Live Project Report
BAJAJ ALLIANZ LIFE INSURANCE CO. LTD.
Serial No. 1. 2. 3. 4. 5. 6.
Chapters Company Profile Conceptual Discussion Research Methodology Data Analysis SWOT Analysis Conclusion & Recommendations Bibliography Questionnaire
Page No 4 6 9 10 15 18 21 22
55. customer delight is our guiding principle.
Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world. The company is currently engaged in life insurance.
. general insurance and consumer finance businesses. BFS is also active in wind-energy generation. Apart from financial . Our business philosophy is to ensure excellent insurance and investment solutions by offering customised products. At Bajaj Allianz Life Insurance.
Customer delight the guiding principle Ensuring world class solutions & services Offering customised products Transparent benefits.
The financial services and wind energy businesses were transferred to Bajaj FinServ Limited (BFS) as part of the recently concluded demerger of Bajaj Auto Limited. High Court of Judicature at Bombay by its order. 00. supported by the best technology.CHAPTER 1 COMPANY PROFILE
Bajaj Allianz Life Insurance Company Limited
Bajaj Allianz Life Insurance is a union between Allianz SE.000 Crores). approved by the Hon. managing assets worth over a Trillion (Over INR. Allianz SE has over 119 years of financial experience and is present in over 70 countries around the world. one of the largest Insurance Company and Bajaj FinServ Ltd.
Pension plans Swarna-vishranti Pension-guarantee
Term plans Protector-plan Term Care New Risk Care ll iSecure Loan iSecure More
• • • •
5. plans • • Invest-gain Save-care-economy Life-time-care Super-saver Cash-rich Super-cashgain-insuranceTraditional insurance
• • • •
3. Women Insurance
6. plans: • • • • • • • • Guaranteed-maturity.LIFE INSURANCE PLANS offered by Bajaj Allianz : Bajaj Allianz offers 26 Life Insurance Plans in 6 different categories :1.jsp iGain lll Max-advantage Wealth-insurance plan Shield-insurance plan Money-secure Assured-protection plan Smart-insurance-plan Unit linked insurance 2. Life + Health Insurance
in return for commissions are called “ADVISORS/AGENT. for a single insurance company. renewal or revival of policies of insurance”. but also plays an important part in offering world-class pre & post sales service to the clients to the clients with the support of the organization.•
Women life insurance
Health Care Family Care First
CHAPTER 2 CONCEPTUAL FRAME WORK
LIFE INSURANCE ADVISORS/AGENT
Persons who sell insurance policies. It is in the above mentioned areas of personal specialization where the importance of an advisor clearly stands out the advisor not only contribute in bring in new business for the company.
Faster & more accurate service. Highly trained professional sales people offering quality pre & post sales service. 1938 defines Agent as “one who is licensed under the act & is paid consideration of his soliciting or procuring insurance business including business relating to continuance.
The importance of advisors:
Provides Complete & diversified product portfolio. Multi-channel distribution systems. 5
.” The Insurance Act.
BENEFITS TO AN ADVISOR
There are some reasons and parameters to be an advisor of the insurance company which are mentioned below: • • Money Status
THE PROFILE OF AN ADVISOR (Qualifications)
1. Good & convincing communication skills. Minimum education qualification:.Urban areas 12
-Rural areas 10th Class. Age should be ideally between 18.
2. 4. 7. Willing to undergo extensive training & development programs. Engaged in gainful business or corporation.
6. The advisor is an important asset not only for the organization from the business point of view but also to the society on the whole as he/she is someone who provide valuable service to the community be helping people attain financial security & build funds for their future needs thereby assisting them in getting their financial freedom.But the company in its principles clearly states out that an advisor to means “much more than a salesman or a saleswoman. Pleasing personality. Capacity to build an impressive network. we at Bajaj Allianz recognize out advisors as the ambassadors of our organization in the market place & we consider the advisor force would be our biggest differentiating factor in the coming years”.
Motivating Factors For The Advisors
Every time only money might not be the motivator to the advisor. IV. Identify future client Making appointments Conduct financial review with clients Close sale Get referrals Provide service to the client. V.• • • •
Prestige Honor Mitigate human hardship Contribute to the nation
I. II. Some of the benefits and club membership are mentioned below which give the advisors fame and recognition. Bajaj Allianz believe that there are many other things that advisors aspire to achieve-fame and recognition. • • • • • • Achiever’s club Job Profile Benefits & Support Provided Rewarding career Successful Team Attractive Remuneration 7
Source of primary data 1. very much necessary for the researcher that he / she has to adopt the design best suited to them. 2. PRIMARY DATA: The primary data are those which are collected a fresh and for the first time and thus happen to be original in character. are those which have already been collected by someone else and which have already been passed through the statistical process. Natural Market • • • Relatives Friends Neighbors 8
. For collecting primary data.
DATA COLLECTION: 1. Hence it is. which guide the researcher during the whole course of research.• • •
Independence Extensive Product Portfolio Sales & Marketing Support
CHAPTER 4 RESEARCH METHODOLOGY
RESEARCH METHOLOGY is the process. SECONDARY DATA: The secondary data on the other hand. method adopted was focus group method.
Source of Secondary Data 1.50 respondents
CHAPTER 5 DATA ANALYSIS & INTERPRETATION
Q1.2. 2. How many products have you sold as an advisor?
30 20 10 0 26 15 6 3 L s than 10 es 10-20 20-30 More than 3 0
Less than 10
. Company website Reference data
Sample Size: . For how long are you working with Bajaj Allianz?
20 15 10 5 0 5 18 15 12 L s than 1 year es 1-2 years 2-3 years More than 3 years
Less than 1 year 18 1-2 years 12 2-3 years 15 More than 3 years 05 Q2.
10-20 15 20-30 06 More than 30 03 Q3. What’s the purpose of buying an insurance product by customers?
30 21 20 10 0 19 6 Tax benefit Inves ent tm S ecurity Any other
Tax benefit Investment Security Any other Q4. Products which are sold least?
37 07 06
. Products which are sold most?
40 30 20 10 0 7 37
21 19 06 04
Unit link plan S art kit Plan m Annuity Plan
Unit link plan Smart kit Plan Annuity Plan Q5.
30 20 10 0
23 17 10 Termplan Endowm ents plan Group Ins urance
Term plan Endowments plan Group Insurance
23 17 10
Q6. What motivates you to stay in this business?
. Rate the products of Bajaj Allianz in comparison to its competitors?
20 15 10 5 0 4 19 16 11 Bes t Good Averag e Poor
Best Good Average Poor
19 16 11 04
40 30 20 10 0 32 18 Y es No
Q9. Are you satisfied with the commission provided by the co./UM Any other
Money Recognition Motivation by co./UM Any other
21 17 07 05
Q8. Are you satisfied with the facilities provided by the co.30 20 10 0 21 17 7 5 Money R ecog nition Motivation by co. to its advisors in comparison to other players?
How Bajaj Allianz Life Insurance is better than other companies?
20 15 10 5 0 20 17 13 C m s om is ion R ecog nition Better Products
Commission Recognition Better Products
20 17 13
.40 30 20 10 0
34 16 Y es No
CHAPTER 6 SWOT ANALYSIS
Bajaj Allianz Life Insurance Company Limited is right now the market leader in Private Insurer segment. keeping in mind the requirements of the public at different age levels. A Highly Trained and Professional Sales Force
. 100 crore. A Complete and diversified Product portfolio The company has a total number of 24 products in 5 categories on offer to the general public. This will assure that the claimants will get their money back on time without any delay. This is one of the vital strengths of the company. The use of latest technology helps the company to give to its customer fast and accurate service. Good Brand name Bajaj and Allianz are one of the market leaders in their respective sectors. Moody has rated Bajaj Allianz as BA1 above Indian democracy in terms of investment security. Fast and Accurate Service to the customer The mission statement of the company promises to provide superior products and services to the customer by understanding their needs. Handsome deposit with IRDA Bajaj Allianz has a deposit of total 230 crores with IRDA (Insurance Regulatory Development Authority) as against the minimum cap of Rs.
financial advisors) than LIC of India. (36crores) Investment in Secured Sector The company has invested 85% of that amount in Government Security and has kept the remaining 15% as a reserve for pre claim settlements. Too Much Dependent On Government The main reason behind the general public to buy insurance is the tax benefits that the assesses gets.All the employees who are associated with Bajaj Allianz are highly trained and professional in attitude.
Leader in Terms of Premium Collected The company was the leader in terms of collection of premium that amounted to a sum total of Rs. which affects their sales in comparison to LIC of India. Low Reach Since the company has started its operations recently its reach is very limited while its rival LIC has a reach in almost every part of the country. 122 crores in the last financial year ahead of New York max (43 crores) and HDFC Std. This quality staff ensures high quality pre and post sales services.
. Though the company aims to change the mindset of the public but still it is the biggest weakness in all insurance companies.
The company right now has lesser number of agents (i. If the government reduces the exemption given under different sections the general public may think it otherwise to buy the policy.e.
Under the survey that was carried out it was discovered that only 22% of the total insurable public has taken some or the other insurance. SBI and AVIVA etc.OPPURTUNITY
Bajaj Allianz Life Insurance Company Limited can give LIC of INDIA agents an opportunity to join Bajaj Allianz Life Insurance Company Limited as Bajaj Allianz has got more incentive packages & servicing quality better than LIC of INDIA. HDFC. Thus. TATA. This is a good opportunity for the company to sell its investment products that also promises insurance with tax benefits. But from this financial year in the recent amendments there has been a capping on maximum amount i.e. can go for opening up more & more offices. ECONOMIC
. it is a great opportunity for the company to capture a good market share. Majority of the Market Still Untapped.
Other big brand names like BIRLAS. 2 lack that a person can invest. Doing this they can reduce their cost of training and can exploit their experience. Capping in RBI bonds The Reserve Bank of Indian Offers a medium returns tax saving bonds. POLITICAL Right one Bajaj Allianz Life Insurance Company Limited. as the present political environment is business friendly.
5 people are secure
with life insurance so the insurance sector is its booming stage this boom will more increase in 2 or 3 years. ING VYSYA. BIRLA SUNLIFE INSURANCE. SAHARA. sector. If Bajaj Allianz
mentions the level of advisor them they may give great sales to the company.
Good profile insurance advisor could do the better job. There are lots of scopes of life insurance in Indian only 2. so people want to invest in Govt. Bajaj Allianz has tuff competition with LIC as well as TATA AIG.Currently economy is not stable. SOCIAL
CHAPTER 7 CONCLUSION &
The following are the conclusive evidences framed after completion of the necessary training report mentioned here under as follows:
Bajaj Allianz has interested and profitable planes for different age group. OM 17
11) I found that in insurance sector a person should have great communication
and convenience skill. 18
. 10) In the age group of 30-35 years the people who earning more then 3 lakh p.
BAJAJ ALLIANZ LIFE INSURANCE COMPANY has great goodwill in
market in liberalized Indian market there are approximately 13 big companies in Indian market and BAJAJ ALLIANZ is the No. 6) If the company starts to concentrate on village segment market. 9) In the age group people made interest to purchase the kids plan and pension
plan and money back plan. When I
concentrated on the 20-25 year age group people I found good result. People took interest in CUG programme and also life the professional
environment of the company.
made interest to purchase ULIP. Then
company can get great business. SBI LIFE AND RELIANCE LIFE INSURANCE. They are career
oriented and want to earn more. I found this fact in my recent survey. 8) Within 20-25 year age group the sincerity level is high. HDFC INSURANCE.1 private insurance company. PNB LIFE INSURANCE. 7) I got the good profile people near by bank and share market. 15) It was great experience to communicate with different people.
People made interest in the business opportunity of Bajaj Allianz because
there are lots of chances to increase earning and make high place in the company. In my survey I found that low percentage of people is aware with the life
insurance. I learnt
through cross-question by peoples.a.KOTAK MAHINDRA.
The growth that companies like BIRLA SUNLIFE. MAX NEWYORK. METLIFE have produced that can be quite a big unseen threat for the company in the coming years. ICICI PRUDENTIAL.
The company should start thinking of what they want from the market &
where they want to see themselves after a span of 10 years because if the popularity of these companies continues then one day they will become good competitors of Bajaj Allianz & then the consequences can be quite disturbing for the company.RECOMMENDATIONS
After going table regarding market share of various companies in the financial year . there is no reason why Bajaj Allianz should rejoice of being the number one company in the country.
TATA-AIG. SBI LIFE INSURANCE. AVIVA.
2009..bajajallianz.com/Corp/aboutus/life-insurance-company. Jaipur .jsp
http://www.bajajallianz. Risk Management & Insurance .com www. New
Delhi. Excel Books.
www.. Principles of Insurance Management. Neelam C.google. M.BIBLIOGRAPHY
Mathew.J. RBSA Publishers .
. Products which are sold most? o Unit link plan o Smart kit Plan o Annuity Plan Q5. What’s the purpose of buying an insurance product by customers? Tax benefit Investment Security Any other_______________________________ Q4. QUALIFICATION:……………… AGE:………………………………. Products which are sold least? o Term plan o Endowments plan
.:……………………………. Q1. PROFESSION:…………………. TEL No. NAME:.……………………………... How many products have you sold as an advisor? o Less than 10 o 10-20 o 20-30 o More than 30 o o o o Q3.QUESTIONNAIRE
PURPOSE: To get a better insight about the advisor’s satisfaction level the various improvements to be done in the Bajaj Allianz’s product. For how long are you working with Bajaj Allianz? o Less than 1 year o 1-2 years o 2-3 years o More than 3 years Q2...
to its advisors in comparison to other players? o Yes o No If no. Bajaj Allianz Life Insurance how to better other companies? Commission Recognition Better Products
.o Group Insurance Q6./UM o Any other___________________ Q8. why___________________________ Q9.? o Yes o No If no. Are you satisfied with the facilities provided by the co. Rate the products of Bajaj Allianz in comparison to its competitors? (Best = 4 pointsgood = 3 points average = 2 points poor = 1 point) o Best o Good o Average o Poor Q7. why_____________________________________________ o o o Q10. Are you satisfied with the commission provided by the co. What motivates you to stay in this business? o Money o Recognition o Motivation by co.