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A

Project Report

On

“AGENCY RECRUITMENT DYNAMICS INBARDOLI AREA”

Undertaken at:

Bajaj Allianz Life Insurance Co. Ltd.,Bardoli

Submitted by:Mr. Nirmal Patel

05MBA30

Guided by:Mr. Kallol Das

MBA (2005-07)

SHRIMAD RAJCHANDRA INSTITUTE OFMANAGEMENT AND COMPUTER APPLICATION

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SHRIMAD RAJCHANDRA INSTITUTE OFMANAGEMENT AND COMPUTER APPLICATIONS

MBA (2005-07)

COLLEGE CERTIFICATE

 This is to certify that the winter project report

entitled “Agency Recruitment Dynamics in

Bardoli Area” has been carried out by Mr. Nirmal

Patel. at Bajaj Allianz Life Insurance Company

Ltd. as a partial fulfillment of the requirement for the

degree of Master of Business Administration (M.B.A.)

during academic year 2006-07.

[Mr. Kallol Das] [Dr. Bankim

Patel]

FACULTY GUIDE DIRECTOR

Date:

Place: Gopal Vidyanagar

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DECLARATION

I, Nirmal K. Patel, hereby declare that the project report entitled

“Agency Recruitment Dynamics in Bardoli area” prepared under

the guidance of Mr. Kallol Das submitted in partial fulfillment of the

requirement of  Master of Business Administration is my original

work and not submitted for award of any other degree/diploma or

other similar titles or prizes to any other institute/organization or

University.

Nirmal K. Patel

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ACKNOWLEDGEMENT

Firstly, I am thankful to Ms. Rita Gupta, Sales Manager - Priority Circle,

Bajaj Allianz Life Insurance Co. Ltd., for providing me opportunity toventure in to the corporate world and for helping me at each and every

stage of my project work.

I, hereby, express my deep sense of gratitude to Mr. Kallol Das, faculty

of SRIMCA, whose guidance and feedback on the project has helped

me a lot and enhanced me to give the right shape to this project.

Last but not the least, I am grateful to all my respondents who devoted

their valuable time to give their response and to all those who helped

me directly or indirectly at any stage of this project work.

Nirmal K. Patel

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EXECUTIVE SUMMARY 

Research Objectives:

 The key objectives of the study are:•  To measure top of mind awareness about life insurance

companies.

•  To measure perceptions with respect to insurance agency

prospects.

•  To check the important of various benefits of agency provided

by insurance industry.

•

 To check to what extent agents agree with Bajaj Allianzagency features.

Design/Methodology/Approach:

 This is carried out using quantitative survey of 100 target audience

members in Bardoli city. Each respondent is personally contacted to fill

up the questionnaire. In this method, regarding sampling design, non-

probability sampling design has been selected. Further, convenience

sampling method was selected. The research design is descriptive

because descriptive research provides data about "who, what, when,

where and how" of a situation, not what caused it. It provides the

number of times something occurs, or frequency, lends itself to

statistical calculations such as determining the average number of 

occurrences or central tendencies.

Findings:

Such key findings are as follows:

• According to the study, LIC is having highest level of brand

awareness followed by Bajaj Allianz and ICICI Prudential.

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• Around 70% target audience members hold life insurance policy

from various life insurance companies.

•  The major sources of awareness for Bajaj Allianz Life Insurance

Co. Ltd. are others like insurance consultants, friends, relatives

etc. apart from T.V. and Newspapers.

• Around 70% target audience members do not know that

insurance provides extra earning opportunity through part time

work.

• Various features like extra earning opportunity, flexibility in

working hours, strong company brand/ image, wide range of well

designed plans etc important equally for Target audience

members who are taking agency of insurance.

• In the study it was shows out that flexibility in working hours

have highest advantages followed by wide range of plan, high

growth potential, extra income earning opportunity, various

promotional schemes and strong company brand image.

External Validity: In this study, probability sampling is not used and

so the results cannot be generalized to the population of Bardoli.

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TABLE OF CONTENTS

Sr.No.

Topic PageNo.

1 INTRODUCTION1.1 About Life Insurance1.2 The Life Insurance Industry1.3. About Bajaj Allianz 

2RESEARCH METHODOLOGY 2.1 Res0earch Objectives2.2 Research Design2.3 Types of Data Used2.4 Sampling Plan2.5 Data Collection Method2.6 Data Analysis

2.7 Research Limitations3 DATA PRESENTATION & ANALYSIS

3.1 Top of mind awareness of Life Insurancecompanies3.2 Target audience members possessing lifeinsurance policy3.3 Sources of awareness of Bajaj Allianz LifeInsurance Co. Ltd.3.4 Awareness of extra earning opportunity of insurance agency3.5 Perception of relative importance of 

respondents with respect to insurance agency3.6 Relative belief respondents with respect toBajaj Allianz

4. FINDINGS 

BIBLIOGRAPHY APPENDIX

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CHAPTER 1: INTRODUCTION

1.1 About Life Insurance3

1.1.1 What is Life Insurance?

 The economic value o0f human life arises out of its relation to other

lives. Whenever continuity of life is financially valuable to family

dependents, business associates or educational & philanthropic

situation, the necessary for life insurance is present.

1.1.2. Why Life Insurance?

•

Provide security for the family - Combines risk cover and savings.• Plan for life's uncertainties - Accidental Permanent Total/Partial

Disability; Critical Illness; Hospitalization Expenses.

• Lifestyle maintenance - post retirement.

•  Tax benefits.

• Encourages regular savings and protects against extravagance.

• Peace of Mind.

1.2 The Life Insurance Industry3

1.2.1. The Indian Insurance Industry

Life insurance industry, as on 1.4.2000, comprised mainly one player-

life Insurance Corporation of India (LIC). The other insurance

companies that registered subsequently are listed in the table below:

Sr.

No

.

Registra

tion No.

Date of 

Regn.

Name of the Company

1. 102 23.10.2000 HDFC Standard Life Insurance

Company Ltd.2. 104 15.11.2000 Max New York Life Insurance

Company Ltd.

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3. 105 24.11.2000 ICICI Prudential Life Insurance

Company Ltd.4. 107 10.01.2001 Kotak Mahindra Old Mutual Life

Insurance Ltd.

5. 109 31.01.2001 Birla Sun Life Insurance CompanyLtd.

6. 110 12.02.2001 Tata AIG Life Insurance Company Ltd.7. 111 30.03.2001 SBI Life Insurance Company Ltd.8. 114 02.08.2001 ING Vysya Life Insurance Company

Pvt. Ltd.9. 116 03.08.2001 Bajaj Allianz Life Insurance Company

Ltd.10. 117 06.08.2001 Metlife India Life Insurance Company

Pvt. Ltd.11. 121 30.01.2002 AMP Sammar Life Insurance

Company Ltd.12. 122 14.05.2002 Aviva Life Insurance Company India

Pvt. Ltd.13. 127 06.02.2004 Sahara India Insurance Company Ltd.

1.2.2. IRDA (Insurance Regulatory & Development Authority)

 The authority helps in consultation with the insurance advisor

committee. IRDA was set up as an independent regulatory authority,

which has not put in place regulation in line with global forms. So far in

private sector, 12 life insurance companies have been registered.

1.2.2.1. Role of IRDA

IRDA made some necessary parameters for becoming life advisor like

person should be at least 12th pass. It provides for insurance training

of 100 hours and the prospective agents should pass IRDA exam.

1.3. About Bajaj Allianz4 

1.3.1. Company Profile 

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two

leading conglomerates- Allianz AG, one of the world's largest insurance

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companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler

manufacturers in the world. 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.

1.3.2. Some Achievements of Bajaj Allianz Life Insurance

• No.1 Private Life Insurance Company in India for year 2005-06

• Growth rate of 216% for financial year 2005-2006.

• Over 15, 00,000 satisfied customers

• A countrywide network of 700+ offices

• Assets under management Rs. 3,324 crore.

• Shareholder capital base of Rs. 500 crore.

1.3.3. Financial Performance Summary

Fiscal YearNo of policiessold in FY 

GWP in FY 

2001-2002 21,376 Rs 7 cr.

2002-2003 1,15,965 Rs 69 cr.2003-2004 1,86,443 Rs 221 cr.2004-2005 2,88,189 Rs 1002 cr.2005-2006 7,81,685 Rs 3134 cr.

*(6 months)

1.3.4. Bancassurance

 The company has a strategy for Bancassurance. Two of the tie-ups are:

1. Standard Chartered Bank

2. Syndicate Bank

1.3.5. Company Products

(A) Individual Plans

1. NEW UNITGAIN- A Unit Linked Plan

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2. RISK CARE- Pure Term Plan

3.  TERM CARE- Term Plan with Return-of-Premium

4. INVESTGAIN- An Endowment Plan

5. LIFETIME CARE-Whole Life Plan

6. CHILDGAIN- Children's Policy

7. LOAN PROTECTOR-A Mortgage Reducing Term Insurance Plan

8. CASHGAIN- Money Back Plan

9. KEYMAN INSURANCE- A Promising Business Opportunity

10. SWARNA VISHRANTI- Retirement Plan

11. NEW UNITGAIN PLUS-Unit Link plan with higher allocation

12. RIDERS UNITGAIN PLUS-While the basic life insurance

13. MAHILAGAIN RIDER- The unique plan that takes care of you and your loved ones.

14. NEW UNITGAIN EASY PENSION PLUS-A Plan that enables you retire

with laughter lines not worry lines

15. SWARNA RAKSHA-ROC-A plan that provides you with regular income for life.

16. HEALTHCARE- This is a three-year health insurance plan, with life

insurance benefit.

17. NEW UNITGAIN PREMIERSP- Upfront Allocation of 105% of single premium on day 1

18. NEW UG SUPER- High Allocation Guaranteed life cover19. NEW FAMILYGAIN-  The only Unitlinked insurance plan with

ethical equity fund

20. SAVECARE Economy-SP- An investment that provides financial

security and liquidity.

21. NEW UNITGAIN Plus SP- A single premium plan with maximum allocations

(B) Individual Plans :Rural 

1. SAMRAKSHA – To Secure- Bajaj Allianz Samraksha – a rural insurance plan.

2. CAPITAL UG- Capital Unitgain is a unit linked endowment regular

premium plan that is designed to suit all your insurance & investment

needs.

3. UNITGAIN GUARANTEE SP- High Allocation and Full or partial withdrawals are allowed

anytime after 3 years

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(C) Group Plans

1. GROUP CREDIT SHIELD-Available for Employer - Employee Groups

and Non Employer-Employee Groups

2. GROUP TERM LIFE-Available for Employer - Employee Groups and Non

Employer-Employee Groups

3. GROUP TERM LIFE SCHEME- in lieu of EDLI (Employees Deposit

Linked Insurance)

4. GROUP SUPERANNUATION SCHEME

5. GROUP GRATUITY CARE SCHEME- Giving your Employees and their

families the heartening reassurance of your care and financial

security.

(D) Insurance for NRIsBajaj Allianz offers a large suit of products to cater every insurance

need for NRIs. They are as follows:

1. INVESTGAIN - Our 'With Profits Endowment Plan’.

2. CASHGAIN - Our 'With Profits Money Back Plan'.

3. CHILDGAIN - Our 'With Profits Money Back Plan' for children.

4. LIFETIME CARE - Our 'With Profits Whole of Life Plan'.

5. SWARNA VISHRANTI - Our 'With Profits Differed Annuity Plan'.

6. UNITGAIN - Our 'Unit Linked Whole of Life Plan'

CHAPTER 2: RESEARCH METHODOLOGY 

Please find below the details of the research objectives and

methodology opted in this study.

2.1. Research Objectives

•

 To measure top of mind awareness about life insurancecompanies.

•  To measure perceptions with respect to insurance agency

prospects.

•  To check the important of various benefits of agency provided by

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insurance industry.

•  To check to what extent agents agree with Bajaj Allianz agency

features.

2.2 Research Design2

 The research design constitutes the blueprint for the measurement,

collection and analysis of data. It aids the scientist in the allocation of 

his limited resources by posing crucial choices. This research design is

descriptive. Descriptive research design describes the "who, what,

when, where and how" of a situation, not what caused it. Therefore,

descriptive research is used when the objective is to provide a

systematic description that is as factual and accurate as possible. It

provides the number of times something occurs, or frequency, and

lends itself to statistical calculations such as determining the average

number of occurrences or central tendencies.

2.3 Types of Data Used2

2.3.1. Secondary Data

Data was collected through secondary sources like Internet, books on

insurance and business research book.

2.3.2. Primary Data

 This data was collected through questionnaire from Target audience

members in and around Bardoli region.

2.4. Sampling Plan

 The Sampling plan consists of three things:

2.4.1. Sampling unit

Here sampling unit includes students, businessperson, and employees

of Government and private sectors.

2.4.2. Sample size

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 The sample size selected was 100, which was a very feasible figure

looking into time constraints.

2.4.3. Sampling procedure

In this method, regarding sampling design, non-probability sampling

design has been selected. Further, convenience sampling method was

selected.

2.5 Data Collection Method

2.5.1. Field area

 The area for survey was Bardoli and surrounding region.

2.5.2. Contact method

Contact method for survey was face-to-face personal interview.

2.6. Data Analysis1 

Graphs, charts and percentage, T-test, cross table, mean etc. analyzed

the information.

One-sample T-test is the statistical test, which is used to test the

difference between sample statistic and a hypothesized population

parameter. It is used when the types of data are interval in nature.

Chi-square test has been used to provide the method for testing the

association between the dependent and independent variables. 

Data analysis has been done using SPSS software for doing t-test and

chi-square test.

2.7 Research Limitations

 The following are the limitations of this study.

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• Since the sampling method used was convenience sampling due

to time and cost constraint, the result cannot be generalized to

the population.

•  The target audience members may misunderstand some of the

questions and thereby give wrong responses.

• Many of the target audience members had very little knowledge

about insurance sector. Therefore, their comments on the

insurance sector may be negatively biased.

CHAPTER 3: DATA PRESENTATION & ANALYSIS

 This chapter presents the analysis of the data gathered.

3.1 Top Of Mind Awareness Of Life InsuranceCompanies

Company Frequency Percentage

LIC 62 62%

ICICI Prudential 14 14%

Bajaj Allianz 18 18%

HDFC Standard 3 3%

Max New York 3 3%

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Total 100 100%

Top of mind awareness of attempt Life Insurance

companies

62%14%

18%

3%

3%

LIC

ICICI Prudential

Bajaj Allianz

HDFC Standard

Max New York

In the study it was found out that LIC is having highest level of top-of 

mind awareness followed by Bajaj Allianz and ICICI Prudential Life

Insurance.

3.2 Target Audience Members Possessing LifeInsurance Policy

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Respondents possessing life insurance policy

68%

32%

Policy holder 

Non-policy holder 

In the study it was found out that 68% Target audience members

are holding life insurance policy.

3.2.1 Cross tabulation - Annual income versus Policy Holder 

Annual income TotalHavepolicy <1 lac 1 to 2.9 3 to 5

5 &above

 

No Count 4 13 8 7 32

% Withinhave policy

12.5% 40.6% 25.0% 21.9% 100%

 Yes Count 18 27 16 7 68% Withinhave policy

26.5% 39.7% 23.5% 10.3% 100%

 Total Count 22 40 24 14 100% Withinhave policy

22.0% 40.0% 24.0% 14.0% 100%

From the table, we can see that the target audience members in the

annual income slab Rs. 1 - 2.9 lacs per annum have the highest

policies (40%) followed by Rs. 3 to 5 lacs per annum (24%), less then

Rs. 1 lac per annum (22%) and Rs. above 5 lacs (14%).

3.2.2 Cross tabulation: Occupation versus Policy Holders

Occupation Total

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Havepolicy Student Business Service Others

No Count 6 9 14 3 32% Within Havepolicy

18.8% 28.1% 43.8% 9.4% 100%

Yes Count 18 17 26 7 68% Within Havepolicy

26.5% 25.0% 38.2% 10.3% 100%

 Total Count 24 26 40 10 100% Within Havepolicy

24.0% 26.0% 40.0% 10.0% 100%

From the table, we can see that the target audience members in the

service occupation have the highest policies (40%) followed by

businessmen (26%), students (24%) and others (10%).

3.2.3 Cross tabulation: Education versus Policy Holders

Havepolicy Education Total

H.S.CGradua

te P.G OthersNo Count 6 14 8 4 32

% WithinHave policy

18.8% 43.8% 25.0% 12.5%100.0

%Yes Count 14 36 12 6 68

% WithinHave policy

20.6% 52.9% 17.6% 8.8%100.0

% Total Count 20 50 20 10 100

% WithinHave policy

20.0% 50.0% 20.0% 10.0%100.0

%

From the table, we can see that the target audience members in the

graduate category have the highest policies (50%) followed by H.S.C

(20%), post graduate (20%) and others (10%).

3.3 Sources of Awareness of Bajaj Allianz LifeInsurance Co. Ltd.

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Media Frequency Percentage

 T.V 32 22.85%

Magazine 12 8.60%

News paper 39 27.85%

Hoarding 9 6.42%

Others 48 34.28%

 Total 140 100.00%

From the figure, we can see that the main source of awareness for

Bajaj Allianz others (34%) followed by news paper (28%), T.v (23%),

magazine (9%) and hoardings (6%).

 

3.4 Awareness Of Extra Earning Opportunity Of Insurance Agency

23%

9%

28%6%

34% T.V

MagazineNews paper 

Hoarding

Others

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Response Frequency Percentage

 Yes 30 30%

No 70 70%

 Total 100 100%

Awareness of extra earning opportunity of 

insurance agency.

30%

70%

Yes

No

In the study, it was found out 30% of the sample knows insurance

provides extra earning opportunity by working part time.

3.5 Perception Of Relative Importance Of AgencyFeatures According to Respondents

Statistic Extra income FlexibilityPromotion High Brand Wide

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scheme growth image planMean 3.66 3.76 3.55 3.66 3.52 3.71Std.

Deviation 0.96 1.23 1.05 1.15 0.97 1.20

3.66

3.76

3.55

3.66

3.52

3.71

3.4 3.45 3.5 3.55 3.6 3.65 3.7 3.75 3.8

Extra income

Flexibility

Promotional schemes

High growth

Company\brand image

Well designed plans

In the study it was found out that flexibility in working hours (3.76) is

found most important followed by wide range of plans (3.71), high

growth potential (3.66), extra income earning opportunity (3.66),

various promotional schemes (3.55) and strong company brand image(3.52).

3.6 Relative Beliefs Of Respondents With Respect ToBajaj Allianz

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3.6.1 Bajaj Allianz Life Insurance Agency Gives You Good Extra

Income Earning Opportunity

Ho= Target audience members are neutral that Bajaj Allianz agency

provide extra earning opportunity.

H1 = Target audience members are not neutral that Bajaj Allianz

agency provide extra earning opportunity.

One-Sample Statistics

Statistic N MeanStd.

Deviation

Std.ErrorMean

Extra

income 100 3.18 .869 .087

One-Sample Test

Test Value = 3

Statistic t df  Sig. (2-tailed)

MeanDifferen

ce

95% ConfidenceInterval of the

Difference

Extra

income2.071 99 .041 .180 .01 .35

 Here null hypothesis is rejected because as per t-test significance is

less then 0.05. Also t-value is positive. It means target audience

members are more than neutral about Bajaj Allianz regarding extra

earning benefit.

3.6.2 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives

Flexibility In Working

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Ho= Target audience members are neutral that Bajaj Allianz agency

provide flexibility in working.

H1 = Target audience members are not neutral that Bajaj Allianz

agency provide flexibility in working.

One-Sample Statistics

Statistic N MeanStd.

Deviation

Std.ErrorMean

Flexibility inworking

99 2.95 1.110 .112

One-Sample Test

Test Value = 3

Statistic t df  Sig. (2-tailed)

MeanDifferen

ce

95% ConfidenceInterval of the

Difference

Flexibility inworking

-.453 98 .652 -.051 -.27 .17

Here null hypothesis is accepted because as per t-test, significance is

more than 0.05. It means target audience members are neutral about

Bajaj Allianz regarding flexibility in working by agency.

3.6.3 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives Various

Promotional Schemes Benefit To Agents

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Ho= Target audience members are neutral that Bajaj Allianz agency

provides various promotional schemes benefits to agents.

H1= Target audience members are neutral that Bajaj Allianz agency

provide various promotional schemes benefits to agents.

One-Sample Statistics

Statistic N MeanStd.

Deviation

Std.ErrorMean

Promotionalschemes

100 3.42 1.112 .111

One-Sample Test

Test Value = 3

Statistic t df  Sig. (2-tailed)

MeanDifferen

ce

95% ConfidenceInterval of the

Difference

Promotionalschemes

3.778 99 .000 .420 .20 .64

Here null hypothesis is rejected because t- test significance is less than

0.05. Also t-value is positive and so we can infer that

target audience members are more than neutral with

Bajaj Allianz with respect to various promotional schemes.

3.6.4 Bajaj Allianz Life insurance Co. Ltd. Agency Gives High

Growth Potential

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Ho= Target audience members agree that Bajaj Allianz agency

provides high growth potential.

H1= Target audience members do not agree that Bajaj Allianz agency

provides high growth potential.

One-Sample Statistics

Statistic N MeanStd.

Deviation

Std.ErrorMean

Highgrowth rate

100 3.66 1.056 .106

One-Sample Test

Test Value = 4

Statistic t df  Sig. (2-tailed)

MeanDifferen

ce

95% ConfidenceInterval of the

Difference

Highgrowth rate

-3.219 99 .002 -.340 -.55 -.13

Here null hypothesis is rejected because as per t-test, significance is

less then 0.05. Also t-value is negative. So we can infer

that target audience members are less than neutral with

Bajaj Allianz with respect to high growth potential.

3.6.5 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives A

Company/Brand Image

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Ho= Target audience members are neutral that Bajaj Allianz agency

provides a company/ brand image which is helpful in the agency

business.

H1= Target audience members are not neutral that Bajaj Allianz

agency provide a company/brand image which is helpful in the agency

business.

One-Sample Statistics

Statistic N MeanStd.

Deviation

Std.ErrorMean

Company brand

image100 3.18 1.114 .111

One-Sample Test

Test Value = 3

Statistic t df  Sig. (2-tailed)

MeanDifferen

ce

95% ConfidenceInterval of the

Difference

Company brand

image

1.616 99 .109 .180 -.04 .40

Here null hypothesis is accepted because as per t- test, significance

value is more then 0.05. It means target audience members are

neutral with Bajaj Allianz with respect to company/ brand image.

3.6.6 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives A Wide

Range Of Well-designed Plans

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Ho= Target audience members are neutral that Bajaj Allianz agency

provides a wide range of well-designed plans which are helpful to

agent in this business.

H1= Target audience members are not neutral that Bajaj Allianz

agency provide a wide range of well-designed plans which are helpful

to agent in this business.

One-Sample Statistics

Statistic N MeanStd.

Deviation

Std.ErrorMean

Attractive

Plan

100 3.24 1.093 .109

One-Sample Test

Test Value = 3

Statistic t df  Sig. (2-tailed)

MeanDifferen

ce

95% ConfidenceInterval of the

Difference

Attractive

Plan

2.196 99 .030 .240 .02 .46

Here null hypothesis is rejected because as per t-test, significance is

less than 0.05. Also t-value is positive. It means target audience

members are more than neutral with Bajaj Allianz with respect to a

wide range of well-designed plans.

3.6.7 Career Scope At Bajaj Allianz Life Insurance Co. Ltd. Is

Excellent

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Ho= Target audience members are neutral that Bajaj Allianz agency

provides excellent career scope.

H1= Target audience members are not neutral that Bajaj Allianz

agency provides excellent career scope.

Statistic N MeanStd.

Deviation

Std.ErrorMean

Carrierscope

100 3.34 1.297 .130

One-Sample Test

Test Value = 3

Statistic t df  Sig. (2-tailed)

MeanDifferen

ce

95% ConfidenceInterval of the

Difference

Carrierscope

2.622 99 .010 .340 .08 .60

Here null hypothesis is rejected because as per t-test, significance is

less than 0.05. Also, t-value is positive. It means target audience

members are more than neutral with Bajaj Allianz with respect to

excellent career scope.

3.6.8 Becoming An Agent Of Bajaj Allianz Life Insurance Co.

Ltd. Is A Very Wise Business Decision

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Ho= Target audience members are neutral that going for Bajaj Allianz

agency is a wise business decision.

H1= Target audience members are neutral that going for Bajaj Allianz

agency is a wise business decision.

One-Sample Statistics

Statistic N MeanStd.

Deviation

Std.ErrorMean

Wisedecision

100 3.70 1.156 .112

One-Sample Test

Test Value = 3

Statistic t df  Sig. (2-tailed)

MeanDifferen

ce

95% ConfidenceInterval of the

Difference

Wisedecision

6.249 99 .000 .660 .45 .87

Here null hypothesis is rejected because as per t-test, significance is

less than 0.05. Also t-value is positive. It means target audience

members are more than neutral regarding considering decision for

becoming agent of Bajaj Allianz as a wise business decision.

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CHAPTER 4: FINDINGS

 This chapter presents the findings developed from the analysis of datacollected.

• According to the study, LIC is having highest level of brand

awareness followed by Bajaj Allianz and ICICI Prudential.

• Around 70% target audience members hold life insurance policy

from various life insurance companies.

•  The major sources of awareness for Bajaj Allianz Life Insurance

Co. Ltd. are others like insurance consultant, friends, relatives

etc. apart from T.V. and Newspapers.

• Around 70% target audience members do not know that

insurance provides extra earning opportunity through part time

work.

• Various features like extra earning opportunity, flexibility in

working hours, strong company brand/ image, wide range of well

designed plans etc important equally for target audience

members who are taking agency of insurance.

• In the study it was seen that flexibility in working hours has

highest relative importance followed by….

• In the study, it was seen that target audience belief are accepted

at neutral level only two statements. They are flexibility in

working hours and company brand image.

•  Target audience members lacking in knowing about various

promotional schemes given to agency holder, which improve

through using print and digital media.

•  Target audiences have not idea about Bajaj Allianz growth level,

so give growth record about company and agency holding.

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BIBLIOGRAPHY 

1. Cooper, D.R. & Schindler, P.S. (2006), Business Research

Methods, Tata McGraw Hill, New Delhi.

2. IC-33 LIFE INSURANCE (Revised), Insurance Institute of India.

(Examination Hand Book of Pre-Recruitment Examination For

Insurance Agents)

3. Insurers; Retrieved on 15-3-2007; from

 http://www.bimaonline.com/cgi-bin/insurers/insurers.asp  

4. Nargundkar, R. (2005), Marketing Research, Tata McGraw-Hill

Publishing Company Limited, New Delhi.

5. Why Bajaj Allianz Life Insurance?; Retrieved on 15-3-2007; From

http://www.allianzbajaj.co.in/lifeinsurance/AboutUs/why_ab.asp

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APPENDIX

Questionnaire

Respected Sir/MadamI am Nirmal Patel the student of MBA, final year, of Shrimad

Rajchandra Institute of Mgt. & Computer Application, Tarsadi. As a partof my academic curriculum, I have undertaken a project on “AgencyRecruitment” at .

I request you to please spare some of your valuable time to fillup the questionnaire. This information provided by you will be keptstrictly confidential.

Nirmal Patel

(1) When I mentioned life insurance which company comes toyour mind?

 _______________________________________________________ 

(2) Do you have life insurance Policy?- Yes - No

(3) You have come to know about Bajaj Allianz Life Insurance Co. Ltd.

through which media?- T.V- Magazine- Newspaper- Hoarding- Others.

(4) Do you know that insurance provides extra earningopportunity by working part time?

- Yes - No

(5) To what extent you are with to the following statements.1- Not very important 2- Not important 3- Neutral4- Important 5- Very important

 

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(A) Life insurance agency offers extra income earning opportunity.1 2 3 4 5

(B) Life insurance agency offers flexibility in working hours.1 2 3 4 5

(C) Life insurance agency offers various promotional schemesbenefits to agent.

1 2 3 4 5

(D) Life insurance agency offers high growth potential.1 2 3 4 5

(E) Life insurance agency offers a strong company/brand image ishelpful in becoming successful in agency business.

1 2 3 4 5

(F) Life insurance agency offers a wide range of well designedplans are helpful to agent in becoming successful in insurancebusiness.

1 2 3 4 5

(6) Indicate to what extent you agree with the Bajaj Allianz LifeInsurance Co. Ltd

1- Strongly disagree 2- Disagree 3- Neutral4- Agree 5- Strongly agree

(A) Bajaj Allianz Life Insurance Co. Ltd. agency gives you a good extraincome earning opportunity.

1 2 3 4 5

(B) Bajaj Allianz Life Insurance Co. Ltd. agency gives flexibility inworking. 

1 2 3 4 5

(C) Bajaj Allianz Life Insurance Co. Ltd. agency gives variouspromotional schemes benefit to agent.

1 2 3 4 5

(D) Bajaj Allianz Life insurance Co. Ltd. agency gives high growthpotential.

1 2 3 4 5

(E) Bajaj Allianz Life Insurance Co. Ltd. agency gives acompany/brand image is helpful successful in the agencybusiness.

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1 2 3 4 5

(f) Bajaj Allianz Life Insurance Co. Ltd. agency gives a wide range of well designed plans are helpful to agent successful in thisbusiness.

1 2 3 4 5

(G) The career scope at Bajaj Allianz Life Insurance Co. Ltd. isexcellent.

1 2 3 4 5

(H) Becoming an agent of Bajaj Allianz Life Insurance Co. Ltd. is a verywise business decision.

1 2 3 4 5

(7) Demographic profile

Name: _____________________________________________________________ 

Address: ___________________________________________________________ 

__________________________________________________________  __ 

__________________________________________________________  __ 

Phone No. _________________ Mobile No. ________________________________ 

Education:- H.S.C

- Graduate

- Post Graduate

- Others

 Annul income:

< 1 Lacs.

1–2.9 Lacs.

3-5 Lacs

>5 & above 

Occupation:- Student- Business- Service- Others. __________ 

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Thank You