A Study on the Brand Image of Bajaj Allianz Life Insurance c | Insurance | Ing Group

PROJECT REPORT 1.

1 INTRODUCTION TO THE STUDY

BAJAJ ALLIANZ

Brands are represented in the mind of the consumers through images. Consumers do not live in an objective and real world. Rather their world is tending to be subjective and personal. It is the image of the world that mediates between the consumer and the external real world. A brand is not what actually it is, rather what it perceived as. Hence image building is crucial task for marketers. It is the brand image which would either ‘steer away” or “steer towards” a consumer from a brand. Imagery perspective lays stress on symbolism and imagery aspect of a brand. It is the imagery overhand above the physical product that may make brand more relevant and meaningful to the consumers in certain cases. Brand Image building is “The effort to differentiate the brand psychologically rather than physically” According to Sengupta “Brand Image” is the totality of the impressions about the brand” This according to him includes its physical, functional and psychological aspects of the brand. Bajaj Allianz Life Insurance Company Limited is a union between Allianz AG, the world’s largest insurance companies and Bajaj Auto, one of the biggest 2- & 3wheeler manufacturers in the world. Allianz AG is a leading insurance conglomerate globally and the largest asset manager in the world, managing assets worth over 996 billion Euros. Allianz AG has 115 years of financial experience in over 70 countries and Bajaj Auto is the most trusted name in the Indian market for over 55 years together are committed to offering financial solutions that provide all the security one need for ones family and oneself. The Project work titled “A Study on the Brand Image of Bajaj Allianz Life Insurance Company with Special reference to Quilon District” was a modest attempt to understand the people’s perception of Bajaj Allianz and its products. Determination of the Company’s Marketing Communication Objective was one of the major purposes of the study.

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PROJECT REPORT 1.2 TITLE OF THE PROBLEM

BAJAJ ALLIANZ

“A Study on the Brand Image of Bajaj Allianz Life Insurance Company among Keralites” The study aims to find out people’s perception of Bajaj Allianz and its products. Marketing Communication should always be based on certain predetermined objectives like creating awareness, creating a liking etc, which is very essential for effective communication between the buyer and seller. Determination of the Company’s Marketing Communication Objective was one of the major purposes of the study. 1.3 NEED FOR THE STUDY After liberalization large number of Multi National Companies has crossed the national boundary of our country. Increase in competition and the plan for expansion has compelled the company to analyse the Brand Image of the company in relation to its competitors. As the company plans to increase its sales there is a need to communicate with the customers through various Medias. For this purpose the company’s marketing communication objectives should be determined. Bajaj-Allianz Life Insurance Company is required to know the customers perception towards their product. Today Insurance industry is one of the sectors which are fast growing. Recently there is a shift in the Insurance Industry that is many private Multi National Life Insurance Companies has entered India. This has increased the competition to a great extend. So the company wants to know the present demand for Insurance so that they can adjust their market performance accordingly.

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PROJECT REPORT 1.4 OBJECTIVES OF THE STUDY 1.4.1 General Objectives

BAJAJ ALLIANZ

a. To analyze the Brand Image of Bajaj Allianz Life Insurance Company in relation to other companies b. To determine the Marketing Communication Objectives of the company c. To provide suggestions to the company based on the findings of the study 1.4.2 Specific Objectives a. To find out the awareness of Bajaj Allianz Life Insurance Company b. To find out the parameters for rating an Insurance Company c. To find out the relevance of ethics and transparency in Insurance d. To find out the most dissatisfying factor that should be rectified by Insurance Companies. e. To determine the factors that represent the Brand Image of an insurance company 1.5 SCOPE OF THE STUDY a. The study covers the people from different parts of Quilon district b. The study is aimed at Analyzing the Brand Image of Bajaj Allianz Life Insurance Company in relation to other companies  Determination of the Marketing Communication Objectives of the company c. The study has a time span of six weeks

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PROJECT REPORT

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1.6 RESEARCH METHODOLOGY
1.6.1 RESEARCH DESIGN A research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure. In fact the research design is the conceptual framework within which research is conducted; it constitutes the blueprint for the collection, measurement and analysis of data.

1.6.2 RESEARCH PROBLEM A brand is not what actually it is, rather what it perceived as. Hence image building is crucial task for marketers. It is the brand image which would either ‘steer away” or “steer towards” a consumer from a brand. Brand Image building is “The effort to differentiate the brand psychologically rather than physically” This research analyses the Brand Image of Bajaj Allianz Life Insurance Company in relation to its competitors. 1.6.3DEFINITION OF KEY TERMS

Descriptive Research Descriptive research includes surveys and fact-finding enquiries of different kinds. The major purpose of descriptive research is description of the state of affairs as it exists at present. Convenience sampling – When population elements are selected for inclusion in the sample based on the ease of access.

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PROJECT REPORT Population

BAJAJ ALLIANZ

All the items under consideration in any field of enquiry constitute a ‘universe’ or ‘population’ Sample size This refer to the number of items to be selected from the universe to constitute a sample. The size of sample should neither be excessively large, nor too small, it should be optimum. Sampling unit A decision has to be taken concerning a sampling unit before selecting a sample, it may be an individual. Sampling error Sample surveys do imply the study of a small portion of the population and as such there would naturally be a certain amount of inaccuracy in the information collected. This inaccuracy may be termed as sampling error. Sampling errors are those errors which arise on account of sampling and they generally happen to be random variations in the sample estimates around the true population values. 1.6.4 TYPE OF RESEARCH: DESCRIPTIVE RESEARCH Descriptive research includes surveys and fact-finding enquiries of different kinds. The major purpose of descriptive research is a description of the state of affairs as it exists at present. The main feature of this type of research is that the researcher has no control over the variables. He can only report what has happened or what is happening. 1.6.5 TYPE OF SAMPLING Convenient sampling has been used for the purpose of drawing samples from the population. 1.6.6 POPULATION / UNIVERSE Dept Of Management Science Kuttippuram 5 MESCE

PROJECT REPORT

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The population of the study consists of the working public in Quilon District 1.6.7 SAMPLING UNIT The sample unit chosen by the researcher for the purpose of the study is “ an employed person, in Quilon District” 1.6.8 SAMPLE SIZE The sample size chosen by the researcher for the purpose of this study is 100 Working Public in Quilon District 1.6.9 SOURCE OF DATA  Primary Data Questionnaires were used for collecting Primary Data  Secondary Data Secondary data were collected from figures, statistics and tables from the company’s annual publications, memorandums of settlement, websites and from library books 1.6.10 TOOLS FOR ANALYSIS AND INTERPRETATION The following are the major tools that were used by the researcher for analysis and interpretation  Percentage Analysis  Ranking Analysis 1.7 LIMITATIONS OF THE STUDY No study is fully complete in itself – said the elders. Even then not taking opportunistic shelter in this proverbial saying , the researcher is fully aware of the many lacunas in this piece of survey , which is presented below

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PROJECT REPORT •

BAJAJ ALLIANZ

Due to time constraints and busy schedules of the people it was difficult to interact with them completely

Convenient Sampling was used and hence all the limitations pertaining to this may also become part of the findings of the study

The sample size was limited

Had these deficiencies not been there, the outcome of this survey would have been more interesting and fruitful that what it is in the present form. Alas! As this is only a pilot survey of small sample size, the same can be expanded to a more efficient and highly useful study. I hope that this effort would really be useful to the company management.

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PROJECT REPORT

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2 INTRODUCTION TO INSURANCE There is a fundamental relationship between demography and life insurance business. India is a vast country and its huge population around 100 crores is the second largest in the world. As such, in terms of population, India has immense potential for extending life insurance cover. But to make a realistic assessment of this potential, apart from the very important factors like age group, income level, sex wise distribution, literacy level, etc., it is necessary to consider other relevant factors like varieties of social structure, composition of urban and rural population, etc., in various parts of the country as also many “invisible” factors like various religious faith and social values. Real assessment of the life insurance potential of our country is also a very complex exercise due to wide “variance” in all aspects of Indian circumstances, and as such any crude estimate for Indian market without carefully refined analysis can only be misleading. The changing economic pattern of our country, changing political scenario, rapid proliferation of information technology, the resulting changes in the social values, etc., will also in near future virtually reshape the Indian financial market and consequently the future potential of life insurance business in this country. PURPOSE & NEED OF INSURANCE: The business of insurance is related to the protection of the economic value of assets. Every asset has a value. Assets are insured, because they are likely to be destroyed or made non-functional, through an accidental occurrence. Such possible occurrences are called perils. Fire, floods, breakdowns, lightning, earthquakes, etc., are perils. The damage that these perils may cause the asset, is the risk that the asset is exposed to. The risk only means that there is a possibility of loss or damage. It may or may not happen. There has to be an uncertainty about the risk. Insurance is done against the Dept Of Management Science Kuttippuram 8 MESCE

PROJECT REPORT

BAJAJ ALLIANZ

contingency that it may happen. Insurance is relevant only if there are uncertainties. If there is no uncertainty about the occurrence of an event, it cannot be insure against. Conceptually, the mechanism of insurance is very simple. People who are exposed to the same risks come together and agree that, if any one of the ‘members’ suffers a loss, the others will share the loss and make good to the person who lost. The manner in which the loss is to be shared can be determined before hand. It may be proportional to the likely loss that each person is likely to suffer. Which is indicative of the benefit he would receive if the peril befell him? The share could be collected from the members after the loss has occurred or the likely shares may be collected in advance, at the time of admission to the group. Insurance companies collect in advance and create a fund from which the losses are paid.

HOW INSURANCE WORKS: People facing common risks come together and make their small contributions to a common fund. The contribution to be made by each person is determined on the assumption that while it may not be possible to tell beforehand, which person will suffer, it is possible to tell, on the basis of past experiences, how many persons, on an average, may suffer losses. The following example explains the above concept of insurance. There are 1000 persons who are all aged 50 and are healthy. It is expected that of 10 persons may die during the year. If the economic value of the loss suffered by the family of each dying person is taken to be Rs. 20,000 the total loss world work out to Rs. 2,00,000/- if each person of the group contributes Rs.200/- a year, the common fund would be Rs.2,00,000/-. This would be enough to pay Rs.20, 000 to the family of each of the ten persons who die. Thus the risks in cases of 10 persons are shared by 1000 persons.

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PROJECT REPORT

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THE BUSINESS OF INSURANCE: The business of insurance done by insurance companies, called insurers, is to bring together persons with common insurance interest (sharing the same risks), collecting the share or contribution (called premium) from all of them, and paying out compensations (called claims) to those who suffer. The premium is determined on the same lines as indicated in the example above with some additions made for the expenses of administration. The business of insurance is nothing but one of sharing. It spreads losses of an individual over the group of individuals who face common risk. People who suffer loss get relief because their loss is made good. People who do not suffer loss are relieved because they were spared the loss. The insurer is in the position of a trustee as it is managing the common fund for and on behalf of the community. It has to ensure that nobody is allowed to take undue advantage of the arrangement. That is to say that the management of the business requires care to prevent entry into the group of people whose risks are not of the same kind as well as paying claims on losses that are not accidental. The decision to allow entry is the process of underwriting of risk. Both underwriting and claim settlement have to done with great care.

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PROJECT REPORT

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TYPES OF INSURANCE

Life insurance insurance

General insurance

Social

Property insurance

Liability insurance

Marine

Fire

Automobile

Cattle

Machinery

Theft

Fidelity Insurance

Motor Employees Insurance Insurance

The insurance can be classified into three categories from business point of view i) ii) iii) Life insurance General insurance Social insurance 11 MESCE

Dept Of Management Science Kuttippuram

PROJECT REPORT

BAJAJ ALLIANZ

i)

LIFE INSURANCE: Life insurance is different from other insurance in the sense that, here, the subject matter of insurance is life of human being. The insurer will pay the fixed amount of insurance at the time of death or at the expiry of certain period. At present, life insurance enjoys maximum scope because the life is the most important property of the society or an individual. Each and every person requires the insurance. This insurance provides protection to the family at the premature death or gives adequate amount at the old age when earning capacities are reduced. Under personal insurance a payment is made at the accident. The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or at the expiry of a period. According to the US Life Office Management Association inc. (LOMA) life insurance is defined as follows: “Life insurance provides a sum of money if the person who is insured dies whilst the policy is in effect:. Life insurance today covers a number of contingencies relating to human life –Ds: DEATH, DISABILITY, DISEASE, and DESTITUTION. (e.g . . . prolonged old age). A human life is also an income generating asset. This asset also can be lost through unexpectedly early death or made non-functional through sickness and disabilities caused by accidents. Accidents may or may not happen. Death will happen, but the timing is uncertain. If it happens around the time of one’s retirement, when it could be expected that the income will normally cease, the person concerned could have made some other arrangements to meet the continuing needs. But if it happens much earlier when the alternate arrangements are not in place, insurance is necessary to help those dependent on the income.

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PROJECT REPORT

BAJAJ ALLIANZ

In the case of a human being, he may have made arrangements for his needs after his retirement. These would have been made on the basis of some expectations like he may live for another 15 years, or that his children will look after him. If any of these expectations do not become true, the original arrangement would become inadequate and there could be difficulties. Living too long can be as much a problem as dying too young. These are risks, which need to be safeguarded against. Insurance takes care. Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. Insurance only tries to reduce the impact of the risk on the owner of the asset and those who depend on the asset. It compensates, may not be fully, the losses. Only economic or financial losses can be compensated. ii) GENERAL INSURANCE:

The general insurance includes property insurance, liability insurance and other forms of insurance. Fire and marine insurance are strictly called property insurance. Motor, theft, fidelity and machines insurance include the extent of liability insurance to a certain extent. The strictest form of liability insurance is fidelity insurance, whereby the insurer compensates the loss to the insured when he is under the liability of payment to the third party. A. PROPERTY INSURANCE: Under the property insurance, property of a person / persons is insured against a certain specified risk. The risk may be fire or marine perils, theft of property of goods, damage to property at accident. a) Marine Insurance: Marine insurance provides protection against loss of marine perils. The marine perils are collision with rock, or ship, attacks by enemies fire and capture be pirates etc. these perils cause damage, destruction or disappearance of the ship and cargo and non-payment of freight. So marine insurance insure ship (Hull), cargo and freight. Previously only

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certain nominal risks were insured but now the scope of marine insurance had been divided into two parts:

(I) Ocean marine insurance and (ii) Inland marine insurance. The former insures only the marine perils while the latter covers inland peril, which may arise with the delivery of cargo (goods) from the godown of the insured and may extend up to the receipt of the cargo by the buyer (importer) at his godown. b) Fire Insurance: Fire insurance covers risks of fire. In the absence of fire insurance, the fire waste will increases not only to the individual but to the society as well. With the help of fire insurance, the losses arising due to fire are compensated and the society is not losing much. The individual is protected from such losses and his property or business or industry will remain approximately in the same position in which it was before the loss.

c)

Miscellaneous Insurance: The property, goods, machine, furniture, automobile, valuable articles, etc, can be insured against the damage or destruction due to accident or disappearance due to theft. There are different forms of insurances for each type of the said property whereby not only property insurance exists but liability insurance and personal injuries are also insured.

B.

LIABILITY INSURANCE: The general insurance also includes liability insurance whereby the insured is liable to pay the damage of property or to compensate the loss of personal injury or death. This Dept Of Management Science Kuttippuram 14 MESCE

PROJECT REPORT

BAJAJ ALLIANZ

insurance is seen in the form of fidelity insurance, automobile insurance machine insurance, etc. C. OTHER FORMS: Besides the property and liability insurances, there are certain other insurances, which are included under general insurance. The examples of such insurances are exportcredit insurances, state employees insurance, etc, whereby the insurer guarantees to pay certain amount at the certain events. This insurance is extending rapidly there days. iii) SOCIAL INSURANCE:

The social insurance is to provide protection to the weaker section of the society who is unable to pay premium for adequate insurance. Pension plans, disability benefits, unemployment benefits, sickness insurance and industrial insurance are the various forms of social insurance. INSURANCE SECTOR The insurance industry worldwide faces challenges in terms of acts of terrorism, hardening of reinsurance rates and changing global risk architecture. The opening up of the Insurance sector to private players has led to the introduction of a number of new products and the Indian market is one of the fastest growing insurance markets. Insurance business in India is growing at the rate of 15-20%annually and IRDA has estimated that it is currently of the order of Rs.812.50 cr.5 when combined with banking services, it adds about 7% of the country’s GDP.Insurance penetration (i.e., Premiums as percentage of GDP) has increased from 2032% in 2000 to 2.88% in 2003. Like wise, insurance density (i.e., premium per capita) has increased from Rs.435.897 in 2000 to Rs.722.092 in (2003) In line with the economic reforms that were ushered in India in early nineties, the Government set up a Committee on Reforms (popularly called The Malhotra Committee) in April 1993 to suggest reforms in the insurance sector. The Committee recommended throwing open the sector to private player to usher in competition and bring more choice to the consumer. Dept Of Management Science Kuttippuram 15 MESCE

PROJECT REPORT

BAJAJ ALLIANZ

MALHOTRA REPORT 1994: The Government of India appointed a committee under the chairmanship of late R.N. Malhotra, popularly known as the “Malhotra Committee” for suggesting reforms in the insurance sector. The committee submitted its report in January recommending that 1. Government stake in the insurance companies to be brought down to 50% all the insurance companies should be given greater freedom to operate. 2. Private companies with a minimum paid up capital of Rs.1 billion should be allowed to enter the industry. No company should deal in both life and general insurance though a single entity. Foreign companies may be allowed to enter the industry in collaboration with domestic companies. 3. The insurance Act to be changed. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it proposed setting up an independent regulatory body. PRIVATISATION OF LIFE INSURANCE: Indian life insurance market was virtually the monopoly of the nationalized life insurance company, namely the LIFE INSURANCE CORPORATION OF INDIA. Central Government’s postal life insurance is open mainly to govt. employees only and central govt. has allowed some state govts and some central govt. departments and organizations to self-insurance their own employees.

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PROJECT REPORT

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Liberalization of financial services in India started in 1991. The government of India constituted a committee under R.N. Malhotra for suggesting reforms in the insurance sector. The committee called “Malhotra Committee” submitted its report in January 1994. Malhotra committee recommended the opening up of the insurance sector. It suggested a statutory body called Insurance Regulatory Authority (IRA) to reflect on the development of the insurance sector. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY: The IRDA was established to regulate, promote & ensure orderly growth of the life & general insurance industry.The authority consists of the following members: 1. A chairperson 2. Not more than five whole life members 3. Not more than four part time members The member’s world is appointed by the Central Government. The tenure of the chairperson and members world is 5 years. FUNCTIONS OF IRDA The IRDA exercises all powers & functions of controller of insurance  Protection of the interests of the policy holders.  To issue, renew, modify, withdraw or suspend certificate of registration.  To specify requisite qualifications & training for insurance intermediaries & agents.  To promote & regulate professional organizations connected with insurance  To conduct inspection/investigations etc

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PROJECT REPORT  To prescribe method of insurance accounting

BAJAJ ALLIANZ

 To regulate investment of funds and margins of solvency  To adjudicate upon disputes.  To conduct inspection & audit of insurers, Intermediaries & other organizations concerned with insurance. IMPACT OF PRIVATISATION ON INSURANCE SECTOR IN INDIA Market expansion: There has been an overall expansion in the market. This has been possible due to improved awareness levels thanks to the large number of advertising campaigns launched by all the players. The scope for expansion is till unlimited as virtually all the players are concentrating on large cities and towns-expect by LIC to an extent there was no significant attempt to tap the rural markets. New Product Offerings: There has been a plethora of new and innovative product offered by the new players, mainly from the stable of their international partners. Customers have tremendous choice from a large variety of products from pure term (risk) insurance to unit-linked investment products. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional money back policies, which is not considered very appropriate for long-term protection and savings. However, there are till some key new products yet to be introduced –e.g. health products. Customer Service: Not unexpectedly, this was one area that witnessed the most significant change with the entry of new players. There is an attempt to bring in international best practices in service and operational efficiency through use of latest technologies. Advice and need based selling is emerging through much better trained sales force and advisors. There is improvement in response and turnaround times in specific areas such as delivery of Dept Of Management Science Kuttippuram 18 MESCE

PROJECT REPORT

BAJAJ ALLIANZ

policy receipt, policy document, premium notice, final maturity payment, settlement of claims etc. However, there is a long way to go and various customer surveys indicate that the standards are still below customer expectation levels. Channels of Distribution: Till four years back, the only mode of distribution of life insurance products was through Agents. While agents continue to be the predominant distribution channel, today a number of innovative alternative channels are being offered to consumers. Some of them are banc assurance, brokers, the internet and direct marketing. The entry of many of the global insurance into the Indian market is the form of joint ventures with Indian companies. Some of the key names are Prudential, AIG, New York Life, Allianz, Standard life, Sun Life Canada and Old Mutual. The entry of new players has rejuvenated the erstwhile monopoly player LIC, which has responded to the competition in an admirable fashion by launching new products and improving service standards MAJOR PLAYERS IN THE FIELD OF LIFE INSURANCE  Birla sun Life Insurance Co.Ltd.  DaburCCU Life Insurance Company Pvt.Ltd.  Bajaj Allianz Life insurance Co.Ltd  ICICI Prudential Life Insurance Co.Ltd.  Life Insurance Corporation of India  Max New York Life Insurance Co.Ltd.  Om Kotak Mahindra Life insurance Co.Ltd.  SBI Life Insurance Co.Ltd.  HDFC Standard Life Insurance Co.Ltd.

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PROJECT REPORT  Tata AIG Life Insurance Co.Ltd.  Reliance Life Insurance Co.Ltd

BAJAJ ALLIANZ

MAJOR PLAYERS IN THE FIELD OF GENERAL INSURANCE The non-life sector primarily consists of fire and miscellaneous risk insurance policies. Also, since motor vehicle cover is compulsory in India, it acts as another chief source of business in the non-life sector.  Allianz Bajaj General insurance Co.Ltd.  ICICI Lombard General Insurance  IFFCO Tokyo General Insurance  Reliance General Insurance  Royal Sundaram Alliance Insurance PROFILE OF MAJOR INSURANCE COMPANIES IN INDIA 1. Bajaj Allianz Bajaj Allianz is a joint venture between Allianz AG one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz is into both life insurance and general insurance.

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Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. Bajaj group is the largest manufacturer of twowheelers and three-wheelers in India and one of the largest in the world. Today, Bajaj Allianz is one of India's leading and fastest growing insurance companies. Currently, it has presence in more than 550 locations with over 60,000 Insurance Consultants 2. AMP Sanmar Assurance Company Limited AMP Sanmar Life Insurance was a joint venture between AMP, Australia and the Sanmar Group. Headquartered in Chennai, AMP Sanmar had over 90 offices across the country, 9,000 agents and more than 900 employees. 3. Aviva Life Insurance Company India Pvt. Ltd. Aviva Life Insurance Company India Pvt. Ltd is a joint venture between Aviva of UK and Dabur, one of India's leading producer of traditional healthcare products. Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share. Aviva is UK's largest and the world's sixth largest insurance Group. It is one of the leading providers of life and pensions products to Europe and has substantial businesses else where around the world. Aviva pioneered the concept of Bancassurance in India.Aviva has 40 Branches in India (including rural branches) supporting its distribution network. Through its Bancassurance partner locations, Aviva products are available in 378 towns and cities across India 4.. Birla Sun Life Insurance Company Limited Birla Sun Life Insurance Company Limited is a joint venture between Aditya Birla Group and Sun Life Financial of Canada. Aditya Birla Group is an Indian multinational conglomerate with presence in India, Thailand, Indonesia, Malaysia, Philippines, Egypt, Canada Australia ,and China. Sun Life Assurance, Sun Life Financial's primary insurance business, is one of the leading insurance companies of the world and ranks amongst the largest international Dept Of Management Science Kuttippuram 21 MESCE

PROJECT REPORT

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financial services organisations in the world. The Group has presence in several countries such as Canada, United States, Philippines, Japan, Indonesia, India and Bermuda. 5. HDFC Standard Life Insurance Company.Limited HDFC Standard Life Insurance Company.Limited. is a joint venture between HDFC Ltd., India's largest housing finance institution and Standard Life Assurance Company, Europe's largest mutual life company. It was the first life insurance company to be granted a certificate of registration by the IRDA on the 23rd of October 2000.HDFC Standard Life Insurance Co. is a joint venture between HDFC Ltd., India's largest housing finance institution and Standard Life Assurance Company, Europe's largest mutual life company. It was the first life insurance company to be granted a certificate of registration by the IRDA on 23rd October2000. Standard Life, UK was founded in 1825 and has experience of over 180 years. Companies. The company is rated as "very strong" by Standard & Poor's (AA) and "excellent"byMoody's(Aa2). HDFC Standard Life's cumulative premium income, including the first year premiums and renewal premiums is Rs. 672.3 Crores for the financial year, Apr-Nov 2005. So far the company has covered over 11,00,000 individuals and has declared 5th consecutive bonus in as many years for its 'with profit' policyholders. 6. ICICI Prudential Life Insurance Company ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI was established in 1955 to lend money for industrial development. Today, it has diversified into retail banking and is the largest private bank in the country. Prudential plc was established in 1848 and is presently the largest life insurance company in the UK. ICICI Prudential is currently the No. 1 private life insurer in the country. For the financial year ended March 31, 2005, the company garnered Rs 1584

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crore of new business premium for a total sum assured of Rs 13,780 crore and wrote nearly 615,000 policies. 7. ING Vysya Life Insurance Company Limited ING Vysya Life Insurance Company Limited is a joint venture between Vysya Bank and ING Group of Holland, the world's 4th largest financial services group, with presence across 50 countries, and a heritage of over 150 years. ING Vysya Life Insurance Company Private Limited entered the private life insurance industry in India in September 2001. With in a short span of time ING Vysya Life Insurance has registered an impressive growth. The company currently has over 10,000 active advisors working from 75 branches (in 30 cities) across the country and over 2300 employees.

8. Kotak Mahindra Old Mutual Life Insurance Ltd. Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd.(KMBL), and Old Mutual plc. Kotak Mahindra is one of India's leading financial institutions and offers a range of financial services such as commercial banking, stock broking, mutual funds, life insurance, and investment banking. Old Mutual was established more than 150 years ago and offers a diverse range of financial services in South Africa, the United States and the United Kingdom. The company is listed on the London Stock Exchange with a market capitalization and has its headquarters in London. 9. Life Insurance Corporation of India (LIC) Life Insurance Corporation of India (LIC) is an autonomous body authorized to run the life insurance business in India with its Head Office at Mumbai. It has been established by an act of the Parliament and started functioning from 1/9/1956. LIC is the biggest insurance player in the country. Out of the total premium of Rs 3766 crore generated by the insurance industry through group business in the year 2005-06, LIC alone accounted for Rs 3051 crore. Dept Of Management Science Kuttippuram 23 MESCE

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In the financial year 2005-06, LIC has grown at 30.68%. In respect of number of lives insured, LIC has shown a growth of over 152%. In respect of number of schemes, LIC has a growth of 2%. LIC's market share in number of individuals covered and number of policies stands at 77% and 81%, respectively. 10. MetLife India Insurance Co. Pvt Ltd MetLife India Insurance Co. Pvt Ltd is a joint venture between MetLife Group and its Indian partners. The Indian partners include J&K Bank, Dhanalakshmi Bank, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothu. Met Life Group has presence in America and Asia and has an experience of over 137 years in providing financial services. The MetLife companies are the number one life insurer in the U.S. with approximately US $2.8 trillion of life insurance in force. MetLife serves 88 of the top one hundred FORTUNE 500 companies. MetLife entered Indian insurance sector in 2001. 11. Reliance Life Insurance Company Limited Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group. The company acquired 100 per cent shareholding in AMP Sanmar Life Insurance Company in August 2005. Taking over AMP Sanmar Life provided Reliance Life Insurance a readymade infrastructure and a portfolio. 12 . SBI Life Insurance Company Ltd India’s largest bank and Cardiff S.A. a leading insurer in France came together to form SBI Life. State Bank of India is the largest banking franchise in India. Along with its 7 Associate Banks, SBI Group has a network of over 14,000 branches across the country, the largest in the world. Cardiff is a wholly owned subsidiary of BNP Paribas, which is The Euro Zone's leading Bank. BNP is one of the oldest foreign banks with a presence in India dating back to 1860.

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3 INTRODUCTION TO BAJAJ ALLIANZ LIFE INSURANCE

A PARTNERSHIP BASED ON SYNERGY: Bajaj Allianz Life Insurance Company Limited is a union between Allianz AG, the world’s largest insurance companies and Bajaj Auto, one of the biggest 2- & 3wheeler manufacturers in the world. Allianz AG is a leading insurance conglomerate globally and the largest asset manager in the world, managing assets worth over 996 billion Euros. Allianz AG has 115 years of financial experience in over 70 countries and Bajaj Auto is the most trusted name in the Indian market for over 55 years, together are committed to offering financial solutions that provide all the security one need for ones family and oneself. At Bajaj Allianz, customer delight is the guiding principle. Ensuring world-class solutions by offering customized products with transparent benefits, supported by the best technology is the business philosophy. Dept Of Management Science Kuttippuram

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Allianz, one of the leading global insurance companies with its headquarters in Munich, Germany, was established in 1890. With over 700 subsidiaries and approximately 181,635 employees worldwide, Allianz global network extends to over 70 countries. Allianz’s shares are offered at the 5 leading international stock exchanges: Frankfurt, London, Paris, Zurich and New York. Allianz AG, Germany Allianz AG is in the business of General (Property & Casualty) Insurance; Life & Health and Asset Management and has been in operation for over 110 years. Allianz is one of the largest global composite insurers. Further, the group provides Risk Management and Loss Prevention Services. Allianz has insured most of the world’s largest infrastructure projects (including Hongkong Airport and Channel Tunnel between U.K 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. BAJAJ LIMITED: THE PROMOTERS Incorporated in 1945 under the leadership of Mr.Rahul Bajaj, CMD; Bajaj Auto Ltd has grown into the world’s largest 2 & 3 - wheeler manufacturer having a network of over 375 across India and distribution network over 60 cities. Having AAA Rated, Bajaj Auto, over the years, has been continuously working on developing an environment friendly vehicle. The company is ranked 4th in the world in terms of its sales volumes and is also the largest exporter of 2 & 3 wheelers. Based on its own

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brand of globalization Bajaj has vigorously built its distribution network over 60 countries worldwide. BAJAJ ALLIANZ -A GROWING FORCE  The fastest growing private life insurance company in India with a growth rate of 380%.  Bajaj Allianz has a sales of over 8, 50,000 policies to satisfied customers.  Bajaj Allianz has a countrywide network of 500 offices.

 Bajaj Allianz is Ranked No.1 among private life insurance companies in India.  Assets under management of Bajaj Allianz are Rs.936 Cr.  Bajaj Allianz has a shareholder capital base of Rs.267 Cr.  Bajaj Allianz is geared to perform.  The Products of the company are tailored to suit everyone’s needs.  Decentralized organization structure of the company enables faster response.  Wide reach to serve customers better-a network of 500 offices across India.  Bajaj Allianz has specialized departments for Banc assurance, Corporate Agency and Group Business.  Well networked with the state-of-the-art IT systems.

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 High standards of customer service and simplified claim settlement process in the industry has lead the company to rank No:1 among the private Life Insurance Companies  The company has its own Website to provide assistance and information across all products and services, online buying and online renewals.  Bajaj Allianz has its own Toll free number to answer all queries, accessible from anywhere in the country - 1600225858.  A strong telemarketing and direct marketing team adds to the strengths of the company

 The company has a Strong branch network in over 450 towns and growing everyday.  Over 5000 sales team managers.  Over 60,000 insurance consultants.  In 2004, 3 COT and 117 MDRT qualifiers.

VISION AND MISSION STATEMENT
SHARED VISION “To be the best life insurance Company in India to buy from, work for & to invest in.” SHARED MISSION: 1. To be in the Top 2 life insurance companies in India by new business and in force business. Dept Of Management Science Kuttippuram 28 MESCE

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2. To have PAN presence by locating in all 500 districts and have at least 100 branches and an agency force of at least 20,000. 3. To provide highest quality service by ensuring . Highest customer retention in the industry. . Every customer will be contacted by us at least once per year. . Response to customers / agents within 48 hours. . Embrace technology to optimize efficiencies. . To be able to offer to the customer from one point-life, health, pensions, general and mutual funds.

4. To achieve the return on investment required by our shareholders on a continuing basis. 5. Acknowledge the distinctive of all members of our team by. Rewarding contribution and performance equitably. . Providing development opportunities to allow our team to enhance shill and fulfill aspirations. SHARED VALUES Bajaj Allianz will 1. Be a winning team. 2. Have a passion for excellence and avoid bureaucracy. 3. Be empowered, the confidence to take decisions quickly and be accountable.

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PROJECT REPORT 4. Be driven to achieve results, to deliver. 5. Be professional and social committed.

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6. Be open to ideas, sharing, transparent & trusting.(=boundary less) 7. Focus everything we do on our customer. 8. Make Bajaj Allianz a “great place to work”. 9. Have a sense of humor. 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 issured 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 Amarnath Yatris  Film insurance  Event management cover  Sport & Entertainment insurance package  Risk management – our expertise  Our service methodology is tried, tested and proven the world over and involves.  Risk identification, inspections Dept Of Management Science Kuttippuram 30 MESCE

PROJECT REPORT  Risk analysis, portfolio review and gap analysis  Risk retention

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 Risk transfer, to an insurer as well as reinsurer (as required)  Creation of need based products  Ongoing dialogue and proactivity 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.   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) methodology. Sold 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.

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4.1LITERATURE SURVEY NEED FOR BRANDING IN INSURANCE Branding is the new key challenge in the financial services industry. Life in the 21st century will be longer with more choice in more fields of activity. The financial consequences of an increased life span are particularly likely to be tough. Inevitably, this will lead to more complexity which in turn necessitates greater clarity and appeal from the service providers. Branding is more relevant in the financial services market which not only faces the problem of securing and retaining customers in an increasingly competitive marketplace but also experiences the need for heightened relevance of the brand proposition in a world where brand has been termed the new religion.

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Focus and strategy are essential to the development of brand in any sector but the less tangible world of financial products historically has escaped the branding issues that have governed development and culture in other industries. If there was one industry which least considered branding as an essentiality it would be the insurance industry. It was always felt as an abstract service or a fallback, more like a safety net. But it is more often than not sold through intermediaries who have already done the task of sifting through competitive products to select the most appropriate one. But with liberalisation of the industry, players have to realise the need for branding in a competitive environment. Insurance companies need to strive for greater customer focus regardless of whether the customer is the end user or the intermediary. The global insurance industry itself is witnessing a period of consolidation and companies are thinking about how brand equity can work to their advantage. The European trend for bancassurance that created giants like AXA and Winterthur set a precedent followed in Lloyds TSB's acquisition of Scottish Widows.

But in turn, increased competition and customer choice mean greater expectations and the medium of channel delivery cannot be overlooked. With the Internet redefining the way business is done, the brand proposition needs to be convincing in a new dimension. In cyberspace, clear corporate branding is even more vital in the absence of physical presence and issues of trust and reliability are more imperative. In India, the LIC has been successful in creating a strong brand. In rural India, the LIC is especially synonymous with insurance. But in the wake of competition it has to do a considerable brand building exercise at least in urban India. On the other hand the general insurers have a lot of work to do. There is hardly any brand identity and leave alone loyalty. If the general insurers do not realise the

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importance of branding they would be definitely knocked off their feet by the strong foreign brands. Adequate time, investment and longer-term management of the brand are essential, not only for success but also survival. All brands need to be built around welldifferentiated and credible positioning that springs from the organisation's history. The brand must not only be believed but lived by management and employees. An additional factor is the strong sales orientation that defines the way insurance companies operate. More often than not the industry fails to be marketing-driven. Equally, lack of direct contact with the end user compounds targeting difficulties which leads cyclically back to the question of whether the brand should be focused at the intermediary or customer. Finally the same principles apply whether it is branding a cigarette or an insurance company. Customers want and expect good service. They need to be presented with credible and attractive propositions that deliver value whether it is an everyday or once-a-lifetime option. Source :www.insuremagic.com

BRAND IMAGE KEY TO INSURANCE COMPANIES ' GROWTH' C.J. Punnathara Kochi , Dec. 25 IN the fiercely competitive world of the services industry, image building and brands are becoming increasingly imperative for insurance companies "The days when insurance companies wait for the customers to step in are over. We have to re-build our brands and images in order to attract and retain customers currently flooded with alternative choices. Technology and customer loyalty are two independent facets of the picture, but they have to be consistently reinforced with the Dept Of Management Science Kuttippuram 34 MESCE

PROJECT REPORT right image and brand," says experts. Realising the emerging needs of the times, SBI

BAJAJ ALLIANZ

has appointed 11 regional

correspondents across all their regional offices, to interact with the media, handle public relations, build up the brand image of the their insurance company, interact with government officials and other important people. "Building a new corporate brand image is becoming mandatory for all the insurance companies in the country. The world of insurance in India had been transformed with the advent of the new generation private sector insurance companies, with their high levels of automation, new and technology savvy products, high decibel brand building, and smart and swank branches. These new insurance companies also had the inherent advantage of starting with the right brand and image suited for the current times, a senior banker said.

Some of the insurance companies have re-designed their logo and the colour and display style of their names.Smaller insurance companies are also making major inroads. "We were one of the first old-generation banks to re-launch logo three years ago. Source :www.insuremagic.com

BANACASSURANCE-BUILDING A SUCCESSFUL PRODUCT STRATEGY ’

What needs to be delivered
• • • •

Simple range of basic Bancassurance products Products easily understood by customers & sales people Basic product designs, but distinctive & tailored to each bank Tailored to the needs of target customer segments 35 MESCE

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• • •

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Proven to meet identified needs Product design with inbuilt loyalty triggers Branding that meets customer expectations

Source : www.insuremagic.com

WHERE EMPLOYEE ATTITUDES MEET BRAND IMAGE Rick Garlick, Ph.D. (Maritz Research) in his article" Where employee attitudes meet Brand Image” Published by The Wise Marketer in October 2003 states that: Strong brands rule for employees and customers alike. The impact of a strong brand image is both direct and indirect: while customers may, at least in part, be drawn to a brand because of its reputation, talented employees may also be drawn to companies which they've identified as 'a great place to work'. In turn, those employees show greater commitment, stay longer, and feel a greater sense of personal loyalty. They Dept Of Management Science Kuttippuram 36 MESCE

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continue as guardians of the brand image as the company's culture becomes permanently ingrained in their hearts and minds. The brand is the personification of the company. Guiding brand values, modeled consistently by senior leaders, and owned at every level of the company, translate into a brand identity that appeals to consumers. When the culture of the organization consistently reinforces the brand's core values and principles, employees become 'true believers' and advocates for the brand. Companies strengthen their brand image by helping employees consistently deliver the brand promise to customers who, in turn, see it reinforced that their perceptions of their chosen brand are correct. This closed-loop approach to brand management can pay dividends in many ways, including more efficient operations and labour utilization, improved service, and consistently satisfied customers who also become advocates for the brand.

HAVING A BRAND IMAGE IS NOT A “HAVE OR HAVE NOT” PROPOSITION Having a brand image is not a “have or have not” proposition. Everyone has one. The problem is that you might have more than one brand image, depending on whom you ask. You know yourself, but depending on whom you talk to, others may think you’re something completely different. That’s when a brand image company like Brand Identity Guru Inc. can help. Brand Identity Guru Inc. is a brand image company that identifies your most powerful brand image and then works to make it your only brand image.

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The phrase “brand image” gained notoriety when sales patterns began to show that feelings and visuals associated with brands were powerful motivators to purchase products. It isn’t just products that consumers buy. It’s their associated personalities and values. Great brand images are instant, positive and unique among competitors. Brand images can be reinforced through such vehicles as packaging, ads, promotions, customer service and word-of-mouth. Good brand images are easy to see. Volvo is a good one. Immediately you think “safety.” That’s a brand image. A weak brand images, on the other hand, elicits a slower and less certain reaction. What does GM stand for? Who knows? But GM has a few strong sub-brands. Everyone knows what a Corvette is about…HIGH-SPEED FUN! Source: www.brandidentityguru.com/brand_image_company.htm Larry Light (McDonald's chief global marketing officer), Branding Asia Journal Says: "Identifying one brand position, communicating it in a repetitive manner is oldfashioned, out of date, out of touch." Even more bluntly, Light highlights "the end of brand positioning as we know it," calling it "marketing suicide." Even a top executive at advertising giant Leo Burnett is willing to stand before his CEO peers and admit, "the old ways of marketing are not working any more." RALPH LAUREN: CONTINUED STRENGTH IN BRAND IMAGE Tim Hussar submits: Ralph Lauren (RL) has had a nice six months. The stock has seen a 38% increase in that time period and they posted strong results in their last quarter. They had strong growth in their retail and wholesale segments and predicted low double digit revenue growth for this quarter, while upping their expected earnings per share to $3.50-3.60 for the full year. The strength behind this continued earnings growth lies in Ralph Lauren's brand image. They have always been the premier American luxury clothier and will continue to foster that image. Dept Of Management Science Kuttippuram 38 MESCE

PROJECT REPORT Source : retail.seekingalpha.com/article/25347

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IOB: NARAYANASAMI BETS ON BRAND IMAGE

T.S. Narayanasami, Chairman and Managing Director, Andhra Bank, is set to take over as the new Chairman and Managing Director of Indian Overseas Bank (IOB). Narayanasami told Business Line, "The brand image of IOB and its network with branches located in strategic and potential centres are a source of strength to the bank. IOB also has the advantage of leveraging on its overseas presence, though limited." Source: sify.com/finance/fullstory.php? BRAND IMAGE OF KBL KBL has a strong brand image in fluid-handling products across the globe.The company has been active in this industry for more than 80 years; this experience has facilitated it in having a better understanding of customer requirements. KBL been able to leverage its brand image to penetrate the EU market.

Source : (www.ibef.org)

FRAMEWORK OF BRAND EQUITY FORMATION Graham Fedrick in his article “Framework of Brand Equity Formation” Published by Branding Asia .com says that: Basic Brand Tracking is a scorecard that permits a brand equity assessment of a brand. Measuring brand equity provides clients with a basis for judging the effectiveness of brand building activities and helps them diagnose exactly how the brand, as an asset, is progressing over time (measuring, for example, growth in awareness, familiarity, commitment, etc-compared to key competitors). The Dept Of Management Science Kuttippuram 39 MESCE

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assessment helps identify the critical forces behind a brand's success, failure, and all points in between, to improve the effectiveness of brand building activities. Analytically, the drivers of the brand and changes in marketplace dynamics, relative to the key constituencies, are modeled. Typical output is: An assessment of the brand vis-à-vis key current and potential competitors on each of the components, with a special focus on distinction and commitment components; Perceptual maps that graphically show the position of the brand on key component elements; Differences in the drivers of commitment by audience; Changes in the brand vis-à-vis its competitors versus the benchmark wave; Changes in marketplace dynamics versus the benchmark wave; and, Recommendations regarding brand strategy. Brand Reputation: The Corporate Social Responsibility field has contributed several approaches that are well suited for measuring brand equity. Our proprietary reputation measurement system is a useful framework for measuring brand equity among stakeholders (it groups stakeholders into customers, society, employees, and capital providers, all within the umbrella of targets of Super Brand).

The model uses brand association patterns to show the degree to which stakeholder groups contribute to brand reputation according to specific parameters like overall opinion, loyalty, satisfaction, and advocacy. Brand reputation measurement can be used in specific situations, and an argument can be made that reputation research is also an appropriate general-purpose brand measurement tool. Brand Permission measures the extent to which customers accept a brand as a legitimate competitor for their business, in whatever business sector. The brand permission concept is quite simple. We recognize that in any given market, brand imagery will resonatesometimes more strongly, sometimes less so-and that this will profoundly impact the potential success of a brand relative to its competition. We use the terms Dept Of Management Science Kuttippuram 40 MESCE

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THE IMPORTANCE OF BRAND IMAGE IN STARTING UP COMPANY’S Scott D white in his article “The importance of Brand Image in starting up Company’s” Published by U X Matters, February 10th 2006 says: A brand is not just a logo; it is all your ethics and persona. This includes your style of design, your execution of that design, your attitude, your logo, your marketing; your internal policies and even your business process can all influence your brand image. If image is everything then this image needs to be right. Most companies are so worried about their image to the end user that they forget about communicating this to employees which can create mixed messages when these employees are representing the company elsewhere. Make sure all of your staff are on board and believe passionately in your brand and key messaging. Also your suppliers are good advocates for your brand and they will also spread the word about your service and style of approach. Brand = the sum of all perceptions resulting from every point of contact a person has with a company either directly or indirectly over time.

DEFINING CORPORATE IDENTITY, BRAND IDENTITY AND BRAND IMAGE Nick Wreden (2006) in his article “Defining Corporate identity, Brand Identity and Brand Image”, published by E-zine articles says that: Corporate identity is a company’s visual presence, which involves the corporate logo and design strategy for corporate marketing collateral. Corporate identity does not encapsulate brand identity, which is best defined as the soul of your company. However, a corporate identity may, and often does, reflect a brand identity Brand Identity - It’s the essence of your company Brand identity is the complete package of a business to its customers. It includes the company’s service reputation, product quality, features, benefits, performance and value. It is the summation of all these Dept Of Management Science Kuttippuram 41 MESCE

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things, which create brand identity. Brand Image is the market’s perception of your brand identity, which may or may not coincide with your intended brand identity. Companies must work hard at the daunting task of getting brand identity and image to align…or hire a true branding . A BRAND NEW "WAR OF THE WORDS" HAS JUST STARTED... Naseem Javed in his article“A Brand New "War of the Words" Has Just Started...”published by The Canadian Association says: How Associations Can Improve Corporate Images & Name Identities In the old strategy the key for success was in the total image, including the logo design and color. The name of a corporation was not the key issue, but rather a part of a jigsaw puzzle. The emphasis was placed on the logo, specific colors and graphic designs, tag lines and other paraphernalia, to create a total visual-identity experience. The rule of cyber domination is very simple: It all boils down to a powerful name, which equals to a powerful domain name (or URL,) which is then used as a key to find and unlock the Web site in a complex global maze. It is all based on how well you can remember the name, how easily you can type in, how to find the corporation right upfront on a search engine and how to get instant accessibility.

This is a very big change and has created a noticeable shift in how companies built global corporate images in cyber space. This shift also explains the rush of advertising agencies, as well as advertisers’ confusion regarding cyber marketing. In today’s corporate world, the key to success, or the “magic”, clearly lies in the name -- a URL to set the company apart in the global e-commerce arena. Let’s face it, when a name cannot be found easily on the net, the corporation is no longer in cyber domination – rather, it is in cyber oblivion. Forget the total corporate identity and image experience. Follow the new rules and audit your Association's names and brands. CREATING A POSITIVE BRAND IMAGE TO INCREASE MARKET SHARE

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Cavelle Francisin in his article “Association: Creating a positive Brand image to increase market share” published by Rockbridge Articles Consumers tend to view a brand's image as an integral part of the product or service they are purchasing. They are not only buying the actual product or service, but the status, prestige and perceived benefits associated with the organization that is doing the selling - intangible qualities that differentiate the item of choice from all other similar offerings in the marketplace. Consider this: the majority of foods we purchase have brand images associated with particular items that make consumers perceive the products in a more favorable light (e.g., Lean Cuisine). Similarly, this applies to the vehicles we drive (Mercedes Benz), our credit cards (American Express), the clothes we wear (Tommy Hilfiger) and even the statement we can make with a particular brand of pen (Mont Blanc) In a marketplace cluttered by clones and homogeneous products and services, it is important to create a brand image that differentiates itself from competitors and suggests integrity, dependability, and high quality with an emphasis on excellent service. This is the key to ensuring customer satisfaction and loyalty, which in turn translates into a larger market share for the company concerned.

INSURANCE India’s Insurance Business Likely To Jump By 500% In 2010: ASSOCHAM The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has projected about 500% hike in the size of domestic insurance business which will grow to US$ 60 billion by 2010 from the current size of around US$ 10 billion as the growing competitive age is developing a larger appetite among people for wider insurance coverage.

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A large part of rural India is still untapped due to poor distribution, large distances and high costs relative to returns. Urban sector insurance is estimated to reach US $25 billion by 2010, life insurance US $15 billion and non-life insurance US $10 billion Table No:1 Projected figures by 2010 A town/village where population is less than 25000

Category

Rural & Semi-Urban 20

Urban 15`

Total 35

Life Insurance 15 Non-Life Insurance 35 Total Source :Secondary Data 25 60 10 25

BUOYANT RURAL MARKETS-IMMENSE POTENTIAL FOR INSURANCE The Indian economy registered a good GDP growth rate of 8.2%during 2003-04 as against 4.3% during the year 2002-03. The acceleration in the GDP growth rate during 2003-04 can be attributed to good and timely monsoons and the resultant resurgence of agriculture. Agriculture and allied activities contributed 25% to the growth rate of GDP as against a negative contribution of 31% in 2002-03.

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With the resurgence in agricultural growth, the rural markets have become buoyant and it is time for insurers to tap the highly underinsured as well as uninsured rural market. The opportunities for the insurance companies are because of the huge population and the steady growth of agriculture and allied sectors Table No:2

Population spread in Indian Villages

Population Strata Above 10,000 5-10,000 2-5000 1-2000 500-1000 Below 500

No: of Villages 1831 7145 46754 94658 136232 340380

% Of Population 0.3 1.3 8.4 16.9 24.7 48.7

Source :Insurance Chronicle,ICFAI, August 2005

RURAL POPULATION AND INSURANCE PENETRATION According to a study conducted by FICCI_ING on insurance penetration in rural areas , a high level of awareness about insurance, particularly life insurance was seen. about one third of the respondents owned some insurance product or the other. among those who owned insurance, there was a feeling of being under insured and those who did not have one felt the need for insurance coverage. Insurance was largely seen as a risk cover instrument and not so much as an investment option. Further statistics shows Dept Of Management Science Kuttippuram 45 MESCE

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that rural population has lower exposure. The agents per 1,000 people are around 0.25,which is very low in comparison to that of the urban market. Table No:3

RURAL POPULATION AND INSURANCE PENETRATION Total Population (as on July 2002) Rural Population Urban Population Insurance penetration in rural market 1.05 Billion 72.22% 27.78% 20.00%

Though the prospects in the rural sector are promising, the real challenge lies in distributing and delivering systems cost effectively and efficiently. Source :Insurance Chronicle, ICFAI, August 2005

THE HEALTH INSURANCE INDUSTRY IN INDIA Walter De Oude & Rajagopalan Krishnamurthy in their article “The Health Insurance Industry in India” (2006) examines the key issues facing the health insurance sector. Currently less than 15% of the Indian population has some kind of health insurance cover which includes Central Government Health Scheme, Railway Health Scheme, and Employee’s State Insurance Scheme. On an average, every family spends up to 10% of annual household consumption towards healthcare needs. Calculation of amount of medical insurance is difficult because it depends on the area of cover such as hospital, chronic illness, critical illness or travel. The new private Dept Of Management Science Kuttippuram 46 MESCE

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non-life insurance e companies have introduced a few innovations, such as direct tieups with healthcare providers, providing ‘cashless’ settlement as an option, the provision of pre- and post-hospitalization benefits and coverage for pre existing illness. Health insurance remains vastly underdeveloped in India. The state owned companies had little focus upon the developing line of business on a systematic and profitable basis. The health portfolio that had a loss ratio of about 78% in 2003 deteriorated to 98% in the following year. Source: Insurance Chronicle The ICFAI University Press -Feb 2006

LOW PENETRATION OF HEALTH INSURANCE SCHEMES The major reasons for low penetration of health insurance schemes in India, as stated by Sarabanti Chakravarti in his article “Reasons behind low penetration of Health Insurance Schemes in India” are the following 1.hazards in claim settlement 2.Lack of interest among the population of good health due to low propensity of ailment

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PROJECT REPORT 3.Information Lag 4.Lack of Out Patient Coverage Table No:4

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MAJOR REASONS BEHIND LOW PENETRATION OF HEALTH INSURANCE SCHEMES Reasons % of population considers this clause as a hindrance of their selection 70 26

1.Hazard in claim settlement 2.Lack of interest among the population of good health due to low propensity of ailment 3.Information Lag 4.Lack of Out Patient Coverage Source :Insurance Chronicle, ICFAI, August 2005

60 80

LIFE INSURANCE PREMIUM AS PERCENTAGES OF THE GROSS DOMESTIC SAVING (GDS) AND THAT OF GROSS DOMESTIC PRODUCT(GDP) Rank Country 1. 2. 3. 4. 5. 6. 7. 8. South Africa Japan France USA South Korea Finland Switzerland % of GDS 51.55 32.46 26.20 25.20 23.66 23.10 21.92 48 % of GDP 7.31 10.32 10.10 4.91 3.63 9.10 4.98 5.99 MESCE United Kingdom 52.50

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PROJECT REPORT 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. Netherlands Israel Sweden Australia Canada Zimbabwe Ireland Greece New Zealand Taiwan Denmark Spain Germany Norway Belgium Portugal Austria Chile India Italy Malaysia Singapore 19.04 18.84 17.88 17.78 17.05 15.88 14.96 13.87 12.75 12.29 12.00 11.68 11.40 9.57 9.13 8.76 6.96 6.96 5.95 5.60 5.35 4.72 4.51 4.41 3.51 3.48 3.04 6.27 4.59 1.12

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3.04 3.64 2.71 2.23 2.80 2.33 2.38 1.65 2.10 1.95 1.29 1.13 2.30 2.73

Source: Roy (1999). Figures for 1994. Walter de Oude and Rajagopalan Krishnamurthy (health insurance, Feb 2006) in their article “The health insurance industry in India & its growing potential” They emphasis that ensuring public health is the principal responsibility lay down by the Indian constitution. The central government provides about 15% of the funding needs mostly for national health programs. The family planning and healthcare initiatives of the government have so far effective in reducing birthrates and improving mortality rates. According to the WHO report published in 2002 India ranked 13th from the bottom in terms of public spending on health.

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Although India’s public spending is low, overall health spending improved due to higher private spending. Currently less than 15% of the Indian population has some kind of health insurance cover. Health insurance remains vastly underdeveloped in India. The state owned companies had little focus upon the developing line of business on a systematic and profitable basis. The health portfolio that had a loss ratio of about 78% in 2003 deteriorated to 98% in the following year. Anyway the Third Party Agreement (TPA) has however given rights to some tension between the healthcare providers and the health insurance companies. (Source: Insurance Chronicle The ICFAI University Press -Feb 2006) Jack Burke (Insurance marketing, July 2004) in his article “CROSS SELLING” He emphasis that people depend on insurance agents or brokers for the selection of and buying of policies related to life, health, automobiles etc. but it has been found that most agents or brokers specialize in selling policies related only to particular field. The statistics showed that the average American had 7.2 insurance policies i.e., selling more than one policy to their client. This can be specified as cross selling or multiline marketing. More policies per client mean lower acquisition cost, higher client retention and greater profit. (Source: Insurance chronicle The ICFAI University Press, July-2005) Ethics, integrity, and trust in Insurance sector Emanuel levy Here it is gratified to except the insurance business from this decent to unethical practices .a look at the record reveals that aside from a few abuses, this industry has behave with commendable integrity .in contrast, look at the scandalous spate of rip offs by top executives of corporate giants like Tyco, world com and many others during the past four to five years .probably these unethical and criminal activities will move off the front pages. Dept Of Management Science Kuttippuram 50 MESCE

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Of course this is not to say that up to the recent Enron they where not incidents of high level embezzlement and corporate theft but the current incidents may relate to an overall decline moral standards abetted by technology that facilitated indefinable ,manipulative and geographically unlimited high dollar transactions. The phenomenal ability of the business to protect the trillions of dollars of exposure world wide and to do it profitably can be attributed to all the factors mentioned above as well as the tradition of a work and professional ethic that almost appears inherited. Source: Insurance chronicle the icfai university Press, march 2007

4.2 THEORETICAL BACKGROUND EVOLUTION OF BRANDS Branding began much before the term entered in the jargon of marketing thought. It can be traced to ancient civilizations. The Greeks and Romans and people before them employed various ways to promote their wares. These were wines, ointments or metals. The Greeks also uses town criers to announce the arrival of ships with particular cargos

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Branding becomes an imperative when identity is lost due to homogeneity, branding in the simplest form a differentiator. If one traces the etymology the word brand has its origin in the old news word”brandr”.IT means “to burn”.Inthe early times ,the farmers used to burn a mark or a symbol on the animals to identify ones live stock. Branding has always an important aspect of marketing .In the sixteenth century distillers uses branding in their own way. They burned or branded their name on the wooden containers. It is the purpose that the whiskey of one distiller could be identified from that of others .Consumer identification practices with the product and protection continues to be guides of branding practices today. The brand concept evolved further in the eighteen century. Earlier the producers name identified the products. It is some kind of corporate umbrella branding. In fact identity of the producer is used to the brand name. For instance, Smirnoff vodka takes its name from Smirnoff family which went into vodka business in the year 1818, Ford automobiles adorned the name that came from the Ford family. The real boost to branding came in the middle of the twentieth century. Originally the production was craft based and localized. Since the craft is producer specific, the output was automatically differentiated. Also craft is time-consuming, it limited production to low level. Hence markets were small and localized. But dawning to industrial wave altered the production methodologies. The industrialization brought assembly lines, large corporations and standardization. The plants began to use similar technology, churning out similar products. This left one product virtually

indistinguishable from other. Consumer good industries, especially the non durables, were the first once influenced by this phenomenon. Brand Image According to Sengupta: “Brand Image” is the totality about the impressions about the brand. This according to him includes its physical, functional and psychological aspects of the brand. Dept Of Management Science Kuttippuram 52 MESCE

PROJECT REPORT According to Christian Restall: “ Brand Image is the measurable aspects of the brand” According to Oglivy “personality and brand image are the same” Aaker has the following say about brand image,

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”An association and image both represent perceptions which may or may not reflect objective reality…….as image of competence based upon the appearance of a doctors office and the manners of his staff rather than on the objective measure of the health of former patients”. Kapferer thinks that brand identity is from the sender’s side while brand image is from receiver’s side. Meryl Paule Gardner He examines the constituents of brand image and calls them “brand thoughts”. For instance, many may not evaluate the company or even the product while evaluating a brand. Blind test conducted for soft drinks, instant coffee and perfumes reveals that the consumers could not really differentiate the brands when their name was concealed from them. But certain things like bran features and information obviously affect the brand image. Communication which includes advertising seems to be every important influence of the brand image besides the product or brand itself. Joseph Plummer He indicates that brand image has three components:  Product attributes  Consumers benefit  Brand personality

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That is Plummer treats Brand image as a subset of image .Brand image would stem from three sources .These are: • • • Provider driven image Product driven image User driven image

PROVIDER-DRIVEN IMAGE This is the image driven from the company/brand. The brand is what it is because of the company makes it. For instance, brand name like Tata signals quality in everything it makes from steel to salt. In fact it is likely a couple of percentage points about the market share acquired by any Tata brand is owed to the brand name Tata itself. Sometimes the CEOs positive image enhances the brands appeal.JRD Tatas image has a favorable impact von the groups name. The same could be true of brand names. Amul is synonyms with dairy products. Sometimes, brand image is influenced by the manufactures name besides the brands own personality. Research in US shows that Crest (P&G Toothpaste) was seen as anticavity toothpaste while Levers brands-Close-Up, Aim Mint where all clustered together and viewed as cosmetic rather than medicinal tooth pastes.

Studies conducted by marketing research agencies shows that brand image is not significantly affected by the company’s name unless the organization name itself has been used as the brand name. What it means is that not many care as to who manufactures Bagpiper Whisky or Kingfisher Beer. The fact is that UB manufactures Kingfisher is immaterial to the brand image of the beer. The western consumers who at least in FMCGs tend to read the relationship between the company’s image and the brand image. PRODUCT DRIVEN IMAGE Dept Of Management Science Kuttippuram 54 MESCE

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This image is result of the product performance. This in turn depends on its ingredients. Santoor toilet soap promises skin care through it contents - sandal wood and turmeric. Carrier AirCon which recently executed a turnaround saves a specific market because of its midrange tonnage. This is directly related to the product category that it’s identified with, i.e. “SPLIT AIR CONDITIONARS”. 7 O’clock platinum edge derives its durability from the material of manufacture. USER – DRIVEN IMAGE This image is driven by the lifestyle of the user. A particular lifestyle is south to be projected through a product. This is done through user-imagery. “Naughty Boy” shoe has more to do with a school boy’s image rather than the product’s characteristics. Van Heusen shirts are an expression of particular lifestyle, just as DH shirts are of another. Aramusk tried, though unsuccessfully to communicate the idea of a male soap to the customers. “Men can be soft” is the idea that Nivea cream innovately communicates through its positioning “Men who dare to care”. Here, Nivea banks more on the profile of men who use the product rather than on the product features themselves.

BRAND IMAGE-ESTABLISHED PRODUCTS AND NEW PRODUCTS Brand image of most established products is difficult to change. The hypothesis appeals intuitively. This is because the brand would have acquired a personality step by step over a period of time. Any time that disturbs the core values of the personality shall be summarily rejected. This has been powerfully demonstrated by New Coke – Old Coke episode. Observe that n India too, some established brands have successfully changed the brand image while other has not. Witness the positioning shifts in “Red Label Tea” which was at one time the largest selling tea brand in the Dept Of Management Science Kuttippuram 55 MESCE

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country. The brand is today being seen as less exciting than stable-mate Taaza. The same problem might haunt Bata which is finding it difficult to compete with younger brands like Woodland, Mescos, Action etc.. The trick is to contemporaries brand image incrementally. This was done pretty deftly in the case of Lifebuoy. Its “Tandurusti-Ki-Raksha” platform has not been abandoned since the 60’s, but the executions, the props, ambience of the advertisement have been steadily modified to suit the present times. Cintol successfully changed its image from a deodorant soap to a head-on competitor of Liril. New brands do not have to carry that baggage of heritage but they also lag a clear image in the mind of the consumer. Today if a brand has to create an image for itself which has to market itself in a radically different fashion. This can be observed in the case of Close-up toothpaste. Some times a brand can run into serious image-related problems because of the product. Cadbury’s Chocolates received adverse publicity because of their nickel content which was supposedly harmful. Same type of problem has been suffered by the Cola giant Coca-Cola recently. For instance Union Carbide earned a bad image due to Bhopal gas tragedy. But the brand it manufactured namely Eveready was only marginally affected. These examples show that brand image is for ever in danger and even established brands can bite the dust in the face of adverse publicity.

BRAND IMAGE AND COUNTRY OF ORIGIN It has been observed that hedonistic products (perfume, wine) fare better when they are manufactured by French companies. Similarly, Japanese products are preferred in categories like cars, digital cameras and Plasma TV sets. German products are preferred in certain niche industrial products (Karor, the German company produces 90% of cigarette making machines in the world)

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Several studies showed that brand image has a correlation with the country of origin. Patriotic advertisements can for instances affect the image of a brand and may bring in some loyal consumers. However it this is true one cannot see how French perfumes, Japanese cars and Korean ships sell all over the world. MinHan, of course points out that the influence of patriotic advertising is tentative. This means that the brand will have to stand on its own in the long run. Not many companies in India try to sell brand on the strength of their product being Indian, especially in India. Dabur, Vico Vajrandanti, Kayam Churan are few such brands that hint at ayurvedic heritage rather than on the fact that the product is of Indian origin. However, some products have been sold abroad especially in the Middle East using the maid in India tag. In the US, however, patriotic advertising become a necessity, thanks to tough competition provided by the Japanese. Other researches found that the country of origin has nominal effect on the consumers ‘Perception of the brand’. American cars are rated high on mileage and German cars on driving comfort but even this cannot be stereo typed. The change in brand image for the product manufactured in other countries in the perception of Japanese consumers has interesting lessons to offer. It points out that in the perception of Japanese consumers, the mage of US products have fallen between 1967 and 1975. Also they no longer see products of their own country as value-for-money products but perceive them to be as good as European or American product. Overall, research seems to point out that the country of origin has an impact on the brand image.

BRAND IMAGE AND CELEBRITY Research on image built through endorsement of celebrities show that there are three aspects that affect the consumer’s attitude of a brand. They are: • • Attractiveness Trustworthiness

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Examples of how celebrities in India have been used in advertising to enhance the brand image are listed below. A film actress like Kareena Kapoor is a credible source of information for soap. Khaitan, the owner of the brand himself assures 100% reliability of the brand in the advertisement thus making the information dependable. In US, perceived expertise mattered more than the other two sources of influence, namely, attractiveness and trustworthiness in shaping a consumers attitude for product. Conclusive evidence on this is unavailable on India. However, it is improbable that the above holes true in India. For instance, the attractive ness of the model was a very important reason for the phenomenon success of LUX soap in its introduction stage. An easy way to develop a brand image is to highlight something unique in the brand. Captain Cook insists on “FREE-FLOWING” quality of its salt and promotes it with a comparative advertisement to hit out against Tata Salt. Marlboro cigarette did a turn around and made itself a “MACHO-MAN”cigerette owing to its Wild West imagery. BRAND IMAGE AND IMAGERY Image is the product seen from the consumer’s perspective. It’s what the consumers think about the product. Imagery is the consumer seen from the product’s perspective. Hirschimin argues that its possible to create images of brands and nurture them through consistent communication.

Typically these imageries fall in three categories namely  Sacred  Secular  Mediating

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A sacred image is where the products gets elevated to the meta physical blue sky’s because of the setting and ritual of consumption.(E.g. Chyavanaprash and Parachute Hair oil-everybody from grand parents to grand children uses them). A secular imagery for a product is where the consumer would like to break the routine to do something new. (E.g.; Pepsi’s advertisement “Nothing official” about it). A mediating image is something that skillfully weaves the use of sacred and the secular in its image. (E.g.: Santoor Sandalwood talc – a strikingly modern women Santoor talc, but is shown as seeking the blessings of the elders in the traditional fashion) BRAND IMAGE AND USER STATUS An interesting observation is that brand images are formed irrespective of whether the brand is being considered of purchase or not. Whether one is likely to purchase a Maruthi or not, one is likely to have a brand image of the product. This inurn has been shown to be linked to the execution of the advertisement besides other modes of information available to the customer. In some, it appears that while there is a lot of variation in the definition available for brand personality, most experts seem to be agreed on the definition of brand image. A definition on which there is broad agreement is given below. “Brand Image is the impression left in the mind of the prospect by the brand”

BRAND IMAGE AND BRAND PERSONALITY The different dimensions of a brand should come together to give it a unique personality. The free flowing nature of its salt, its distinctive logo and communication, its premium price are all part of Captain Cook salt’s personality. Aggressive selling in the replacement market for tyres, unique communication and

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promotion, the anti-skid product are all part of Apollo Black Cat tyres. (Unfortunately the branch failed because the product did not deliver.) When the different dimensions of personality do not match, the product does not take off. For instance, Savage blade had been positioned as a premium product and it was functionally effective as well. But it was seen as too expensive by the market. The same is true for Ariel. The image of Red Label Tea has been that of a conservative hundred year old brand which is why the company went in for a repositioning. A representational product has more to do with the aspirations, roles, role models, and life-style of the user. Here, Coke gets transformed from sweetened fizz water to the great American dream. “Brand personality is the sum total of all the significant tangible and intangible assets that a brand possesses.” “Brand image is how the brand is perceived by the consumers. In the words, brand personality is the cause while brand image is the effect.”

TABLE SHOWING THE AGE OF RESPONDENTS Table No:5

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Particulars Less than 20 20-30 31-40 41-50 50 and above Total Chart No:1

No: of Respondents 0 10 60 20 10 100

Percentage 0 10 60 20 10 100 Source : Primary Data

TABLE SHOWING THE AGE OF RESPONDENTS
10% 20% 0% 10%

60%

Less than 20
Inference

20-30

31-40

41-50

50 and above

The table above shows that of the hundred respondents none of them are below the age of 20 and 10% of them are between the age 20-30,60% of them are between the age of 31-40,20% of them are between 41-50and 10% of them are aged above 50.

TABLE SHOWING THE EDUCATIONAL DETAILS OF RESPONDENTS Table No:6

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Educational Details PG and above Graduate Diploma 12th pass 10th pass Uneducated Total Chart No:2

No: of Respondents 25 45 20 10 0 0 100

Percentage 25 45 20 10 0 0 100 Source : Primary Data

TABLE SHOWING THE EDUCATIONAL DETAILS OF RESPONDENTS
0% 0% 10% 20% 25%

45%

PG and above 12th pass

Graduate 10th pass

Diploma Uneducated

Inference The table shows that 45 of the respondents are graduates,25% are PG and above , 20% of them are diploma holders, and the remaining 10% of them are 12th Pass.

TABLE SHOWING THE JOB STATUS OF THE RESPONDENTS Table No:7 Dept Of Management Science Kuttippuram 62 MESCE

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Educational Details Professional Business Self Employed Others Total

No: of Respondents 15 40 30 15 100

Percentage 15 40 30 15 100 Source : Primary Data

Chart No:3

TABLE SHOWING THE JOB STATUS OF THE RESPONDENTS

15%

15%

30%

40%

Professional
Inference

Business

Self Employed

Others

The table shows that 40% of the respondents are engaged in business,30% of them are self employed,15% of them are professionals, and the remaining 15%are engaged in various other jobs

IDENTIFICATION AS TO WHETHER RESPONDENTS ARE INSURED OR NOT

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Analysis of as to whether respondents are insured or not will enable insurance companies to identify their opportunities for growth and development. Table No:8 Particulars Yes No Total No: of Respondents 35 65 100 Percentage 35 65 100 Source : Primary Data Chart No:4

IDENTIFICATION AS TO WHETHER RESPONDENTS ARE INSURED OR NOT
35% 65%

Yes
Inference

No

The table shows that only 35% of the respondents are insured while remaining 65%are not insured. Hence it is clear that majority of the population are yet to be insured and this provides a better market opportunity for all insurance companies to do their best. More over it is also evident that the insurance sector is one of the sectors that has immense opportunity for growth .

COMPANY TO WHICH RESPONDENTS ARE INSURED WITH

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An analysis of the company to which the respondents are insured will help to identify the major player in the market and based on this information the company can mould its performance to become the market leader Table No: 9 Company LIC BAJAJ ALLIANZ ICICI PRU LIFE MET LIFE HDFC STD LIFE Total Chart No: 5 No: of Respondents 16 11 4 2 2 35 Percentage 46 31 11 6 6 100 Source : Primary Data

COMPANY TO WHICH RESPONDENTS ARE INSURED WITH

11%

6% 6% 46%

31% LIC MET LIFE
Inference From the table it is evident that majority of the respondents are insured with LIC (46%) followed by Bajaj Allianz (31%) ICICI PRUD (11%) MET LIFE (6%) and HDFC STD LIFE with( 6%).LIC is still the number one Insurance company in India, followed by Bajaj Allianz which is growing at a fast pace.

BAJAJ ALLIANZ HDFC STD LIFE

ICICI PRU LIFE

RESPONDENTS AWARENESS OF VARIOUS INSURANCE COMPANIES OPERATING IN INDIA Dept Of Management Science Kuttippuram 65 MESCE

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In order to analyze the image of an insurance company the respondents must have knowledge about various players in the market. Thus by analyzing the respondents awareness of various insurance companies in India the researcher will be able to know the best player in the market. Table No: 10 Particulars Yes No Total No: of Respondents 100 0 100 Percentage 100 0 100 Source : Primary Data Chart No:6

RESPONDENTS AWARENESS OF VARIOUS INSURANCE COMPANIES OPERATING IN INDIA
0%

100% Yes
Inference: The table shows that cent percent of the respondents are well aware of the various insurance companies operating in India

No

RESPONDENTS ABILITY TO RECALL VARIOUS LIFE INSURANCE COMPNIES ACCORDING TO THEIR AWARENESS Dept Of Management Science Kuttippuram 66 MESCE

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Analysis of the respondents ability to recall various life insurance companies according to their awareness helps to know how often they were familiar with these companies.. It gives an indication of the companies which they remember more often. This helps to identify the companies image and market share. Those companies which they remember most are likely to be the top players. This enables the company to locate the market leader. The information so obtained will also enable the company to improve their market operations and thereby become the best player in the field. Information regarding the same is given below

Table No: 11 respondent’s ability to recall various insurance companies

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Chart No: 7

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Inference: From the above observation it is evident, that the following is the pattern of the respondents awareness of various insurance companies operating in India            Tenth Second Third Fourth Fifth Sixth Seventh Eighth First Preference - LIC

Preference Preference Preference Preference Preference Preference Preference Ninth

- BAJAJ ALLIANZ - HDFC - ICICI - TATA AIG - BIRLA - ING VYSYA - AMP SANMAR - MET LIFE

Preference

Preference

- KOTAK - SBI

Eleventh Preference

RESPONDENTS MODE OF AWARENESS ABOUT VARIOUS INSURANCE COMPANIES OPERATING IN INDIA Dept Of Management Science Kuttippuram 69 MESCE

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Analysis of the source of respondents awareness of various insurance companies operating in India helps the company to measure the impact of advertisement . The feedback of respondents will help the company to identify the most powerful source for their publicity. Table No: 12 Factors Advertisement Advisors / agents Words of mouth Others Total Chart No: 8 No: of Respondents 65 30 3 2 100 Percentage 65 30 3 2 100 Source : Primary Data

RESPONDENTS MODE OF AWARENESS ABOUT VARIOUS INSURANCE COMPANIES OPERATING IN INDIA 3% 2% 30% 65%

Advertisement
Inference

Advisors / agents

Words of mouth

Others

The table shows that majority of the respondents became aware of the company through advertisement. while 30% became of them aware of it through advisors/ agents the remaining were aware of it through words of mouth and other sources. Here it is evident that advertisement does play an important role in the promotional activities of the firm.

IDENTIFICATION OF THE PARAMETERS FOR RATING AN INSURANCE COMPANY

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Usually people use certain tools for rating a firm. It may be in the form of goodwill, brand image, services provided etc. The strength of a company depend on its acceptability in the society. In case of insurance companies the society may expect the companies to follow certain norms and qualities .

Table No: 13 Factors 1 Resp onse 54 Reliability 46 Ethics / Transparency

Mark

2 Resp onse

3 Mark Res Ponse 4 4 4 14 60 26 3 3 3 Mark

4 Res ponse Mark

5 Res ponse Mark

Total

5 5

46 40 14

454 432 26 60 14 2 2 2 14 86 1 1 288 212 114

Brand Image Services Flexibility in plan 100 Total 10 100 12 100 9 100 6 100 2 1500

Chart No: 9

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Inference From the above observation it is evident, that the parameters for rating an insurance company can be ranked in the following order      Second Third Fourth Fifth First Preference - Reliability

Preference Preference Preference Preference

- Ethics/ Transparency - Brand Image - Services - Flexibility in plan

OPINION REGARDING THE RELEVANCE OF ETHICS AND TRANSPARENCY IN INSURANCE BUSINESS Dept Of Management Science Kuttippuram 72 MESCE

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Ethics and transparency in dealings has been one of the major success factors of insurance companies like LIC etc. Customers would prefer companies that follow certain norms and standards and at the same time be transparent in its dealings. Table No: 14 Opinion Very important Important Not important Not at all important Total Chart No: 10 No: of Respondents 77 23 NIL NIL 100 Percentage 77 23 NIL NIL 100 Source : Primary Data

OPINION REGARDING THE RELEVANCE OF ETHICS AND TRANSPARENCY IN INSURANCE BUSINESS 0% 23% 0%

77% Very important
Inference The table shows that 77% of the respondents consider ethics and transparency to be very much important for an insurance company. While 23% of them suggests that ethics and transparency are important none is of the opinion that it is neither not important nor not all important ,thereby showing that ethics and transparency is very much relevant for insurance business. RESPONDENTS RATING OF THE BEST INSURANCE COMPANY WITH HIGH ETHICAL STANDARD

Important

Not important

Not at all important

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An analysis of the respondents rating of the best insurance company with high ethical standards will help the company to understand the difference between the leader and the home company. They can identify as to what make the company different from the other. Table No: 15 Opinion LIC BAJAJ ALLIANZ ICICI TATA AIG LIFE HDFC AMP SANMAR ING VYSYA BIRLA SUN LIFE Total No: of Respondents 48 18 12 7 6 3 3 3 100 Percentage 48 18 12 7 6 3 3 3 100 Source : Primary Data

Chart No: 11

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RESPONDENTS RATING OF THE BEST INSURANCE COMPANY WITH HIGH ETHICAL STANDARD
6% 7% 48% 3% 3% 3%

12% 18%

LIC TATA AIG LIFE ING VYSYA
Inference

BAJAJ ALLIANZ HDFC BIRLA SUN LIFE

ICICI AMP SANMAR

From the above observation it is found that LIC is considered as the number one player with high ethical standard. 48% of the respondents agreed to this opinion. the second rank goes to Bajaj Allianz with 18% of the respondents support. The third place goes to ICICI with 12% of the respondents opinion. The fourth place rests with TATA AIG LIFE having 7% of the respondents in favor of it. The fifth place rests with HDFC, with 6% of the respondents opinion. The sixth, seventh and eighth position was shared by AMP SANMAR, ING VYSYA, and BIRLA SUN LIFE, equally with 3 % of the respondents favoring each.

RESPONDENTS REASON FOR CHOOSING THE BEST INSURANCE COMPANY Dept Of Management Science Kuttippuram 75 MESCE

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An analysis of the respondents reason for choosing the best insurance company helps to understand the core competence of each company. Table No: 16 Opinion More returns Less risky Wide acceptance Others Total Chart No: 12 No: of Respondents 42 36 18 4 100 42 36 18 4 100 Percentage

RESPONDENTS REASON FOR CHOOSING THE BEST INSURANCE COMPANY 4% 42%

18%

36% More returns
Inference The table shows that 42 % of the respondents chose the best insurance company on the basis of the returns provided by the company . 36% of them considered the less risk factor in making their choice as to the best insurance company. 18% of them rate a company on the basis of its acceptance in the market. According to them the company that is widely accepted is the best one. The remaining 4% of the respondents rate a company on the basis of other factors like reliability, credibility, etc

Less risky

Wide acceptance

Others

IDENTIFICATION OF THE MOST IMPORTANT FACTOR THAT REPRESENT THE BRAND IMAGE OF AN INSURANCE COMPANY Dept Of Management Science Kuttippuram 76 MESCE

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An analysis of the most important factor that represent the brand image of an insurance company helps the company to concentrate more on the key factor so identified and thereby improve its Brand Image. Table No: 17 Factors Ethics Advertisement Market share Work force Total Chart No: 13 42 30 20 8 100 No: of Respondents Percentage 42 30 20 8 100 Source : Primary Data

IDENTIFICATION OF THE MOST IMPORTANT FACTOR THAT REPRESENT THE BRAND IMAGE OF AN INSURANCE COMPANY
8% 20% 42%

30%

Ethics
Inference

Advertisement

Market share

Work force

The table shows that 42% of the respondents consider ethics as the most important factor representing the brand image. 30% of them are of the view that brand image is developed through advertisements. 20% of the respondents believe that brand image can be developed by improving the market share and the remaining 8% believe that having an efficient workforce can improve the brand image. IDENTIFICATION OF THE MOST DISSATISFYING FACTOR TO BE CORRECTED BY AN INSURANCE COMPANY This analysis will help the company to locate the factors with which the respondents are dissatisfied and there by rectify it. It will also enable the company to analyze its Dept Of Management Science Kuttippuram 77 MESCE

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image with its competitors. In order to become the best player in the market the company has to create a customer friendly approach. Such an approach can be created only by eliminating those factors that create dissatisfaction to the customers. Table No: 18 Factors 1 Resp onse Misleading 84 5 5 5 2 Mark Resp onse 16 60 20 4 4 4 4 4 30 40 30 3 3 3 30 40 2 2 4 26 1 1 3 Mark Res ponse Mark 4 Res ponse Mark 5 Res ponse 484 380 294 212 Mark Total

Advertisements Delay in claim 10 disbursement Hidden charges Long verification procedure Unawareness of plan Total 100 6

30 15 100 16 9

2

70

1 3

130 1500

100 6 100 Source : Primary Data

Chart No: 14

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PROJECT REPORT

BAJAJ ALLIANZ

IDENTIFICATION OF THE MOST DISSATISFYING FACTOR TO BE CORRECTED BY AN INSURANCE COMPANY 600 500 400 300 200 100 0

484

380

294

212

130

Inference The most dissatisfying factor identified by the respondents is the misleading ads given by various companies. The next one is associated with delay in claim disbursements. The respondents are of the opinion that many companies are taking much time in disbursement of claims. The next dissatisfying factor is the hidden charges . Insurance companies levy some hidden charges on the customers and the respondents are of the opinion that such charges should be avoided. The fourth factor is the long verification procedure and the fifth dissatisfying factor is associated with the unawareness of plans. It is to be noted that all insurance companies should find out and eliminate those factors that create difficulties to the customers.

Dept Of Management Science Kuttippuram

79

Unawareness of plan
MESCE

Hidden charges

Delay in claim disbursement

Misleading Advertisements

Long verification procedure

PROJECT REPORT

BAJAJ ALLIANZ

DETERMINATION OF MARKETING COMMUNICATION OBJECTIVES OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY HIERARCHY –OF- EFFECTS MODEL The hierarchy of effects model is a response hierarchy model used to determine the marketing communication objectives. The marketer may be seeking a cognitive , affective, or behavioral response that is the marketer might want to put something into the customers mind, change an attitude or get the consumer to act. In such situations the response hierarchy model can be used. The hierarchy of effects model is illustrated below 1. Awareness If most of the target audience is unaware of the object, the communicators task is to build awareness. E.g. Simple messages repeating the product name 2. Knowledge The target audience may have product awareness but may not have much knowledge of it. Here the communicators task is to create knowledge of the product in the consumer 3. Liking The target audience may have knowledge of the product but they may not have a liking for it. Here the communicator has to identify why the target audience feels so. If the unfavourable view is based on real problems, a communication campaign alone cannot do the job. Here the problem has to be corrected and then communicated. Good Public Relations calls for “ good deeds followed by good words”

Dept Of Management Science Kuttippuram

80

MESCE

PROJECT REPORT 4. Preference

BAJAJ ALLIANZ

The target audience may like the product but they may not prefer it to others. Here the task of the communicator is to build consumer preference promoting quality, value, performance and other features 5. Conviction The target audience may prefer a particular product but may not have developed the conviction about buying it. Here the communicators job is to build conviction among the target audience to make the purchase. Table No: 19 Factors Awareness Knowledge Liking Preference Conviction Chart No: 15
DETERMINATION OF MARKETING COMMUNICATION OBJECTIVES OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY

No: of Respondents Yes No 100 20 80 100 Nil 40 60 20 80 Source : Primary Data

120 100 80 60 40 20 0

100

80

60 100 40

80

20

20

Awareness Knowledge

Liking Yes

Preference No

Conviction

Inference

Dept Of Management Science Kuttippuram

81

MESCE

PROJECT REPORT

BAJAJ ALLIANZ

The table shows that cent percent of the respondents are aware of the company but only 20% of them have knowledge of the company and its products . 100 % of the respondents have a liking for Bajaj Allianz and 40% of them are willing to prefer it to other companies. But only 20% of the respondents have developed a conviction to insure with Bajaj Allianz. Hence the marketing communication objective should focus on creating knowledge of the company’s products on the public. It is because of the lack of knowledge of the company’s products that, even though 100% of the respondents have a liking for the company and 40% of them prefer it to other companies, only 20% have developed a conviction to insure with Bajaj Allianz.

IDENTIFICATION OF THE MOST IMPORTANT FACTOR THAT BAJAJ ALLIANZ SHOULD CONCENTRATE MORE TO WITHSTAND COMPETITION Dept Of Management Science Kuttippuram 82 MESCE

PROJECT REPORT

BAJAJ ALLIANZ

In the present scenario insurance companies are facing heavy competition from its competitors and hence each company has to find out some remedies to with stand competition. An analysis of the core factors will help the company to identify the most important factor that it has to concentrate more so as to withstand competition. Table No: 20 Factors RANK 1 RANK 2 RANK 3 RANK 4 RANK 5 Resp Mark Resp Mark Resp Mark Resp Mark Resp Mark Total

54 Increase Ads Promotional activities of Bajaj Allianz Technology Up gradation 10 Increase efficiency of workforce 24

5 5

20 60

4 4

26 12

3 3 4 2

428 404

12

5

10

4

40

3

30

2

8

1

288

5

10

4

20

3

42

2

18

1

252

2 Others 100 Total 20 100 16 100

3 15

24 100

2 8

74 100

1 3

128 1500

Source : Primary Data

Chart No: 16 Dept Of Management Science Kuttippuram 83 MESCE

PROJECT REPORT

BAJAJ ALLIANZ

Inference From the above observation it is evident, that the important factors that Bajaj Allianz should concentrate more to withstand competition can be ranked in the following order of preference  First  Preference - Increase Ads Second Preference - Increase promotional activities of Bajaj

Allianz    etc In order to be the market leader the company should concentrate more on the above factors giving special emphasis to each of the factors in the given order of preference. Dept Of Management Science Kuttippuram 84 MESCE Third Preference - Technology Up gradation

Fourth Preference - Increase efficiency of workforce Fifth Preference - Other activities like customer guidance

PROJECT REPORT

BAJAJ ALLIANZ

RESPONDENTS RATING OF THE SERVICES PROVIDED BY BAJAJ ALLIANZ LIFE INSURANCE COMPANY

Table No: 21 Factors RANK 1 Res M ar k 34 6 RANK 2 Res M ar k 36 5 RANK 3 Res M ar k 30 4 RANK 4 Res M ar k RANK 5 Res M ar k RANK 6 Res M ar k Total

Customer Meet

504

Reminder Advisor Local Office

30 16 12

6 6 6

40 20 4

5 5 5

20 40 10

4 4 4

10 20 40

3 3 3 4 20 2 2 14 1

490 424 306

Direct Collection

8

6

30

3

42

2

20

1

242

34 Promptness of all service

2

66

1

134

Total Data

100

30

100

20

100

16

100

12

100

8 100 3 2100 Source : Primary

Chart No: 17

Dept Of Management Science Kuttippuram

85

MESCE

PROJECT REPORT

BAJAJ ALLIANZ

Inference From the above analysis it is evident that the services provided by Bajaj Allianz can be ranked in the following order based on the priorities assigned to it by respondents  First Priority      - Customer Meet of the company - Reminder services of the company - Advisors of the company - Local offices of the company - Direct collection - Promptness of all service

Second Priority Third Priority Fourth Priority Fifth Priority Sixth Priority

RESPONDENTS OPINION REGARDING THE PUBLICATIONS BROUGHT Dept Of Management Science Kuttippuram 86 MESCE

PROJECT REPORT

BAJAJ ALLIANZ

OUT BY THE COMPANY An analysis of the respondents opinion regarding the publications brought out by the company will help the company to determine as to whether the publications brought out by the company are satisfactory or not. It also enables the company to determine whether further publications are required or not. Table No: 22 Opinion Satisfied Not satisfied Total Chart No: 18 18 82 100 No: of Respondents 18 82 100 Source : Primary Data Percentage

RESPONDENTS OPINION REGARDING THE PUBLICATIONS BROUGHT OUT BY THE COMPANY

18%

82% Satisfied
Inference The table shows that 18 % of the respondents are satisfied with the publications brought out by the company while 82% of the respondents are of the opinion that further publications are required

Not satisfied

Dept Of Management Science Kuttippuram

87

MESCE

PROJECT REPORT 6.1 FINDINGS OF THE STUDY

BAJAJ ALLIANZ

 All the respondents are aware of Bajaj Allianz Life Insurance Company.  Majority of the respondents are yet to insure their lives against various risks.  Majority of the respondents are insured with LIC and they are of the opinion that LIC is the best player with high market share.  Cent percent of the respondents are aware of the various insurance companies operating in India.  LIC is the company that majority of the respondents are able to recall based on their awareness, followed by Bajaj Allianz and ICICI respectively.  The study shows that advertisement does play an important role in Marketing Communication for it is the major source through which majority of the respondents have come to know of various insurance companies operating in India, followed by advisors or agents.  The study reveals that reliability, ethics/transparency, brand image, services and flexibility in plan, respectively are the most important parameters for rating an insurance company.  Ethics and transparency is very important in the business of insurance  Majority of the respondents have rated LIC as the best Insurance Company with high ethical standards .  It is based on the parameters like more returns, less risky, wide acceptance and others respectively that, respondents have rated LIC as the best insurance company.  The study shows that misleading ads, delay in claim disbursements, hidden charges, long verification procedure and unawareness of plan are the most dissatisfying factor that should be rectified by insurance companies. Dept Of Management Science Kuttippuram 88 MESCE

PROJECT REPORT

BAJAJ ALLIANZ

 The Hierarchy _of-Effects Model reveals that all the respondents are aware of Bajaj Allianz. But, only a few have knowledge of the company’s products.  The study shows that increasing ads and promotional activities are some of the ways by which Bajaj Allianz can withstand competition in the market.  The study shows that ethics, advertisement, market share and work force are the important factors that represent the Brand Image of a company.  The study shows that customer meet, reminders, advisors, local offices, direct selling, and promptness of all services respectively, are some of the services of Bajaj Allianz which the respondents value most.  Majority of the respondents are of the opinion that further publications are required from the part of Bajaj Allianz .

Dept Of Management Science Kuttippuram

89

MESCE

PROJECT REPORT

BAJAJ ALLIANZ

6.2 SUGGESTIONS  Advertisement is one of the most effective means for communicating with customers. If Bajaj Allianz concentrates more on ads it will be able to attract more customers and this will also help the company to withstand competition in the industry.  The company will be able to improve its brand awareness and brand image through effective marketing communication. (advertisements)  The marketing communication objective of the company if possible should be based on creating knowledge of the company’s products on the public. It is because of the lack of knowledge of the company and its products that, even though all the respondents have a liking for the company and some of them prefer it to other companies, only few have developed a conviction to insure with Bajaj Allianz.  Concentrating more on ethics, integrity, advertisement and efficiency of workforce would help Bajaj Allianz to be the market leader.  More publications from the part of Baja Allianz will attract more customers and also efficient Financial Consultants who are willing to work for the company.  The company should attempt to avoid misleading advertisements, hidden charges, delay in claim disbursement and long verification procedure.  Services such as Customer Meet, etc should be encouraged.  The company has to provide more favorable terms and conditions for achieving customer satisfaction.  The firm has to make better contact with prospective customers.  The company has to be ethical and transparent in all its dealings. Dept Of Management Science Kuttippuram 90 MESCE

PROJECT REPORT

BAJAJ ALLIANZ

6.3 CONCLUSION Bajaj Allianz Life Insurance Company is the second largest insurance company in India. The study reveals that the company has achieved this position because of its efficient market operation and, the ethics and transparency policies adopted by it. The last years performance of the company shows a drastic upward shift in market share. In order to improve its growth and to expand its market share in future the company should concentrate more on advertisement, technology up gradation, and also improve the efficiency of its workforce. Besides that the company should concentrate strictly on business ethics and provide maximum services to its customers. From the survey it was found out that a company can improve its brand image only if it has good ethical standard, integrity, market share, advertisement, and efficient work force. So it is one of the areas where the firm should be more alert so as to improve as well as maintain its Brand Image. Customers perception of the company and the satisfaction they derive from the services of the company is an important yardstick by which a company can identify its position and a study of it will help the company to improve its market position and also plan for market expansion. Marketing Communication should always be based on certain objectives. The Marketing Communication of Bajaj Allianz has to focus on creating knowledge of the company and its products. Marketing Communication based on such an objective will help the company to attract more customers. The study also reveals that misleading advertisements, delay in claim disbursements, hidden charges, and long verification procedure are some of the aspects with which people are dissatisfied, with regard to insurance companies. If these aspects are corrected by insurance companies more and more people will come forward to insure their life against various risks and thereby leading to the overall growth of the insurance sector.

Dept Of Management Science Kuttippuram

91

MESCE

PROJECT REPORT

BAJAJ ALLIANZ

BIBLIOGRAPHY

1. PHILIP KOTLER , Marketing Management, Prentice Hall , 2001 2. PHILIP KOTLER , Marketing Management, Pearson Education, New Delhi, 11th Edition 2002 3.CR KOTHARI , Research Methodology Methods And Techniques, New Age International Publishers, New Delhi

4.GC BERI, Marketing Research, Tata Mc Graw Hill, New Delhi, 3rd Edition-2003 5. MATHEW, Insurance: Principles and Practice 6.WEBSITES

www.irda.org www.indiainfoline.com www.insuremagic.com www.bajajallianz.com

Dept Of Management Science Kuttippuram

92

MESCE

PROJECT REPORT

BAJAJ ALLIANZ

QUESTIONNAIRE Respected Sir,

I, Anish Dileep fourth semester MBA student of MES College of Engineering would like to do a project on “the Brand Image of Bajaj Allianz Life Insurance Company” Given below are some of the questions based on the topic. Please tick your answers in the appropriate boxes. The information provided by you will be strictly confidential and will be used only for my study purposes. I will be grateful to you if you spare a few minutes of your precious time to fill up this questionnaire.

1. Name of Respondent : 2. Age 50 3. Gender 4. Marital Status 5. Educational Details [] ] 6. Job [] Professional [ ] Others 7. Are you an insured person? Yes [] No [] [] Business [] Self Employed : Less than 20 [ ] 0-30 [ ] 31-40 [ ] 41-50 [ ] Above : Male : Married [] [] Female Single Graduate 10th Pass [] [] [] [ ] Diploma [

: PG & Above [ ] 12th Pass []

Uneducated

8. If yes with which company are you insured? Dept Of Management Science Kuttippuram 93 MESCE

PROJECT REPORT ………………

BAJAJ ALLIANZ

9. Are you aware of Private Insurance Companies operating in India Yes [] No []

10. Recall the Brands among private Life Insurance companies according to your Awareness a. c. ………………….. ………………….. b. …………………… d. ……….……………

11. How did you become aware of these companies? Advertisement [ ] ] 12. What are the parameters on which you rate Insurance Company (scale 1-5)? Brand Image Service [ ] [ ] Reliability [ ] Ethics/ Transparency [ ] Friends / relatives [ ] Agents [ ] others [

Flexibility in Plan [ ]

13. What is the relevance of Ethics & Transparency in Insurance? Very important [ ] Not important [ ] Important [ ]

Not at all Important [ ]

14. Whom do you think as the best Insurance Company With high Ethical Standard? LIC HDFC [ ] [ ] Bajaj Allianz [ ] ICICI [ ]

Others Specify …………………..

15. What Aspects of the above make you feel so? Less risky [ ] More returns [ ] Wide acceptance [ ] others [ ]

16. Which is the most important factor that represents the Brand Image of Insurance Company? Advertisement [ ] Work Force [ ] Ethics [ ] Market Share [ ]

17. what according to you is the most dissatisfying factor that should be corrected by insurance companies ( Scale 1-5 ) Delay in claim disbursement [ ] Hidden Charges [ ] Long Verification procedure [ ] Misleading Ads [ ] Unawareness of plan [ ] 94 MESCE Dept Of Management Science Kuttippuram

PROJECT REPORT 18. Hierarchy -Response Model Are you Aware of Bajaj Allianz Do you have knowledge about Bajaj Allianz Do you have a liking for Bajaj Allianz Yes [ ] Yes [ ] Yes [ ]

BAJAJ ALLIANZ

No No No No No

[ ] [ ] [ ] [ ] [ ]

Do you prefer Bajaj Alliance to other companies Yes [ ] Have you developed a conviction to Bajaj Allianz Yes [ ]

19. What according to you is the most important factor that Bajaj Allianz should concentrate more to withstand competition? (scale 1-4) Increase efficiency of work force Increase Ads Technology Up gradation Promotional activities of Bajaj Allianz [ ] [ ] [ ] [ ]

20. Rate the following services provided by Bajaj Allianz in the order of your preference ranging from 1-5 (1 – highest and 5 lowest) Customer Meet [ ] Local Office Reminder [ ] Advisor [ ]

[ ] Promptness of all service [ ] Direct Collection [ ]

21. Are you happy with the publications brought out by Bajaj Allianz for use of members? Yes [ ] No [ ]

22. Please give any additional suggestions for improving the trading volume of Bajaj Allianz? .……………………………………………… .……………………………………………… .……………………………………………… .………………………………………………

Dept Of Management Science Kuttippuram

95

MESCE

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