A PROJECT REPORT ON

BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD

ACKNOWLEDGEMENT

Any work of this magnitude requires the inputs, efforts and

encouragement of the people from all sides. In compiling this
project report, I have been fortunate enough to get active and kind
cooperation from many people without whom my endeavors
wouldn’t have been a success.
There is an old adage that says that you never really learn a
project until you practice it. So, I would like to extend my deep
gratitude and heartfelt thanks to our mentor ……………. for
extending their immense help to us in acquiring valuable
knowledge on the subject for successful completion of the project.
 INSURANCE
• “Insurance is not necessarily an investment from which one
expects to get one's money back. Nor is it gambling. A
gambler takes risks, while insurance offers protection
against risks that already exist. Insurance is a way to share
risk with others. Since ancient times, communities have
pooled some of their resources to help individuals who suffer
loss.”

• "Insurance is a contract between two parties whereby one

party called insurer undertakes in exchange for a fixed sum
called premiums, to pay the other party called insured a
fixed amount of money on the happening of a certain event."

• “Insurance is a protection against financial loss arising on

the happening of an unexpected event. Insurance companies
collect premiums to provide for this protection. A loss is paid
out of the premiums collected from the insuring public and
the Insurance Companies act as trustees to the amount
collected.”
 BAJAJ ALLIANZ GENERAL
INSURANCE COMPANY

Bajaj Allianz General Insurance Company Limited is a joint

venture between Bajaj Finserv 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 crores. Bajaj Finserv
Limited holds 74% and the remaining 26% is held by Allianz, SE.

As on 31st March 2008, Bajaj Allianz General Insurance

maintained its premier position in the industry by garnering a
premium income of Rs. 2578 crore, achieving a growth of 43 %
over the last year.Bajaj Allianz has made a profit before taxes of
Rs. 167 crore and is the first company to cross the Rs.100 crores
mark in profit after tax by generating Rs. 105 crores.

In the first quarter of 2008-09, the company garnered a gross

premium of Rs.733.53 crores against Rs.573.73 core last year for
the same period registering a growth of 28%.

Bajaj Allianz today has a countrywide network connected through

the latest technology for quick communication and response in
over 200 towns spread across the length and breadth of the
country. From Surat to Siliguri and Jammu to
Thiruvananthapuram, all the offices are interconnected with the
Head Office at Pune.
 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. A Partnership Based on Synergy Bajaj Allianz General
Insurance 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. As a registered Indian Insurance Company
and a capital base of Rs. 110 crores, the company is fully
licensed to underwrite all lines of general insurance business
including health insurance.
 INDUSTRY AND
PRODUCTS

Bajaj Allianz Life Insurance Company was the No1. Pvt.

Sector Life Insurance co. for the FY 2005-06. With a pan
India presence and over 900 + offices, Bajaj Allianz Life
Insurance has already has a customer base of close to 2
million customers. Bajaj Allianz Life Insurance has
developed insurance solutions that cater to every
segment and age-income profiles. For companies it
provides comprehensive 'Employee Benefit Solutions'
(Group Term Life, EDLI, Gratuity, Super-annotation, Key
man Insurance and more); for the individual Invest Gain
(a unique life insurance plan where sustenance of income
is combined in the same plan that also pays a lump sum),
Cash Gain (Money Back), Child Gain (Children's plan),
Risk Care (Pure Term), Lifetime Care (whole life), Term
Care (term with return of premium), Saran Visitant
(Retirement Plan), Protector (Mortgage term insurance
plan), New Unit Gain Super, New Family Gain, New Unit
Gain Plus, New Unit Gain, New Unit Gain Premier, New
Unit Gain Easy Pension Plus, New Unit Gain Easy Pension
Plus – single premium. Currently Bajaj Allianz has a
product portfolio of 30 products and more need-based
products are in the pipeline. It has followed
Bancassurance Model which is the term used to describe
the sale of insurance products in a Bank. The word is a
combination of "banque or bank" and "assurance"
signifying that both banking and insurance are provided
by the same corporate entity. The usage of the word
picked up as banks and insurance companies merged and
banks sought to provide insurance, especially in markets
that have been liberalized recently. It is a controversial
idea, and many feel it gives banks too great a control
over the financial industry.

SWOT ANALYSIS
STRENGHTS
1. Strong Brand Image

2. Dedicated sales team

3. Value added services.

4. Bajaj Allianz Life Insurance is the first large pvt. sector life
insurance co. with a pan India network and strong retail
focus to declare substantial profits for the financial year.

5. Bajaj Allianz Life is most profitable pvt. life insurer for 06-07.

6. Largest distribution network to reach the customers across

the country with 2, 13,000 agents, 900 offices in 840 towns,
200 corporate agents & Banc assurance partners.

7. The Company announced a healthy profit of Rs 63 cr. for the

FY 2006-07 as per the audited results. Excluding
Participating funds profit the profit stands at Rs 54
 Cr.10.Building on number one position in previous FY 05-06
in new business the co. is now no.1 in the Pvt. Sector in
issuing largest number of Policies and becoming a truly mass
retail company.

WEAKNESSES
1. They have to compete with the Government Companies like
LIC and UTI who has been very established in this field. So
they will have to attain the same trust of the public as it is in
case of LIC and UTI.

2. Weak Customer Relations Management

3. Centralized Structure

OPPORTUNITIES
1. Large Untapped Market.

2. Distinguishable product (like Parivar Account).

THREATS
1. Presence of very strong competitors.

2. Aggressive marketing by competitors.

3. Various investment Schemes with high returns.

HR SYSTEMS
BajaJ Allianz has:
 • A Management style which is participative and consensus
based.
• A Work culture which is Open, informal & collaborative.
• A Communication style, which is open and not bound by
traditional hierarchies.
• A Compensation & Benefits package which rewards and
recognizes the best.

IMPORTANCE OF THE HR DEPARTMENT IN

INSURANCE COMPANIES:
• People are the heart and soul of any business and the
insurance industry relies on the dedication, creativity and
commitment of its people to enable it to thrive and grow.
• HR teams provide organizations with the expertise they need
to recruit and retain the very best people, dealing with
matters such as salaries, pensions and benefits; training
and development; industrial and staff relations; counseling
and welfare; and health and safety.
• Increasing emphasis on diversity, performance management, learning and
development and organizational change make this a challenging and
intellectually stimulating area of work
 THE 5 P’S MODEL OF
SHRM
• PHILOSOPHY
o Statements of how organization values and treats
employees; essentially culture of the organization

• POLICIES
o Expressions of shared values and guidelines for action
on employee-related business issues

• PROGRAMS
o Coordinated and strategized approaches to initiate,
disseminate, and sustain strategic organizational
change efforts necessitated by strategic business needs

• PRACTICES
o HR practices motivate behaviors that allow
individuals to assume roles consistent with
organization’s strategic objectives

THREE CATEGORIES OF ROLES:

o Leadership
o Managerial
o Operational
• PROCESSES

o Continuum of participation by all employees in

specific activities to facilitate formulation and
implementation of other activities
o Successful SHRM efforts begin with identification
of strategic needs
o Employee participation is critical to linking
strategy and HR practices
o Strategic HR depends on systematic and
analytical mindset
o Corporate HR departments can have impact on
organization’s efforts to launch strategic
initiatives
 REFERENCES –

1 . BHUMIKA ISRANI
ASST MANAGER – HR
DELHI – NCR
BAJAJ ALLIANZ LIFE INSURANCE CO.
LTD

2 . www.bajajallianzlife.com