Baig Final Report

61
IEMS B-school hubli Chapters INDEX Page no. Executive Summary 1

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bajaj report

Transcript of Baig Final Report

Page 1: Baig Final Report

IEMS B-school hubli

Chapters INDEX Page no.

Executive Summary

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Chapter I Introduction

Introduction about the topic

Objectives of the study

Limitations of the study

Chapter II Organization/company profile

Chapter III Theoretical Part

Chapter IV Methodology

Study area

Type of research

Sampling Methods

Types of data used in study (Detailed

with sources)

Sample size

Statistical tools used to analyze the

data

Chapter V Analysis and Interpretation

Chapter VI Findings and suggestion of the study

Findings of the study

Suggestions/Recommendations of the

study

Conclusion

Chapter VI Annexure Bibliography

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EXECUTIVE SUMMARY

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EXECUTIVE SUMMERY:

As we have observed from past two decades the ladder of success day by day of insurance

business when FDI came in to existence. and insurer should be innovative in their approach to

establish their achievements and goal. So this report will explore trends in penetration level in

corporate market and their implication.

Title of the study

“The penetration level of corporate market into tarihal and gokul road industrial estate Hubli with specific reference to Bajaj Allianz general insurance company limited.” Branch hubli.

Introduction to topic:

It is my immense pleasure to introduce my topic called “The penetration level into Gokul road

and Tarihal industrial area with specific reference to Bajaj Allianz general insurance.” Branch

Hubli’

This being selected after a depth discussion with the manager in view to know the penetration

level in corporate market whether they are trying to overcome or not.

Meaning of the penetration;

“THE EXTENT TO WHICH A PRODUCT IS RECOGNISED AND BOUGHT BY CUSTOMER IN A PARTICULAR MARKET”

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Company Profile:

Bajaj Allianz General Insurance Company Limited;

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited

(recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise,

stability and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA)

certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health

Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj

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

As on 31st March 2010, Bajaj Allianz General Insurance maintained its premier position in the industry

by achieving growth as well as profitability. Bajaj Allianz has made a profit before tax of Rs. 180 crores

and has become the only private insurer to cross the Rs.100 crore mark in profit before tax in the last four

years. The profit after tax Bajaj Allianz today has a countrywide network connected through the latest

technology for quick communication and response in over 200 towns spread across the length and breadth

of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are

interconnected with the Head Office at Pune.

Objectives;

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1. To check the awareness level and acceptance level of Bajaj Allianz with specific to

Hubli-Dharwar industrial area.

2. To check what various measures to taken by industries to cater insurance demand in

industrial area.

3. To know the preferential mode for the insurance to generate the business.

4. To study and understand the difference factor insurance consider before selecting a

company and product.

5. To know the deciding authority while taking insurance.

6. To know the various factors which influencing in taking decision for insurance.

Limitations:

1. The penetration level into corporate market includes various types of detail studies for

different areas of analysis, but due to time constraint, our analysis was of limited areas

only.

2. 2 months period for research was not enough to conduct the study in depth.

Need of the study :

1. To create awareness level of BAGICL.

2. To create penetration level of BAGICL.

3. Unable to capture industrial area to sell the insurance product. What measures to be taken

to create the business.

4. For creating the awareness of branding of Bajaj Allianz.

5. To identify the promotional tools to capture the market and space in industrial area.

Findings & suggestions:

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It found that almost all customer have insured their company`s asset some of them have not

insured because whenever loss or machine break down occur easily they can overcome

themselves. And some are not interested due to the not having proper knowledge about company

and product. And for been catering the insurance many of have been catered by corporate agent,

agent, broker and their own employee. And also found that the almost all are insured with PSU`s

and with ESI. And by seeing their service ,claim, settlement, renewing year by year, and due to

the relationship. It been observed that the manager, CEO,finance manager and insurance advisors

who generally takes the decision with respect to these all formalities. Then when it comes to

product service all customer mainly prefer for low premium, quick service, easy payment, fastest

claim and settlement and less document.

When it comes to BAJAJ ALLIANZ all customer are well known about BAGICL and its product

attributes.

Suggestion:As I have that during the survey which is been conducted during our project time Some them

have insured their assets remaining are not due to not having proper knowledge toward product

and service. so I suggest to representative of BAGICL Approach them to present product and

service.

And I suggest that keep maintain relationship with manager, CEO, finance manager, employees,

and insurance advisors these people takes care with these activity. And try to approach to those

who not insured their assets.

And I observed that most of prefer for low premium, easy payment, fastest claim and settlement,

less document and paper work. so I suggest such types of it can helps to them meet their needs

And want must and should focus marketing mix, product and services. And should come with

new strategy which can create awareness among customer.

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Organization/company profile

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Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv

Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation

of expertise, stability and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority

(IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business

(including Health Insurance business) in India. The Company has an authorized and paid up

capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by

Allianz, SE.

As on 31st March 2010, Bajaj Allianz General Insurance maintained its premier position in the

industry by achieving growth as well as profitability. Bajaj Allianz has made a profit before tax

of Rs. 180 crores and has become the only private insurer to cross the Rs.100 crore mark in profit

before tax in the last four years. The profit after tax Bajaj Allianz today has a countrywide

network connected through the latest technology for quick communication and response in over

200 towns spread across the length and breadth of the country. From Surat to Siliguri and Jammu

to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune.

VISION:

To be the first choice insurer for customers.

To be the preferred employer for staff in the insurance industry.

To be the number one insurer for creating shareholder value .

MISSION:

As a responsible, customer focused market leader, we will strive to understand the insurance

needs of the consumers and translate it into affordable products that deliver value for money.

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A Partnership Based on Synergy:

Bajaj Allianz General Insurance offers technical excellence in all areas of General and Health

Insurance as well as Risk Management. This partnership successfully combines Bajaj Finserv's

in-depth understanding of the local market and extensive distribution network with the global

experience and technical expertise of the Allianz Group. As a registered Indian Insurance

Company and a capital base of Rs. 110 crores, the company is fully licensed to underwrite all

lines of general insurance business including health insurance.

Our Achievements:

Bajaj Allianz has received iAAA rating, from ICRA Limited, an associate of Moody's

Investors Service, for Claims Paying ability. This rating indicates highest claims paying

ability and a fundamentally strong position.

Bajaj Allianz General Insurance has received the prestigious "Business Leader in General

Insurance", award by NDTV Profit Business Leadership Awards 2008. The company was

one of the top three finalists for the year 2007 and 2008 in the General Insurance

Company of the Year award by Asia Insurance Review.

IRDA Certificate was Rs. 121 crores, 27% higher than the previous year. Bajaj Allianz General

Insurance

Shareholders & Promoters:

1. Bajaj Finserv Limited:

Bajaj Finserv Limited has been recently demerged from Bajaj Auto Limited which is

the largest manufacturer of two and three-wheelers in India. As a promoter of Bajaj Allianz

General Insurance Company Ltd.

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Bajaj Finserv Ltd; has the following to offer:

Vast distribution network through its group companies.

Knowledge of Indian consumers.

Financial strength and stability to support the insurance business.

Visit Bajaj Allianz gen Insurance: Website www.bajajallianz.com

Visit Bajaj Finserv: Website: http://www.bajajauto.com/BFL_V2/index.html

2. Allianz SE, Germany:

Allianz SE 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 Hong Kong Airport and Channel Tunnel

between UK and France), further Allianz insures 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.

Allianz SE has the following to offer Bajaj Allianz General Insurance Company Ltd:

Set up and running of General insurance operations.

New and improved international products .

One of the world's leading insurance companies.

More than 700 subsidiaries and 2 lac employees in over 70 countries worldwide.

Provides insurance to almost half the Fortune 500 companies.

Technology.

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Other similar businesses

The promoters have also incorporated a Life insurance Company in India, called Bajaj

Allianz Life Insurance Company Limited to provide life insurance solutions.

Bajaj Allianz General Insurance Products

1) Personal Accident

2) Hospital Cash Daily Allowance Policy

3) Health Guard

4) Critical Illness

5) Burglary Insurance

6) Householders Insurance

7) Travel Companion

8) Fidelity Guarantee Policy

9) Office package

10) Money Insurance

11) Public Liability

12) Plate Glass Insurance

13) Consequential Loss (Fire) Insurance

ABOUT US:

Board of Directors.

Management Profile.

Company Structure.

Board of Director:

Of The financial services and wind energy businesses were transferred to Bajaj FinServ

Limited (BFS) as part of the recently concluded demerger of Bajaj Auto Limited,

approved by the Hon. High Court of Judicature at Bombay by its order dated December

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18, 2007. The demerger is effective from the Appointed Date i.e. closing hours of

business on March 31, 2007.

Bajaj FinServ will strive to be one of the top financial services businesses in India

focused on delivering superior customer experience through competitive products and

class leading services while providing consistent and superior returns to our shareholders

and maintaining the high levels of integrity of Bajaj.

The company is currently engaged in life insurance; general insurance and consumer

finance businesses and has plans to expand its business by offering a wide array of

financial products and services in India. Apart from financial services, BFS is also active

in wind-energy generation.

Bajaj Auto Finance Limited, a group NBFC, offers various consumer finance products to

the customers such as auto loans, personal loans, loans for consumer durables and

computers and SME finance.

BFS is engaged in life and general insurance businesses through its joint ventures with

Allianz SE namely Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz

General Insurance Limited. Both these companies have established themselves asindustry

leaders by being number two among the private players in their respective businesses.

A) Directors

Shri Rahul Bajaj : Chairman

Shri Nanoo Pamnani : Vice Chairman

Shri Sanjiv Bajaj : Managing Director

Shri Madhur Bajaj : Director

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Shri Rajiv Bajaj : Director

Shri D J Balaji Rao : Director

Shri S H Khan : Director

Shri Naresh Chandra : Director

B) Committee of Board

a) Audit Committee

Shri Nanoo Pamnani : Chairman

Shri S H Khan : Member

Shri D J Balaji Rao : Member

Shri Naresh Chandra : Member

b) Shareholder’s & Investors’ Grievance Committee

Shri Nanoo Pamnani : Chairman

Shri Sanjiv Bajaj : Member

Shri Rajiv Bajaj : Member

c) Remuneration & Nomination Committee

Shri S H Khan : Chairman

Shri D J Balaji Rao : Member

Shri Nanoo Pamnani : Member

Shri Naresh Chandra : Member

Shri Rahul Bajaj : Member

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Management profile

Sanjiv Bajaj : Managing Director

Kevin P D'Sa : CFO & President (Business Development)

Mr. Ranjit Gupta : President (Insurance)

Sonal R Tiwari : Company Secretary

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Company structure

Company structure

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Theoretical part

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General Insurance

Every asset has a value and the business of general insurance is related to the protection of

economic value of assets. Assets would have been created through the efforts of owner, which

can be in the form of building, vehicles, machinery and other tangible properties. Since tangible

property has a physical shape and consistency, it is subject to many risks ranging from fire, allied

perils to theft and robbery.

Concepts of insurance have been extended beyond the coverage of tangible asset. Now

the risk of losses due to sudden changes in currency exchange rates, political disturbance,

negligence and liability for the damages can also be covered.

But if a person judiciously invests in insurance for his property prior to any unexpected

contingency then he will be suitably compensated for his loss as soon as the extent of damage is

ascertained.

Few of the General Insurance policies are:

Property Insurance:

The home is most valued possession. The policy is designed to cover the various risks under a

single policy. It provides protection for property and interest of the insured and family.

Health Insurance:

It provides cover, which takes care of medical expenses following hospitalization from sudden

illness or accident.

Personal Accident Insurance:

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This insurance policy provides compensation for loss of life or injury (partial or permanent)

caused by an accident. This includes reimbursement of cost of treatment and the use of hospital

facilities for the treatment.

Travel Insurance:

The policy covers the insured against various eventualities while traveling abroad. It covers the

insured against personal accident, medical expenses and repatriation, loss of checked baggage,

passport etc.

Liability Insurance:

This policy indemnifies the Directors or Officers or other professionals against loss arising from

claims made against them by reason of any wrongful Act in their Official capacity.

Motor Insurance:

Motor Vehicles Act states that every motor vehicle plying on the road has to be insured, with at

least Liability only policy. There are two types of policy one covering the act of liability, while

other covers insurers all liability and damage caused to one's vehicles.

Since a single policy cannot meet all the insurance objectives, one should have a portfolio of

policies covering all the needs

General Insurance Industry In IndiaThe general insurance industry took roots in India way back in 1850, with the establishment of

Triton Insurance Company Ltd. in Calcutta. The central government nationalised the general

insurance industry in India and set up General Insurance Corporation of India (GIC) in

November 72. 107 Indian and foreign insurers which were operating in the country prior to

nationalisation were grouped into four operating subsidiaries of GIC, namely, (i) National

Insurance Company Limited; (ii) New India Assurance Company Limited; (iii) Oriental

Insurance Company Limited; and (iv) United India Insurance Company Limited. All these four

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subsidiaries of GIC competed with one another and underwrote various classes of general

insurance business except aviation insurance of national airlines and crop insurance, which was

handled by the GIC.

Key Market IndicatorsSize of Market, Life and Non-Life $16 billion

Total global insurance premium (as on 2001) $2408.25 billion (-1.5% as against 2000)

Rate of Annual Growth year 2002-03 Life 11.27%

Non-life 23% (Premium underwritten in India and

abroad)

Geographical Restriction for new players None. Players can operate all over the country

Registration Restriction Composite Registration not available.

Equity restriction in a new Indian insurance

company

Foreign promoter can hold upto 26% of the

equity#

Number of Registered Companies

Types of business Public private total

Life 1 12 13

General 6 8 14

Reinsurance 1 0 1

Total 8 20 28

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New players

1. Bajaj Allianz General Insurance Company Limited

2. ICICI Lombard General Insurance Co. Ltd.

3. IFFCO-Tokio General Insurance Company Limited

4. Reliance General Insurance Company Limited

5. Royal Sundaram Alliance Insurance Co. Ltd.

6. TATA-AIG General Insurance Company Limited

7. Cholamandalam MS General Insurance Co. Ltd.

8. HDFC Chubb General Insurance Co. Ltd.

9. Export Credit & Guarantee Corporation

10. Agriculture Insurance Company of India Limited

Re-insurer

General Insurance Corporation of India

Public Sector

1. The New India Assurance Co. Ltd.

2. National Insurance Co. Ltd.

3. The Oriental Insurance Co. Ltd.

4. United India Insurance Co. Ltd.

Health Insurance Plans

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1) Individual Health Guard : Health Guard policy takes care of your hospitalization expenses

& offers a wide coverage of pre & post hospitalization expenses.

2) Health Ensure : It takes care of medical treatment costs incurred during hospitalization due

to serious accident or illness.

3) Extra Care : It is a unique health insurance plan that allows you to extend your existing

health insurance cover.

4) Family Floater Health Guard: The policy covers pre and post hospitalization expenses and

also ambulance charges in case of an emergency (subject to a limit of Rs. 1000/-)

5) Critical illness : A health insurance plan that covers critical illness means you can insure

yourself against the risk of serious illness in much the same way as you insure your car and your

house.

6) Star Package: It provides a range of covers for various health risks, household contents,

education grant, travel baggage and public liability all under a single policy.

7) Personal Guard: Personal Guard is a policy that covers the insured against bodily injury or

death caused due to accidents

8) Tax Gain: It is a Family floater health policy which covers out patient (OPD) expenses &

hospitalization expenses under a single policy and helps you in your tax management also.

9) Life Health Insurance: It is a unique hospitalization-cum-insurance plan that takes care of

your hospitalization bills and also provides crucial financial support to your dependents in case

of your unfortunate death.

10) Hospital Cash: Hospital Cash Policy guards you and your family against the trauma that

you face because of increased financial burden during hospitalization.

11) Silver Health: An insurance policy designed exclusively for senior citizens that covers

medical expenses incurred during hospitalization.

12) Insta Insure: It takes care of the medical treatment costs incurred during hospitalization due

to serious accident or illness.

13) Sankat Mochan: It covers Death, Permanent disability, Temporary disability, Accidental

Hospital cash and Accidental hospitalization expenses.

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Research Methodology Study area

Types of research

Sampling Methods

Types of data used to in study

Sample size

Statistical tools used to analyze the data

Research Methodology:

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Study area: the study been conducted on basis of interaction with manager, staff, industries

people etc.

Primary data:

1.interaction with the manager and staff

2.Questionnaire

3.Observation/survey

Secondary data

1. Manual

2. Internet

3. Books

Sample size: 50

Sampling unit: tarihal and gokul road industries.

Sampling method: convenience sampling

Statistical tools used to analyze the data: MS-excel, bars and pie charts.

Need of the study:

1. To create awareness level of BAGIC.

2. To create penetration level of BAGIC.

3. Unable to capture industrial area to sell the insurance product. What measures to be taken

to create the business.

4. For creating the awareness of branding of Bajaj Allianz.

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Analysis and interpretation

Analysis and interpretation

The above table 1. Reveals the 62% of respondent have insured their assets and remaining are

not insured. Because some of them are not interested the reason is they did not invest that

much whenever any problem occur they can overcome themselves and some them interested

but any representative not yet approach to them to represent their company and product.

2.Various product

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62%

38%

1. Insured company's assetYes No

1. Insured your Company assets

Yes 31

No 19

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Property insurance 26

Machine break down 19

Workmen compensation 17

Health insurance 6

5. Motor insurance 6

Group medical 3

34%

25%

22%

8%

8%4%

2.Various ProductProperty insurance Machine break down Workmen compensationHealth insurance 5. Motor insurance Group medical

Analysis and interpretation

The above table no.2 reveals that 34% of respondent have taken property insurance 24% taken

insurance for their machine 22% are workmen compensation 8% are health insurance 8% are

motor and remaining 4% are insured with group medical.

3.Annual Premium

<1 lac 19

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>= 1 lac 6

< 2 lac 1

2 to 5 1

5 lac and above 3

63%20%

3%3%

10%

3.Annual Premium<1 lac >= 1 lac < 2 lac 2 to 5 5 lac and above

Analysis and interpretation

The above table no.3 reveals that 64% of respondents pays less one lac,20% are pays less than

or equal to 1 lac, 3% pays less than 2lac and 2-5lac also and 10% pays 5lac and above annual

premium to an insurance company. The more than a half opted for less than 1lac premium

because almost all prefer for low. So I suggest to BAGICL to design a product with low premium

so they can easily meets demands requirements.

4.Channel

Corporate Agent 8

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Agent 10

Broker 1

Own Employee 5

Direct to the Insurance Co 7

26%

32%3%

16%

23%

4.Channel Corporate Agent Agent BrokerOwn Employee Direct to the Insurance Co

Analysis and interpretation

The above table no.4 reveals that 26% of insurance is been catered through corporate agents

32% through agents 3% through broker 16% through company`s employees and remaining 23%

is been catered through direct to the insurance company. As we have observed that maximum

of customer been catered agent and corporate agent and through their own employee so I

suggest BAGICL to come up with some various solution so they captured the corporate market.

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68%

9%

9%

6%

3% 3% 3%

5.Insurance CompanyPSUs Reliance gen Bajaj Allianz Bharti axa Otherscholamandalam royal sundaram HDFC ergo future genereli

Analysis and interpretationTable above table no.5 is reveals that 67% of respondent is been

insured with PSU`s because more than a half believes on public sector unit, due to the some past

performance. 9% wi

reliance and Bajaj Allianz 6% with other (ESI) and remaining 3% are insured with

cholamandalam, HDFC ergo and future genereli company to cater to insurance demand of their

company’s.

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5.Insurance Company

PSUs 23

Reliance gen 3

Bajaj Allianz 3

Bharti axa 0

Others 2

Cholamandalam 1

royal sundaram 0

HDFC ergo 1

future genereli 1

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6.Purpose of selecting Company

Service 23

Claim 9

Commission 0

Others 2

Renewing continuously year by year 11

Relation 6

45%

18%

4%

22%

12%

6.Purpose of Selection of CompanyService ClaimCommission othersRenewing continuously year by year Relation

Analysis and interpretation

The above table no.6 reveals that 45% of respondent expect better service 18% are interesting on

claims on the time, nobody have opted to commission option because the commission is mostly

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7. Decision in Organization

Manger 13

CEO 14

Fin Manager 1

Insurance Adviser 1

Others 2

42%

45%

3%3%

6%

7.Decision in organisation Manger CEO Fin ManagerInsurance Adviser Others

Analysis and interpretation

The above table no. 7 reveals that the 45% of respondent have opted for manager,45% are opted

CEO,3% are opted for fin manager and insurance advisors remaining to 7% who generally takes

the decision regarding insurance and other legal formalities.

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8. Product and service

Low premium 21

Quick service 20

Easy payment 20

Fastest claim and settlement 18

Less document and paper work 6

25%

24%24%

21%

7%

8.Product ans ServiceLow premium Quick service Easy paymentFastest claim and settlement Less document and paper work

Analysis and interpretation

The above tables reveal that 25% of respondent expects low premium, 23% expects quick service,24%

towards easy payment ,21% and 7% expects fastest claim, settlement and less document and paper

work respectively. As we have observed that almost all customer expects these all product and sales

from general insurance company.

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88%

12%

9.Awareness about BAGICLYes No

Analysis and interpretation

The above table reveals that the 88% respondent are aware about Bajaj Allianz by the different

ways like word of mouth, magazine, advertisement and by media television. And the are not

about BAGICL.

33

9.Awareness about

BAGICL

Yes 44

No 6

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10.BAGICL Products

Property insurance 40

Machine break down 25

Workmen compensation 14

Health insurance 26

Motor insurance 11

Group medical 4

33%

21%

12%

22%

9%

3%

10.BAGICL ProductsProperty insurance Machine break down Workmen compensationHealth insurance Motor insurance Group medical

Analysis and interpretation

The above reveals that 33% of respondents are aware about property insurance 21% are aware

about machine break down 12% of them are aware about workmen compensation but these

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industry must and should know but the reason is very are aware about (WC) because they have

insured with ESI with respective such insurance and remaining 22%, 9%, 3% are aware about

health, motor and group medical insurance with respective.

37%

63%

11.Switch to other companyYes No

Analysis and interpretation

The above table reveals that 37% of respondents are interested to switch to some other company

if provide better service and left are not interested to switch some other company they are

satisfied with existing company and due to the relationship renewing year by year, service claim

and settlement etc.

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11.Switch to other company

Yes 18

No 31

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12.Attributes of BAGCIL

PVT player 37

Cashless 10

Own Panel 1

Local Claim 1

Fastest Claim 3

Less Documents 2

69%

19%

2%2%

6%4%

12.Attributes of BAGCILPVT Cashless Own PanelLocal Claim Fastest Claim Less Documents

Analysis and interpretation

The above table reveals that the 68% of respondent usually feels whenever they hear about BAGICL it is private player and 18%,2%,2%,6%,49% are feels it is cashless with more than 10 mfrs, they have own panel of doctor to

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decided claim, local settlement ,fastest claim and settlement and less document and paper work with respectively.

Findings and suggestion

of the study

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Findings and suggestion:

Findings & suggestions:

It found that almost all customer have insured their company`s asset some of them have not

insured because whenever loss or machine break down occur easily they can overcome

themselves. And some are not interested due to the not having proper knowledge about company

and product. And for been catering the insurance many of have been catered by corporate agent,

agent, broker and their own employee. And also found that the almost all are insured with PSU`s

and with ESI. And by seeing their service ,claim, settlement, renewing year by year, and due to

the relationship. It been observed that the manager, CEO,finance manager and insurance advisors

who generally takes the decision with respect to these all formalities. Then when it comes to

product service all customer mainly prefer for low premium, quick service, easy payment, fastest

claim and settlement and less document.

When it comes to BAJAJ ALLIANZ all customer are well known about BAGICL and its product

attributes.

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Suggestion:As I have that during the survey which is been conducted during our project time Some them

have insured their assets remaining are not due to not having proper knowledge toward product

and service. so I suggest to representative of BAGICL Approach them to present product and

service.

And I suggest that keep maintain relationship with manager, CEO, finance manager, employees,

and insurance advisors these people takes care with these activity. And try to approach to those

who not insured their assets.

And I observed that most of prefer for low premium, easy payment, fastest claim and settlement,

less document and paper work. so I suggest such types of it can helps to them meet their needs

And want must and should focus marketing mix, product and services. And should come with

new strategy which can create awareness among customer.

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CONCLUSION

CONCLUSION

In conclusion it can be seen that the Bajaj Allianz general insurance company is one of the

largest and number one in the country has been rendering service to their customer to meet

insurance need and demand. The fair manner in which the general insurance company encourage

the entrepreneurs makes latter takes up the task with seriousness, pride and over all difficulties.

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They tend to get motivated by the positive action reflected by the Bajaj Allianz general insurance

company.

To conclude, BAGICL has been doing good job in the matter of lending service to all

customer have been benefited to a great extent and are about the service received.

And also would link to that BAGICL doing good for the Hubli city cutomers.

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Annexure bibliography

Annexure

Bibliography

Questionnaire

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Progress report

Bibliography :

Website:

www.bajajfinserve.com

www.bajajallianz .com

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Books:

Insurance management in India by agarwal

Manual and broacher of BAGICL

QUESTIONNARE

Dear sir/madam;

I Irfan Baig Belgaum student of IEMS B-school studying in MBA 4 th sem as a part of academic requirement we are undergoing project to gauge our professional approach towards a specific market. I assure you the valuable information provided by you will be used for academic purpose only.

Name of the organization: _____________________________

Nature of the work: Manufacture Service Others

Size of the industry: Cottage Small Medium Large

Contact no:

Address: __________________________________

1) Have you insured your company’s assets.a) Yes b) No

If No go to Quest no.9

2) Which are the various product which you taken for your organization till now.

Sl no. Product Premium (rs)1. Property insurance (fire insurance )2. Machine break down(MBD)3. Workmen compensation(WC) 4. Health insurance 5. Motor insurance 6. Group medical(GMC&GP)

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3) What is annual premium to an insurance company?a) < 1lac d) 2 to 5lac b) >=1lac e) 5lac and above c) <2lac

4) What is your channel through which insurance is been catered?

a) Corporate agent d)Your own employee b) Agent e) Direct to the insurance company c) Broker

5) Which company are you insured with or preferential insurance company to cater to insurance demand of your company?a) PSUs _______ f) cholamandalam b) Reliance gen g) royal sundaram c) Bajaj Allianz h) HDFC ergo d) Bharti axa i) future genereli e) Others __________________________________ (please mention)

6) Purpose of selecting the above company.a) Service e) Renewing continuously year by year b) Claim f) Relation c) Commissiond) Others _________________________________ (please mention)

7) Who generally takes the decision in your organization regarding insurance/ stragetic decisions?a) Manager b) CEO c) Finance manager b) d) Insurance advisor e) Others

8) Which kind of product & service do you expect from general insurance company?

a. Low premium b. Quick service c. Easy payment

d. Fastest claim and settlement e. Less document and paper work.

9) Are you aware about Bajaj Allianz general insurance company?a) Yes b) No

10) Do you know that Bajaj Allianz general insurance company provides

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a) Property insurance (fire insurance)

b) Machine break down(MBD)

c) Workmen compensation (WC)

d) Health insurance

e) Motor insurance

f) Group medical (MC &GP)

11) Will you switch to some other insurance company if provided better services?a. Yes b. No

12) Which of the following attributes do you know about Bajaj Allianz general insurance companya) Only private player for underwriting profit. b) It has cashless with more than 10 manufacturers. c) It has own panel of doctor to decide claim. d) Local claim settlement and a branch in Hubli which cater to rest of

Karnataka. e) Fastest claim and settlement f) Less document and paper work.

13) Will it be fine if a representative of Bajaj Allianz visit to your premises to represent it.a) Yes b) No If yes; mode of communication.

a) Mobile b) Visiting to company c) Email

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IEMS B-SCHOOL HUBLI________________________________________ _Progress report