PROJECT REPORT BAJAJ ALLIANZ 6.

1 FINDINGS OF THE STUDY All the respondents are aware of Bajaj Allianz Life Insurance Company. M aj or i t y o f t h e r esp ond en t s a r e ye t t o i nsu r e t h ei r l i v es a ga i nst va ri ous risks. Majority of the respondents are insured with LIC and they are of t h e opinion that LIC is the best player with high market share. Cent percent of the respondents are aware of the various i n s u r a n c e companies operating in India. LIC is the company that majority of the respondents are able to recall basedon their awareness, followed by Bajaj Allianz and ICICI respectively. The study shows that advertisement does play an important r o l e i n Marketing Communication for it is the major source through whichmajority of the respondents have come to know o f various i n s u r a n c e companies operating in India, followed by advisors or agents. The study reveals that reliability, ethics/transparency, brand image, servicesand flexibility in plan, respectively are the most important parameters for rating an insurance company. Ethics and transparency is very important in the business of insurance Majority of the respondents have rated LIC as the best Insurance Company with high ethical standards . It is based on the parameters like more returns, less risky, wide acceptancea n d others respectively that, respondents have rated LIC as the b e s t insurance company. The study shows that misleading ads, delay in claim disbursements, hiddencharges, long verification procedure and unawareness of plan are the most dissatisfying factor that should be rectified by insurance companies PROJECT REPORT BAJAJ ALLIANZ The Hierarchy _of-Effects Model reveals that all the respondents are awareo f B a j a j A l l i a n z . B u t , o n l y a f e w h a v e k n o w l e d g e o f t h e c o m p a n y s products. The study shows that increasing ads and promotional activities are some of the ways by which Bajaj Allianz can withstand competition in the market. The study shows that ethics, advertisement, market share and work force are the important factors that represent the Brand Image of a company.

Th e s t u d y sh ow s t ha t c ust om e r m e et , re m i nd e rs , ad vi s or s, l oc al of fi c es , direct selling, and promptness of all services respectively, are some of theservices of Bajaj Allianz which the respondents value most. Majority of the respondents are of the opinion that further publications are required from the part of Bajaj Allianz .

PROJECT REPORT BAJAJ ALLIANZ 6.2 SUGGESTIONS Advertisement is one of the most effective means for communicating withcustomers. If Bajaj Allianz concentrates more on ads it will be able to attractmore customers and this will also help the company to withstand competitionin the industry. Th e co m p an y w i l l b e ab l e t o i m pr ov e i t s b r an d aw a r en es s a nd br a nd i m a gethrough effective marketing communication . (advertisements) The marketing communication objective of the company if possible should be based on creating knowledge of the companys products on the public. It is because of the lack of knowledge of the company and its products that, eventhough all t he respondents have a liking for the company and some of them prefer it to other companies, only few have developed a conviction to insure with Bajaj Allianz. C on c ent r at i n g m o r e on et hi cs, i nt e gri t y, a dv e rt i s em e nt an d e ffi ci e nc y o f workforce would help Bajaj Allianz to be the market leader. More publications from the part of Baja Allianz will attract more customers a n d also efficient Financial Consultants who are willing to work for t h e company. Th e co m p an y s ho ul d at t em p t t o av oi d m i sl e adi n g a dv e rt i s em en t s, hi dd e n charges, delay in claim disbursement and long verification procedure. Services such as Customer Meet, etc should be encouraged. The company has to provide more favorable terms and conditions f o r achieving customer satisfaction. The firm has to make better contact with prospective customers. The company has to be ethical and transparent in all its dealings.

PROJECT REPORT BAJAJ ALLIANZ 6.3 CONCLUSION

Bajaj Allianz Life Insurance Company is the second largest insurance company inIndia. The study reveals that the company has achieved this position because of itsefficient market operation and, the ethics and transparency policies adopted by it. Thelast years performance of the company shows a drastic upward shift in market share.In order to improve its growth and to expand its market share in future the company should concentrate more on advertisement, technology up gradation, and also improvethe efficiency of its workforce. Besides that the company should concentrate strictly on business ethics and provide maximum services to its customers. From the survey itwas found out that a company can improve its brand image only if it has good ethicalstandard, integrity, market share, advertisement, and efficient work force. So it is oneof the areas where the firm should be more alert so as to improve as well as maintainits Brand Image.C u st o m e rs p e rc e pt i o n of t h e c o m pa n y a nd t h e s at i s fa ct i on t he y d e ri v e f ro m t he services of the company is an important yardstick by which a company can identify its position and a study of it will help the company to improve its market position andalso plan for market expansion.M a r k e t i n g Communication should always be based on certain objectives. T h e Marketing Communication of Bajaj Allianz has to focus on creating knowledge of thecompany and its products. Marketing Communication based on such an objective willhelp the company to attract more customers.The study also reveals that misleading advertisements, delay in claim disbursements,hidden charges, and long verification procedure are some of the aspects with which p eop l e ar e di ss at i s fi ed , wi t h r e gar d t o i ns ur a nc e com p ani es . If t h es e as pe ct s a re corrected by insurance companies more and more people will come forward to insure t h e i r l i f e a g a i n s t various risks and thereby leadi ng to the overall growth of t h e insurance sector