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CHAPTER 1

A. INTRODUCTION OF THE COMPANY

Bajaj Allianz General Insurance is one of the leading private general insurance companies in
India. The company is a joint venture between Bajaj Finserv Limited (formerly part of Bajaj
Auto Limited) owned by the Bajaj Group of India and Allianz SE, a German financial services
company.

Bajaj Allianz General Insurance offers all general insurance solutions such as motor insurance,
home insurance, health insurance, property insurance as well as other corporate insurance
solutions such as liability insurance, cyber insurance etc.

The company also offers a host of value added services for both retail and corporate clients.
Bajaj Allianz GIC began its operations in 2001 and has a pan-India presence in200 towns and
cities and has reached out to 833 tier 2 and 3 towns through its digital offices. Bajaj Allianz
General Insurance has been rated with iAAA rating for its claims paying ability by ICRA
Limited (an associate of Moodys Investors) consecutively for the last 11 years.

Bajaj Allianz General Insurance received an Insurance Regulatory and Development Authority
of India (IRDAI) certificate of registration on 2 May 2001 to conduct general insurance business,
including health insurance, in India. In the first year of its operations the company had 36 offices
and around 100 employees. The company started its operations with a paid up capital of 1.10
billion. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz SE. Bajaj
Allianz is headquartered in Pune with offices in over 200 cities in India and more than 3,500
employees as of 2015.
B. STRUCTURE OF THE COMPANY

C. COMPANY VISION AND MISSION

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, Bajaj Allianz strive to understand the
insurance needs of the consumers and translate it into affordable products that deliver value for
money.

Bajaj Allianz offers technical excellence in all areas of General and Health Insurance, as well as
Risk Management. This partnership successfully combines Bajaj Finserv's in-depth
understanding of the local market and extensive distribution network with the global experience
and technical expertise of the Allianz Group.

Objectives of the company

To clients:

Adding value to core services.


Exchanging knowledge and expertise which would contribute to understanding the
market and the standards required to fulfill our clients' expectations.

To Company's shareholders:

Achieving a long term economic presence and significance.


Guaranteeing continuity and growth.
To Employees:

Maintaining the vitality of the work climate where employees feel the importance of trust
and teamwork.
Supporting harmony of performance that encourages the achievement of excellence, this
stems from understanding of the important connection between good performance and
the Companys success.

D. AWARDS AND REWARDS OF THE COMPANY

MD & CEO, Mr. Tapan Singhel, has been honoured as Personality of the Year at the 2nd Annual
India Insurance Summit & Awards held on 26th May 2017.

MD & CEO, Tapan Singhel, was recognized as India's Most Trusted CEOs 2017 at the WCRC
Asia awards, revolving around transformational leadership.

India's Leading Insurance Company (Non-life Private) - Dun & Bradstreet - BFSI Awards 2017

Best Non-Life Insurance Provider - Outlook Money Awards 2016

CEO of the Year by ABF Insurance Asia Awards 2016

Domestic General Insurer of the Year India by ABF Insurance Asia Awards 2016

New Insurance Product of the Year by ABF Insurance Asia Awards 2016

Bajaj Allianz General Insurance was recognized as the Aon Best Employer 2016

Bajaj Allianz General Insurance was conferred the Economic Times Best Corporate Brand
Award as an outcome of Economic Times Best Brands Survey 2016, identifying the company as
one of the best brands according to the consumers in urban India.

Bajaj Allianz General Insurance was chosen as one of the Best Health Insurance Providers of the
Year by Outlook Money Awards 2015, for its innovative products, best-in-class services and
exceptional claims management processes.

Bajaj Allianz General Insurance recognized as the Most Admired Health Insurance Company of
the Year by Pharma Leaders Power Brands Awards 2015 recognizing its contribution in the
health insurance space and exceptional claim settlement services to our customers.
Bajaj Allianz General Insurance awarded The Silicon Valley Business Award 2015, in the
categories Best Financial app and Best overall app for its innovation Insurance Wallet.

Bajaj Allianz General Insurance won 2 awards at the Claims Award Asia 2015 in the categories
Insurer Claims Team of the Year - for the exceptional efforts taken to settle claims post the J&K
floods in 2014 and Claims Innovation of the Year - for using WhatsApp facility for health
claims, for ease of transaction with customers while carrying out claim-related procedures

Bajaj Allianz General Insurance awarded Best General Insurance Company at the Vijayavani
BFSI Excellence Awards 2015 to recognize the best-of-the-best practices of the BFSI industry
based on strategy, customer service, security, future technological challenges and innovations.

Bajaj Allianz won the Allianz Global Innovation Award 2015 in the category Excellence in
Employee Business for its 'Employee First - Be the Brand Ambassador' initiative

Bajaj Allianz General Insurance has been conferred with the Finnovity 2015 award for
excellence in innovation in the BFSI sector

Bajaj Allianz General Insurance has been awarded the General Insurance Provider of the Year, at
the Money Today FPCIL awards 2014

Bajaj Allianz General Insurance Co. Ltd. has been conferred with the Best in Diversity Award at
the TA Annual Leadership League Awards, organized by the People Matters Media Pvt. Ltd.

Bajaj Allianz General Insurance Company has been awarded the "Insurer Claims Team of the
Year" at the "Claims Awards Asia 2014".

Bajaj Allianz General Insurance Co. Ltd. has been conferred with one of the most prestigious
awards - Best General Insurance Company of the Year, by Asia Insurance Industry Awards
2014.

Bajaj Allianz General Insurance has been declared as the winner under the Health Insurance
Category - for the Innovative work in the area of Health Insurance (Value Added Services and
Wellness Initiatives) at the Financial Inclusion and Payment Systems Awards 2014

Bajaj Allianz General Insurance has been conferred as the Best Travel Insurance Company by
CNBC AWAAZ Travel Awards 2014 for its product offerings and unique claim settlement
practices.

Bajaj Allianz has won the "Personal Lines Growth Leader" Award at the Indian Insurance
Awards 2014.

Bajaj Allianz won the Allianz Global Innovation Award 2014 in the category Excellence in
Digitalization for its innovation 'Ezee Tab' - A mobile based application for insurance services at
customer's doorstep.
Bajaj Allianz has been conferred with the Golden Peacock Award in the category- Innovative
Product/Service for EEZEE TAB. The Golden Peacock Innovative Product/Service Award is
given to a product or service which shows a quantum leap in the utilization of current technology
to achieve maximum customer satisfaction at a minimum cost.

Claims Awards Asia 2013

Bajaj Allianz General Insurance has won the Claims Awards Asia 2013 in the category Claims
Innovation of the Year in the Asia Pacific Region for its Tablet based claims module application

Bloomberg UTV Financial Leadership Award 2011

Best Travel Insurer awarded by CNBC 2011 and 2010

Customer Responsiveness Award by Avaya Global Connect, 2007


CHAPTER 2

A. COMPANY PRODUCTS AND SERVICES

Motor Car Insurance

Bajaj Allianz is the first to introduce a unique vehicle tracking system in India to its customers,
called the DriveSmart Telematics Device. This comes with our Motor Insurance/Car Insurance
policy and helps in keeping in check one's driving pattern and behavior, as well as monitoring
the condition of their car's engine and battery. Apart from that, it also helps in tracking and
locating the vehicle, ensuring complete safety for customer and customerr family.

Bajaj Allianz offers car insurance with a range of covers to choose from.

With Bajaj Allianz's innovative and all-round insurance plans and easy vehicle insurance
renewals, customer get covered with regards to all aspects that an ideal Car Insurance policy
should have. On the basis of the plans customer opt for, customer secure customer self against
road accidents, theft, among others along with which customer can get cashless settlement at
network garages and a lot more! Customer also get to choose add-on covers of customer choice
with customerr Car Insurance policy and with our 24x7 Roadside Assistance facility; help is just
a phone call away.

Key Benefits of Bajaj Allianz Car Insurance

Avail 24x7 call assistance and SMS updates for claims support, even on holidays
Transfer up to 50% of customer existing No Claim Bonus (NCB) from any other car
insurance provider
Cashless claim settlement at over 4000 preferred garages across the country, bringing to
customer high service standards
Receive 75% on account payment facility based on requirement and when liability is
above a certain limit
Avail 24x7 Roadside Assistance with customer Car Insurance policy
Get a vehicle tracking and monitoring device with DriveSmart Telematics Service and a
host of add-on covers included in it
Towing Facility in the event of a vehicle breakdown or an accident
Zero Depreciation Cover can be availed as an add-on cover with Car Insurance

Coverage of Car Insurance policy

Loss or damage to customer car due to natural calamities


Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm,
tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
Loss or damage to customer car against man-made calamities
Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity,
any damage in transit by road, rail, inland waterway, lift, elevator or air.

Personal Accident Cover


Coverage of Rs. 2 lakh for the owner-driver of the vehicle while driving or travelling and
mounting or dismounting from the Four-wheeler. Optional personal accident covers for
Passenger/ Paid Driver/ driver/ Insured are also available

Third Party Legal Liability


Protection against legal liability due to accidental damages caused to the surrounding
property and/ or resulting in permanent injury or death of a person.

Add on Covers with customer Motor Insurance/Car Insurance policy

A Motor Insurance/Car Insurance policy is only complete once it exceeds the satisfaction of
providing security and peace of mind, which is why we have introduced add-on covers that be
of use any time customer are in a crisis situation.

24x7 Spot Assistance


This is a Pan-India cover for car insurance policyholders who need assistance while on
the road. This includes providing service for emergencies such as repair of flat tyre, jump
start for car battery, legal advice in case of an accident and many more.
Lock and key replacement cover
In the event of an irrecoverable loss of keys or a security risk arising out of a loss of the
same, customer be indemnified for the cost incurred in fitting or purchasing new locks
or replacement of keys of the insured vehicle
Accident Shield
Compensations be made for total permanent disability or death of occupants (other than
a paid driver), which arises out of bodily injury due to an accident that takes place while
customers are traveling in the insured car
Consumable Expenses
Cost of consumables such as Engine oil, Gear box oil, Power steering oil, coolant, AC
gas oil, Brake oil, etc. that may be incurred while replacing/replenishing the damaged
vehicle, following an accident, be covered by our Car Insurance/Motor insurance policy
Conveyance benefit
If the insured car is in a workshop following accidental damage and the claim for the
same is accepted, the insured would get a 'per day' cash benefit, as per the plan opted by
the insured
Personal baggage
The Insured is indemnified in case of any loss or damage caused to his/her personal
baggage kept in their insured vehicle. Damage caused by the covered perils is covered in
under Bajaj Allianz's Motor Insurance/Car Insurance policy
The benefits of opting for DriveSmart with customerr Car Insurance policy

When customer purchase a Vehicle Insurance with us, customer get to avail several additional
benefits when customer opt for our DriveSmart service with it, such as:

Complete diagnosis of the vehicle: This help customer check the condition of
customerr car's battery and engine
Tracking customer vehicle: Customer get to see the last location of customer car on a
map as well as the location and navigation details of customer car. Customer can also
share the location of customer car with customer friends and family via Whatsapp, SMS
and email
Monitoring driving patterns: It provides customer with a summary of distance travelled
in a day, longest trip taken, highest speed reached, braking pattern, speed variance and
much more
Customization: It allows customer to create custom trips and see it on a map, and shares
interesting statistics about the route and lets customer share customer car trips on social
media
Set and receive important alerts for customer car: The device notifies customer on
over speeding, unauthorized movement of the car or low battery. It sends alerts on PUC
date, servicing date, driving license expiry of customer car as well.
Help and support: Customer can ask an automobile expert regarding any car related
query through the DriveSmart Telematics Device
Two wheeler Insurance

The Long-Term Two Wheeler policy covers customer against damages that customer bike or
scooter may incur due to any unforeseen events. Customer also do not have to worry about the
exceptionally high costs that may arise due to damages caused to customer bike by the
occurrence of an accident, natural disaster and so on. Simply purchase our two wheeler Insurance
once and stay worry-free for 3 consecutive years

Key Benefits of Long Term Two Wheeler Insurance Policy

Transfer up to 50% of customer existing No Claim Bonus (NCB) from any Bike
Insurance provider while purchasing our Bike Insurance online
Avail our 24x7 Call Assistance for claims support and other assistance, even on holidays
In case customer Two Wheeler Insurance policy has expired, no inspection of customer
bike is required if the policy is renewed online
Get covered for upto 3 years when customer purchase customer Two Wheeler Insurance
Policy, so that customer spared the hassle of remembering the renewal date every year
and remain free from any annual renewal procedures
Avoid third party premium rate hikes and increase in service taxes that occur almost
every year, making sure that customer don't face an increase in expenditure during the
policy period
In case of a claim during customer policy period, the No Claim Bonus (NCB) reduces
but does not become nil, unlike in the case of a regular two wheeler annual policy.

Basic covers offered by customer Two Wheeler Insurance

Loss or damage to customer two wheeler due to natural calamities: Customer bike
insurance policy covers damage caused due to fire, explosion, self-ignition or lightning,
earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm,
frost, landslide and rockslide
Loss or damage to customer two wheeler due to other unforeseen events: Burglary,
theft, riot, strike, malicious acts, terrorist activities and any damage due to accidental
external means is covered by Bajaj Allianz's two wheeler Insurance
Personal Accident Cover: Any bike insurance provides for coverage of Rs.1 lakh for the
owner/driver of the vehicle while driving or travelling and mounting or dismounting from
the two wheeler. Optional personal accident covers for pillion riders/unnamed hirers are
also available with our two wheeler insurance policies
Third Party Legal Liability: Protection against legal liability due to accidental damages
resulting in the permanent injury or death of a person. Damage caused to the Third party's
property is also covered under our two wheeler Insurance policy

Comparison: Two Wheeler Long-Term Insurance vs Regular Two Wheeler Insurance


Long-Term Two Wheeler
Features Two Wheeler Insurance
Insurance
Renewal frequency Once in Two or Three years Once every year
Coverage period Two or Three years One year
No effect in the TP premium Increase in the TP premium every
Premium hikes during the policy period year
Additional benefit at the time of
NCB benefit renewal As per tariff
NCB benefit after a NCB gets reduced but does not
claim become nil NCB become zero after one claim
Proportional refund provision
even after a claim during the
Mid-term policy period for the uninitiated
cancellation refund policy years No refund in case of any claim
Travel insurance

Corporate travel insurance plan is a comprehensive package which provides complete medical
and health cover to the international business traveler.

Travel companion corporate insurance plan has several features to suit business travel needs,
with two customized plans - Corporate Lite and Corporate Plus

Corporate Lite Corporate Plus


Covers
Benefits (USD) Benefits (USD)

Medical Expenses, Evacuation and


Repatriation 250,000 500,000

Emergency dental pain relief


included in (I) above 500 500

Loss of Baggage (Checked)

Note: Per Baggage maximum 50 %


and per item in the baggage
maximum 10 %. 1,000 1,000
Delay of Baggage 100 100
Personal Accident 15,000 30,000
Loss of Passport 250 250
Personal Liability 2,00,000 2,00,000
$25 per day to $25 per day to max
Hospitalization Daily Allowance max $150 $150
$50 per day to $50 per day to
Hijack maximum $ 300 maximum $ 300
$ 20 per 12 hrs to $ 20 per 12 hrs to
Trip Delay max $ 100 max $ 100
Total Coverage During the Year
Maximum 180 days 180 days
Per Trip Duration 45 days 45 days

Premium Table

Age in years Corporate Lite Corporate Plus


18 - 40 yrs 4123 4755
41 - 60 yrs 4319 4873
61-70 yrs 0 0

Health insurance

Bajaj Allianz offers a range of affordable health insurance plans. Health insurance plans by Bajaj
Allianz are custom made to protect customer against the rising healthcare costs. We have the
highest claim settlement ratio among private insurers. We have medical insurance plans for all
categories like:

Health Insurance for Individuals


Health Insurance for Family
Health Insurance for Senior Citizens
Women Specific Health Insurance Policy
Personal Accident Health Insurance Policy

Health Insurance Policies - Health Insurance for Individuals


Individual Health Guard Insurance is an affordable health insurance policy that shield customer
against rising medical costs incurred during hospitalization and medical emergencies.

Health Guard Family Floater health insurance provides health cover for the whole family. It acts
as a single umbrella under which customer can protect the health of self and family members.

Critical Illness - A critical illness policy rescue when diagnosed with critical illnesses like
cancer, tumors or strokes etc. Its provides cover against higher treatment cost for such illnesses.

Top-Up Health Insurance - Health Extra Care is a top-up health insurance plan that allows
customer to extend their existing health insurance cover by 2-3 times at a significantly lower
cost, should the need arise.

More than 1.4 lakhs Health Insurance claims processed successfully in 2015-16.
Cashless claims facility at over 5700+ hospitals and 1500+ diagnostic clinics across the
country.
Average health insurance claim settlement time of 1 hour.
Value Added Service (VAS) partners providing special offers exclusively for our health
insurance customers.
24/7 call assistance for claims settlement.
In-house Health Administration Team (HAT)
One of the top health insurance service provider in the country
Maximum coverage at a very affordable price
Easy to buy/renew online insurance policies
Components of a Health Insurance Policy

Sum Insured: Simply put, this is the amount of cover that one can opt for. This is the
maximum amount up to which the insured can get benefits in the event of a medical
claim during a single policy year. How this works: Let us suppose that customer take a
cover for 5 lakhs sum insured. At the time of making a claim, if customer use only 2
lakhs of that cover, then the remaining 3 lakhs can still be used by customer during the
remaining policy period.
Premium: This is the amount paid to insurance company when customer purchase a
medical insurance policy. The premium to a great extent depends on the sum insured
customer have chosen, apart from other factors like customerr age, medical condition and
physical fitness at the time of taking the policy.
Pre and Post Hospitalization Expenses: Most health policies also compensate customer
for expenses that customer would incur prior to getting hospitalized for a treatment, as
well as for the recovery treatment post being discharged. These are for consultations,
medicines, investigations, etc. related to the illness for which hospitalization has
occurred. The duration for which this cover is given should be checked while customer
are taking the policy.
Co-Payment:Co-payment or Co-pay, as it is generally referred, is a fixed amount that a
person has to pay of his overall mediclaim expenses while the remaining amount be paid
by the insurance company. For e.g. If customerr medical insurance plan has a 10% Co-
Pay clause and customerr claim amount is Rs. 100000, customer have to pay Rs 10000,
while the insurer pay Rs. 90000
Deductible: This is a fixed amount which the insured needs to first bear for each claim.
The insurance companys liability starts over and above this amount.
Ambulance Charges: This is an additional benefit offered by most health insurance
policies. It compensates customer for the charges that customer incur when availing an
ambulance service in case of an emergency to take the patient from home to hospital or
from one hospital to another. The amount of cover provided differs from policy to policy.
Day-Care procedures: Due to growing medical advancement, certain surgical
procedures do not require 24 hours of hospitalization (the basic requirement when one
needs to avail a health insurance claim for treatment). These are called day-care
procedures and these days health policies cover many such procedures as well, which is
an added benefit.
Network Hospitals: Most insurance companies empanel, or tie-up with hospitals across
the country to provide better medical services to their customers during their time of
need. These hospitals are referred to as network hospitals. The advantage of getting
treatment in these hospitals is that one can avail cashless facility. It is necessary that the
insurance company is informed of the hospitalization so that customers can authorize the
hospital to not charge the customer.
In-House Claims Team v/s Third Party Assistance (TPA) : The insurance companys
own claim settlement team is called an in-house claims team, while TPA refers to third
party/outsourced claims team. An in-house claims team enables the insurance company to
directly deal with health insurance claims and provide the customer with fast and better
service.
Other Health Insurance Plans

Health Care Supreme - Health insurance plan which take care of the medical expenses at
every stage of customerr life

Hospital Cash - Hospital Cash Policy guards customer and customerr family from increased
financial burden during hospitalization.

Silver Health - Health insurance policy exclusively designed for senior citizens, covering
medical expenses

Star Package - Provides a gamut of covers for various health risks, household contents,
education grant.

Health Ensure - The Health Ensure policy is the perfect health protection for customer and
customerr family.

Tax Gain - Bajaj Allianz has designed a unique product - The Tax Gain plan, a Family floater
health policy.

Personal Accident - The accidental death or injury of a breadwinner, can create serious financial
problems for the family.

Critical Illness for Women - The perfect health insurance plan for every woman.

Premium Personal Guard - PPG is a premium accident cover with sum insured up to Rs. 25
lacs.

Home insurance

Home Insurance/House Insurance Policy provides coverage for losses or damages caused
to properties or contents by an unfortunate event - natural and accidental
It is not just limited to Landlords who buy property insurance to those who have home
ownership, it can also be purchased by tenants living in rented properties for their
contents
Customer get the option to insure either customerr home or its contents, or both
The services stay enabled for customer even when customer are away from home,
ensuring customer have a stress free trip
It gives customer an All risk Comprehensive Insurance coverage to secure customerr
assets at affordable home insurance premium rates
Customer can opt for Home Insurance Policy for up to 3 years, making customerr policy
purchase hassle-free
Customer get to avail upto 20% discount on the total premium*
Key benefits of Bajaj Allianz My Home Insurance Policy

Home Insurance/House Insurance services provide complete protection for property,


contents and interests of the insured and their family members in a single policy
Customer get to opt for Fire Insurance Policy which covers the cost of replacement or
repair and reconstruction of property and contents in case of damage from fire and allied
perils including Earthquake and other natural perils
It covers customerr home against loss from burglary and theft
It also covers the contents of customerr home, including portable equipment, even on a
worldwide basis
It provides cover for jewellery, valuables and works of art kept at customerr home
Customer get additional benefit of rent for alternate accommodation in case customer
have to relocate temporarily from customerr home due to a peril
Home Insurance/House Insurance Policy comes with useful add-ons to provide customer
with a complete protection
Customer get to opt for Property Insurance or insure only customerr contents, or both
Affordable premium and attractive rebates come with Home/House Insurance Policy

Eligibility to buy My Home Insurance Policy

A) Home owners who own a property which is not more than 30 years old can purchase our
Home Insurance Policy

B) Tenants living in a rented accommodation, as well as others that do not have home ownership
can insure their contents of the property occupied by them

Coverage under My Home Insurance Policy

Loss or damage to content : Customer be compensated in case of loss/damage to


customerr furniture and fixtures, electronic items, kitchen items, clothing and personal
belongings as well as other products, which customer have insured at the time of
purchasing the policy
Loss or damage to portable equipment anywhere in India : We indemnify customer
in respect of the accidental loss or damage to "portable equipment" anywhere in India.
However, on payment of additional home insurance premium, the coverage for "portable
equipment" may be extended to worldwide
Loss or damage to jewellery and valuables : We indemnify customer in respect of the
accidental loss or damage to "jewellery and valuables" anywhere in India. However, on
payment of additional home insurance premium, the coverage for "jewellery and
valuables" may be extended to worldwide
Loss of or damage to "curios, works of art and paintings" whilst stored or lying in
customerr Building: We indemnify customer in respect of the accidental loss or
damage to "curios, works of art and paintings" whilst stored or lying in customerr
building. The valuation of the same shall be done by the government approved value and
approved by us
Add on covers with My Home Insurance Policy

Loss of Rent Cover : In case customerr rental property gets destroyed due to some peril,
and customerr tenant vacates it for which customer stop receiving the rent, we
indemnify customer for the amount lost till the time the property remains unfit to live in
Temporary Resettlement cover : In case customerr house gets destroyed due to some
peril, such as fire, and customer need to move to an alternate accommodation, we
indemnify customer for the transport and packing costs
Key and Lock Replacement cover : If customerr house is broken into, or the keys of
customerr house or vehicle gets stolen, we reimburse customer the cost of the locksmith
ATM withdrawal Robbery cover : In case customer get robbed right after customer
withdraw money from the ATM, we compensate customer for the amount lost due to the
same
Lost Wallet cover : If customerr wallet gets lost or stolen due to some uncertainty, we
pay customer the replacement cost for the same as well as the cost of application for lost
papers and cards that were present in the wallet
Dog Insurance cover : This cover protect customer from the cost of medical expenses
for any diseases or accidents customerr pet may contract during the insurance period
Public Liability cover : If customer use or occupy a place for residential purposes, and
someone gets injured or their property gets damaged, Public Liability cover the cost that
may be incurred to fix for those damages
Employee's Compensation cover : In case an employee meets with an accident and gets
injured during his employment period, he receive the compensation for the same

My Home Insurance cover plans

BUILDING INSURANCE (STRUCTURE)


My Home Agreed Value Reinstatement Value
Insurance Basis Basis Indemnity Basis

(Flat/ (Flat / Apartment / (Flat / Apartment /


- All Risk Policy Apartment) Independent Building) Independent Building)
PLATINUM
New For Old DIAMOND PLAN -I GOLD PLAN -I
PLAN -I
Basis (Excluding
Flat/Apartmen
Jewellery and Flat/Apartment/Buildin Flat/Apartment/Buildin
t Insurance -
Valuables, g Insurance - g Insurance -
Agreed Value
Painting, Works Reinstatement Value Reinstatement Value
Basis +
of Arts and Basis + Contents - New Basis + Contents - New
Contents - New
Curios) for Old for Old
For Old
(For Contents (For Contents Up to 5 (For Contents Up to 5
Up to 5 Years) Years) Years)
PLATINUM
Indemnity Basis PLAN -II DIAMOND PLAN -II GOLD PLAN -II
Flat/Apartment
Insurance -
Agreed Value Flat/Apartment/Building Flat/Apartment/Building
(Excluding Basis + Insurance - Reinstatement Insurance - Indemnity
Jewellery and Contents - Value Basis + Contents - Basis + Contents -
Valuables) Indemnity Basis Indemnity Basis Indemnity Basis
Inbuilt
Coverage :
India Inbuilt Coverage : India Inbuilt Coverage : India
Insurance
Portable
Coverage
Equipments
Extension On
Coverage
Payment of Insurance Coverage Insurance Coverage
Additional Extension On Payment Extension On Payment
Premium : of Additional Premium : of Additional Premium :
Worldwide Worldwide Worldwide
For Jewellery For Jewellery and For Jewellery and
and Valuables: Valuables: Valuables:
Inbuilt
Coverage :
India Inbuilt Coverage : India Inbuilt Coverage : India
Jewellery and Insurance
Valuables Coverage
Extension On
Payment of Insurance Coverage Insurance Coverage
Additional Extension On Payment Extension On Payment
Premium : of Additional Premium : of Additional Premium :
Worldwide Worldwide Worldwide
0.5% of the
Flat/Apartment
Sum Insured or
actual rent
whichever is
less subject to a 0.3% of the "Building"
Rent for Alternate maximum of Sum Insured or actual rent
Accommodation '50,000/- per whichever is less subject
month for the to a maximum of
period until the '35,000/- per month for
Completion of the period until the
Reconstruction Completion of
or 24 months Reconstruction or 24
whichever is months whichever is less -
less

Insured has the


Option to insure Insured has the Option to Insured has the Option to
OPTIONS TO either Flat/ insure either Flat/ insure either Flat/
INSURE Apartment Only Apartment/Independent Apartment/Independent
OR Contents Building Only OR Building Only OR
Only OR Both Contents Only OR Both. Contents Only OR Both.

OPTIONS FOR 1 Year 1 Year 1 Year


POLICY PERIOD 2 Years 2 Years 2 Years
3 Years 3 Years 3 Years
1. Loss of Rent 1. Loss of Rent 1. Loss of Rent
2. Temporary
Resettlement 2. Temporary 2. Temporary
Cover Resettlement Cover Resettlement Cover
3. Keys and
Locks
Replacement 3. Keys and Locks 3. Keys and Locks
Cover Replacement Cover Replacement Cover
4. ATM
ADD ON COVER withdrawal 4. ATM withdrawal 4. ATM withdrawal
FOR ALL PLANS Robbery Cover Robbery Cover Robbery Cover
5. Lost Wallet
Cover 5. Lost Wallet Cover 5. Lost Wallet Cover
6. Dog
Insurance Cover 6. Dog Insurance Cover 6. Dog Insurance Cover
7. Public
Liability Cover 7. Public Liability Cover 7. Public Liability Cover
8. Employee's
Compensation 8. Employee's 8. Employee's
Cover Compensation Cover Compensation Cover

Information related to employees

The story of Bajaj Allianz General Insurance from a GWP of Rs 141 crore to Rs. 5900 crore,
employee strength of 141 to over 4000 and eight regional offices to presence in over 600 cities
and towns, is one of how the company grew from strength to strength. The company is known as
the best general insurer not only in India but across Asia Pacific for its customer-centric
initiatives and claims management services. Bajaj Allianz General Insurance has also been
adjudged an Aon Best Employer for its transparent work culture and superior HR practices. The
team has implemented learning through gamification, built talent pipelines and created a highly
engaged workforce and has been providing employment opportunities for people even in smaller
towns and Tier II and Tier III cities

B. MEMBERS OF THE COMPANY


C. SALARY RELATED INFORMATION

Average Salary for Bajaj Allianz General Insurance Company Employees

Job Salary Details


Training & Development Manager salaries Rs 825,000
Territory Manager salaries Rs 514,000
Chief Learning Officer salaries Rs 2,000,000
Branch Manager, Insurance Office salaries Rs 544,000

D. RECRUITMENT PROCESS

Recruitment process involves a systematic procedure from sourcing thecandidates to arranging


and conducting the interviews and requires many resources and time. A general recruitment
process is as follows:

Posts to be filled
Number of persons
Duties to be performed
Qualifications required
Preparing the job description and person specification.
Locating and developing the sources of required number and type of employees (Advertising
etc).
Short-listing and identifying the prospective employee with requiredcharacteristics.
Arranging the interviews with the selected candidates.
Conducting the interview and decision making2.Prepare job description and person
specification3.Advertising the vacancy4.Managing the response5.Short-listing6.Arrange
interviews7.Conducting interview and decision making. The recruitment process is immediately
followed by the selection process i.e. final interviews and the decision making, conveying the
decision and the appointment formalities

SOURCES OF RECRUITMENT

E. PAYMENT MODE

Payment Mode: Annually, Semi-annually, Quarterly and Monthly

Options
1. Cash

Customer can make cash payments at customerr nearest Bajaj Allianz General Insurance
Company Office. Please note that none of our representatives are authorized to collect cash.

2. Cheques and Demand Drafts:

Cheque or demand draft should be drawn in favor of Bajaj Allianz General Insurance Company
limited.
Customer can submit them in customerr nearest Bajaj Allianz General Insurance Company
Office.
Customer can also hand them over to customerr intermediate or / Bajaj Allianz authorized
representative.
Kindly remember to mention customerr name, policy number and contact details on the reverse
side of the cheque / DD

3. Credit Card:

Swipe customerr credit card at any Bajaj Allianz General Insurance Company Office

Renewal Payment Options

Online Payment
Auto Debit/Auto Pay
Walk-in to balic office
Walk-in to bank
Other outlets
F. COMPANY SWOT ANALYSIS

SWOT Analysis of Bajaj Allianz with USP, Competition, STP (Segmentation, Targeting,
Positioning) - Marketing Analysis

Bajaj Allianz
Parent
Company Bajaj Finserv LTD. And Allianz SE
Category NBFC
Sector Insurance and finance
Tagline/
Slogan Jiyo Befikar; Life. Insured by Care
USP Expertise in local market with global exposure
STP
Segment Personal and Group Insurance
Target Group Urban and Rural Investors
Positioning Complete Insurance and financial solutions
SWOT Analysis
1. Global exposure in Insurance through Allianz SE and Strong Local
Implementation by Bajaj
2. Has network across 200 towns
3. Fundamentally Strong with good paying Capabilities
Strengths 4. 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
5. Received the prestigious "Business Leader in General Insurance", award by
NDTV Profit
1. Lack of penetration in rural areas
Weaknesses
2. Smaller Infrastructure as compared to established players
1. Growing rural market potential
Opportunities
2. Urban Customerth with growing income
1. Economic crisis and economic instability
Threats 2. Entry of new NBFCs in the sector
3. Increasing awareness amongst people about securing their future
G. MAKE LIST OF EMPLOYEES ROLES & RESPONSIBILITIES
CHAPTER 3

A. SALES TECHNIQUES FOLLOWED BY THE COMPANY

Consultative Selling

One sales technique used by a life insurance agent is to provide custom need-based solutions to
potential or existing clients rather than elevator pitching all life insurance products or coverage
options. The agent asks scripted demographics questions, as well as direct insurance-related
questions like, Why are customer considering life insurance at this time? to reveal useful facts.
He then crafts a solution based on these facts, verbally summarizes the person's responses,
outlines the custom solution and helps the person see the value of the solution.

Interest Creation

A person may not be open to thinking about or discussing life insurance. One method of
engagement often used by agents to create interest and help that person visualize the impact of
having coverage is storytelling. For example, an agent might describe how a client while
extremely ill was able to access his policy proceeds before death because he had added
accelerated benefits to cover catastrophic, terminal or long-term medical events. The agent might
then ask the person to imagine being in the same health situation, but without coverage.

Objection Reversal

People often object to getting life insurance or adding additional coverage. To help create sales
from objections, a life insurance sales agent often practices quickly responding to the most
common objections with knowledgeable and detailed answers designed to reverse a persons
negative views. For instance, an agent might study various low-cost insurance coverage options -
- and practice listing them aloud until he can do so effortlessly -- to handle any objection a
person might have about how expensive premiums are.

Direct Requests

Another way a life insurance agent procures new sales and sales opportunities is through direct
requests. For example, the agent simply asks for the sale: He might say, "As customer can see,
this plan covers all of the areas customer outlined. If customer're ready, I have the documentation
with me to start customerr coverage today." He also asks a client for referrals immediately after
the client selects new services or during a quarterly, bi-annual or yearly handwritten letter or
phone call follow-up.

Expressing Appreciation

Showing appreciation can also result in sales, because the action helps to create or maintain a
positive impression of the life insurance agent in the mind of a client or potential client. An agent
might show appreciation for a client's time or business by following up the next day with a
handwritten thank customer note, for example. He might also send an existing client a holiday or
birthday card and a gift card to a local retail establishment the client frequents.

Consultative sales -- Work with the customer to identify his or her needs and
concerns before customer introduce solutions. Gain trust by providing advice and
guiding the consumer through a process.
Concept selling -- Rather than describing features of various products, determine
what customerr consumer has in mind, then point him or her to the product that's
the best match.
Question-based sales -- Ask strategic questions that gently guide the consumer to
the conclusion that he or she needs to buy life insurance.
Close on the objection -- Restate the objection, ask specifically why the customer
objects, then suggest a product or feature that solves the problem.

Other Techniques

Life insurance agents increase sales by becoming recognized, useful members of their
community. To build his reputation, an agent might volunteer at a local charity or speak publicly
about life insurance at local events. Another sales technique is the use of shock or surprise to
draw a client or potential client's attention to a talking point. For example, an agent might paint
his office walls with whiteboard paint and use the surprise of writing on the walls during a face-
to-face meeting
B. PRODUCT MIX STRATEGIES

C. COMPANY TURNOVER

Net profit of Bajaj Allianz General Insurance grew 29.8 per cent to Rs 728 crore in 2016- 17
from Rs 564 crore in the previous fiscal.

The company reported an underwriting profit of Rs 62 crore in the reporting year and it was due
to its prudent underwriting philosophy.

The company has steadily improved its combined ratio to 96.8 per cent in FY17 from 99.3 per
cent a year ago, which it , reflected its sound financial health.

Profit before tax (PBT) grew 39.7 per cent to Rs 1,078 crore in FY17 from Rs 771 crore a year
ago. The incurred loss ratio came down to 70.4 per cent from 72.3 per cent due to better
underwriting discipline and claims management.

The company's solvency ratio currently stands at 2.61 as against the regulatory requirement of
1.50.

Bajaj Allianz, remained focused on building digital as well as distribution capabilities to produce
innovative customer-centric solutions and improve reach. A rise in premium from our new bank
tie-ups as well as personal lines and agriculture insurance portfolios were instrumental for the top
line growth

Multi-channel distribution model, which includes consistent and significant contributions from
not only our existing channel partners but also our digital offices spread throughout the country
further fuelled this growth.

The company's digital thrusts for an enhanced customer experience and better expense
management helped in improving profitability.
The company settled 9 lakh claims and serviced close to 1 corer policies in fiscal 2017. Going
forward, the focus be to further improve penetration by taking insurance solutions to newer tier
2 and 3 towns through digital offices and bank tie-ups, he .

At the same time, the company continue o introduce digital interfaces to transform customer's
insurance experience.

D. COMPANY LICENSE DETAILS

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

E. COMPETITORS LIST

Competition
SBI Life Insurance
Major Sahara Life Insurance
Competitors HDFC Standard Life

Metlife India Life Insurance

ICICI Prudential Life Insurance

Bajaj Allianz Life

Max New York Life Insurance

Tata AIG Life


Other
competitors: Birla Sunlife

Kotak Life Insurance

Aviva Life Insurance

Reliance Life Insurance Company Limited - Formerly known as AMP


Sanmar LIC

ING Vysya Life Insurance


Shriram Life Insurance

Bharti AXA Life Insurance Co Ltd

Future Generali Life Insurance Co Ltd

IDBI Fortis Life Insurance

AEGON Religare Life Insurance

DLF Pramerica Life Insurance

CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE

India First Life insurance company limited


CHAPTER 4

A. FUTURE STRATEGIES AND GOALS OF THE COMPANY

14th June 2017, Mumbai - Bajaj Allianz General Insurance launches three industry 1stDigital
Services to transform customer & claims experience

Travel Ezee uses Block chain technology to proactively disburse travel insurance claims related
to flight delays even before the claim
is reported.
Motor On The Spotempowers customers to self-survey in the case of motor insurance accident
to settle claims on the spot.
BoingAn artificial intelligence driven Chatbot platform for instant 24/7 customer service
support.

Bestdealfinance.com Pvt. Ltd.(Rubique) Partners with Bajaj Allianz General Insurance


Co. Ltd

Apr 13 17

Bestdealfinance.com Pvt. Ltd.(Rubique has partnered with Bajaj Allianz General Insurance Co.
Ltd. to offer general insurance solutions to Rubique customers through its platform.

Karnataka Bank Enters into Memorandum of Understanding with Bajaj Allianz General
Insurance Co Ltd

Mar 14 17

Karnataka Bank announced that it has entered into Memorandum of Understanding with M/s
Bajaj Allianz General Insurance Co Ltd. for General Insurance business. With 93 years of
Banking experience and one among the Prominent First Generation Private Sector Banks,
Karnataka Bank is expanding its existence at a rapid pace at all directions. With technology
driven banking and customer centric products, Bank is also providing various third party
products to its customers under one roof. Corporate Agency Agreement was at the Head Office
of Karnataka Bank by Bajaj Allianz General Ins. Co Ltd. [BAGICL] and Karnataka Bank.

In 2014, the company started two strategic initiatives for demographic and geographical
expansion in the country namely Virtual Offices and All Women Branches. With 500 Virtual
Offices across India today, the company has successfully leveraged digitalization to penetrate
Tier II, Tier III as well as other remote, untapped markets and made insurance solutions
available. The All Women Branch initiative was started as a pilot project in the head office with
30 agents and today the initiative has 1000 agents associated with it in 30 branches and has given
women who had taken a break from their careers, an opportunity to make a comeback
professionally.

B. FINANCIAL REPORTS
BIBLIOGRAPHY: