Insurance is not the sale of products, but servicing customers. It is a system, by which the losses suffered by a few are spread over many, Exposed to similar risks. 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. The very fundamental principle of spreading of the risk is actually practiced by the insurance companies by reinsuring the risks that they have insured. The opening up of the Insurance Sector to Private Companies, has made available more products and world class service to Indian Customer. This project has been made with an objective to give an insight into various facts of General Insurance sector in India. An attempt has been made to explain the apex body of General Insurance. i.e. General Insurance Corporation of India, its structure, products and subsidiaries. Also the review of latest entrants into insurance sector viz. private players like Bajaj Allianz General Insurance Company, TATA AIG General Insurance Company, Reliance General Insurance Company limited, IFFCO Tokyo General Insurance Company, Royal Sundaram General Insurance Company limited and ICICI Lombard General Insurance Company have been described in brief, Due to the growth in the technological sector of the country, the insurance companies have started utilizing these technologies to it’ as optimum level.
1.2 CONCEPT OF MARKETING
"Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives." The American Marketing Association (AMA) states, "Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders."
Marketing is an ongoing process of planning and executing the marketing mix (Product, Price, Place, and Promotion) for products, services or ideas to create exchange between individuals and organizations. Marketing tends to be seen as a creative process, which includes advertising, distribution and selling. It is also concerned with anticipating the customers' future needs and wants, which are often discovered through market research. In general, marketing activities are all those associated with identifying the particular wants and needs of a target market of customers, and then going about satisfying those customers better than the competitors. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution. Essentially, marketing is the process of creating or directing an organization to be successful in selling a product or service that people not only desire, but are willing to buy. Therefore good marketing must be able to create a "proposition" or set of benefits for the end customer that delivers value through products or services. A market-focused, or customer-focused, organization first determines what its potential customer and then builds the product or service. Marketing theory and practice is justified in the belief that customers use a product or service because they have a need, or because it provides a perceived benefit. Two major factors of marketing are the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management). Once a marketer has converted the prospective buyer, base management marketing takes over. The process for base management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place, and improving the product/service continuously to protect the business from competitive encroachments. For a marketing plan to be successful, the mix of the four "Ps" must reflect the wants and desires of the consumers or Shoppers in the target market. Trying to convince a market segment to buy something they don't want is extremely expensive and seldom successful. Marketers depend on insights from marketing research, both formal and informal, to determine what consumers want and what they are willing to pay for. Marketers hope that this process will give them a sustainable competitive advantage. Marketing management is the practical application of this process. The offer is also an important addition to the 4P's theory.
Marketing methods are informed by many of the social sciences, particularly psychology, sociology, and economics. Anthropology is also a small, but growing influence. Market research underpins these activities. Through advertising, it is also related to many of the creative arts. Marketing is a wide and heavily interconnected subject with extensive publications. It is also an area of activity infamous for re-inventing itself and its vocabulary according to the times and the culture. Marketing is an instructive business domain that serves to inform and educate target markets about the value and competitive advantage of a company and its products. “Value” is worth derived by the customer from owning and using the product. “Competitive Advantage” is a depiction that the company or its products are each doing something better than their competition in a way that could benefit the customer. Marketing is focused on the task of conveying pertinent company and product related information to specific customers, and there are a multitude of decisions (strategies) to be made within the marketing domain regarding what information to deliver, how much information to deliver, to whom to deliver, how to deliver, when to deliver, and where to deliver. Once the decisions are made, there are numerous ways (tactics) and processes that could be employed in support of the selected strategies. The goal of marketing is to build and maintain a preference for a company and its products within the target markets. The goal of any business is to build mutually profitable and sustainable relationships with its customers. While all business domains are responsible for accomplishing this goal, the marketing domain bears a significant share of the responsibility. Within the larger scope of its definition, marketing is performed through the actions of three coordinated disciplines named: “Product Marketing”, “Corporate Marketing”, and “Marketing Communications”.
1.3 CUSTOMER SATISFACTION
It is a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals."
It is seen as a key performance indicator within business and is often part of a Balanced Scorecard. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy. Within organizations, customer satisfaction ratings can have powerful effects. They focus employees on the importance of fulfilling customers’ expectations. Furthermore, when these ratings dip, they warn of problems that can affect sales and profitability. These metrics quantify an important dynamic. When a brand has loyal customers, it gains positive word-of-mouth marketing, which is both free and highly effective. Therefore, it is essential for businesses to effectively manage customer satisfaction. To be able do this, firms need reliable and reprehensive measures of satisfaction. In researching satisfaction, firms generally ask customers whether their product or service has met or exceeded expectations. Thus, expectations are a key factor behind satisfaction. When customers have high expectations and the reality falls short, they will be disappointed and will likely rate their experience as less than satisfying. The importance of customer satisfaction diminishes when a firm has increased bargaining power There is a substantial body of empirical literature that establishes the benefits of customer satisfaction for firms. Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty. Customer satisfaction data are among the most frequently collected indicators of market perceptions. Their principal use is twofold: 1. Within organizations, the collection, analysis and dissemination of these data send a message about the importance of tending to customers and ensuring that they have a positive experience with the company’s goods and services 2. Although sales or market share can indicate how well a firm is performing currently, satisfaction is an indicator of how likely it is that the firm’s customers will make further purchases in the future. Much research has focused on the relationship between customer satisfaction and retention. Studies indicate that the ramifications of satisfaction are most strongly realized at the extremes. Willingness to recommend is a key metric relating to customer satisfaction.
The Following is diagrammatic representation of customer satisfaction
3 SCOPE OF STUDY
I have limited the scope of my study to the analysis of the satisfaction of insurance products and insurance companies of Bajaj Allianz customers only located in Visakhapatnam. Conducting a survey prevents irritation and resistance from the respondents unlike those in case of doing a survey in an organization. including:
Overall satisfaction Product-specific satisfaction Brand perception Pricing Timeliness of delivery Customer service satisfaction Returns and exchange process satisfaction Interest in new products and services
. we can get the segmented data of customer. loyalty and retention.2 OBJECTIVES OF THE STUDY
To know whether the Customers of Bajaj Allianz are satisfied with the Company. A customer satisfaction survey encourages your clients and customers to give your business vital feedback on issues that can affect customer retention.
2.1 NEED OF THE STUDY
It is first step towards achieving the ultimate goal of company is customer satisfaction. They provide a foundation in which you can start building upon your customer relationships. To get knowledge on different operations of company. To know the renewals Process.2. Moreover. We can get a sample of respondents from Bajaj Allianz only. To identify limitations of customer retention. To know about reimbursement during claims.
The survey is limited to area of Visakhapatnam only.
. Bajaj Allianz. Both descriptive and Causal approaches were adopted.. Sample units: Sample units were the customers of company. to draw information. The primary data collection includes Questionnaires. Some respondents refused to give information. 150.4 RESEARCH DESIGN
The present study includes exploratory approach to gather a huge amount of information before concluding the study.2. Secondary data information was collected from journals. magazines and company handbook and also with interaction with customers in Visakhapatnam.. There is possibility of collecting biased opinions from the customers. large samples are used rather than small samples.e. wherein both primary and secondary data were used to maximum extent. Sample size: Sample size included had covered a set of 150 customers. As a result.
Methodology: In this project the primary data is collected through a questionnaire which consists of 17 questions. web sites and books were collected as a part of secondary data. how many people should be surveyed? In order to get more reliable results. The survey was conducted to customers of Bajaj Allianz Vizag only. Sampling: It is a process of collecting useful information . being an insurance sector requires a huge data collection.The fundamental aspect of sampling is fixing of sample size i. various journals. Personal Interviews etc. rather than a particular way of thinking.
Limitations of the Study The limited period allocated for the survey is not sufficient to analyze the market. The main objective behind was to get a deeper insight regarding the customer’s satisfaction.
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23 per cent share of LIC. All is set to change in the coming years. The following companies are entitled to do insurance business in India.77per cent as compared to 96. Among the
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. The entry of the State Bank of India with its proposal of bank assurance brings a new dynamics in the game.72 crore for the period under review.1 INDUSTRY PROFILE:
Insurance in India started without any regulations in the nineteenth century.170 crore and a market share of 15 percent. The private insurance players have significantly improving their market share when compared to 50 years Old Corporation (i.LIC). As per the figures compiled by IRDA.8 per cent by the end of January 2010. In terms of number of policies and schemes sold. private non-life insurance companies have not yet started addressing the retail market. It recorded a premium of Rs. In case of private non-life insurance players that their market shares raised to 13 per cent over previous year. the Life Insurance Industry recorded a total premium underwritten of Rs. Private sector grew at 12.76. Like in the banking sector. The private insurance joint ventures have collected the premium of Rs. accounting for 10 percent.3. After the independence.3. Life Insurance Corporation of India (LIC). It was a typical story of a colonial era: a few British insurance companies dominating the market serving mostly large urban centers. the public sector giant.87 crore. translating into a market share of 90 per cent.9.8 per cent and public sector grew by 13. 000 crore in three years of liberalization.7 crore and Max New York Life with Rs. HDFC Standard with 132. Of this. private sector accounted for only 3. Unlike their counterpart in the life insurance business. Only in 1999 private insurance companies were allowed back into the business of insurance with a maximum of 26 per cent of foreign holding (World Bank Economic Review 2000). the Life Insurance Company was nationalized in 1956. On July 14. and then the general insurance business was nationalized in 1972.1. 019. 16814.8 crore with a market share of approximately 15 per cent each.09 crore. followed by Birla Sun Life with a premium under. non-life insurance companies will soon have no choice but to focus on individual buyers.e.written Rs. 364.688. 2000 Insurance Regulatory and Development Authority bill was passed to protect the interest of the policyholders from private and foreign players. The ICICI Prudential topped among the private players in terms of premium collection. continued to lead with a premium collection of Rs. private players contributed to Rs.9 crore and a market share of 25 per cent.09 crore with the investment of just Rs.1019.
National with a market share of 14.87 crore in one year period with a market share of 9. Further.251. 4.82 per cent market share and annual growth rate of 9.5439. New India garnered a market share of 16. 18. It is obviously reflect the insurance sector has facing the challenges with foreign counter parties as well as private counter parties and lot more opportunities are prevailing to penetrate the insurance business among the uncovered people and area of India.74 crore and 6.41 crore premium and annual rate by 13.904.50 crore and 4. Rs.34 per cent.disciplinary persons. Among the public sector players. it assumes greater significance to conduct debate among the inter.97 per cent with Rs. it leads to economic development of the country.private non-life insurance players.77 per cent.60 crore premium and an annual rate 14.28 percent.6.
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. 096. In this regard.53 crore premium and an annual rate of 17.26 per cent market share and annual rate of 4. followed by United India with a market share of 14. 15.92 per cent and IFFCO Tokio with a premium of Rs. followed by Bajaj Allianz with a premium of Rs.376. If this trend continues. 2.36 per cent with Rs.66 per cent.65 per cent and Oriental with a market share of 12.35 crore premium. Rs.6115.7. ICICI Lombard topped the list with a premium collection of Rs. private insurer would dominate the public sector like New India Insurance Corporation.98 per cent and annual rate of 10.62 per cent.74.
Achievements Bajaj Allianz has received iAAA rating.3. 2001 to conduct General Insurance business (including Health Insurance business) in India. 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. The company was one of the top three finalists for the year 2007 and 2008 in the General Insurance Company of the Year award by Asia Insurance Review. an associate of Moody's Investors Service.2 COMPANY PROFILE:
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. we will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd. award by NDTV Profit Business Leadership Awards 2008. Bajaj Auto holds 74% and the remaining 26% is held by Allianz. from ICRA Limited. Both enjoy a reputation of expertise. This rating indicates highest claims paying ability and a fundamentally strong position. AGGermany. for Claims Paying ability.
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. stability and strength. Bajaj Allianz General Insurance has received the prestigious "Business Leader in General Insurance". It is Celebrating 10 years in market. customer focused market leader. The Company has an authorized and paid up capital of Rs 110 crore.
895 million. Founded in 1890 in Berlin.340+ employees worldwide
Bajaj Allianz today has centers in 200 cities spread across the length and breadth of the country. Asset Management and Banking. 151.A global finance power house Worldwide 2nd by Gross Written Premiums .€ 43. At the top of the international group is the holding company. Life and Health Insurance.1 Allianz Group:
Allianz Group is one of the world's leading insurers and financial services providers. 110 yrs of Insurance expertise 70 countries.3.340+ employees.2. 3rd largest Assets under Management (AUM) & largest amongst Insurance cos.
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. all the offices are interconnected with the Head Office at Pune. with its head office in Munich. Allianz AG. Allianz AG.AUM of €1131 billion 12th largest corporation in the world 49.8 % of global business from Life Insurance Established in 1891. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of Property and Casualty Insurance. From Surat to Siliguri and Jammu to Thiruvananthapuram. . Allianz is now present in over 70 countries with almost 151.
Bajaj Auto finance one of the largest auto finance cos. Ltd. A household name in India.2. the flagship company of the Rs.744 Cr..HAMARA BAJAJ One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr. A good market reputation as a world class organization.
A STRONG INDIAN BRAND. An extensive distribution network. Adequate experience of running a large organization. in 2002-03 It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products. Turnover & Profits of 538 Cr.3. Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus.2. 4. As a promoter of Bajaj Allianz Life Insurance Co. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world.
3.2 Bajaj Group:
Bajaj Auto Ltd. Rate making Underwriting Products Claim settlement Renewals
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. Bajaj Auto has the following to offer Financial strength and stability to support the Insurance Business. A strong brand-equity.3 Insurance Company Operations:
The most important insurance company operations consist of the following. in India Rs.
self-ignition or lightning. strike. All this is backed by superior claims servicing capability and fast settlement record. malicious act. Get 75% on account payment when cashless facility is not available Transfer up to 50% of your existing No Claim Bonus from any insurance provider Avail of our 24x7 Telephonic Service Instant Claims Assistance and SMS updates on your motor claim status through our 24x7 call-centers Bajaj Allianz' preferred workshops give you access to Hassle Free Inspection. cyclone. car insurance brings confidence and peace of mind. High Service Standards 0% interest EMI option available on payment through Citibank Credit Card. Loss or Damage to your car and two wheeler against Man-made Calamities Burglary. Benefits (For Car&2 wheeler):
In just 4 easy steps get your Two Wheeler Insurance or Insurance Renewal done Cashless claims at over 1500 preferred garages. Motor: A) Car Insurance: Car insurance policy is the most important document in your vehicle.
Coverage (For Car&2 wheeler): Loss or Damage to your car and two wheeler against Natural Calamities Fire. hailstorm. typhoon. storm. tempest. earthquake. bodily injury and cover against third-party liability. explosion.3. Along with comprehensive coverage against physical damage. accident by external
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. theft. hurricane. flood. frost.4 Products
1. B) Two Wheeler Insurance: Two wheeler is about freedom and the Bajaj Allianz two wheeler insurance policies have been designed to set you free. inundation. riot. Our comprehensive policy provides hassle free protection to your two wheeler against physical damage. theft and third party liability.2. landslide and rockslide.
It has 3 packages such as Silver. Third Party Legal Liability Protection against legal liability due to accidental damages resulting in the permanent injury or death of a person. Canada. any damage in transit by road. With different sum assured and benefits. Optional personal accident covers for co-passengers available. 1 Lakh for the individual owner/driver of the vehicle while driving or travelling. Canada. Secure. Gold.means. Personal Accident Cover Coverage of Rs. Family. one can choose. mounting or dismounting from the two wheeler. Evacuation and Repatriation Emergency dental pain relief Loss of Checked Baggage Delay of Baggage Personal Accident Hijack Trip Delay Emergency Cash Advance Golfer Hole-in-one B) Travel Elite: This Plan is for those who travel a class apart. It designed for Individual. inland waterway. and Senior Citizen (71-75). It gives the discerning traveler an array of policies to choose from. rail.
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. elevator or air. and Value. It designed for Individual. and damage caused to the surrounding property. Coverage: Medical Expenses. and Senior Citizen (61-70). with each policy customized to meet your specific needs. Depending upon whether one is a student. lift. terrorist activity. senior citizen or one traveling with the family. Senior Citizen (61-70). and Platinum with different sum assured and benefits. Family. 2. The policy premium varies including or excluding USA. corporate executive. Travel: A) Travel Companion: The Travel Companion Policy is a comprehensive package which provides complete medical and health cover to the international traveler in 3 packages such as Care. businessman. The policy premium varies including or excluding USA.
as well as coverage for other essential needs such as medical and hospitalization help. and Scholars Guide & Brilliant minds which sub dived into Standard. It make your travel risk free. We are the first insurance company to offer a sum insured of Rs.. Silver. choose from an array of Student Travel Insurance plans that offer protection for your travel. It has Companion.Coverage: It include all the coverage’s of Travel Companion with. Evacuation and Repatriation Emergency dental pain relief (Excluded for Brilliant minds) Tuition Fee Personal Accident Loss of Checked Baggage Accident to Sponsor Family Visit Personal Liability Bail Bond Insurance( For only Elite& Brilliant minds) AD &D Common Carrier(For Only Elite& Brilliant minds) 3. 10 lacs. and Gold where Premium and sum assured vary Coverage: Medical Expenses.
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. It designed special for students who study in abroad. Health Guard policy takes care of your hospitalization expenses & offers a wide coverage of pre & post hospitalization expenses. Health A) Individual Health guard: It is to stand by during those difficult times of physical and mental stress. Elite. AD & D Common Carrier Trip Cancellation Home Burglary Insurance Trip Curtailment Hospitalization Daily Allowance Loss of Passport C) Student Travel: It Make student Dreams Come True without Worries.
The policy covers pre and post hospitalization expenses and also ambulance charges in case of an emergency E) Critical Illness: A health insurance plan that covers critical illness means you can insure yourself against the risk of serious illness in much the same way as you insure your car and your house. If the sum insured of your existing health insurance plan does not suffice for expenses due to illness or accidents.
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. It provides a gamut of covers for various health risks. travel baggage and public liability all under a single policy. It will give you the same security of knowing that a guaranteed cash amount will be paid if the unexpected happens and you are diagnosed with a critical illness. Injury or sickness of a breadwinner or family member can create serious financial problems for any family. Extra Care health insurance policy takes care of the additional hospitalization expenses. C) Extra Care: It is a unique health insurance plan that allows you to extend your existing health insurance cover. It has 8 sections and you would have to opt for a minimum 3 sections to avail for this policy. the member has access to cashless facility at various empanelled hospitals across India.B) Health Ensure: The Health Ensure policy is the perfect health protection for you and your family. It takes care of medical treatment costs incurred during hospitalization due to serious accident or illness. household contents. D) Family Floater Health Guard Policy: It is the perfect Health protection for you and your family. education grant. Star package insures you against these circumstances. F) Star Package: It is a unique family floater policy which protects your family against various risks and contingencies. The death. It takes care of the expensive medical treatment incurred during hospitalization resulting from serious accident or illness. Features (For All Policies): The member has cashless facility at over 2300 hospitals across India With Health Guard.
No Sub-limits applicable on room rent and other expenses Hassle-free claim settlement due to In-house claim administration.payment applicable if treatment taken in non-network hospitals 20% co-payment applicable for members of age group 56 -65 years. Property Insurance: A) Home Insurance: It’s a simplified home insurance policy designed for your convenience. Access to over 2300 hospitals all over India for cashless facility. Income tax benefit on the premium paid as per section 80-D of Income Tax Act as per existing IT law. 130 day care procedures covered. 1000 /-) No tests required up to 45 years up to SI 10 lacs* 10% co. Health Check up for maximum amount of Rs.Burglary & Theft Electronic appliances
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. This comprehensive package policy is designed to cover various risks and contingencies faced by home owners. 1000 /.hospitalization expenses covers relevant medical expenses incurred 60 days prior to and 90 days after hospitalization Covers ambulance charges in an emergency (limit of Rs. Pre and post . Coverage:
Fire & allied perils Baggage Domestic appliances .at the end of continuous four claim free years Family discount of 10% is applicable
4. opting this policy for first time Waiver on 10% co-payment is available on payment of additional premium Pre-existing diseases covered after 4 years continuous renewal with Bajaj Allianz Benefits (For All Policies):
Health Administration Team for hospitalization claims to lower time.
Can be bought online Available as over the counter (OTC) kit Instant activation through SMS/ Call centre Convenience to choose from 3 customized plans Affordable package premium Combination of requisite covers (sections) Waiver of under insurance Easy claim settlement process
B) Shopkeeper Insurance: Shopkeeper policy safeguards your shop from thefts and robberies. Coverage: Fire & Allied Perils Burglary & Robbery Money Plate Glass Neon Sign/Glow Sign Breakdown of Business Appliances Electronic Equipment Fidelity Guarantee Personal Accident Public Liability Workmen Compensation Business Interruption
Exclusions: Damage arising due Business interruption caused by terrorist activities
Note: Terrorism cover can be opted for extra premium. This unique shop insurance policy is designed to cover risks and difficulties faced by you as a shopkeeper. It provides a huge protection for the shop property. interests of the insured and your partners in the business. It keeps the shop secure even when it's closed.
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supervision charges). to boilers & pressure plant and to its surrounding property including third Party legal liability arising due to explosion and collapse of the plant during its normal course of working Machinery Loss of Profits Insurance: This insurance policy covers reduction in turnover / output and increased cost of working of a company due to accidental damage to machinery / boilers affected in stated premises. Testing and Commissioning subject to the following exclusions and conditions. such as residential / commercial buildings. roads. It is the completely erected value of property inclusive of freights. erection cost adjusted to fluctuations in wages / prices.
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. It covers any unforeseen and sudden physical loss or damage to electronic equipment from any cause. etc. external data media and the expenses for reconstruction and re-recording of information and increased cost of working.C) Corporate insurance: i) Engineering Insurance: Contractors All Risk: Covers civil construction projects. water / sewage disposal works. reservoirs. bridges. factory sheds. Boiler and Pressure Plant Insurance Policy: It covers for damages under boilers Pressure plant other than by fire.
Erection All Risks: This policy covers All Risk pertaining to projects of Erection.
Machinery Break down Policy: It covers Sudden and unforeseen accidental damage to machinery. Machinery being dismantled for cleaning/overhauling and in course of these operations being shifted within specified premises or being re-erected subsequently also covered Electronic Equipment Insurance: This policy covers entire range of Electronic Equipment from a personal computer to sophisticated gadgetry. construction cost (including visits of specialists / experts. tunnels. Perils covered. oil / gas pipelines. custom duty. The machinery can be at work or at rest. warehouses. dams. theatres. The Sum Insured shall include landed cost at site of imported / indigenous materials.
Impact damage Subsidence. Hurricane. Landslide and Rock slide Missile Testing operations Bush Fire Bursting and/or overflowing of Water Tanks. Typhoon. This insurance policy safeguards you against the losses that can arise due to a fire and perils to buildings. Tornado. Strike. Apparatus and Pipes Leakage from Automatic Sprinkler Installations
iii) Business Interruption: This policy operates in the event of damage to the premises of an insured due to any peril insured under the Standard Fire & Special Perils Policy. plant & machinery. Malicious Damages & Terrorism Storm.ii) Standard Fire and Special Perils Policy: It offers the Standard Fire & Special Perils policy. furniture and fixtures against loss or damage Coverage:
Fire Lightning Explosion/Implosion Aircraft Damage Riot. Tempest. 100 Crores and above in one or more locations in India are eligible
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. Cyclone. which will support you in such trying times. Flood&inundation. This policy operates in the event of damage to the premises of an insured due to any peril insured under the Standard Fire & Special Perils Policy. stocks. causing an interruption to his business Coverage:
Loss of Gross Profit due to a reduction in turnover Increased Cost of Working incurred in minimizing that loss of gross profit
iv) Industrial All Risk: All industrial risks (other than risks ratable under Petrochemical Tariff) having overall Sum Insured of Rs.
Rs.48.57.080 Permanent Total Disablement . risks that can lead to heavy losses and liabilities. Amongst these you can't ignore the possibility of third party bodily injury or property damage in your premises or the ones caused due to goods sold and manufactured by you. 2000 per month up to a period of 5 years
vi) Public Liability: It offers to indemnify you against legal liability to pay compensation including the claimant's costs. Bajaj Allianz is pleased to offer you a
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. Tempest Earthquake. Boiler Explosion. Coverage:
Maximum compensation paid as per W. viii) Composite Public & Private Insurance: An organization is exposed to various risks.Optional
v) Work Men’s Compensation: The Indian Workmen's Compensation Act 1923 provides for the payment of compensation by the employer to his employees (for their dependents in the event of fatal accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment. vii) Product Liability: The policy offers to indemnify the legal liability that you incur as a result of bodily injury or property damage caused by the use of your products after they are sold or supplied. Storm. Fire & Shock Consequential Loss (Fire) Machinery Breakdown.5. fees and expenses as a result of bodily injury or property damage to third parties arising out of accidents occurring in your premises during and notified within the currency of the policy.Rs.Rs. Electronic Equipment Machinery Breakdown . Amendment Act 2000 on the following scale
Fire and Special Perils including Flood.4.496 Permanent Partial Disablement -According to incapacity caused Temporary Disablement .
After adjusting any salary. The loss is payable up to the limit specified for the employee. Collective Policy: This option covers the entire staff or number of selected people. Each claim reduces the sum insured and has to be reinstated by paying extra premium. It pays the actual financial loss sustained as a result of the dishonesty / fraudulent act of the employee.unique policy. The liability for each position is limited to the amount of sum insured against each position irrespective of the number of people working in that position. with the sum insured specified for each position. Types: Individual Policy: Under this policy only one individual is guaranteed per policy.
ix) Fidelity Guarantee Insurance: It covers you against these losses caused due to fraud or dishonesty. One policy is issued showing amount of guarantee against the name of each individual covered. the composite Product & Public Liability. Position Policy: The Policy schedule contains 'positions' rather than the names of individuals unlike in collective policy. commission security deposit or any other money standing to the credit. where the sum insured for the whole group is mentioned and not for an individual. Liability arising during the period of the policy out of goods sold during the period of insurance is also covered. which offers a combined cover to safeguard your interests and minimize your losses in such situations.
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. Coverage: Legal liability to pay compensation including the compensation awarded Legal fees and expenses as a result of bodily injury or property damage to third parties arising out of accidents occurring in your premises. Floating Policy or Floater: This cover is an extension of the collective policy. The policy does not pay more than one claim in respect of liability/loss arising out of an individual employee's acts. The names of the group members with their designations are mentioned in the schedule of the policy.
Sinking or Capsizing Overturning or Derailment of Land Conveyance Collision of Ship or Craft with another Ship or Craft Contact of Ship. Hold. Grounding. Conveyance Container Lift Van or Place of Storage River or Lake Water entering same
NOTE: No War Risks covered
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. Craft. Craft or Conveyance with anything other than Ship or Craft (excludes Water but not Ice) Discharge of Cargo at Port of Distress Loss overboard during Loading/Discharge (total loss only) Fire or Explosion Malicious Damage Theft/ Pilferage General Average Sacrifice Jettison Washing Overboard (deck cargo) Seawater entering Ship.x) Marine Insurance: It compensates losses of goods in transit. Coverage: Stranding .
ANALYSIS OF STUDY
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.1. 20percent of customers are Private and Public sector each respectively. express or implied. Nature of customer employment: A person in the service of another under any contract of hire. 16Percent of customers are others. oral or written.
Table: 1-Nature of customer employment Employment Sector Public Sector Private Sector Self Employed Others Total Chart: 1
Natute of Customer Employment
Respondents 30 30 66 24 150
Percentage 20 20 44 16 100
20% Public Sector 20% Private Sector Self Employed Others
Interpretation: 44percent of customers are self employed. where the employer has the power or right to control and direct the employee in the material details of how the work is to be performed.
Number of vehicles customers possesses: Table: 2-Vehicles possessed by customers Vehicle Possessed One Two More than two Total Chart: 2 Vehicles possessed by customers Respondents 18 105 27 150 Percentage 12 70 18 100
12% One Two More than Two 70%
Interpretation: 70Percent of customers have two vehicles.
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.2. 18Percent of customers have more than two vehicles and 12Percent of Customers have more than one vehicles.
3. 42Percent customers do not have insurance in other companies.
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. Customer posses any other policy in another insurance company:
Table: 3-Other Company Policies Policy Yes No Total Chart: 3
Other Company Policies
Respondents 87 63 150
Percentage 58 42 100
Interpretation: 58Percent customers have insurance in other companies.
Type of company chosen by the customer when they already have a policy:
Table: 4-Name of company for other policies Company Life (Public) Life (Private) General (Public) General (Private) Total Chart: 4
Name of Company for other policies
Respondents 84 18 30 18 150
Percentage 56 12 20 12 100
22% 38% Life (Public) 20% 20% Life(Private) General(Public) General(Private)
Interpretation: 56Percent of customers have insurance in public life insurance companies.4. 20Percent of customers have insurance in public general insurance companies 12Percent of customers have insurance in private life insurance and public general insurance companies respectively.
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and 8Percent of customers are there for more than 4Years and 1 year each respectively. Number of year’s customer is insuring with Bajaj Allianz:
Table: 5-Customer with Company Years One year Two years Three years Four years More than Four years Total Chart: 5
Customer With Company
Respondents 12 42 66 18 12 150
Percentage 8 28 44 12 8 100
8% 28% 1 Year 2Years 3Years
Interpretation: 44Percent of customers are retained for 3Years.
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. 12Percent of customers are there since 4Years.5. 28Percent of customers are retained for 2Years.
Responsiveness of Company towards Customer: It is providing information about the product. status and other details during and after the purchase. process. 28Percent of customers are more satisfied in Responsiveness of company. Table: 6-Responsivness Responsiveness Very Good Good Average Poor Very Poor Total Chart: 6
8% 12% 28% Very Good Good Average 52% Poor
Respondents 42 78 18 12 00 150
Percentage 28 52 12 8 00 100
Interpretation: 52Percent of customers are satisfied in Responsiveness of company.6. and 8Percent of Customers awarded Poor in Responsiveness of company.
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. 12Percent of customers less satisfied in Responsiveness.
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. services. 44Percent of customers rated good. Professionalism of company:
High quality work in creations.7. marketing or other work endeavors including communicating with customer. and 8Percent of customers rated poor towards Professionalism of company. consultancy. products.
Table: 7-Professionalism Professionalism Very Good Good Average Poor Very Poor Total Chart: 7
Respondents 00 66 72 12 00 150
Percentage 00 44 48 8 00 100
8% 44% Good 48% Average Poor
Interpretation: 48Percent customers rated average. administrative. presentations.
20Percent of customers awarded good. Delivery of product:
It is the process of transporting goods or services.
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. and 8Percent of customers awarded average in Delivery of Product.8. The general process of delivering goods is known as distribution
Table: 8-On time Delivery of product Particulars Very Good Good Average Poor Very Poor Total Chart: 8
On time delivery
Respondents 108 30 12 00 00 150
Percentage 72 20 8 00 00 100
8% 20% Very Good Good 72% Average
Interpretation: 72Percent of customers awarded very good.
An insurance premium for the same service can vary widely among insurance providers. 8Percent of customers rated average in levying Premium towards customer.
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.9. 20Percent of customers rated very Good. Premium charged: Premium is the actual amount of money charged by insurance companies for active coverage. which is why experts strongly recommend getting several quotes before committing to an insurance policy Table: 9-Premium Category Very Good Good Average Poor Very Poor Total Chart: 9
Respondents 30 108 12 00 00 50
Percentage 20 72 8 00 00 100
Very Good Good Average 72%
Interpretation: 72Percent of customers rated good.
12Percent of customers awarded average in claim Process. Claim Process of the company: A formal request to an insurance company asking for a payment based on the terms of the insurance policy. and 8Percent of customers awarded poor in Claim Process of the company. Insurance claims are reviewed by the company for their validity and then paid out to the insured or requesting party (on behalf of the insured) once approved Table: 10-Claim Process Claim Process Very Good Good Average Poor Very Poor Total Chart: 10
Respondents 24 96 18 12 00 50
Percentage 16 64 12 08 00 100
16% Very Good Good Average 64% Poor
Interpretation: 64Percent of customers awarded good.10. 16Percent of customers awarded very good.
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8Percent of customers awarded average in Reimbursements.
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.11. Reimbursements during claims: It is to pay back or compensate (another party) for money spent or losses incurred. and 4Percent of customers awarded poor in Reimbursements of money during claims. 24Percent of customers awarded very good.
Table: 11.Reimbursements Reimbursements Respondents Very Good 36 Good 96 Average 12 Poor 06 Very Poor 00 Total 150 Chart: 11
Percentage 24 64 08 04 00 100
Very Good Good Average 64% Poor
Interpretation: 64Percent of customers awarded good.
20Percent of customers awarded well. and 8Percent of customers awarded average in Renewals of lapse policy. It is when the company offers to Renew.12.
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. or Continue. Renewals of lapsed Policy: Renewal means you paid the regular bill on time. your insurance policy for another 1year Table: 12-Renewals Renewals Very Good Good Average Poor Very Poor Total Chart: 12
Respondents 108 30 12 00 00 150
Percentage 72 20 08 00 00 100
8% 20% Very Good Good 72% Average
Interpretation: 72Percent of customers awarded very good.
32Percent of customers rated very good. and 4Percent of customers rated average in Office atmosphere of Vizag branch. Office Atmosphere of Vizag Branch: Table: 13-Office Atmosphere Office atmosphere Respondents Very Good 48 Good 96 Average 06 Poor 00 Very Poor 00 Total 150 Chart: 13
Percentage 32 64 04 00 00 100
Very Good Good 325% Average
Interpretation: 64Percent of customers rated good.
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. 12Percent of customers are less satisfied and 16Percent of customers are not satisfied in Overall operations of company. 16Percent of customers are satisfied. Over All satisfaction of Bajaj Allianz: Table: 14-Over All Satisfaction Satisfaction Respondents Very Good 28 Good 08 Average 06 Poor 08 Very Poor 00 Total 50 Chart 14:
Over All Satisfaction
Percentage 56 16 12 16 00 100
16% 12% 56% 16% Very Good Good Average Poor
Interpretation: 56Percent of customers are more satisfied.14.
Customer is interested in taking any Other Insurance Policy: Table: 15-Customer interested in any other insurance in company Interested Respondents Percentage Yes 18 12 No 132 88 Total 150 100 Chart: 15
Customer Intrested In any other Insurance in Company
Yes No 88%
Interpretation: 88Percent of customers not interested to take any other policy.15.
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. 12Percent of customers interested to take any other policy in Bajaj Allianz.
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. Customer suggests Bajaj Allianz to Any other (Promotion): Table: 16-Recommend Bajaj Allianz to others Suggest Company Yes No Total Respondents 120 30 150 Percentage 80 20 100
Recommend Bajaj Allianz For Others
Yes No 80%
Interpretation: 80Percent of customers recommend. 20Percent of customers will not Recommend Bajaj Allianz to Others.16.
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claim settlement Process& Reimbursements. Important factor is the customers will suggest the company to others which help in word of mouth publicity.5. Majority of customers are satisfied with Delivery and Renewals of policies. Hyundai Customers
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. Most of the Motor Business ids from Maruti. Bajaj Allianz having good Customer Satisfaction which made the company top in area of Vizag.1 FINDINGS:
72Percent of Motor Insurance customers are satisfied with Bajaj Allianz General Insurance. but he services provided by the company is good. Many of the customers are not happy with the Professionalism. Premium is bit high than other companies.
Most of the insured are not aware of Drive assure policy.5.2 SUGGESTIONS:
Agent/Employees need good communication in English or Hindi to compete in the market. motivate them for that add on package. so he be loyal to the company. More hospitality is to be given to the customer. Motivate the Customers for Health Policies while follow up them for renewals.
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. 20Percent of customers are not satisfied now days with response given by Agents/Renewal team.
Most of Customers of Bajaj Allianz are from Motor Policies. services and price options. good response to costumer queries and maintaining good relationship with costumers.. So company need to create the awareness of the policies like Fire (Home). It is concluded from the survey that many customers are satisfied of Bajaj Allianz General Insurance Company and will suggest the company to others which is powerful promotion to company and it need to improve in communication of Agents/Employees. create a bigger pie. Company need to create trust in costumers about private insurance companies by rendering good services like proper claims. Travel and burglary many more….3 CONCLUSION:
Competition will surely cause the market to grow beyond current rates. and offer additional consumer choices through the introduction of new products.5. The market is now in an evolving phase where one can expect a lot of actions in coming days. Yet. at the same time public and private sector companies will be working together to ensure healthy growth and development of the sector.
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com 4. 2010 Pearson. New Delhi
1.Allianz.. Insurance Regulatory & Development Authority.www.BIBLIOGRAPHY
1. Phillip Kotler’s. 2. Hindu. Allianz Company Limited. C R Kothari. “Marketing Management” 13th Edition.com 3.www.org 2.www. 2009 New Age International publishers.in
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.Hindu.www.co.bajajallianz. “Research Methodology”. New Delhi.irdaindia. Bajaj Allianz Insurance Company Limited.
Which Company and what policy? ____________________________________________ 5. Since How many years you are insuring with Bajaj Allianz? (a) 1 (b) 2 (c) 3 (d) 4 (e) >4
RATE THE FOLLOWING (Circle)
6. If Yes. Professionalism of company? a) Very Good (b) Good (c) Average (d) Poor (e) Very Poor Suggestion _________________________________
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. Responsiveness of company towards customer? (a) Very Good (b) Good (c) Average (d) Poor (e) Very Poor Suggestion _________________________________ 7.ANNEXURES
GITAM INSTITUTE OF MANAGEMENT GITAM UNIVERSITY VISAKHAPATNAM A Study on Customer Satisfaction (Motor) of Bajaj Allianz General Company Limited Name: Gender: Male/Female Make: ______________________ Phone: Age: Type _____________________
1. Do you have any other policy in another insurance company? (a) Yes (b) No
4. How Many Vehicles do you have? (a) 1 (b) 2 (c) >2
3. Nature of employment?
(a)Public sector (b) Private Sector (c) Self employed (d) others
Interested to take any other Insurance? __________________________________________ 16. Claim Response of company? a) Very Good (b) Good (c) Average (d) Poor (e) Very Poor Suggestion _________________________________ 11. Do you suggest our Company to Anybody? (a) Yes (b) No
Survey By: Prudhvi
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. Premium Charged on Policy? a) Very Good (b) Good (c) Average (d) Poor (e) Very Poor Suggestion _________________________________ 10.8. Office atmosphere of vizag branch? a) Very Good (b) Good (c) Average (d) Poor (e) Very Poor Suggestion _________________________________ 14. Renewals of lapsed policy? a) Very Good (b) Good (c) Average (d) Poor (e) Very Poor Suggestion _________________________________ 13. Delivery of product? a) Very Good (b) Good (c) Average (d) Poor (e) Very Poor Suggestion ________________________________ 9. Over All satisfaction? a) Very Good (b) Good (c) Average (d) Poor (e) Very Poor Suggestion _________________________________ 15. Reimbursements during claims? a) Very Good (b) Good (c) Average (d) Poor (e) Very Poor Suggestion _________________________________ 12.