SUMMER PROJECT

PROGRESS REPORT NO. 2

ON

COMPANY ANALYSIS OF

(BAJAJ ALLIANZ GENERAL LIFE INSURANCE)

SUBMITTED TO: SUBMITTED BY:

Name: Harveen Mam STUDENT NAME: Shubham Mishra

Designation: Assistant Professor UID: 20MBA1693
Chandigarh University MBA-Batch 2020-22
Location: Gharuan, Mohali

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 Table Of Contents
Particulars Page
Number
Executive Summary 3-5

3
1) Company Profile
4
2) Organizational Profile
3) Allianz Group 5

Key Achievements in FY 2020-21 6

Market Share and number of company 7

Major Market Players and Competitors 8-12

Swot Analysis 13

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 EXECUTIVE SUMMARY

Over the previous few decades, the role of the insurance sector has undergone a
paradigm shift. It's widely known as a crucial aspect of the protection source for
the policyholder and regarded as a belief considered a short and long-term
investment. After zeroing down on my research area, I have got collected
information through primary and secondary sources. I had a continuing discussion
with Mr. Luv Sehrawat sir, Sales Manager, and took valuable suggestions from
him throughout my trading. The target of this report is to review “
Customer Awareness, Perception, and Attitude towards Bajaj Allianz Life
Insurance Company”

This survey was conducted through a structured Questionnaire. In today’s

competitive business world every customer is important for the leading insurance
sector like Bajaj Allianz Life insurance with competitive strategies, the customer
expectations are very high so it should be kept in mind and offer the simplest
possible service. The report deals with the conceptual background of insurance and
a summary of the corporate, the following part deals with the research design of
the study that's problem identification, objectives, and the way research was
disbursed. The study's outcome shows that the amount of customer awareness
towards Bajaj Allianz is sweet with the advantages and service that they are giving
and most of the people want to travel for investments where there's above-average
risk and high return. The company can start some good promotional activities to
create its brand and to form recognition by all the people within the market. The
effective marketing channel with the person selling is a necessary consider factor
in influencing insurance company’s growth.

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 COMPANY PROFILE

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz Life insurance company limited is a union between Allianz SE, the
world’s leading insurer, and Bajaj Auto, one of India’s most respected names.
Allianz SE is a leading insurance conglomerate globally and one of the largest asset
managers in the world, managing assets worth over a Trillion Euros (over RS 55,
00,000 crores). At Bajaj Allianz, we realize that you seek an insurer you can trust
your hard-earned money with. Allianz SE has more than 110 years in the Indian
market, is committed to offering you financial solutions that provide all the security
you need for your family and yourself.
At Bajaj Allianz, customer delight is our guiding principle. Ensuring world-class
solutions by offering you customized products with transparent benefits supported
by the best technology is our business philosophy.

1.1) Organizational Profile

1) A STRONG INDIAN BRAND- HAMARA BAJAJ

2) One of the Largest 2 & 3-wheeler manufacturers in the world.
3) 21 million + vehicles on the roads across the globe
4) managing funds of over Rs5200crore Bajaj Auto finance one of the largest
auto finance companies in India Rs5934cr turnover and profits after tax of
732cr in 2004-05 Bajaj Group, an Rs. 8,000 crore group, a household name
in India with a strong brand image and brand loyalty.
5) Bajaj Group is synonymous with quality and customer focus.
6) Bajaj Auto is an Rs.4,000 crore auto giant.
7) 4 the largest in the world.
8) Has over 15,000 employees.

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1.2) Allianz Group
1) Allianz Group is one of the world's leading insurers and financial services
providers
2) Founded in 1890 in Berlin
3) Allianz is one of the leading global insurance companies headquartered in
Munich, Germany.
4) Established in 1890, more than 110 years of experience in insurance.
5) Allianz has over 700 subsidiaries and approximately 1,50,000 employees
worldwide.

6) Allianz global network extends to over 70 countries in

a) Europe.
b) South and Northern Americas.
c) Africa
d) The Middle East.
e) The Asia Pacific.

7) World largest insurance company by revenue 520353cr

8) worldwide 2nd gross written premium 477930cr
9) 3rd largest assets under management (AUM) and largest insurance
companies AUM of Rs18,746cr.
10) 11th largest corporation in the world.
11) 50% global business from life insurance close to 60 million lives
insured globally.
12) Allianz’s shares are treated at the 5 leading international stock
exchanges:
a) Frankfurt.
b) London.
c) Paris.
d) Zurich.
e) New York.
13) Insurance to almost half of the Fortune 500 companies.

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 2) Bajaj Allianz Key Achievements in FY 2020-21:

a) Bajaj Allianz Life has been awarded the ‘Best Use of Innovation to
enhance Customer Experience’ at the Customer FEST Leadership
Awards 2021. The recognition comes from Bajaj Allianz Life Smart
Assist, a first-of-its-kind co-browsing service in the insurance industry.
b) Bajaj Allianz Life won the ‘Best Digital Customer Experience Initiative’
award for WhatsApp servicing, at the Customer FEST Leadership
Awards 2021. The award recognizes Bajaj Allianz Life’s digital
ecosystem for providing customers an enhanced digital experience.
c) Bajaj Allianz Life bagged Gold #SAMMIE for the ‘Best Social Media
Brand’ in BFSI (Insurance category) at the Best Social Media Brands
Award 2020.
d) Bajaj Allianz Life won the ‘Best Fraud Intelligence’ award at the 5th
Annual Insurance India Summit & Awards 2020. The award recognizes
Bajaj Allianz Life’s fraud prevention and mitigation initiatives.
e) Bajaj Allianz Life has been recognized amongst the Top 75 Most
Valuable Indian Brands 2020, as per the Brand report released by
Kantar. This recognition comes for the third time in a row.
f) Bajaj Allianz Life won Red Hat APAC Innovation Awards 2020 for
Digital Transformation Hybrid Cloud Infrastructure.
g) Bajaj Allianz Life Goal Assure has been awarded the 'Best ULIP of the
Year' second time in a row, at the Business Today-Money Today
Financial Awards 2020. The Business Today - Money Today Financial
Services Awards recognize the best companies in various financial
categories including insurance and mutual funds.
h) Bajaj Allianz Life was awarded the ‘Fraud Analytics Team of the Year’ at
the Achromic Point Anti-Fraud Awards 2020. The award recognizes the
achievement of Bajaj Allianz Life in the domain of fraud management.

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 3) Market Share of Each company
Name Of the Company Market Share
1) LIC 74.26
2) ICICI Prudential 7.24
3) Bajaj Allianz 5.68
4) HDFC std 3.11
5) SBI Life 1.49
6) Birla sun life 1.84
7) Tata Aig 1.67

8) Max New York 1.33

9) Om Kotak Mahendra 0.73

10) Med Life 0.38

11) AMP SanMar 0.49

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 4) Major Market Players and competitors
4.1) Birla Sun Life Insurance Company:
Birla Sun Life Insurance is the coming together of the Aditya Birla Group and Sun Life Financial
of Canada to enter the Indian insurance sector. The Aditya Birla Group, a multinational
conglomerate has over 75 business units in India and overseas with operations in Canada, the USA,
UK, Thailand, Malaysia, Egypt to name a few.
Foreign Partner:
Sun Life Assurance, Sun Life Financial's primary insurance business, has excellent ratings with
the world’s top rating agencies. With assets under management as of September 30, 2000, totaling
more than CDN billion, it ranks amongst the largest international financial services organizations
in the world. Today, the Sun Life Financial group of companies and partners are represented
globally in Canada the United States the Philippines Japan Indonesia India, and Bermuda.

4.2) HDFC- Standard Life:

HDFC Standard Life Insurance Company is a joint venture between India’s largest housing finance
provider, HDFC, and Europe’s largest mutual life assurance company –The Standard Life
Assurance Company. HDFC Standard Life Insurance Company Limited is the First Private Sector
Life Insurance Company to be granted a license. 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 elsewhere around the world. With a history dating back to 1696,
Aviva has a 30 million customer base worldwide. It has more than £317 billion of assets under
management.

Aviva’s Fund management operation is one of its key differentiators. Operating from
Mumbai, Aviva has an experienced team of fund managers and the range of fund options
includes Unitized With-Profits Fund and four Unit Linked funds: - Protector Fund, Secured
Fund, Balanced Fund.

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 Foreign Partner:
Standard Life, UK- founded in 1825, has been at the forefront of the UK insurance industry
for 175 years by combining sound financial judgment with integrity and reliability. It is the
Largest Mutual Life Company in Europe and has total assets of Rs 5, 50,000 crores. It is
one of the very few insurance companies in the world to have received an ‘AAA’ rating
from two of the leading international credit rating agencies.
Moody's and Standard & Poor’s standard life was recently voted company of the Decade in the
UK by the independent Brokers called IFAs.

4.3) Life Insurance Corporation of India (LIC):

The Life Insurance Corporation Of India was established about 44 years ago to provide an
insurance cover against various risks in life. A monolith then, the corporation, enjoyed a
monopoly status and became synonymous with life insurance. Its main asset is its staff
strength of 1.24 lakh employees and 2,048 branches and over 6 lakh agency force.LIC has
hundred divisional offices and has established extensive training facilities at all levels. At
the apex, is the Management Development Institute, seven Zonal Training Centers, and 35
sales Training Centers. At the industry level, along with the government and the GIC, has
helped establish the national insurance academy.

It presently transacts individual life insurance businesses, group insurance businesses,

social security schemes and pensions, grants housing loans through its subsidiary; and
markets savings and investment products through its mutual fund. Its pays off about Rs
6,000 crore annually to5.6million policyholders.

4.4) Om Kotak Mahindra Life Insurance:

Established in 1985 as Kotak Capital Management Finance promoted by Uday Kotak the
company has come a long way since its entry into corporate finance. It has dabbled in
leasing, auto finance, investment banking, consumer banking, and broking. The company
got its name Kotak Mahindra as Industrialists Harish Mahindra and Anand Mahindra
picked a stake in the company. Kotak Mahindra is today one of India’s leading financial
institutions.

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 Old Mutual:
Old Mutual plc is an international financial services group based in London with expanding
operations in life assurance, asset management, banking, and general insurance. Old
Mutual is listed on the London stock exchange (where it is included anon the FTSE 100
index) and also on the South African, Namibian Malawi stock exchange. It has 156 years
of experience in the life insurance business
4.5) Max New York Life:
Max India: -
It is a multi-business corporation that has business interests in telecom services, bulk
pharmaceuticals, electronic components, and specialty products. It is also the service-
oriented business of health care, life insurance, and information technology.
New York Life:
New York Life has grown to be a fortune 100 company and an expert in life insurance. It
was the first insurance company to offer cash dividends to policyholders. In 1894, New
York Life pioneered the then-unheard-of concept of insuring women at the same rate as
men. Thereafter, it continued to introduce a series of firsts a disability clause in
1920.unemployment insurance in 192 and complete customer care on the web in 1998.
Today New York Life has over US billion in assets under management and over 30,000
agents and employees worldwide. With over 3 million policyholders, New York Life
Insurance is a leading provider of insurance in a host of countries worldwide.
4.6) Aviva Life Insurance India:
It is a joint venture between Dabur, one of India’s oldest and largest groups of companies, and
Aviva. Aviva plc is UK’s largest insurer. Following government regulations, Aviva holds a 26%
stake in the new venture and Dabur holds a 74%share.
Aviva:
It is the world’s seventh-largest insurance group (based on gross worldwide premiums) and the
biggest in the UK. It is one of the leading providers of life and pensions products to Europe and
has substantial businesses elsewhere around the world. Its main activities are long-term savings,
fund management, and general insurance.

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4.7) ING Vysya Life Insurance:
ING Group:
ING Vysya Life Insurance is a joint venture between three pioneers, ING Insurance, ING
Vysya Bank, and GMR group. Over the last 150 years. ING Group has grown to become
one of the largest life insurance organizations in the world. Today is touched the lives of
over 50 million people across 65 countries. It offers a range of financial services including
insurance, pensions, banking and asset, management. In the year markets, which require
substantial investments underlying ING’s long-term commitment. In the last 20 years, ING
group has established successful life insurance companies in 15 countries contributing to
the development of insurance services in these countries.
ING Vysya Bank Limited:
It is one of India’s premier private sector banks with a heritage of over 70 years. With 1.5
million customers, 480 outlets, and 6000 employees it is known for its innovative banking.
Services and for pioneering several products and services. ING Vysya bank has a long-
standing relationship with its customers and a deep understanding of the Indian market.
GMR Group:
It has a solid track record of over two decades of growth and has wide-ranging interests in fields
such as power generation, infrastructure, manufacturing, software, and banking. GMR group has
an excellent reputation for being able to successfully develop ventures from scratch.
4.8) Met Life Insurance Pvt Company:
It was corporate as a joint venture between Met Life International Holdings, Jammu & Kashmir,
and other private investors. MetLife is headquartered in bang lore with offices and presence in
major Indian cities, and additional 1000 outreach points through its channel partners.

Met Life:
It ranked 38 on the fortune 500 lists, Met Life, Inc is one of the world's largest, strongest, and most
respected financial organizations. Met Life, through its affiliates, is the number 1 life insurer in
the US with approximately $2.4 trillion of life insurance in force and has been delivering reliable
serve approximately 12 million individuals in the US as well as the employees of 88 of the fortune
100 companies. Headquartered in New York, Met Life operates through its affiliates and
subsidiaries in 12 countries across the Americas, Europe, and Asia.
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4.9) Allianz Bajaj Life Insurance Company:
It is also a joint venture between two leading conglomerates 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.
Foreign Partner:
It is one of the world’s leading insurers and financial service providers. Founded in 1890
in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At
the top of the international group is the holding company, Allianz AG, with its head office
in Munich. Allianz group provides its more than 60 million customers worldwide with a
comprehensive range of services in the area of
• Property and Casualty Insurance
• Life and Health Insurance
• Asset Management and Banking

4.10) SBI Life Insurance Company Ltd:

SBI Life Insurance Company Ltd is a joint venture between India’s largest banks, State
Bank of India & Cardiff S A, a leading life insurance company in France State Bank of
India is a household name, and it stands as the last word for financial strength and
security in the country. SBI’s illustrations background dates back to the year 1806 when
it started a business, as a presidency bank, known as the bank of Bengal Over the long
journey, it has learned to combine the best of banking practices handed down from the
imperial management with the more dynamic ways of doing banking in modern India. It
has grown as a responsible giant in the banking field over the years.

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 1) SWOT ANALYSIS

7.1) STRENGTH

1) A strong brand name with a high degree of financial support

which is the backbone of the company.
2) Brand leaders in bringing the latest financial services for the common man.
3) An innovator, pre-problem seeker, and risk-taking capabilities.
4) Systematic, planned, and quick actions taken up lead to quick
reactions by the company ultimately providing a competitive
edge to Bajaj Allianz Insurance.

7.2) WEAKNESS

1) The data collected cannot be considered 100% accurate but it is only an

estimated figure gathered by the survey.
2) The analysis so done cannot be regarded as the final as change is the only
constant thing that happens.

7.3) OPPORTUNITIES

1) A huge untapped market.

2) The emerging middle class, a good potential market.
3) Increasing employment rate and income.
4) Increasing financial investments in the market.

7.4) THREATS

1) Neck to Neck competition with ICICI Prudential and HDFC Standard

concerning services and policies.
2) Threats from growing competitors like Reliance Life and Aviva in the
Insurance sector.
3) A new entrant in the market, Max New York Life, Bharti Axaetc, is an area of
Company.
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