bajaj allianz live project
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A project with primery data.TRANSCRIPT
A
Live Project Report
On
BAJAJ ALLIANZ LIFE INSURANCE CO. LTD.
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INDEX
Serial No. Chapters Page No
1. Company Profile 4
2. Conceptual Discussion 6
3. Research Methodology 9
4. Data Analysis 10
5. SWOT Analysis 15
6. Conclusion & Recommendations 18
Bibliography 21
Questionnaire 22
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CHAPTER 1
COMPANY PROFILE
Bajaj Allianz Life Insurance Company LimitedBajaj Allianz Life Insurance is a union between Allianz SE, one of the largest InsuranceCompany and Bajaj FinServ Ltd.
Allianz SE:
Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 119 years of financial experience and is present in over 70 countries around the world.
Bajaj FinServ:
The financial services and wind energy businesses were transferred to Bajaj FinServ Limited (BFS) as part of the recently concluded demerger of Bajaj Auto Limited, approved by the Hon. High Court of Judicature at Bombay by its order.
The company is currently engaged in life insurance; general insurance and consumer finance businesses. Apart from financial , BFS is also active in wind-energy generation.
At Bajaj Allianz Life Insurance, customer delight is our guiding principle. Our business philosophy is to ensure excellent insurance and investment solutions by offering customised products, supported by the best technology.
COMPANY VALUES:
– Customer delight the guiding principle
– Ensuring world class solutions & services
– Offering customised products
– Transparent benefits.
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LIFE INSURANCE PLANS offered by Bajaj Allianz :
Bajaj Allianz offers 26 Life Insurance Plans in 6 different categories :-
1. Unit linked insurance plans:
Guaranteed-maturity.jsp
iGain lll
Max-advantage
Wealth-insurance plan
Shield-insurance plan
Money-secure
Assured-protection plan
Smart-insurance-plan
2. Traditional insurance plans
Invest-gain
Save-care-economy
Life-time-care
Super-saver
Cash-rich
Super-cashgain-insurance-plan
Cash-gain
Child-gain
3. Pension plans
Swarna-vishranti
Pension-guarantee
4. Term plans
Protector-plan
Term Care
New Risk Care ll
iSecure Loan
iSecure More
5. Women Insurance
Women life insurance
6. Life + Health Insurance
Health Care
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Family Care First
CHAPTER 2
CONCEPTUAL FRAME WORK
LIFE INSURANCE ADVISORS/AGENT
Persons who sell insurance policies, for a single insurance company, in return for
commissions are called “ADVISORS/AGENT.”
The Insurance Act, 1938 defines Agent as “one who is licensed under the act & is
paid consideration of his soliciting or procuring insurance business including
business relating to continuance, renewal or revival of policies of insurance”.
The importance of advisors:
Provides Complete & diversified product portfolio.
Faster & more accurate service.
Multi-channel distribution systems.
Highly trained professional sales people offering quality pre & post sales
service.
It is in the above mentioned areas of personal specialization where the importance
of an advisor clearly stands out the advisor not only contribute in bring in new
business for the company, but also plays an important part in offering world-class
pre & post sales service to the clients to the clients with the support of the
organization.
But the company in its principles clearly states out that an advisor to means “much
more than a salesman or a saleswoman, we at Bajaj Allianz recognize out advisors as
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the ambassadors of our organization in the market place & we consider the advisor
force would be our biggest differentiating factor in the coming years”.
The advisor is an important asset not only for the organization from the business
point of view but also to the society on the whole as he/she is someone who provide
valuable service to the community be helping people attain financial security & build
funds for their future needs thereby assisting them in getting their financial freedom.
THE PROFILE OF AN ADVISOR (Qualifications)
1. Age should be ideally between 18- 60 years.
2. Minimum education qualification:- Urban areas 12th Class
-Rural areas 10th Class.
3. Good & convincing communication skills.
4. Capacity to build an impressive network.
5. Engaged in gainful business or corporation.
6. Willing to undergo extensive training & development programs.
7. Pleasing personality.
BENEFITS TO AN ADVISOR
There are some reasons and parameters to be an advisor of the insurance company
which are mentioned below:
Money
Status
Prestige
Honor
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Mitigate human hardship
Contribute to the nation
ADVISOR’S ROLE
I. Identify future client
II. Making appointments
III. Conduct financial review with clients
IV. Close sale
V. Get referrals
I. Provide service to the client.
Motivating Factors For The Advisors
Every time only money might not be the motivator to the advisor. Bajaj Allianz
believe that there are many other things that advisors aspire to achieve-fame and
recognition. Some of the benefits and club membership are mentioned below which
give the advisors fame and recognition.
Achiever’s club
Job Profile
Benefits & Support Provided
Rewarding career
Successful Team
Attractive Remuneration
Independence
Extensive Product Portfolio
Sales & Marketing Support
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CHAPTER 4
RESEARCH METHODOLOGY
RESEARCH METHOLOGY is the process, which guide the researcher during the
whole course of research. Hence it is, very much necessary for the researcher that
he / she has to adopt the design best suited to them.
DATA COLLECTION:
1. PRIMARY DATA: The primary data are those which are collected a fresh and
for the first time and thus happen to be original in character.
2. SECONDARY DATA: The secondary data on the other hand, are those which
have already been collected by someone else and which have already been
passed through the statistical process.
For collecting primary data, method adopted was focus group method.
Source of primary data
1. Natural Market
Relatives
Friends
Neighbors
2. Survey
Source of Secondary Data
1. Company website
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2. Reference data
Sample Size: - 50 respondents
CHAPTER 5
DATA ANALYSIS & INTERPRETATION
Q1. For how long are you working with Bajaj Allianz?
Less than 1 year 18
1-2 years 12
2-3 years 15
More than 3 years 05
Q2. How many products have you sold as an advisor?
Less than 10 26
10-20 15
20-30 06
9
More than 30 03
Q3. What’s the purpose of buying an insurance product by
customers?
Tax benefit 21
Investment 19
Security 06
Any other 04
Q4. Products which are sold most?
Unit link plan 37
Smart kit Plan 07
Annuity Plan 06
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Q5. Products which are sold least?
Term plan 23
Endowments plan 17
Group Insurance 10
Q6. Rate the products of Bajaj Allianz in comparison to its
competitors?
Best 19
Good 16
Average 11
Poor 04
11
Q7. What motivates you to stay in this business?
Money 21
Recognition 17
Motivation by co./UM 07
Any other 05
Q8. Are you satisfied with the commission provided by the co.?
Yes 32
No 18
Q9. Are you satisfied with the facilities provided by the co. to its
advisors in comparison to other players?
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Yes 34
No 16
Q10. How Bajaj Allianz Life Insurance is better than other
companies?
Commission 20
Recognition 17
Better Products 13
CHAPTER 6
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SWOT ANALYSIS
STRENGTH
Bajaj Allianz Life Insurance Company Limited is right now the market leader in
Private Insurer segment.
Good Brand name
Bajaj and Allianz are one of the market leaders in their respective sectors.
Moody has rated Bajaj Allianz as BA1 above Indian democracy in terms of
investment security.
Handsome deposit with IRDA
Bajaj Allianz has a deposit of total 230 crores with IRDA (Insurance Regulatory
Development Authority) as against the minimum cap of Rs. 100 crore. This will
assure that the claimants will get their money back on time without any delay.
A Complete and diversified Product portfolio
The company has a total number of 24 products in 5 categories on offer to the
general public, keeping in mind the requirements of the public at different age
levels. This is one of the vital strengths of the company.
Fast and Accurate Service to the customer
The mission statement of the company promises to provide superior products
and services to the customer by understanding their needs. The use of latest
technology helps the company to give to its customer fast and accurate service.
A Highly Trained and Professional Sales Force
All the employees who are associated with Bajaj Allianz are highly trained and
professional in attitude. This quality staff ensures high quality pre and post sales
services.
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Leader in Terms of Premium Collected
The company was the leader in terms of collection of premium that amounted to
a sum total of Rs. 122 crores in the last financial year ahead of New York max
(43 crores) and HDFC Std. (36crores)
Investment in Secured Sector
The company has invested 85% of that amount in Government Security and has
kept the remaining 15% as a reserve for pre claim settlements.
WEAKNESS
The company right now has lesser number of agents (i.e. financial advisors) than LIC
of India, which affects their sales in comparison to LIC of India.
Low Reach
Since the company has started its operations recently its reach is very limited
while its rival LIC has a reach in almost every part of the country.
Too Much Dependent On Government
The main reason behind the general public to buy insurance is the tax benefits
that the assesses gets. If the government reduces the exemption given under
different sections the general public may think it otherwise to buy the policy.
Though the company aims to change the mindset of the public but still it is the
biggest weakness in all insurance companies.
OPPURTUNITY
Bajaj Allianz Life Insurance Company Limited can give LIC of INDIA agents an
opportunity to join Bajaj Allianz Life Insurance Company Limited as Bajaj Allianz
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has got more incentive packages & servicing quality better than LIC of INDIA.
Doing this they can reduce their cost of training and can exploit their experience.
Majority of the Market Still Untapped.
Under the survey that was carried out it was discovered that only 22% of the
total insurable public has taken some or the other insurance. Thus, it is a great
opportunity for the company to capture a good market share.
Capping in RBI bonds
The Reserve Bank of Indian Offers a medium returns tax saving bonds. But
from this financial year in the recent amendments there has been a capping on
maximum amount i.e. 2 lack that a person can invest. This is a good opportunity
for the company to sell its investment products that also promises insurance with
tax benefits.
THREAT
Competition
Other big brand names like BIRLAS, TATA, HDFC, SBI and AVIVA etc.
POLITICAL
Right one Bajaj Allianz Life Insurance Company Limited, can go for opening up
more & more offices, as the present political environment is business friendly.
ECONOMIC
Currently economy is not stable, so people want to invest in Govt. sector.
SOCIAL
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CHAPTER 7
CONCLUSION &
RECOMMENDATIONS
CONCLUSION
The following are the conclusive evidences framed after completion of the necessary
training report mentioned here under as follows:
1) Bajaj Allianz has interested and profitable planes for different age group.
2) There are lots of scopes of life insurance in Indian only 2.5 people are secure
with life insurance so the insurance sector is its booming stage this boom will
more increase in 2 or 3 years.
3) Good profile insurance advisor could do the better job. If Bajaj Allianz
mentions the level of advisor them they may give great sales to the company.
4) Bajaj Allianz has tuff competition with LIC as well as TATA AIG, ICICI
PRUDENTIAL, BIRLA SUNLIFE INSURANCE, SAHARA, ING VYSYA,
OM KOTAK MAHINDRA, HDFC INSURANCE, SBI LIFE AND
RELIANCE LIFE INSURANCE, PNB LIFE INSURANCE.
5) BAJAJ ALLIANZ LIFE INSURANCE COMPANY has great goodwill in
market in liberalized Indian market there are approximately 13 big companies
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in Indian market and BAJAJ ALLIANZ is the No.1 private insurance
company. I found this fact in my recent survey.
6) If the company starts to concentrate on village segment market. Then
company can get great business.
7) I got the good profile people near by bank and share market. When I
concentrated on the 20-25 year age group people I found good result.
8) Within 20-25 year age group the sincerity level is high. They are career
oriented and want to earn more.
9) In the age group people made interest to purchase the kids plan and pension
plan and money back plan.
10) In the age group of 30-35 years the people who earning more then 3 lakh p.a.
made interest to purchase ULIP.
11) I found that in insurance sector a person should have great communication
and convenience skill.
12) People made interest in the business opportunity of Bajaj Allianz because
there are lots of chances to increase earning and make high place in the
company.
13) People took interest in CUG programme and also life the professional
environment of the company.
14) In my survey I found that low percentage of people is aware with the life
insurance.
15) It was great experience to communicate with different people. I learnt
through cross-question by peoples.
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RECOMMENDATIONS
After going table regarding market share of various companies in the financial year ,
there is no reason why Bajaj Allianz should rejoice of being the number one
company in the country.
The growth that companies like BIRLA SUNLIFE, SBI LIFE INSURANCE,
TATA-AIG, ICICI PRUDENTIAL, MAX NEWYORK, AVIVA, , METLIFE
have produced that can be quite a big unseen threat for the company in the
coming years.
The company should start thinking of what they want from the market & where
they want to see themselves after a span of 10 years because if the popularity of
these companies continues then one day they will become good competitors of
Bajaj Allianz & then the consequences can be quite disturbing for the company.
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BIBLIOGRAPHY
Books:
Mathew, M.J., Risk Management & Insurance , RBSA Publishers , Jaipur ,
2008
Gulati, Neelam C., Principles of Insurance Management, Excel Books, New
Delhi,2009.
Websites:
www.bajajallianz.com
www.google.com
http://www.bajajallianz.com/Corp/aboutus/life-insurance-company.jsp
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QUESTIONNAIRE
PURPOSE: To get a better insight about the advisor’s satisfaction level
the various improvements to be done in the Bajaj Allianz’s product.
NAME:...……………………………. QUALIFICATION:………………AGE:………………………………... PROFESSION:…………………..TEL No.:…………………………….
Q1. For how long are you working with Bajaj Allianz?o Less than 1 yearo 1-2 yearso 2-3 yearso More than 3 years
Q2. How many products have you sold as an advisor?o Less than 10o 10-20o 20-30o More than 30
Q3. What’s the purpose of buying an insurance product by customers?oTax benefitoInvestmentoSecurityoAny other_______________________________
Q4. Products which are sold most?oUnit link planoSmart kit PlanoAnnuity Plan
Q5. Products which are sold least?o Term plano Endowments plan
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o Group Insurance
Q6. Rate the products of Bajaj Allianz in comparison to its competitors?
(Best = 4 pointsgood = 3 points average = 2 points poor = 1 point)o Besto Goodo Averageo Poor
Q7. What motivates you to stay in this business?o Moneyo Recognitiono Motivation by co./UMo Any other___________________
Q8. Are you satisfied with the commission provided by the co.?o Yeso No
If no, why___________________________
Q9. Are you satisfied with the facilities provided by the co. to its advisors in comparison to other players?o Yeso No
If no, why_____________________________________________
Q10. Bajaj Allianz Life Insurance how to better other companies?oCommissionoRecognitionoBetter Products
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