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Project report
On
Study of brand awareness of
Prepared by:
Vyas. Gaurang. A.
Roll no: 62
Guided by:
Prof. mansi rathod.
-: Submitted to :-
Center for management studies
Dharmsinh desai university
nadiad
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PREFACE
In our country due to the developing industrialization, companies have given more and more importance to activities like marketing and marketing management. Nowadays the success or failure of any company is largely depending on the activities of the marketing department. This is because of the speedily changing consumer demand and preferences. To understand the demand of consumer and to increase market share, companies use various marketing techniques and formulas. This shows the importance of marketing activities during the business administration course.
But the knowledge of the marketing field can not be complete without practical experience. Balanced, theoretical & practical knowledge are essential for every student of master of business administration. So for the better knowledge of application part of marketing I have undergone training for two months in Bajaj Allianz life insurance Company limited. This type of practical study can help as a lot to understand the theoretical topics more deeply.
As a management student at center for management studies, Dharmsinh Desai University, it’s a matter of great pleasure for me to do summer training at the Bajaj Allianz life insurance company limited, Ahmedabad.
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Acknowledgement
It gives me immense pleasure to present the project on “Study on Brand Awareness” of Bajaj Allianz Life Insurance Company limited. It was a totally different & wonderful experience to be there in BAJAJ ALLIANZ COMPANY, Ahmedabad as a summer trainee.
I want to express my sincere gratitude to Kamal sir, divisional Sr. (Gujarat & Rajasthan) at the company for giving me constant guidance and support during the training.
I am thankful to Head of the department of MBA at Dharmsinh Desai University, Dr. Naresh Patel sir for giving me opportunity to take part in training.
I especially thankful to Mansi mam who has provide me help and guideline for the training. I am also thankful to my other friends for helping me.
Vyas. Gaurang A
Roll no: 62
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INDEX
Content Page No
Executive summary 5
Company Profile 10
Introduction to the study 37
SWOT Analysis 47
Data analysis and interpretation 51
Findings 78
Recommendations 80
Conclusion 81
References 82
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Executive summary:
Title: Study on Brand awareness of Bajaj Allianz life insurance limited
Company Guide Name: Kamal Singh, Divisional Sr. (Gujarat & Rajasthan)
Faculty Guide Name: Prof Mansi Rathod
Student Name: Vyas. Gaurang. A.
Summary Of the report:
OBJECTIVES OF THE STUDY
Research objective is the basis theme on which the survey is conducted and on which the
whole report depends.
Primary objective
To study about the “Brand Awareness of Bajaj Allianz Life Insurance and
changing investment pattern of people"
Secondary objectives
To study the investment pattern of people in Life Insurance.
To recognize the target groups.
To find out which time period of insurance policy is preferred by the investors.
To study the factors which motivate people for investment in Life Insurance.
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To study which company is providing better services of Insurance with higher
returns.
To study the behavior values and beliefs of customers.
Scope of the study
The study is conducted at Bajaj Allianz Life Insurance Corporation at Ahmedabad,
Nadiad, and Mahemdabad region. The study covers the various marketing techniques to
know about the brand awareness and towards the life insurance industry. The data
collected and interpreted will be useful for the company Scope of study refers to the area
selected for the survey purpose. It includes businessman, employees, household and
retired persons who are interested in investment their money. Various findings,
observations and valuable suggestions, recommendations help the company to materialize
its future plans.
Research Methodology
Research methodology is used to search answers of the research questions. An attempt
has been made to describe the nature of the people of above regions by the study of the
samples.
Methodology in common parlance refers to a search for knowledge. The advanced
learner's dictionary of current English lays down the meaning of research as "a careful
investigation or enquiry especially through search for new facts in any branch of
knowledge"
Methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. Learning more
about the consumer and about marketing is the heart of the research methodology. The
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research methodology has many dimensions research methods to constitute a part of the
research methodology.
Sources of Data
1. PRIMARY DATA
The primary data are the first hand information gathered for research to solve the need by surveying the sampling units and collections of feedback from them involves the primary data with structured queries will be prepared for the respondents. There will be survey within the respondents giving the questionnaire. The questionnaire were structured non disguised questionnaire because the question which the questionnaire contained, were arranged in a specific order besides every question asked were logical for the study, no question can be termed as irrelevant.
Sources of primary data
Personal interview.
Questionnaires.
Personal Interview
This method was the most appropriate way of survey, because by personal interview I
came to know about how the respondents feel about the life insurance companies. The
personal interview is conducting mainly for collecting information for fulfill of the
questionnaire.
Questionnaire
This method proved to be even better because it was not possible to interview every one
and it was less time consuming to fill up the questionnaire rather than answering the
interviewer’s questions. The questionnaire is to prepare to know the awareness level. The
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questionnaire is fully focused for collecting the brand awareness information and finding
the market potential of Bajaj Allianz Life Insurance Corporation.
In this method questionnaire were distributed to the respondents and they were asked to answer the questions in the questionnaire. The questionnaire were structured non disguised questionnaire because the question which the questionnaire contained, were arranged in a specific order besides every question asked were logical for the study, no question can be termed as irrelevant.
2. SECONDARY DATA
The secondary data is collected from the company website and other websites, through listing by personal observation. The secondary data are collected by some other people for their work and it is already exist. The researcher started investigation by first examining the secondary data to see whether the problem can be partly or fully solved by without collecting primary data. Since the secondary data were not sufficient to solve the entire problem, so primary data were collected to fill the gap.
SOURCES OF SECONDARY DATA:
Through internet, various official sites of the companies and other search engines.
Through pamphlets and brochures of the companies.
Data collection instruments
Questionnaire was designed as a main instrument to conduct survey. A questionnaire constraint of 18 set of questions presented to respondents for their answers. The questionnaire was non-disguised because the questionnaire was constructed so that the objective is clear to the respondent. The respondents were aware of the objective. They knew why they were asked to fill the questionnaire. The questionnaire is used for the purpose of knowing the brand awareness among Life Insurance Company especially in Nadiad, Mahemdabad and Ahmedabad region.
Market survey
The result of surveys is used to describe and analyses the demand of the Bajaj Allianz life
insurance products. The survey is conducted in the Nadiad, Mahemdabad and
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Ahmadabad only.
Field work
Field work is done in this project individually with no biasness. The field work comprises
of filling of questionnaire by different sector individuals. The framed questionnaire was
presented for approval to college internal guide and company external guide. The study
involved a fieldwork where the consumer contacted individually and were persuaded to
discharge the information through the questionnaire. The respondents were directly
contacted at their house or work place without prior appointment as per the convenience
of the researcher.
RESEARCH PROCESS ADOPTED:
Research Area : Ahmadabad, Nadiad, Mahemdabad
Sample Size : 100
Report research findings:
Final report is prepared according to the work done. This phase will mark
the elimination of the marketing research effort. The report with the research
finding is a formal written document. Research findings and personal
experience will be used to propose recommendation to the Bajaj Allianz Life
Insurance Corporation, which will help the company to develop an effective
strategy to compete against other competitors.
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COMPANY PROFILE
Name of the company:-
Bajaj Allianz Life Insurance limited.
Address of Regd & Head office:
GE Plaza,
Airport Road,
Yerawada,
Pune 411006
Location of training:
201,202 – Times Square Building,
Near Bodyline Cross road,
C.G.Road,
Ahmedabad.
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Competitors of the company:
ICICI prudential life insurance
HDFC standard life insurance
Tata AIG life insurance
Max life insurance
LIC
Birla sun life insurance
Ing vysya life insurance
SBI life insurance
Vision:
To be the first choice insurer for customers.
To be the preferred employer for staff in the insurance industry.
To be 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 affordable products that deliver value for money.
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OWNERSHIP PATTERN
BAJAJ Allianz Life Insurance Company is a joint venture between two leading conglomerates, Bajaj Auto Limited, one of largest manufactures of motorcycles and scooters in the world, and Allianz AG of Germany one of the largest insurance companies. Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India.
Bajaj Allianz Shareholder Capital Base stands at Rs. 500 crore with Bajaj Auto Limited and Allianz AG of Germany holding 74% and 26% stake respectively. It is the largest private player in the Insurance Industry in India with a market share of around 34% amongst the private companies and second to LIC. The total market share of Bajaj Allianz as of 31st March 2006 is at 12%.
SHARED VALUES
Bajaj Allianz will
1. Be a winning team.
2. Have a passion for excellence and avoid bureaucracy.
3. Be empowered, the confidence to take decisions quickly and be accountable.
4. Be driven to achieve results, to deliver.
5. Be professional and social committed.
6. Be open to ideas, sharing, transparent & trusting.(=boundary less)
7. Focus everything we do on our customer.
8. Make Bajaj Allianz a “great place to work”.
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9. Have a sense of humor.
Channel Partners:
Dhanlakshmi Bank
Contact Number: 1800 425 1747
E-mail Address: [email protected]
Address: Dhanalakshmi Buildings, Corporate Office, Naickanal, Thrissur 680001.
Team Life Care Co. (India) Ltd.
Contact Number: 0427 - 2410707; 2420707; Tele Fax - 2421245
Address: 5/118, Yercaud Main Road, Chinnakollapatti, SALEM - 636008.
Board of Directors
Mr. Rahul Bajaj (Chairman) Mr. Manuel Bauer Mr. Sanjay Asher Mr. Niraj Bajaj Mr. Sanjiv Bajaj Mr. Heinz Dollberg Mr. Kamesh Goyal (Alternate Director to Mr. Manuel Bauer) Mr. Ranjit Gupta Mr. S. H. Khan Mr. Suraj Mehta Mr. V. Philip (Managing Director & Chief Executive Officer) Mr. Manu Tandon
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Customer Service:
Policy holders Protection Committee has been constituted by the company in accordance with the Corporate Governance guidelines notified by Insurance Regulatory and Development Authority (IRDA) for the resolution of customers complaints.
The Company has introduced various initiatives during the period under consideration which inter alia included sending of an automated SMS to customers on closure of query and rating of services by the customer, as a part of customer engagement facilities. As a part of customer engagement facilities, video conferencing facilities were provided at some offices for walk in customers facilitating direct communication with the customer service executives. Welcome calling for the high net-worth customers was also initiated by your Company. As a part of improving the processes and servicing of customers, root cause analysis of the complaints was also done.
Claims Philosophy:
The Bajaj Allianz team follows a service that aims at taking the anxiety out of claims processing. We pride ourselves on a friendly and open approach. We are focusedTowards providing you a hassle free and speedy claims processing.
Be flexible and settle fast
Ensure no claim file to be seen by more than 3 people
Check processes regularly against the global Allianz OPEX (Operational Excellence) methodology. Sold over 1 million since inception
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Office network:
Your Company has a pan India presence in over 1090 offices across all geographies of India. Operations & Processing Hubs have been formed at various locations to cater to the operationalBajaj Allianz Life Insurance:
Is the fastest growing private life insurance company in India.
Currently has over 4, 40,000 satisfied customers
We have a presence in more than 550 locations with 60,000 Insurance Consultant providing the finest customer service.
One of India's leading private life insurance companies
Company has a basket of 43 products comprising of 16 Group products & 27 individual products including 12 new Products launched in the year.
Infrastructural Facilities:
Bajaj Allianz life insurance Company limited is providing good
infrastructural facilities which are required for employees to perform their work in a
better way. During the year, the Company has invested in additional infrastructure
capacity and human capital, in terms of offices, technology, staff, financial consultants, in
order to be well positioned to increase the growth momentum in the year ahead. The
company stepped up the recruitment program in the latter part of the year in preparation
for the next year.
Recognition and Awards: The Company received the Bloomberg UTV Financial Leadership Awards 2011 in the category –“Best contribution in Investor Education and Category
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Enhancement of the year” in Insurance. The trophy was received from the Honorable Finance Minister, Mr. Pranab Mukherjee.
The Company:
Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and Bajaj Finserv. Company is at the fourth position amongst the private life insurers on the basis of new business premium and second in terms of the number of policies issued, for the financial year 2010-11.
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.
At Bajaj Allianz Life Insurance, customer delight is our guiding principle. Our business philosophy is to ensure excellent insurance and investment solutions by offering customized products, supported by the best technology.
Renewals: Your Company has continued to focus on renewals and has undertaken initiatives for persistency of its existing policies. A separate Renewal Vertical has been in place for the last three years with a view to focusing on collection of renewal premiums and servicing policyholders. The initiatives taken by Renewal Vertical include Automated Calls to Policy holders at defined turn-around time (TAT) to remind them on the renewal due, sending of SMS, E-Mailers etc.. Company also sends renewal intimation letters to the customers in English as well as customer preferred vernacular language of the available 12 different languages. Call recording facility across branches was activated to monitor the quality of calls. A dedicated service team was also set up to address all reverts and requests received by customers through Automated Calls & SMSs, Emails etc..
The policy lapsation ratio of the whole portfolio of the Company for the current year is 41% compared to 32 % of previous year. This is being calculated by taking the ratio of current year's renewal premium with the previous year's first year premium and renewal premium.
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: Bajaj Auto Limited:
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world.
A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus. With over 15,000 employees, the company is a Rs. 4000 crore auto giant, is the largest 2/3- wheeler manufacturer in India and the 4th largest in the world. AAA rated by Crisil, Bajaj Auto has been in operation for over 55 years. It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products.
: Allianz AG:
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 AG is in the business of General (Property & Casualty) Insurance; Life & Health Insurance and Asset Management and has been in operation for over 110 years. Allianz is one of the largest global composite insurers with operations in over 70 countries. Further, the Group provides Risk Management and Loss Prevention Services. Allianz has insured most of the world's largest infrastructure projects (including
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Hongkong Airport and Channel Tunnel between UK and France), further Allianz insures the majority of the fortune 500 companies, besides being a large industrial insurer, Allianz has a substantial portfolio in the commercial and personal lines sector, using a wide variety of innovative distribution channels.
Business Performance of the company:
Bajaj Allianz life insurance Company limited is at the fourth position amongst the private life insurers on the basis of new business premium and second in terms of the number of policies issued, for the financial year 2010-11. It wrote new business of Rs. 34.7 billion during 2010-11 compared to Rs. 44.5 billion in the previous year .The market share of the Company reduced to 2.8% compared to 4.1% in the previous year. The gross premium written for the financial year 2010-11 was Rs. 96 billion, as compared to Rs. 114 billion in the previous year registering a negative growth
Bajaj Allianz life insurance Company limited has earned a profit of Rs. 9.6 billion during 2010-11, compared to Rs. 4.2 billion in the previous year. This has been achieved by focusing on expense management, operational efficiency and acquisition expenses.
After distribution of current year's surplus of Rs. 8.2 billion (previous year Rs. 4 billion) and further transfer of Rs. 1.1 billion (previous year Rs. 1.2 billion) from Funds for Future Appropriation, the shareholders' profit after tax stands at Rs. 10.5 billion (previous year Rs. 5.4 billion). In 2010-11, all accumulated losses have been set off and as at 31 March 2011 your Company has accumulated profits of Rs 10.4 billion.
PRODUCTS/SERVICE PROFILE
Product of the company
Traditional Plans:
1. Life Time Care: Is a whole life plan, where it helps you financially at the time when
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your regular income ends. That is it provides survival benefits at the age of 80. The plan
also has additional benefits like Waiver of Premium, Accidental Death Cover &
Disability Cover and Critical Illness Cover & Hospital Cash Cover.
2. Super Saver: Is a regular premium endowment plan, which enables the policyholder
to save an amount regularly for the future. The plan also has an extra benefit of
Guaranteed Additions to the sum assured, at the end of each policy year.
3. Save Care Economy SP: A 10year single premium endowment plan which provides
savings with high risk cover. This plan also participates in the company’s profits. It is a
high risk but has easy liquidity and high returns.
Money Back Plan: A money back plan which guarantees 5 easy payouts giving up to
125% plus (+) bonuses. Also 4 times a life cover. The additional benefits offered are
• Family Income Benefit
• Accidental Death Benefit and Disability Benefit.
• Critical Illness Benefit and Hospital Cash Benefit.
Term Plans
1. Term Care: Is a term Assurance plan which provides life cover and return of
premiums paid at the time of maturity. It has the option of single premium payment. It is
the only pure Term Plan which provides Hospital Cash Benefit.
2. New Risk Care: Is a plan with regular/single premium payment options. This plan
comes with a lowest cost for a Life Insurance cover. With regular premium plan you get
additional rider benefits. Also accidental death benefit and accidental permanent
total/partial disability benefit. Besides that you can also avail of critical illness benefit
and hospital cash benefit.
3. Protector: Is a mortgage reducing term assurance plan. At a low premium amount you
can secure your family from the burden of paying the Home Loan in your absence. You
get an option of both Regular Premium payment and single premium payment. Also there
is an option of Joint life availability, where the co-applicant can be also covered in the
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plan.
Unit Linked Plans (Regular premium & Single Premium)
A) Regular Premium
1. New Unit Gain: Is an investment plan where you get value for your funds invested.
2. New Gain Super: Is a flexible unit linked plan with partial & full withdrawals after 3
years. It offers additional benefits like UL Accidental Death Benefit and UL Disability
Benefit, UL Critical Illness Benefit and UL Hospital Cash Benefit and 4 funds to choose
from & flexibility to pay top-up any time.
3. New Unit Gain Plus: This plan gives you 5 investment funds to choose from. With the
option of 3 free switches every year. Also partial or full withdrawal after 3 years. It plan
offers flexibility to meet ones changing lifestyle and insurance needs. It offers guaranteed
life cover.
4. Unit Gain plus Gold: A unique investment plan with the combination of protection
and prospects of earning attractive returns. It has a high allocation up to 85%. You have a
choice of 7 funds to invest in & also a guaranteed life cover. Additional benefit riders are
also available with this plan.
5. New Family Gain-R: It is Life Insurance Plan that can take care of all the changing
requirements of the family. It has maximum flexibility, so that you are provided for all
the changing needs you may have.
6. Young Care: This investment plan is a Gift of a lifetime to a loved one. It offers a
guaranteed Sum Assured and continued pay premium on your behalf, in case of your
unfortunate death.
7. Young Care Plus: It offers the same benefit as the above plan but in addition offers a
critical illness benefit.
B) Single Premium
1. New Unit Gain Premier SP: It is a unique insurance cum investment plan as it starts
investing 105% of the single premium paid from day one, thereby ensuring that you get
more. It has a guaranteed life cover and flexible withdrawal option u/s 10 (10) D.
2. New Unit Gain plus SP: Is a single premium plan that gives you 98% allocation with
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guaranteed life cover. Minimum premium is Rs. 10,000 only. A choice of 5 investment
funds to choose from. And 3 free switches every year. Partial & full withdrawals after 3
years.
Pension (Annuity & Retirement)
A) Annuity
Pension Guaranteed: Is a plan that assures a regular income after your retirement for
life.
B) Retirement
1. New Unit Gain Easy Pension plus RP: A unit linked pension plan without life cover.
It has regular premium payment mode. An option to take a tax-free lump sum up to 33%
of Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also
open market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or
any other life insurer.
2. New Unit Gain Easy Pension plus SP: A unit linked pension plan without life cover.
It has single premium payment mode. An option to take a tax-free lump sum up to 33%
of Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also
open market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or
any other life insurer.
3. Swarna Vishranti: Is a plan with an option to take a tax-free lump sum up to 33% of
Sum Assured + Accrued Bonuses. Open Market option: Purchase immediate annuity
from Bajaj Allianz Life Insurance or any other Life Insurance Company. And also
additional benefits can be availed of.
4. Future Secure: It is a plan which secures your future.
5. Future Income Generator: It helps you maintain the same lifestyle you lead now,
after your retirement. The saving today becomes your wealth and support to help secure
your future. The plan is about wealth creation, smart savings and peace of mind along
with a corpus, which secures your life, post retirement.
Women Insurance Plans
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1. Housewives: Housewives need to safeguard their financial independence. There are
additional benefits like the Mahila Gain feature which offers benefits like.
• Critical Illness Benefits.
• Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer.
• Congenital Disability Benefits.
• Complications of Pregnancy Benefits.
2. Working Women: This plan helps the working women to protect them self, their
family and plan for their future. The insurance, investment, pension and health products
have been specially customized to suite to every specific need of a woman.
Children Plans
Child Gain: Is a plan where it creates funds for critical stages in your Childs life like
education, marriage or even to start a business. It has the benefit of low premium rates.
Health Plans
1. Health care: Is a plan with 6- in-1 Health Insurance that offers:
• Life Cover
• Hospital Cash benefit
• Surgical benefit
• Post Hospitalization Benefit
• Critical Illness Cover
• Accidental Permanent Total / Partial Disability (APT/PD)
2. Family Care First: It is a plan for the whole family. This unique hospitalization plan
gives you health cover for your entire family. You can secure your family with one plan.
3. Care First: A Medical Insurance plan till the age of 65years. And you can renew the
policy every 3 years. The premium rate is level and guaranteed for the length of each
policy term of 3 years with extra benefits like day care treatment and pre and post
hospitalization treatment
Micro Insurance Plans
1. Alp Nivesh Yojana: An endowment plan with Life cover and Maturity benefit equal
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CEO
CHAIRMAN
ZONAL MANAGER
to sum assured + vested bonus.
2. Saral Suraksha Yojana: A Term Insurance policy with return of premium on
maturity.
3. Jana Vikas Yojana: A single premium plan with maturity benefit of 125% of the
single premium payable on survival till the end of the policy term.
ORGANIZATION STRUCTURE
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REGIONAL MANAGER
AREA MANAGER
INSURANCE ADVISOR ASISTANT
BRANCH SUPERVISOR
CUSTOMER SUPPORT
EXECUTIVE
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BRANCH MANAGER
ADMINISTRATION
MARKETING PADP
BRANCH
SUPERVISIOR
SALES MANAGER
CUSTOMER SUPPORT REPRESENTATIVE
IC
Departments of the company:
Human Resource Department
The success of an organization depends upon the quality of its work force. HR
department is responsible for the recruitment and selection of employees based on
ability, skills and qualification. The HR department is also responsible of certain
activities concerned with the employees.
Objectives of Human Resource Department:
To maintain a healthy relationship and act as a mediator between the employer and
employees.
To recruit and select prospective candidate, arrange for an interview and fill
vacancies in the concerned department.
To take care of the activities done by the other departments.
Personnel department is responsible for all the good and bad works done by the
workers.
HR department has to maintain the good relationship with all the other
departments.
Recruitment:
It handles the recruitment and the appointment of the required staff for various
department of an organization.
Induction:
Later the induction programmed of the employees will be arranged for to introduce
all the department of company by the labor officer as well as the concerned
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department head. Therefore, the employees can come in terms with the objectives
of the company and his participation in fulfillment of the company objectives
considering himself as an essential ingredient of the company.
Training:
This is also one of the important functions of the department, keeping in view
to update his/her knowledge and to increase his/her efficiency, so after
sometime such programs are arranged by this department and employees of
the company are kept in touch with the least ways of the morale booster and
fondness towards the company is injected in the blood of employees.
On the Job Training:
Employees are couched and instructed by training instructions, they learn
the job by personal observation and practice. It is learning by doing.
HR Policies & Procedures
The policies and procedures laid down here promote the
philosophy of the company with regard to standards of excellence, Terms of
employment. Employee development and employee services. The objective of
this section is to inform you of the polices related to Travel, compensation,Medi
claim, and Transfers etc. We recommend that you make yourself aware of the
entitlements
Compensation Components
The compensation that is given in your appointment letter comprises
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of base Salary, FCP (Flexible Compensation Plan), and Employers
contribution to provident Fund and Employers contribution to Gratuity. Base
salary is as per company policy is not flexible amount since a lot of statutory and
non-statutory benefits are linked to the base salary.
Statutory Benefits
The Provident Fund and Gratuity are governed by Acts of Law and are
mandatory.
Provident Fund
The Provident Fund is a one of the mandatory schemes
established by the government of India to provide social security to the service
class. It is a scheme, which is bearing on the employer and the staff member and
provides security to the staff member and / or his dependants on retirement,
disability or death.
Gratuity
The Gratuity Fund is regulated by the gratuity fund Act, 1972. At
present, the following benefit is available. All Permanent staff members of the
company, who have completed five years continuous service, are eligible for
payment of gratuity at the time of retirement.
FINANCE DEPARTMENT CHART
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Financial head
Fund Manager
Portfolio Manager
Staff
Financing and Accounting Department
Accounting Department: In this section accounts are maintained. Accounts are
maintained in traditional methods only. This is ledger.
The main functions are recording all the accounts including employees’ and
workers’ salary and their PF etc.
It records all the payments of the company.
It records all the transactions of the company.
Accounting process:
Recording the transactions:
Classifying the transactions
Summarizing the transactions
Analyzing and interpreting the results.
Finance Department
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Planning & MIS – monitoring of organization performance - sales, quality, Trends- on a
continuous basis. With insights into MIS, socio economic factors & competitor
behavioral patterns, we contribute to sales targets, strategic initiatives projected
branches, and projected work force the road ahead.
Internal Audit – Risk Management, Business Continuity Plan, Best Practices, policy
manuals are not mere words on paper adhere to them. We ensure ‘Practice what you
preach.
Corporate planning and MIS provide feedback on business strategies.
The Accounts function includes preparation and maintenance of financial records,
Funds management, and expense processing and treasury operations. Compliance
ensures that every action is within the regulatory framework. This includes reviewing
compliance requirements and supporting the ethical framework of RIL. Internal audit
provides assurance to the management over the organizations’ control framework and
includes process risk management, information security assessment and business
continuity assessment.
MARKETING DEPARTMENT
Marketing at Bajaj Allianz Life Insurance covers an array of activities- advertising,
branding, channel support, direct and alliance marketing and corporate
communication. The people in each of these sub-functions perform a unique job.
The advertising and branding section has schedules of advertising campaigns
and a detailed on what BALIC corporate identity stands for, why it’s important to
be consistent and guidelines that must be adhered to. This section also details
the branding across training, advisor and advertising collaterals with references.
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Market development has lucid presentations about our products and how they
compare to those of competition. You will also find an update on the recent happenings
in the life and pensions sector. Channel marketing aims to streamline the design and
development of collaterals across distribution channels. You will find examples of
posters, flyers, banners, danglers sales toolset developed for tied agent, Bank assurance
and corporate agent’s, as well as for product lunches and campaigns.
Corporate communications handles media relations and is responsible for some
of the news regarding BALIC that you see in the press. You can check out the most
recent clips in the BALIC in the new section.
Customer Service & Operation
The operation department the work process between the customer and the company to
ensure consistent and quality service to the customer. To streamline the Operations, the
operation department interfaces between the claims and the agents, the branches and
underwriters, and manages work processes.
Information Technology Department
The IT function at BALIC is committed to enable business through the use of
technology. It is segmented into 4 groups to enable highest levels of delivery to the
customers: Life Asia Solutions Group - Web that provides real – time information to
customers and is responsible for customer relationship management, IT Architecture &
corporate Solutions Group is in charge of developing and maintaining a blueprint for
the IT architecture for the enterprises as a whole. This team works as an in house
R&D Solutions Group, exploring new technological initiatives and also caters to
information needs of corporate functions in the organization.
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2. SKILLS
It is a more reputed insurance company, as it is providing financial solution of where to
invest, how to invest and number of products with having more benefits to investors. It
has reputed customers who are loyal to the organization. The service given to the
customers are accomplished as per their requirements. Financial services generally do
mass supporting services are rendered to all types (classes) of customers. More over the
people feel their task is in safe hands of the industry. The organization is having various
capabilities over the competitors. These skills are unique from the competitors of BAJAJ
ALLIANZ.
The skills are broadly categorized as follows:-
Market knowledge, analytical skills, Services, Research, Personal/administration, Soft
skills, Supporting, Medical, Finance, Information relations, others.
Most of the employees at BAJAJ ALLIANZ are recruited from management and
technical streams.
3. STYLE
BAJAJ ALLIANZ follows participative management, where in each major decision
regarding the company is taken in tip down fashion and other decision like targets and
growth aspects BAJAJ ALLIANZ follows bottom up style.
We think it is important to distinguish between the basic personality of a top management
team and the way the team comes across to the organization. Organization may listen to
what managers say but they believe what managers do. Not words, but pattern of action is
decisive. The power of style then is essentially manageable.
One aspect of style is symbolic behavior. Typically have more people on board who
understand exploration are have headed exploration department. Typically they fund
exploration more consistently.
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4. STRATEGY
By “strategy” we mean those actions that a company plans in response to or anticipation
of changes in its customers, its competitors. Strategy is the way A Company aims to
improve its position vis-à-vis competition perhaps through low cost production or
delivery, perhaps by providing better value to the customer, perhaps by achieving sales
and service dominance. it is, or ought to be, an organization way of saying:” here is how
we will create unique value”.
The BAJAJ ALLIANZ has set of objectives, strategies to achieve the objective, the
course of action to be taken to achieve the objective and guidelines for the course of
action.
BAJAJ ALLIANZ adopts low pricing strategy to generate huge returns and good market
share in the industry, since it has well expanded its business all over INDIA.
BAJAJ ALLIANZ charges minimal to its clients for the services. It provides more
benefits to customers compared to its competitor. Hence it is known for the good pricing
strategy in the industry.
5. SYSTEM
The BAJAJ ALLIANZ has various techniques to control this procedure as system like to
improve the back office targets by giving addition support.
Information system: the implementation of computers has made information flow fast
and reliable. The information is versatile. Since BAJAJ ALLIANZ has good backup
system.
Recruitment, training and development system
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Recruitment process starts with the identification of the vacancies by the department
head of the respective department. A form requesting for the human resource is sent from
the department to HRD.
6. STAFF
Staff (in the sense of people, not line/staff) is often treated in one of two ways. At the
hard end of the spectrum, we talk of appraisal systems, pay scales, formal training
program and the like. At the soft end, we talk about morale, attitudes, motivation and
behavior.
The BAJAJ ALLIANZ is in the course of cutting down the cost of service. If it starts
recruiting, the selection is done based on the education qualification first class degree.
The various training program to the employees are taken like refresher course, job
rotation and job training. The promotion in the organization is taken place based upon the
service, seniority and educational qualification. The performance appraisal is also taken
as a basis for promotion so officer’s staff makes it. Staffing is a process of acquiring
human resources for the organization and assuring that they have the potential to
achievement of the organizational goal.Staffing necessity for allotting the duties and
responsibility among the employees.
Duties and responsibilities of Manger:
Determine the objectives or goals of the organization.
Framing policies and making plans to achieve the objectives.
Setting up organizational frame work.
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Assembling the resources of money, man, materials, machines and methods.
Exercising effective control.
Providing overall leadership.
Duties and responsibilities of staff towards the organization.
To maintain the discipline in the organization.
To obey the order of the supervisor.
To work effectively and efficiently in the organization.
To maintain good relations with all the workers in the organization.
MCKINSEY 7-S MODEL
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The 7-s model with reference to BAJAJ ALLIANZ life insurance:
The 7s model are a frame work for analyzing organizations and their effectiveness. It
looks at seven key elements that make the organization successful, or not; a structure; a
system, strategy, skills, staff, shared values.
Consultants at McKinseys and company developed by 7s models in the late 1970s to help
managers address the difficulties of the organization change. The model shows that
organizational immune system and the many inter connected variables involved make
change complex, and that an effective change effort must address many of these issues
simultaneously.
The 7s model is a tool for managerial analysis and action that provides structure with
which to consider a company as whole, so that the organizational problems may be
diagnosed and a strategy may be developed and implemented.
The seven diagrams illustrates the multiplicity interconnectedness of elements that
organization’s ability to change. The theory helped to managers thinking about how
company could be improved. It says that it is not just a matter of devising a new strategy
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and following it through. Nor is it a matter of setting a new system and letting them
generate improvements?
To be effective, your organization must have degree of fit or internal alignment among all
the 7s. Each S must be consistent with the reinforcement of the other ‘S’. All ‘S’ are
interrelated so a change in one has a ripple effect on all others. It is impossible to make
progress on one without making progress on all. Thus, to improve the organization you
have to master system thinking and pay attention to all of the seven elements at the same
time. There is no starting point or implied hierarchy different factors may drive the
business in any one organization.
Introduction to the study
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Brands are represented in the mind of the consumers through images. Consumers do not live in an objective and real world. Rather their world is tending to be subjective and personal. It is the image of the world that mediates between the consumer and the external real world. A brand is not what actually it is, rather what it perceived as. Hence image building is crucial task for marketers. It is the brand image which would either ‘steer away” or “steer towards” a consumer from a brand. Imagery perspective lays stress on symbolism and imagery aspect of a brand. It is the imagery overhand above the physical product that may make brand more relevant and meaningful to the consumers in certain cases.
NEED FOR THE STUDY:
After liberalization large number of Multi National Companies has crossed the national boundary of our country. Increase in competition and the plan for expansion has compelled the company to analyse the Brand Image of the company in relation to its competitors.
As the company plans to increase its sales there is a need to communicate with the customers through various Medias. For this purpose the company’s marketing communication objectives should be determined.
Bajaj-Allianz Life Insurance Company is required to know the customers perception towards their product. Today Insurance industry is one of the sectors which are fast growing. Recently there is a shift in the Insurance Industry that is many private
37
MultiNational Life Insurance Companies has entered India. This has increased the competition to a great extend. So the company wants to know the present demand for Insurance so that they can adjust their market performance accordingly.
Terms used in the report :
Sampling plan
After collecting entire data and deciding on the research approach and instruments, now I
had to decide on the sampling plan which was one of the important task, because from the
bunch of people I had to select only those people ,whom I can target from now onward.
There are three way of sorting the data.
Sampling unit
Who is to be surveyed? And now my task was to define the target population, which will
be sampled from the number of people. Population refers to the total items about which
the information is desired. Here in this project I have considered finite population that is
we are taking one single individual as single unit which is fixed to 100 respondents, each
separately by the single individual.
Sample size
Large sample give more reliable result than small sample, so for this reason I had taken
around 100 people with whom the survey was conducted to get an understanding of the
respondents satisfaction level towards the different insurance brands.
Analyze the collected information
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Once the date is collected the next task is to analyze it. The raw data should be
classified into some purposeful usable categories. For example: tabulation,
coding, etc. Analysis work, after tabulation, is generally based on the computation
of various percentages, coefficients, etc. by applying various well defined
statistical formulae like frequency distribution, calculation of average and
dispersions. Here in this report it is found that the investment pattern of people in
private insurance companies is not satisfactory.
Limitations of the study:
1. The accuracy of indications given by the respondents may not be consider
adequate as whether the language used in the questionnaire is understood by the
respondent cannot be taken for granted.
2. The study is based on the information gathered from the general public. Therefore
in such case it is possible that the information supplied might be biased because
the people might have shown partiality towards their insurance policies.
3. Since the survey was limited to 100 people it is rather difficult to give a precise
conclusion but I have tried to the best of my capability to give the conclusion on a
comprehensive manner.
4. Human behavior is too complex to determine. So the information disclosed by
them may not be very accurate.
5. Due to time constraints and busy schedules of the people it was difficult to interact with them completely.
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INTRODUCTION TO INSURANCE
There is a fundamental relationship between demography and life insurance business. India is a vast country and its huge population around 100 crores is the second largest in the world. As such, in terms of population, India has immense potential for extending life insurance cover. But to make a realistic assessment of this potential, apart from the very important factors like age group, income level, sex wise distribution, literacy level, etc., it is necessary to consider other relevant factors like varieties of social structure, composition of urban and rural population, etc., in various parts of the country as also many “invisible” factors like various religious faith and social values.
Real assessment of the life insurance potential of our country is also a very complex exercise due to wide “variance” in all aspects of Indian circumstances, and as such any crude estimate for Indian market without carefully refined analysis can only be misleading.
The changing economic pattern of our country, changing political scenario, rapid proliferation of information technology, the resulting changes in the social values, etc., will also in near future virtually reshape the Indian financial market and consequently the future potential of life insurance business in this country.
PURPOSE & NEED OF INSURANCE:
Life insurance is one of those products that almost everyone thinks they
need, but almost no one wants to talk about it, let alone go out on the town for a day of
life insurance shopping. For 95% of us life insurance has ONE purpose: to replace an
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economic loss. That’s it. It’s not for education saving. It’s not for retirement savings, or
to provide a tax-free loan later in life. Again, for 95% of us, life insurance is to replace an
economic loss.
So, to buy life insurance you “simply” need to calculate what the economic loss would
be if you lost a loved one. If there is no economic loss, there is no need for life insurance.
If there is an economic loss, then life insurance is the perfect tool (indeed, it is the only
tool) to protect you and your family against what otherwise could be a financial disaster.
The manner in which the loss is to be shared can be determined before hand. It may be proportional to the likely loss that each person is likely to suffer. Which is indicative of the benefit he would receive if the peril befell him? The share could be collected from the members after the loss has occurred or the likely shares may be collected in advance, at the time of admission to the group. Insurance companies collect in advance and create a fund from which the losses are paid.
HOW INSURANCE WORKS:
People facing common risks come together and make their small contributions to a common fund. The contribution to be made by each person is determined on the assumption that while it may not be possible to tell beforehand, which person will suffer, it is possible to tell, on the basis of past experiences, how many persons, on an average, may suffer losses. The following example explains the above concept of insurance.
There are 1000 persons who are all aged 50 and are healthy. It is expected that of 10 persons may die during the year. If the economic value of the loss suffered by the family of each dying person is taken to be Rs. 20,000 the total loss world work out to Rs. 2,00,000/- if each person of the group contributes Rs.200/- a year, the common fund
41
would be Rs.2,00,000/-. This would be enough to pay Rs.20, 000 to the family of each of the ten persons who die. Thus the risks in cases of 10 persons are shared by 1000 persons.
THE BUSINESS OF INSURANCE:
The business of insurance done by insurance companies, called insurers, is to bring together persons with common insurance interest (sharing the same risks), collecting the share or contribution (called premium) from all of them, and paying out compensations (called claims) to those who suffer. The premium is determined on the same lines as indicated in the example above with some additions made for the expenses of administration.
The business of insurance is nothing but one of sharing. It spreads losses of an individual over the group of individuals who face common risk. People who suffer loss get relief because their loss is made good. People who do not suffer loss are relieved because they were spared the loss.
The insurer is in the position of a trustee as it is managing the common fund for and on behalf of the community. It has to ensure that nobody is allowed to take undue advantage of the arrangement. That is to say that the management of the business requires care to prevent entry into the group of people whose risks are not of the same kind as well as paying claims on losses that are not accidental. The decision to allow entry is the process of underwriting of risk. Both underwriting and claim settlement have to done with great care.
TYPES OF INSURANCE:
The insurance can be classified into three categories from business point of view
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i) Life insurance
ii) General insurance
iii) Social insurance
LIFE INSURANCE:
Life insurance is different from other insurance in the sense that, here, the subject matter of insurance is life of human being. The insurer will pay the fixed amount of insurance at the time of death or at the expiry of certain period. At present, life insurance enjoys maximum scope because the life is the most important property of the society or an individual. Each and every person requires the insurance. This insurance provides protection to the family at the premature death or gives adequate amount at the old age when earning capacities are reduced. Under personal insurance a payment is made at the accident. The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or at the expiry of a period.
According to the US Life Office Management Association inc. (LOMA) life insurance is defined as follows: “Life insurance provides a sum of money if the person who is insured dies while the policy is in effect. Life insurance today covers a number of contingencies relating to human life DEATH, DISABILITY, DISEASE, and DESTITUTION.
A human life is also an income generating asset. This asset also can be lost through unexpectedly early death or made non-functional through sickness and disabilities caused by accidents. Accidents may or may not happen. Death will happen, but the timing is uncertain. If it happens around the time of one’s retirement, when it could be expected that the income will normally cease, the person concerned could have made some other arrangements to meet the continuing needs. But if it happens much earlier when the alternate arrangements are not in place, insurance is necessary to help those dependent on the income.
In the case of a human being, he may have made arrangements for his needs after his retirement. These would have been made on the basis of some expectations like he may live for another 15 years, or that his children will look after him. If any of these expectations do not become true, the original arrangement would become inadequate and there could be difficulties. Living too long can be as much a
43
problem as dying too young. These are risks, which need to be safeguarded against. Insurance takes care.
Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. Insurance only tries to reduce the impact of the risk on the owner of the asset and those who depend on the asset. It compensates, may not be fully, the losses. Only economic or financial losses can be compensated.
INSURANCE SECTOR
The insurance industry worldwide faces challenges in terms of acts of terrorism, hardening of reinsurance rates and changing global risk architecture. The opening up of the Insurance sector to private players has led to the introduction of a number of new products and the Indian market is one of the fastest growing insurance markets. Insurance business in India is growing at the rate of 15-20%annually and IRDA has estimated that it is currently of the order of Rs.812.50 cr.5 when combined with banking services, it adds about 7% of the country’s GDP. In line with the economic reforms that were ushered in India in early nineties, the Government set up a Committee on Reforms (popularly called The Malhotra Committee) in April 1993 to suggest reforms in the insurance sector.
PRIVATISATION OF LIFE INSURANCE:
Indian life insurance market was virtually the monopoly of the nationalized life insurance company, namely the LIFE INSURANCE CORPORATION OF INDIA. Central Government’s postal life insurance is open mainly to govt.
44
employees only and central govt. has allowed some state govts and some central govt. departments and organizations to self-insurance their own employees.
Liberalization of financial services in India started in 1991. The government of India constituted a committee under R.N. Malhotra for suggesting reforms in the insurance sector. The committee called “Malhotra Committee” submitted its report in January 1994. Malhotra committee recommended the opening up of the insurance sector. It suggested a statutory body called Insurance Regulatory Authority (IRA) to reflect on the development of the insurance sector.
IMPACT OF PRIVATISATION ON INSURANCE SECTOR IN INDIA
Market expansion:
There has been an overall expansion in the market. This has been possible due to improved awareness levels thanks to the large number of advertising campaigns launched by all the players. The scope for expansion is till unlimited as virtually all the players are concentrating on large cities and towns-expect by LIC to an extent there was no significant attempt to tap the rural markets.
New Product Offerings:
There has been a plethora of new and innovative product offered by the new players, mainly from the stable of their international partners. Customers have tremendous choice from a large variety of products from pure term (risk) insurance to unit-linked investment products. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional money back policies, which is not considered very appropriate for long-term protection and savings. However, there are till some key new products yet to be introduced –e.g. health products.
45
Customer Service: Not unexpectedly, this was one area that witnessed the most significant change with the entry of new players. There is an attempt to bring in international best practices in service and operational efficiency through use of latest technologies. Advice and need based selling is emerging through much better trained sales force and advisors. There is improvement in response and turnaround times in specific areas such as delivery of policy receipt, policy document, premium notice, final maturity payment, settlement of claims etc. However, there is a long way to go and various customer surveys indicate that the standards are still below customer expectation levels.
Channels of Distribution: Till four years back, the only mode of distribution of life insurance products was Through Agents. While agents continue to be the predominant distribution channel, today a number of innovative alternative channels are being offered to consumers. Some of them are banc assurance, brokers, the internet and direct marketing. The entry of many of the global insurance into the Indian market is the form of joint ventures with Indian companies. Some of the key names are Prudential, AIG, New York Life, Allianz, Standard life, Sun Life Canada and Old Mutual. The entry of new players has rejuvenated the erstwhile monopoly player LIC, which has responded to the competition in an admirable fashion by launching new products and improving service standards.
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Environmental Scan
Internal Analysis External Analysis
Weaknesses Opportunities
SWOT ANALYSIS:
47
Strength
Threats
A SWOT analysis is a strategic planning tool used to evaluate the
strengths, weakness, opportunities and threats involved in a project or in a
business or in any other situation requiring a decision. It involves
monitoring the marketing environment internal and external to the
company. The technique is credited to Albert Humphrey, who led a
research project at Stanford University in the 1960s and 1970s using data
from the fortune 500 companies.
Strengths: attribute of the organization that are helpful to achieving
the objectives.
Weakness: attributes of the organization those are harmful to
achieving the objectives.
Opportunities: external conditions those are helpful to achieving the
objectives.
Threats: external conditions those are harmful in achieving the
objectives.
The aim of any SWOT analysis is to isolate the key environmental factors
that are important to the plans of the organization. SWOT groups key
pieces of information into two main categories:
Internal factors: The strengths and weakness internal to the
organization, i .e. its strategies and its relation to its competition.
External factors: the opportunities and threats presented by the
external environment and completion.
STRENGHTS
1. Strong Brand Image
2. Dedicated sales team
48
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 last year. Company has
achieved profit of more than 1000 crore last year.
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. Life insurance industry is a rapid growing and a nobler service industry.
WEAKNESSES
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.
OPPORTUNITIES
1. Life insurance has captured its mere15 – 20% growth therefore a wide open untapped
market is open to the company to develop, grow and measure its success.
2. Still the numbers of companies are few and company has every capability to grow
and forward its performance areas to the widest.
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3. Distinguishable product.
THREATS
1. People are hesitant to invest and put their hard earned money to the private life
insurance company with the fear of getting lost.
2. Belief towards LIC as it is a government corporation phobia is continue to surmount
the people of India despite lots of flaws and development and liberalization of life
insurance.
3. Alternative financial services such as mutual fund, banking services, share and
securities also pose problems and threats to the working of the life insurance sector.
4. Illiteracy and unemployment also pose threat.
5. Rising real estate industry also pose threat as people are investing a bulk of their
money over to that industry.
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6. Presence of very strong competitors.
Data Analysis
&
Interpretation
51
Distribution of surveyed people as per their age:
Age group of people
18-23 24-29 30-35 36-41 42-47 47-52 53 & above
Percentage of people surveyed
32 27 11 4 3 13 10
Distribution of surveyed people as per city:
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Name of city
Ahmedabad
Mahemdabad
Nadiad
Percentage of people surveyed
38 41 21
38%
41%
21%
Percentage of people surveyed as per city
AhmedabadMahemdabadNadiad
53
32%
27%11%
4%
3%
13% 10%
Percentage of people surveyed as per age
18-23 24-29 30-35 36-41 42-47 47-52 53 & above
Distribution of surveyed people as per marital status:
Marital status Married Unmarried
Number of respondents 48 52
48%52%
Number of respondents as per marital status
Married Unmarried
54
Educational Background of the respondents:
Educational Background Percentage of respondents High school 5
10+2 17
graduate 73
Post graduate 5
5%17%
73%
5%
Percentage of respondents as per educa-tion
High school 10+2 graduate Post graduate
How many people in this survey are earning member of their family?
55
Income status Percentage of respondents
Earning member 67
Non earning member 33
67%
33%
Percentage of people as per income status
Earning member Non earning member
56
The source of income of surveyed people:
Source of income Salary Business Manufacturing Other
Percentage of respondents
36 24 1 6
54%36%
1% 9%
Percentage of respondents as per source of income
SalaryBusinessManufacturingOther
Distribution of surveyed people as per their monthly family income:
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Monthly family income group
5000-10000 11000-20000 21000-30000 31000-35000 35000 & above
Percentage of respondents
41 36 20 2 1
41%
36%
20%
2%1%
Percentage of respondents as per monthly family income
5000-1000011000-2000021000-3000031000-3500035000 & above
Which type of investment people prefer?
58
Type of investment Life insurance Post office Real estate Other
Percentage of respondents
31 28 22 19
31%
28%
22%
19%
Percentage of respondents as per investment prefer
Life insurancePost officeReal estateOther
Range of investment of respondents:
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Investment range Below 5000 5000-10000 10000-20000 20000 & above
Percentage of respondents 54 35 8 3
54%35%
8% 3%
Percentage of respondents as per range of investment
Below 50005000-1000010000-2000020000 & above
How many people are aware of Life insurance?
60
Awareness of Life insurance Aware Not aware
Percentage of respondents 98 2
98%
2%
Percentage of respondents as per awareness of life insurance
AwareNot aware
61
From which source of advertise they came to know about life insurance?
Source of advertise
Internet TV advertise News paper Radio Magazine
Percentage of respondents
25 58 15 1 1
25%
58%
15% 1%1%
Percentage of respondents as per advertising source awareness
InternetTV advertiseNews paperRadioMagazine
How many people are covered by any Life insurance?
62
Covered or not covered by life insurance
Covered Not covered
Percentage of respondents 82 18
82%
18%
Percentage of respondents whether covered by insurance
Covered Not covered
What people expect from insurance policy?
63
Expectation Security Good return Good service Flexibility Transparency
Percentage of respondents
37 51 6 3 3
Which company people prefer for Life insurance?
Name of company LIC HDFC ICICI Prudential Bajaj allianz Other
Percentage of respondents 86 3 5 2 4
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37%
51%
6%3% 3%
what people expect from insurance policy
SecurityGood returnGood serviceFlexibilityTransparency
86%
3% 5%
2%4%
Percentage of respondents as per company they prefer for insurance
LICHDFCICICI PrudentialBajaj allianzOther
In near future how many people have planned to take Life insurance policy?
Plan to take life insurance Yes No
Respondents in percentage 15 85
65
15%
85%
How many people want to take in-surance in near future
YesNo
Factors that mostly motivate people to purchase Bajaj Allianz Life product
Factors Product range advertisement After sale service Performance
Number of respondents
20 19 13 38
66
22%
21%14%
42%
Factors that motivate people to buy Bajaj allianz product
Product rangeadvertisementAfter sale servicePerformance
Which performance range people give to Bajaj Allianz life insurance?
Performance range Excellent good Average Below average
Number of respondents
20 56 13 2
67
22%
62%
14%
2%
Performance range given by people to Ba-jaj allianz
ExcellentgoodAverageBelow average
Out of people who want to take life insurarance in near future, how many people prefer insurance as an investment?
Prefer insurance as investment & want to take insurance
Yes No
Number of people 12 3
68
80%
20%
Number of people who prefer insurance as investment & want to take life insurance
YesNo
Findings
The aim of the survey was to find out the "Brand Awareness of Life Insurance and
Changing Investment Pattern with special reference to Bajaj Allianz life insurance” All
the due efforts were made to find out the appropriate and confide results. Following are
the various findings of the research.
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People still like to invest their money in fixed Deposits although other better
options are available in the financial investment market.
People think that investing their money in fixed Deposits is the safest option
available. It is also true that it is the oldest option available in the investment
market. A mind set is their in the minds of people that no other option is safest or
best in terms of investing their money.
Very less number of people wants to take risk when it comes to investing the
money. They also want to make high profits without taking high risks.
Almost everybody knows about Life Insurance.
L1C is the strongest brand in comparison to the other private insurance company
brands. It is also because L1C is the oldest company when we talk about life
insurance.
Most of the people are concerned about the plan while taking any life insurance
policy. This is the major information they want to know while taking any life
insurance policy.
Most of the people prefer short-term investment.
Most of the people want to invest their money in banks and other government
securities.
Very less number of people has shown willingness to invest in Life Insurance in
near future.
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Some slot of population doesn't have insurance policy which can be target
population for life insurance companies
People have much faith in Govt. securities than in private companies & it is also
found that people while investing require expert advice.
Large number of people expects good return from insurance policy.
RECOMMENDATIONS
Making recommendations assumes considerable knowledge of the picture, including
the resources of the firm and all the alternative courses of action. A Communication
system is necessary to maintain the uniformity & balance in the flow of information
within the fire.
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Although is very early to suggest any thing to such a internationally famous
company Bajaj Allianz Life Insurance Company Ltd. in it's mature state of
marketing, interactions and feed backs from various outlets, segments of investor. I
would like to suggest as under:
In the advertisement & promotion of product, company should include one
celebrity as a brand ambassador so that advertisement can become more
effective & eye catching.
Company should sponsor important events like World Cup, Afro Asian games,
IPL and any event related to film awards and other local programs.
Company should promote good and heart felt slogans.
Conclusion
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After taken a summer training for two months at Bajaj Allianz life insurance limited and analyzing the questionnaires based on study of brand awareness I came to conclusion that
Bajaj Allianz life insurance limited having many good qualities. The product range of the company is very well known in the market. Among the private players in the insurance sector the market share of the company is very good. Moreover the profit ratio of the company is rapidly increasing which shows the brilliant efficiency of marketing department of the company. In short the overall performance of the company is excellent.
References
1. Marketing Management by Philip kotler
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2. www.bajajallianz.com
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