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CHAPTER -1 INTRODUCTION

1.1Profile of the organization


1.1.1 Overview of the organization Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Fiserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 cores. Bajaj Fiserv Limited holds 74% and the remaining 26% is held by Allianz, SE.

As on 31st March 2010, Bajaj Allianz General Insurance maintained its premier position in the industry by achieving growth as well as profitability. Bajaj Allianz has made a profit before tax of Rs. 180 crores and has become the only private insurer to cross the Rs.100 crore mark in profit before tax in the last four years. The profit after tax was Rs. 121 cores, 27% higher than the previous year.

1.1.2 History of the organization

Bajaj Allianz General Insurance received an Insurance Regulatory and Development Authority (IRDA) certificate of registration on 2 May 2001 to conduct a general insurance business, including health insurance, in India. The company has an authorized and paid up capital of 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz SE. As of 31 March 2010, Bajaj Allianz reported a profit before tax of 180 crores, becoming the only private insurer to cross the 100 crore mark in pre-tax profits in four years. The after-tax profit was 121 crores, 27% higher than the previous year. Bajaj Allianz is headquartered in Pune and maintains a network of offices in over 200 towns throughout India.

1.1.3 Vision and mission of the company

Vision

To be the first choice insurer for customers To be the preferred employer for staff in the insurance industry To be the number one insurer for creating shareholder value

Mission

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

1.1.4 market share of bajaj allianz

1.1.5 Awards and recognitions Some of the awards that the company has received are:

"General Insurer of the Year Private Sector" and "Best Contribution on Investor Education & Category Enhancement", Bloomberg UTV Financial Leadership Awards 2011 and 2012.

"Best Travel Insurer", CNBC Awaaz Travel Award 2010. "Business Leader in General Insurance", NDTV Profit Business Leadership Awards 2008.

1.1.6 SWOT analysis of Bajaj Allianz Strength Global exposure in Insurance through Allianz SE and Strong Local Implementation by Bajaj Has network across 200 towns . Fundamentally Strong with good paying Capabilities Allianz AG is an insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth worldwide with 115 years of financial experience in over 70 countries Received the prestigious "Business Leader in General Insurance", award by NDTV Profit

Weaknesses Lack of penetration in rural areas Smaller Infrastructure as compared to established players

Opportunities Growing rural market potential Urban Youth with growing income

Threats Economic crisis and economic instability Entry of new NBFCs in the sector Increasing awareness amongst people about securing their future

1.1.7 Share holders and promoters Bajaj Finserv Limited Bajaj Finserv Limited has been recently demerged from Bajaj Auto Limited which is the largest manufacturer of two and three-wheelers in India. As a promoter of Bajaj Allianz General Insurance Company Ltd., Bajaj Finserv Ltd; has the following to offer:

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

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

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

Set up and running of General insurance operations New and improved international products One of the world's leading insurance companies

More than 700 subsidiaries and 2 lack employees in over 70 countries worldwide Provides insurance to almost half the Fortune 500 companies Technology

Other similar businesses The promoters have also incorporated a Life insurance Company in India, called Bajaj Allianz Life Insurance Company Limited to provide life insurance solutions.

1.2 theoretical description

1.2.1 Promotion Promotion is one of the market mix elements, and a term used frequently in marketing. The specification of five promotional mix or promotional plan. These elements are personal selling, advertising, sales promotion, direct marketing, and publicity. A promotional mix specifies how much attention to pay to each of the five subcategories, and how much money to budget for each. A promotional plan can have a wide range of objectives, including: sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or creation of corporate. Fundamentally, however there are three basic objectives of promotion. These are:

1. To present information to consumers as well as others. 2. To increase demand. 3. To differentiate a product.

1.2.2 Types of promotional strategies followed by insurance companies Insurance companies are in a unique position when it comes to marketing. They have no tangible products to sell, but must instead rely on strong relationships with loyal customers and word of mouth to help them compete. Still, despite the challenges, the marketing strategies for insurance companies are really no different than for any other company, and require a strong focus on the basics of effective marketing. Know the Market First and foremost, insurance companies must know their market. This means having a strong understanding of their target audience, their competition and the most effective ways to connect with that audience, according to Marketing with the End in Mind. Competition is fierce, but service organizations like insurance agencies that thoroughly understand the needs and concerns of their target audience can effectively motivate that audience to connect with them. Establish a Plan Successful marketers Based on their knowledge of the market, and their overall goals and objectives, successful marketers identify and prioritize the communication strategies most likely to generate the results they need. This generally involves a combination of activities that include both traditional and new media, direct and indirect sales. Measure Effectiveness It is important for insurance companies to measure the effectiveness of their marketing efforts based on the goals they have established. This may be as simple as comparing the number of clients before and after a campaign. It may also involve using online analytics to monitor website visits after launching a promotion.

Gather Feedback For insurance marketers, word of mouth is key. In addition to measuring the effectiveness of marketing efforts based on quantitative data, insurance marketers can seek input from their existing and new clients about their communication efforts. What worked well? What was unclear? How might they communicate more clearly in the future? In addition, clients can be excellent advocates and part of the marketing process. Successful insurance marketers will take advantage of the opportunity to leverage their clients as word-of-mouth marketing advocates.

1.3 objective of the study To present an overview of Bajaj Allianz Insurance company with its marketing strategies. To study the history of Bajaj Allianz. To assess the nature of Joint Venture, Investment Pattern, Entry Strategies and product of Prudential Bajaj Allianz Insurance Company. To collect Data through market survey. To analyze the comparative marketing strategies of Bajaj Allianz with other Companies. To change the profile of Insurance Agents. To analyze a data collected using factor analysis

1.4 scope of the project

CHAPTER -2 METHODOLOGY

RESEARCH METHODOLOGY Research methodology is a methodology for collecting all sorts of information & data pertaining to the subject in question. The objective is to examine all the issues involved & conduct situational analysis. The methodology includes the overall research design, sampling procedure & fieldwork done & finally the analysis procedure. The methodology used in the study

consistent of sample survey using both primary & secondary data. The primary data has been collected with the help of questionnaire as well as personal observation book, magazine; journals have been referred for secondary data. The questionnaire has been drafted & presented by the researcher himself.

2.1 METHODOLOGY USED FOR DATA COLLECTION: DATA:- Data are values of qualitative or quantitative variables, belonging to a set of items.Data are typically the results of measurements and can

be visualized using graphs or images. Data as an abstract concept can be viewed as the lowest level of abstraction from which information and then knowledge are derived.

DATA COLLECTION: - It refers to collection of information .for a research to suceedrawfacts must be collected in a form which helps in effective production of result and meeting the objective of study.

SOURCES OF DATA COLLECTION: PRIMARY DATA:- Primary data is the data which is collected by the researcher directly from his own observations and experiences. For example, if the researcher conducts a survey for the collected of data then it is known as primary data. SECONDARY DATA:-Secondary data is data that has already been collected and collated by somebody for some reason other than the current study. It can be used to get a new perspective on the current study, to supplement or compare the work or to use parts of it, as another study may prove costly and time consuming e.g. the census.

2.2 METHODOLOGY USED FOR DATA ANALYSIS: SAMPLE SIZE: Sample of 100 people was taken into study, and their data was collected SAMPLING TECHNIQUE: To study the Project, a Simple Random Sampling technique is used. DATA COLLECTION: Collection of data is done by Secondary Data & through Questionnaire DATA ANALYSIS: After data collection, Im able to analyze customers views, ideas and opinions related to Auto loan provided by SBI and from this, SBI will come to know the customer requirements. DATA INTERPRETATION: Interpretation of data is done by using statistical tools like Pie diagrams, Bar graphs, and also using quantitative techniques (by using these techniques) accurate information is obtained.

CLASSIFICATION & TABULATION OF DATA: The data thus collected were classified according to the categories, counting sheets & the summary tables were prepared. The resultant tables were one dimensional, two dimensional. STATISTICAL TOOLS USED FOR ANALYSIS: Out of the total respondents, the respondents who responded logically were taken into account while going into statistical details & analysis of data. The tools that have been used for analyzing data & inference drawing are mainly statistical tools like percentage, ranking, averages, etc. As per questionnaire and market surveys I have find out different responses from different people. According to their responses I analyze the findings and draw certain remarks.

CHAPTER -3 DATA ANALYSIS AND INTERPRETATION

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