The main source of information for this study is based on the data collection. Data collected are both primary and secondary in nature. Primary Data: Primary data have been directly collected from insured through well-structured Interview Schedule. Secondary Data: The secondary data was collected from the websites of IRDA & III, books, magazines, journals and daily newspapers.

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1.11 Sampling Technique and Sample Size

Sampling Technique used: This report is based on convenient sampling technique because it is fast, inexpensive, easy and the subjects are readily available. Sample Size: Sample size is the total number of samples selected for the study from the population Sample was 70.

Data Collection Area

The survey was done at East Godavari District in Andhra Pradesh

Tools for Analysis

The main statistical tools used for the collection and analyses of data in this project are: Simple Percentage Chi Square Test

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CHAPTER - II

PROFILE OF THE INDUSTRY AND THE COMPANY

INDUSTRY PROFILE (i) Indian insurance sector
The purpose of insurance is to protect the unfortunate few who have suffered a loss through the help of those who have not suffered a loss but were exposed to the same risks. Section 1.02 In insurance, the insured makes payments called "premiums" to an insurer, and in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract. Section 1.03 In one classic example of insurance, a ship-owner insures a ship and receives payment if the ship is damaged or destroyed. This example is one of the earliest uses and developments of concepts like insurance. Interestingly, ships are now more often insured through risk pooling and spreading organizations such as Lloyd's of London because the loss of a large ship going down is too great for one insurer to accept As applied to insurance, this means that the greater the number of similar risks, the greater accuracy with which insurers can estimate the overall risk. 2.2 History of insurance

Insurance has been an institution of human society for thousands of years, having been practiced by Babylonian traders as long ago as the 2ndmillenniumBCE. Eventually it was given legal mention in the Code of Hammurabi, and practiced by early Mediterranean sailing merchants. The Greeks and Romans had "benevolent societies" which acted to care for the families and funeral expenses of members upon death. Guilds in the middle Ages served a similar purpose. Insurance became much more sophisticated in post-RenaissanceEurope, and specialized varieties developed. In America, BenjaminFranklin helped to popularize and make standard the practice of insurance, particularly against fire. The 19thcentury saw a rise in the government regulation of insurance, and the 20thcentury saw further specialization and, in the United States, a bit of deregulation that allowed other financial institutions, such as banks, to offer insurance. The ever-increasing ability of science to predict catastrophes of any measure or variety continues to affect the way insurance is conducted. 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
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the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.

Types of insurance There are a number of different types of insurance: Automobileinsurance also known as autoinsurance, carinsurance and in the UK as motorinsurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the vehicle itself.

Property insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquakeinsurance, homeinsurance or boiler insurance.

Casualty insurance insures against accidents, not necessarily tied to any specific piece of property.

Liability insurance covers legal claims against the insured. For example, a doctor may purchase insurance to cover any legal claims against him if he were to make a mistake in treating a patient.

Financial loss insurance protects individuals and companies against various financial risks. For example, a business might purchase cover to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover failure of a creditor to pay money it owes to the insured. Fidelity bonds and surety bonds are included in this category.

Title insurance provides a guarantee on research done on public records affecting title to real property, usually in conjunction with a search done at the time of a real estate transaction, such as a sale, or a mortgage.

Healthinsurance covers medical bills incurred because of sickness or accidents. Life insurance provides a benefit to a decedent's family or other designated beneficiary, usually to make up for their loss of his or her income.
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Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the opposite of life insurance.

Credit insurance pays some or all of a loan back when certain things happen to the borrower like unemployment, disability, or death. Political risk insurance can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss

Types of insurance companies Insurance companies may be classified as Life insurance companies, who sell life insurance, annuities and pensions products. Non-lifeorgeneralinsurance companies, who sell other types of insurance. Reinsurancecompanies sell insurance cover to other insurance companies. This helps insurance companies to spread their risks, and protects them from very large losses. A few very large companies, with huge reserves, dominate the reinsurance market.

History of General Insurance in India The General insurance business in India, 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.
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January 1973. 107 insurers amalgamated and grouped into four companies: The National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. And The United India Insurance Company Ltd

Features of Indian general insurance market Low market penetration. Ever-growing middle class component in population. Growth of consumer movement with an increasing demand for better insurance products. Inadequate application of information technology for business. Adequate fillip from the Government in the form of tax incentives to the insured, etc. India is one of the least insured countries but the potential for further growth is phenomenal. Rates of claim settlement were earlier in India the highest in the world, 70 per cent in general insurance, compared to around 40 per cent internationally. Non-life premium has a 0.71 per cent share of GDP.

Mission of Insurance Regulatory and Development Authority Act To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. Composition of Authority under IRDA Act, 1999 As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority The Authority is a ten-member team consisting of (a) A Chairman; (b) Five whole-time members; (c) Four part-time members; (All appointed by the Government of India)
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Likely changes in the insurance sector

The general insurance industry is one of the strongholds of the Government has been under State monopoly for the last four decades. This sector is now on the threshold of being thrown open. To the Indian private sector and international players. Prodded more by the pressure of international lending agencies, the government has at last realized that the performance of State-owned insurance companies has been dismal in terms of the corporate, social and financial objectives.

It has been felt over the year that the totally protected industry insurance business has failed to provide any information to the management to keep abreast of the development with a view to formulation polices and measures rapid growth consistent with customer satisfaction.

Dependence on premium: The annual premium income of general insurance corporation (GIC) and life insurance corporation (LIC), the two public sector behemoths which straddle the insurance sector, exceeds Rs.3, 500 crores and Rs.8, 000 crores respectively. The overwhelming dependence of GIC on its premium income prevents formulation of innovative and coast effective schemes.

The Indian Insurance market as it stands today is a regulated one with a host of tariff rates, market agreements, rules and regulations. But, since there is growing competition in several sections of the financial market, particularly in the banking sector, mutual funds and merchant banking, it would be advisable to make the insurance sector more competitive by permitting the private sector also to enter into the general insurance business.

Major Weakness: The major weakness noticeable in the business development so far has been overwhelming depending upon the secondary or the manufacturing sector of the economy which accounts for less than a third of the gross balance in the business portfolio, is amply illustrated by the fact that personal risk cover accounts for less than 20 percent of the premium income in India as compared to over 75 percent across the developed world. Similarly, the rural sector which accounts for over a third of the national income provides only 3 percent of the GICs annual premium income.
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At the present, the general insurance industry is likely to generate and annual premium of Rs.11, 000 crores. Service nearly 100 million policy holders annually and pay nearly 10 million claims involving an outgo of about Rs.7, 000 crores per annual. The life insurance business is also showing a tremendous growth.

The LIC and GIC are areas of tremendous growth potential. On opening up the policy holders will not only get a range of new products but also improved services. It is also agreed that premium rates will come down if more players are allowed into the insurance market due to competitiveness.

Currently, GIC and LIC have to invest about 80 percent of their money in law-yielding government securities. Experts feel this should be brought down to a level of 25 percent in order to generate a larger population of non-premium income which alone can make the risk protection regime more cost effective.

The corporate sector is in favor of privatization of insurance companies. Bodies like the India merchants chamber (IMC) have demanded off loading of 50 percent of Government holding in GIC. When all other sections are thrown open by the government the IMC feels the insurance sector not only be keep under Government control.

The major shot-coming of nationalization functioning is the fear of job insecurity amongst the employees resulting in low efficiency and poor customer service.

Other View:

Introduction of new players in the field may not necessarily lead to efficiency and reduced premium. What is needed is to have a look at the existing legal framework relating to insurance and the supervisory mechanism. At the same time there is the need to grant insurance companies more operational flexibility and the freedom to take investment decisions.

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Now withstanding the pressure of international agencies, experts feel that a lot needs to be improved in the insurance sector and the stepping stone should be privatization and new competition.

A number of foreign companies like sun Insurance Corporation, royal insurance and the American insurance group are waiting in the wings. Several companies in Indian are also interested in entering this new area.

Privatization of Insurance

When the cloud of privatization is enveloping almost every government holding, there was one area which was left untouched in the current financial overhaul, i.e. the insurance industry, at last, the government is on the threshold of throwing open the sector, which is one of he last vestiges of state monopoly. Prodded more by the pressure of international lending agencies, the government has at last realized that the performance of the state owned insurance companies had been dismal. This was basically due to the protected regularity frame works under which the insurance companies were operating. This kept them away from keeping abreast of the new resulting in stagnation of growth and inconsistent of customer satisfaction.

One of the main reasons for the present state of insurance companies in India is their heavy dependence on premiums. The annual premium of general Insurance Corporation is Rs.8000 cores, and depends vastly on this premium products and better service standards. Basically arising due to the low return on FGICs annual investments in low yielding government securities as it invests around 80 percent of its money in these kinds of securities. Experts feels that it should be brought down to 25% in order to generate a larger proportion on non-premium income to be cost effective in this area of heavy competition.

The other major weakness noticeable in the insurance business in India is its overwhelming dependence on the manufacturing sector. This is because manufacturing sector of Indian Economy amounts to less than a third of Indias gross domestic product. Thus the personal risk coverage sector has totally been ignored. This imbalance in the business portfolio is far from favorable for the industry. The premium generated from the personal risk coverage in India is just 20% as compared to over 75% the world over. Similarly the rural sector which accounts for over a third of the national income has only 3 percent of its share in the annual premium generated by GIC. The enormity of the potential of this particular market
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can be easily visualizes, since Indias prosperous professional classes along practically equal the population of the European community or the United States.

This potential in the insurance sector has generated the interest of a lot of private Indian and International players. Indian companies like HDFC, Reliance, ITC and Tatas are already looking at the business, foreign insurances including American Insurance group the first foreign insurance being allowed to operate in China and sun life PIC which has a tie-up with LIC in the UK, have suffering around the edges of the insurance market in India.

This spurt of interest puzzles some observers. But with the western insurance market in its worst slump over, foreign insurers are obviously on the lookout for newer markets. Over 100 insurers in US have closed down in recent times. Thus it is not surprising that the US government has been exerting a little super 301 muscle to open up this sector in India. This can be helped little because industry sources way that, the percentage of premium income in India relative to the gross domestic product is only 0.58 percent as compared to 3.37 and 4.45 percent in the US and UK markets respectively.

This does not mean that the insurance industry is free of any criticism from the public in India. Both the insurance corporation, LIC and GIC are already overstaffed. A large number of agents final to meet their annual quotas mainly because they are poorly qualified and badly trained, resulting in their termination leaving policy holders orphaned. Although computer has been introduced according to officers, they remain grossly underutilized. Poor customer service due to such factors is clearly evident.

Apart from his, insurance official plead that they are hamstrung by the bureaucratic controls open them like CAG Audits, Vigilance committees, strong unions and government committees. If they do not settle a claim soon, the customer service cells active themselves, and if a claim is settled soon, the vigilance department is upon them.

More than new products, flexibility is required and the industry has been long asking for a system of merit rating, where companys loss prevention practices and l ower claims ratio are rewarded with discounts. Providing discounts would encourage companies to adopt a better risk management technique which ultimately is beneficial for the insurer too.

But, if the insurance industry opens up the is still one question i.e. how will the existing insures are in the face of the competition/According to analysts, they are fairly strong. And they could pick up the benefits of technology and modernization themselves. In fact tie up
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with a foreign company would make great sense. With the reach, knowledge of the market and financial backing of the existing corporations and the technology and innovations of the foreign companies, any joint venture should be marriage made in heaven.

Reforms into the insurance industry

Jaibharat Reddy Committee which was framed to look into the need for reforms serves as a backgrounder for the recently commissioned R.N. Malhotra Committee. The terms of reference of the committee which first met in Bombay recently are to:

Examine the structure of the insurance industry and recommend ways to make it efficient. Suggested ways to improve the functioning of General Insurance Corporation and the Life Insurance Corporation. Review existing regulations of Insurance companies. Suggest changes in the legislation.

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COMPANY PROFILE Bajaj Allianz General Insurance Co. Ltd

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. 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. 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 marks 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 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

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Mission As 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 Company 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 isfully 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 Moodys 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.

Shareholders & Promoters Baja Auto Limited Bajaj Auto Limited is the largest manufacturer of two and three-wheelers in India and also one of the largest manufacturers in the world. 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.
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 Visit Bajaj Auto's Website www.bajajauto.com

Allianz AG, Germany Allianz AG is in the business of General (Property & Casualty) Insurance; Life & health insurance and Asset Management and has been in operation for over 110 years. Allianz is one of the largest global composite insurers with operations in over 70 countries. Further, the Group provides Risk Management and Loss Prevention Services. Allianz has insured most of the world's largest infrastructure projects (including Hong Kong Airport and Channel Tunnel between UK and France), further Allianz insures the majority of the fortune 500 companies, besides being a large industrial insurer, Allianz has a substantial portfolio in the commercial and personal lines sector, using a wide variety of innovative distribution channels. Allianz AG 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

Why Bajaj Business strategy aligned to clients' needs and trends in Indian and global economy industry internationally experienced core team, majority with local background Fast, decentralized decision making Long-term commitment to market and clients

Trust At Bajaj Allianz, we realize that you seek an insurer whom you can trust. Bajaj Auto Limited is
29

trusted name for over 55 years in the Indian market and Allianz AG has over 110 years of global experience in financial services. Together we are committed to provide you with time tested and trusted financial solutions that provide you all the security you need for your investments. And more..

Underwriting Philosophy Our underwriting philosophy focuses on: Understanding the customer's needs Underwriting what we understand Meeting the customer's requirements Ensuring optimal coverage at lowest cost

Claims Philosophy The Bajaj Allianz team follows a service that aims at taking the anxiety out of claims processing. We pride ourselves on a friendly and open approach. We are focused towards providing you a hassle free and speedy claims processing. Our claims philosophy is to: Be flexible and settle fast Ensure no claim file to be seen by more than 3 people Check processes regularly against the global Allianz OPEX (Operational Excellence) methodologysold over 1 million since inception.

Customer Orientation At Bajaj Allianz, our guiding principles are customer service and client satisfaction. All our efforts are directed towards understanding the culture, social environment and individual insurance requirements - so that we can cater to all your varied needs.

Experienced and Expert Servicing Team We are driven by a team of experienced people who understand Indian risks and are supported by the necessary international expertise required to analyze and assess them. Service engineers located in every major city
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Superior Technology

In order to ensure speedy and accurate processing of your needs, we have established world class technology, with renowned insurance software, which networks all our offices and intermediaries Using the Web, policies can be issued from any office across the country for retail products Unique, user friendly software developed to make the process of issue of policies and claims settlement simpler (e.g. online insurance of marine policy certificate)

Unique Forms of Risk Cover Special PA cover for AmaranthYatris Film insurance Event management cover Sports & Entertainment Insurance Package

Risk Management- Our Expertise Our service methodology is tried, tested and Proven the world over and involves: Risk identification: Inspections Risk analysis: Portfolio review and gap analysis Risk retention Risk Transfer: To an insurer as well as reinsurer (as required) Creation of need based products Ongoing dialogue and proactively

Kakinada branch
The BAJAJ ALLIANZ branch in Kakinada was a very successful one. The scope of this branch is from Rajahmundry to Vishakhapatnamthere are about fifty employees and ninety agents working in this branch. It is closing about twelve hundred to thirteen hundred policies per month and is generating a premium of about two crores per monthand the sum assured is
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about three hundred to three fifty crores. Geographical coverage of Kakinada branch office VIJAYAWADA ANAKAPALLI SRIKAKULAM VIJAYANAGARAM RAJAHMUNDRY VISHAKHAPATNAM BHIMAVARAM ELURU GUNTUR ONGOLE

Customers HINDUSTAN ZINC EIPL SHIPYARD DREDGING CORPORATION STEEL AUTHORITY OF INDIA LIMITED COROMANDEL PAINTS COROMANDEL FERTILIZERS

Top Management of Bajaj Allianz The top management of Bajaj Allianz General Insurance consists of people having Domain knowledge of insurance as well as specialists in their respective field. KameshGoyal is the CEO of Bajaj Allianz General Insurance Company Limited, Sam Ghosh, who was the CEO of Bajaj Allianz earlier, has taken over as Country Manager and is also the CEO of Bajaj Allianz Life Insurance Company Limited.

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Data Analysis & Interpretation

Research design : Descriptive Research .

Sampling technique : Convenience sampling technique

Sample size

: 70

Sample respondents : Policy holders who lodged claim on motor vehicle insurance Research instrument : Interview Schedule Tools used and Chi-square test : Percentage analysis

1. Gender of the respondents

GENDER MALE FEMALE TOTAL

No of Respondents 58 12 70

Percentage 82.1 % 17.9 % 100 %

INTERPRETATION From the above table it is found that majority of the respondents are male with 82.9% very few respondents are female with 17.1%.

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2. Age of the respondents

AGE 21 30 31 40 41 50 51 above Total

No of Respondents 7 14 33 16 70

Percentage 10% 20% 47.1% 22.9% 100%

INTERPRETATION From the above table it is found that majority of the respondents are under the age group of 41 - 50 with 47.1% and very few respondents belong to the age group above 21 - 30 with 10.0%.

3. Education of the respondents

Education Post Graduate Under Graduate 12th 10th Below 10th Total

Number 12 30 16 8 4 70

Respondents 17.1% 42.9% 22.9% 11.4% 5.7% 100%

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INTERPRETATION From the above table it is inferred that majority of the respondents have the Under Graduates as their educational qualification with 42.9% .

4. Occupation of the respondents Occupation Govt. Employee Corporate Employee Self-Employee Others Total Number 9 20 31 10 70 Percentage 12.9% 28.6% 44.3% 14.3% 100%

INTERPRETATION From the above table it is found that majority of the respondents are business people or self-employed with 44.3% and least number of respondents are others with 14.3%

5. Product Purchased

Product OD Third Party Total

Frequency 56 14 70

Percentage 80.0 20.0 100.0

INTERPRETATION From the above table it is found that most (80.0%) of the respondents are purchased OD insurance and the remaining 20.0% of the respondents purchased Third party Liability insurance .

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6. Services Service Excellent Good Poor Total Frequency 6 38 26 70 Percentage 8.6 54.3 37.1 100.0

INTERPRETATION From the above table it is found that majority of the respondents are satisfied with the services of Bajaj Allianz General Insurance Co. Ltd with 54.3% and some of respondents are very dissatisfied with the service of the company with 37.1%.

7. Problems Problem Yes No Total Frequency 26 44 70 Percentage 37.1 62.9 100.0

INTERPRETATION From the above table it is found that most number of the respondents are having no problems in claim settlement process with 62.9% and remaining respondents are having problems with 37.1% .

8. Different types of Problems

Different problems Time delay Response is not good Claim amount Other reasons Total

Frequency 11 4 6 5 26
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Percent 42.30 15.40 23.07 19.23 100.0

INTERPRETATION Based on the table value it is found that most of the respondents opine that delay in settling the claim with 15.7%.

9. Awareness on No Claim Bonus Awareness (NCB) Yes No Total Frequency 21 49 70 Percent 30.0 70.0 100.0

INTERPRETATION From the above table it is found majority of the respondents are not having sufficient knowledge about No Claim Bonus with 70.0% in motor insurance contract.

Chi square test

1. Hypothesis to study the awareness level of motor insurance products (TP & OD)

Ho: There is no significant difference between Gender and awareness level of motor insurance products (TP & OD) H1: There is a significant difference between Gender and awareness level of motor insurance products (TP & OD)

Ho: There is no significant difference between age and awareness level of motor insurance products (TP & OD) H1: There is a significant difference between age and awareness level of motor insurance products (TP & OD)

37

 Ho: There is no significant difference between Occupation and awareness level of motor insurance products (TP & OD) H1: There is a significant difference between Occupation and awareness level of motor insurance products (TP & OD)

Ho: There is no significant difference between Education Qualification and awareness level of motor insurance products (TP & OD) nH1: There is a significant difference between Education Qualification and awareness level of motor insurance products (TP & OD) awareness Tests level of motor insurance products (TP & OD) Gender Pearson Chi-Square Likelihood Ratio Age Pearson Chi-Square Likelihood Ratio Occupation Pearson Chi-Square Likelihood Ratio Educational Pearson qualification Chi-Square Likelihood Ratio Chi square Value df P-value Significant/ Not significant Ho Acceptability

0.949

0.004

Significant

Rejected

0.950 5.997

1 3

0.004 0.112 Not significant Accepted

6.592 4.599

3 3

0.186 0.207 Not significant Accepted

4.853 17.814

3 4

0.183 0.001 Significant Rejected

17.141

0.002

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INFERENCE Since the P value of Gender 0.004 is less than 0.05 and it is Significant. Hence, there is a significant difference between Gender and awareness level of motor insurance products. Since the P value of Gender 0.112 is greater than 0.05 and it is not significant. Hence, there is no significant difference between age and awareness level of motor insurance products. Since the P value of Gender 0.207 is greater than 0.05 and it is not significant. Hence, there is no significant difference between education and awareness level of motor insurance products. Since the P value of Gender 0.001 is less than 0.05 and it is Significant. Hence, there is a significant difference between educationalqualification and awareness level of motor insurance products.

2. Hypothesis to identify the problem faced by the policy holders during lodging and getting claim

Ho: There is no significant difference between Gender and problem faced by the policy holders during lodging and getting claim H1: There is a significant difference between Gender and problem faced by the policy holders during lodging and getting claim

Ho: There is no significant difference between Age and problem faced by the policy holders during lodging and getting claim H1: There is a significant difference between Age and problem faced by the policy holders during lodging and getting claim

Ho: There is no significant difference between Occupation and problem faced by the policy holders during lodging and getting claim H1: There is a significant difference between Occupation and problem faced by the policy holders during lodging and getting claim

39

Ho: There is no significant difference between Educational Qualification and problem faced by the policy holders during lodging and getting claim H1: There is a significant difference between Educational Qualification and problem faced by the policy holders during lodging and getting claim

awareness Tests level of motor insurance products (TP & OD) Gender Pearson Chi-Square Likelihood Ratio Age Pearson Chi-Square Likelihood Ratio Occupation Pearson Chi-Square Likelihood Ratio Educational Pearson qualification Chi-Square Likelihood Ratio

Chi square Value

Df P-value

Significant/ Not significant

Ho Acceptability

3.523

0.041

Significant

Rejected

3.116 4.099

1 3

0.048 0.251 Not significant Accepted

4.529 1.349

3 3

0.210 0.718 Not significant Accepted

1.305 8.131

3 4

0.728 0.087 Not significant Accepted

8.018

0.091

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INFERENCE Since the P value of Gender 0.041 is less than 0.05 and it is Significant. Hence, There is a significant difference between gender and problem faced by the policy holders during lodging and getting claim Since the P value of Gender 0.251 is greater than 0.05 and it is not significant. Hence, There is no significant difference between age and problem faced by the policy holders during lodging and getting claim Since the P value of Gender 0.718 is greater than 0.05 and it is not significant. Hence, There is no significant difference between occupation and problem faced by the policy holders during lodging and getting claim Since the P value of Gender 0.087 is greater than 0.05 and it is not significant. Hence, There is no significant difference between educational qualification and problem faced by the policy holders during lodging and getting claim

3. Hypothesis to analyze the customer satisfaction towards motor insurance policies offered by Bajaj Allianz General Insurance Co. Ltd.

Ho: There is no significant difference between Gender and customer satisfaction H1: There is a significant difference between Gender and customer satisfaction

Ho: There is no significant difference between Age and customer satisfaction H1: There is a significant difference between Age and customer satisfaction

Ho: There is no significant difference between Occupation and customer satisfaction H1: There is a significant difference between Occupation and customer satisfaction

Ho: There is no significant difference between Educational Qualification and customer satisfaction
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 H1: There is a significant difference between Educational Qualification and customer satisfaction

awareness Tests level of motor insurance products (TP & OD) Gender Pearson ChiSquare

Chi square Value

Df

P-value

Significant/ Not significant

Ho Acceptability

1.756

0.625

Not significant

Accepted

Likelihood 1.767 Ratio Age Pearson ChiSquare 11.612

3 9

0.622 0.236 Not significant Accepted

Likelihood 7.899 Ratio Occupation Pearson ChiSquare 3.669

9 9

0.544 0.932

Not significant Likelihood 4.775 Ratio Educational Pearson qualification ChiSquare 13.364 9 12 0.854 0.343

Accepted

Not significant Likelihood 13.587 Ratio 12 0.328

Accepted

INFERENCE Since the P value of Gender 0.625 is greater than 0.05 and it is not significant. Hence, There is no significant difference between gender and customer satisfaction
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 Since the P value of Gender 0.236 is greater than 0.05 and it is not significant. Hence, There is no significant difference between age and customer satisfaction Since the P value of Gender 0.932 is greater than 0.05 and it is not significant. Hence, There is no significant difference between occupation and customer satisfaction Since the P value of Gender 0.625 is greater than 0.05 and it is not significant. Hence, There is no significant difference between educational qualification and customer satisfaction

4. Hypothesis to study the awareness level of No Claim Bonus (NCB) on motor insurance customers

Ho: There is no significant difference between Gender and awareness level of No Claim Bonus (NCB) H1: There is a significant difference between Gender and awareness level of No Claim Bonus (NCB)

Ho: There is no significant difference between Age and awareness level of No Claim Bonus (NCB) H1: There is a significant difference between Age and awareness level of No Claim Bonus (NCB)

Ho: There is no significant difference between Occupation and awareness level of No Claim Bonus (NCB) H1: There is a significant difference between Occupation and awareness level of No Claim Bonus (NCB)

Ho: There is no significant difference between awareness level of No Claim Bonus (NCB)

Educational Qualification and

H1: There is significant difference between Educational Qualification and awareness level of No Claim Bonus (NCB)

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awareness Tests level of motor insurance products (TP & OD) Gender Pearson Chi-Square Likelihood Ratio Age Pearson Chi-Square Likelihood Ratio Occupation Pearson Chi-Square Likelihood Ratio Educational Pearson qualification Chi-Square Likelihood Ratio

Chi square Value

Df P-value

Significant/ Not significant

Ho Acceptability

0.040

0.841

Not significant

Accepted

0.000 11.802

1 3

0.841 0.008 Significant Rejected

12.557 14.218

3 3

0.006 0.003 Significant Rejected

15.078 23.053

3 4

0.002 0.000 Significant Rejected

28.869

0.000

INFERENCE Since the P value of Gender 0.841 is greater than 0.05 and it is not significant. Hence, There is no significant difference between Gender and awareness level of No Claim Bonus (NCB)

44

 Since the P value of Gender 0.008 is less than 0.05 and it is significant. Hence, There is a significant difference between age and awareness level of No Claim Bonus (NCB) Since the P value of Gender 0.003 is less than 0.05 and it is significant. Hence, There is a significant difference between occupation and awareness level of No Claim Bonus (NCB) Since the P value of Gender 0.000 is less than 0.05 and it is significant. Hence, There is a significant difference between educational qualification and awareness level of No Claim Bonus (NCB)

CHAPTER - V

FINDINGS, SUGGESTIONS AND CONCLUSIONS

5.1 FINDINGS

Research finding proved that out of 70 respondents most of them (82.9%) are male and rest of (17.1%) are female. The Female Respondents are having lack of awareness of motor insurance policies. Most number of the respondents are having Own Damage insurance (i.e. 80.0%) Here we can find that 60 percentage are well educated and remaining are below Higher Secondary Majority of the respondents are satisfied with the services of Bajaj Allianz General Insurance Co. Ltd with 62.9% and some of respondents are dissatisfied with the service of the company with 27.1%. Most of the respondents opine that delay in settling the claim with 15.7% Here 37.1% respondents faced difficulties during the claim settlement procedure..
45

 The Gender of the respondents have relation with the awareness level of motor insurance products (TP & OD) and problem faced by them. Majority of the respondents are not having sufficient knowledge about the No Claim Bonus with 70.0% in the motor insurance contract. The demographic profile like age, occupation and educational qualification influences the awareness level of No Claim Bonus (NCB). There is a significant difference between Gender , Educational Qualification and awareness level of motor insurance products (TP & OD) There is no significant difference between Demographic factors such as Age, Occupation, Educational Qualification and problem faced by the policy holders during lodging and getting claim There is no significant difference between Demographic factors such as Age, Gender, Occupation, Educational Qualification and customer satisfaction

5.2 SUGGESTIONS AND IMPLICATIOS

The company or the customer care executive may create awareness on intimation of the claim on time at the time of taking the motor insurance policy. The Company should take necessary action to settle the claims as quick as possible to increase the satisfaction level among the customers. All the customers should be treated equally. create awareness on No Claim Bonus and its benefits among the policy holders Increase the no claim bonus percentage to retain the existing policy holders and it avoids small claims. The finding of the study expected to help the management to understand the basic problems in claim settlement and the result of the study enable the management of insurance company to do up their strategy and to redraft their policy regarding the claims settlement. The identification of claim settlement problems and internal steps to improve may help the insurance company decision making authorities to think the general insurance management concepts to have a model shift in their approach.

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 The study also points out the necessity for intervention by the regulating and controlling authority and their responsibility to help the insurer in managing the claim settlement problems.

5.3 CONCLUSION

The study has been able to accomplish its objectives, by thoroughly analyzing and identifying the satisfaction of the customers of Bajaj Allianz General Insurance Co. Ltd. strengths and weaknesses of various insurance covers among the clients of various insurance companies, customers awareness and perception about the company and its products. The outcome of the study has proved that the performance of the company is outstanding in claim settlement procedure in the non-life insurance segment and that the company has a higher reputation among customers. The Endeavour of researcher will be reward if the suggestions are carried out by the company.

Bibliography

BOOKS: Naresh K Malhotra -Marketing Research, Pearson Education, 4th editionMotor insurance-: (Insurance Institute of India) IC-72 WEBSITES: http://en.wikipedia.org/wiki/motor_insurance http://www.irda.gov.in http://www.bajajallianz.co.in/about_us.htm MAGAZINES AND JOURNALS IRDA Journal.
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Insurance watch Insurance world

QUESTIONNAIRE
SECTION - I DEMOGRAPHIC

1. Name :__________________________________________________________________ 2. Gender Male 3. Age Below 20 41-50 4. Occupation Govt. employee Others 5. Educational Qualification Post graduate Under Graduate 12th 10th Below 10th Corporate employee Self employee 20-30 51 and above 31-40 Female

SECTION-2 CUSTOMER AWARENESS

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6. Are you aware of motor insurance products of Bajaj Allianz General Insurance Company? Yes No

7. If yes, what is the source of awareness? Company Newspapers Internet Television

Others, Specify__________________

8. Which product have you purchased from Bajaj Allianz General Insurance Co. Ltd? OD Insurance Third Party Insurance only

9. Why you have chosen the product of Bajaj Allianz General Insurance. Co. Ltd? Brand Value Others (Specify). 10. How are the services offered by Bajaj Allianz General Insurance Co. Ltd? Excellent Good Poor ReputationNear By Area

11. Have you ever made a claim more than one time on motor insurance? Yes No

12. Within how many days has claim been settled by Bajaj Allianz General Insurance Co. Ltd? <7 days 7 15 days 15 30 days >30 days

13. Are you satisfied with motor insurance claim settlement done by Bajaj Allianz General Insurance Co. Ltd?
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Highly satisfy eSatisfied Highly dissatisfied

NS/NDS

Dis Satisfied

14. Will you being continue as customer after made claim in Bajaj Allianz general insurance company Ltd.? Yes No

15. Have faced any problems during lodging and getting claim?

Yes

No

16. If YES,(Please specify) _________________________________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________

17. Any suggestions for claim settlement process?

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