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Bajaj Allianz General Insurance Co. Ltd.

Project Report
on

“A STUDY OF STRATEGY AND


FUNCTIONING OF FIELD FORCES

IN

BAJAJ ALLIANZ GENERAL INSURANCE”

In partial fulfilment of the requirements for the


degree of
Bachelors Of Business Administration
Panjab University
(2010-11)
Submitted To: Submitted By:

H.O.D. (I.T. SAMEER SINDHER


Department) Roll No. : 6793
D.A.V. College B.B.A: IIIrd Year
Sector - 10 PUPIN : 17508000891
Chandigarh
Bajaj Allianz General Insurance Co. Ltd.

ACKNOWLEDGEMENT

To acknowledge all the people who had helped for the fulfilment of
project is not possible for any researcher but in spite of all that it
becomes the foremost responsibility of the researcher and also the
part of research ethics to acknowledge those who had played a great
role for the completion of the project.

First of all, I would like to thank my teachers for their continues


support during this project. They were always there to listen and to
give advice. Without their help, the whole project have been difficult
to pursue. Their advice and suggestion kept me moving to finish this
project.

Last but not the least I would like to thank my family for their
constant support and encouragement to complete the project in the
stipulated time.
Bajaj Allianz General Insurance Co. Ltd.

DECLARATION

Hereby declare that the project report entitled “A STUDY OF STRATEGY


AND FUNCTIONING OF FIELD FORCES IN BAJAJ ALLIANZ
GENERAL INSURANCE submitted for the degree of Bachelor of Business
Administration, is my original work and the project report has not formed the
basis for the award of any diploma, degree, associate ship, fellowship or
similar other titles. It has not been submitted to any other university or
institution for the award of any degree or diploma.

SAMEER
SINDHER
Bajaj Allianz General Insurance Co. Ltd.

TABLE OF CONTENTS

Sr.N CONTENTS

o
1. INTRODUCTION

2. SECTOR PROFILE
3. COMPANY PROFILE
4. OBJECTIVES OF STUDY
5. RESEARCH METHODOLOGY
6. DATA ANALYSIS &
INTERPRETATION
7. OBSERVATIONS & FINDING
8. SUGGESTION
9. BIBLIOGRAPHY
10. QUESTIONNIARE
Bajaj Allianz General Insurance Co. Ltd.

INTRODUCTION
Bajaj Allianz General Insurance Co. Ltd.

INTRODUCTION

A marketing strategy is a process that can allow an organization to concentrate its (always
limited) resources on the greatest opportunities to increase sales and achieve a sustainable
competitive advantage.

Marketing strategy as a key part of the general corporate strategy marketing strategy is most
effective when it is an integral component of corporate strategy, defining how the
organization will engage customers, prospects and competitors in the market arena for
success. It is partially derived from broader corporate strategies, corporate missions, and
corporate goals. They should flow from the firm's mission statement. They are also
influenced by a range of micro environmental factors.

Marketing strategy and sectarian tactics and actions:

A marketing strategy also serves as the foundation of a marketing plan. A


marketing plan contains a set of specific actions required to successfully
implement a marketing strategy. For example: "Use a low cost product to attract
consumers. Once our organization, via our low cost product, has established a
relationship with consumers, our organization will sell additional, higher-margin
products and services that enhance the consumer's interaction with the low-cost
product or service."

A strategy consists of well thought out series of tactics. While it is possible to


write a tactical marketing plan without a sound, well-considered strategy, it is
not recommended. Without a sound marketing strategy, a marketing plan has no
foundation. Marketing strategies serve as the fundamental underpinning of
marketing plans designed to fill market needs and reach marketing objectives[3].
It is important that these objectives have measurable results.
Bajaj Allianz General Insurance Co. Ltd.

A good marketing strategy should integrate an organization's marketing goals,


policies, and action sequences (tactics) into a cohesive whole. Many companies
cascade a strategy throughout an organization, by creating strategy tactics that
then become strategy goals for the next level or group. Each group is expected
to take that strategy goal and develop a set of tactics to achieve that goal. This
is why it is important to make each strategy goal measurable.

Marketing strategies are dynamic and interactive. They are partially planned and
partially unplanned. See strategy dynamics.

Types of marketing strategies


Every marketing strategy is unique, but if we abstract from the individualizing
details, each can be reduced into a generic marketing strategy. There are a
number of ways of categorizing these generic strategies. A brief description of
the most common categorizing schemes is presented below:

Strategies based on market dominance - In this scheme, firms are classified


based on their market share or dominance of an industry. Typically there are
three types of market dominance strategies:

• Leader
• Challenger
• Follower
Porter generic strategies - strategy on the dimensions of strategic scope and
strategic strength. Strategic scope refers to the market penetration while
strategic strength refers to the firm’s sustainable competitive advantage.
Bajaj Allianz General Insurance Co. Ltd.

• Cost leadership
• Product differentiation
• Market segmentation
Innovation strategies - This deals with the firm's rate of the new product
development and business model innovation. It asks whether the company is on
the cutting edge of technology and business innovation. There are three types:

• Pioneers
• Close followers
• Late followers
Growth strategies - In this scheme we ask the question, “How should the firm grow?”. There
are a number of different ways of answering that question, but the most common gives four
answers:

• Horizontal integration
• Vertical integration
• Diversification
• Intensification
A more detailed schemes uses the categories:

• Prospector
• Analyzer
• Defender
• Reactor
Bajaj Allianz General Insurance Co. Ltd.

• INSURANCE NEED

Why is insurance necessary? The question contains the answer within itself. After all, life is
fraught with tensions and apprehensions regarding the future and what it holds for the
individual. Despite all the planning and preparation one might make, no one can accurately
guarantee or predict how or when death might result and the circumstances that might ensue
in its aftermath.
We are not saying that life and existence are constantly fraught with danger and uncertainty.
But then it is essential that you plan for the future. The chances for a fatality or an injury to
occur to the average individual may not be particularly high but then no one can really afford
to completely disregard his or her future and what it holds.
People generally regard insurance as a scheme when and where you have to lose a lot to gain
a little. Nevertheless, insurance is still the most reliable tool an individual can use to plan for
his future.
And just why is it necessary to plan for the future with Insurance?
An Overview

Insurance business is divided into four classes:

1) Life Insurance business


2) Fire
3) Marine
4) Miscellaneous Insurance.
Life Insurers transact life insurance business; the rest is transacted by General
Insurers. No composites are permitted as per law.

The business of Insurance essentially means defraying risks attached to any activity over time
(including life) and sharing the risks between various entities, both persons and organisations.
Insurance companies (ICs) are important players in financial markets as they collect and
invest large amounts of premium. Insurance products are multi purpose and offer the
following benefits:

1. Protection to the investors

2. Accumulate savings
Bajaj Allianz General Insurance Co. Ltd.

3. CHANNELISE SAVINGS INTO SECTORS NEEDING HUGE LONG TERM


INVESTMENTS.

SECTOR PROFILE
Bajaj Allianz General Insurance Co. Ltd.

Brief History of the Insurance Sector

The business of life insurance in India in its existing form started in India in the
year 1818 with the establishment of the Oriental Life Insurance Company in
Calcutta. Some of the important milestones in the life insurance business in India
are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with
the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the Government of
India. The General insurance business in India, on the other hand, can trace its
roots to the Triton Insurance Company Ltd., the first general insurance company
established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are:
Bajaj Allianz General Insurance Co. Ltd.

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact
all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India,


frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum
solvency

margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalized


the general insurance business in India with effect from 1st January 1973. 107
insurers amalgamated and grouped into four companies’ viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd. And the United India Insurance Company Ltd. GIC
incorporated as a company.
Bajaj Allianz General Insurance Co. Ltd.

INSURANCE SECTOR

The opening up of Insurance sector was a part of the on going liberalization in


the financial sector of India. The changing face of the financial sector and the
entry of several companies in the field of life and non life Insurance segment are
one of the key results of these liberalization efforts. Insurance business by way of
generating premium income adds significantly to be the GDP. Over the past
three years, more than thirty companies have expressed interest in doing
business in India. The IRDA (Insurance Regulatory Development Authority) is the
regulatory authority, which looks over all related aspects of the insurance
business. The provisions of the IRDA bill acknowledge many issues related to
insurance sector. The IRDA bill provides guidance for three levels of players -
Insurance Company, Insurance brokers and Insurance agent. Life Insurance
sector is one of the key areas where enormous business potential exists. In India
currently the life insurance premium as a percentage of GDP is 1.3 % against,
5.2 per cent in the US.

General Insurance

General Insurance is another segment, which has been growing at a faster pace.
But as per the current comparative statistics, the general insurance premium has
been lower than life insurance. General Insurance premium as a percentage of
GDP was a mere 0.5 'per cent in 1996. In the General Insurance Business,
General Insurance Corporation (GIC) and its four subsidiaries viz. New India
Insurance, Oriental Insurance, National Insurance and United India Insurance, are
doing major business. The General Insurance Industry has been growing at a rate
of 19 percent per year.

The entry of several private insurance companies, particularly international


insurance companies, through joint ventures, will speed up the process of
insurance mobilization. The competition will unleash new schemes and benefits,
Bajaj Allianz General Insurance Co. Ltd.

which will give consumers a better Chance to save as well as insure. The
regulatory system in India is relatively new and takes some more time to make
the Insurance sector a perfectly competitive one. Insurance Regulatory Authority
of India issued regulations on 15 subjects which included appointed. Actuary,
actuarial report, Insurance agents, Solvency margins, reinsurance, registration of
Insurers, and obligation of insurers to rural and social sector, investment and
accounting procedure. The reform in Insurance in India is guided by factors like
availability of a variety of products at a competitive price, improvement in the
quality of customer services etc. Also the employment opportunities in the
Insurance sector wil1 increase as major players set their business plans in India.
The policy of the government to open up the financial sector and the Insurance
sector is expected to bring greater FDI inflow into the country. The increase in
the investment limit in this vital sector has generated considerable business
interests among the foreign Insurance companies" Their entry wil1 certainly
change the Insurance sector considerably.

Insurance Sector Reforms:

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI


Governor R.N. Malhotra was formed to evaluate the Indian insurance industry
and recommend its future, direction. The Malhotra committee was set up with
the objective of complementing the reforms initiated in the financial sector.

In 1994, the committee submitted the report and some of the key
recommendations included:

Structure:

1. Government stake in the insurance Companies to be brought down to 50%.


Bajaj Allianz General Insurance Co. Ltd.

2. Government should take over the holdings of GlC and its subsidiaries so that
these subsidiaries can act as independent corporations.

3. All the insurance companies should be given greater freedom to operate.

Competition:

1. Private Companies with a minimum paid up capital of Rs. 1 bn should be


allowed to enter the industry.

2. No Company should deal in both Life and General Insurance through a single
entity.

3. Foreign companies may be allowed to enter the industry in collaboration with


the domestic companies.

4. Postal General Insurance should be allowed to operate in the rural market.

5. Only one State Level General Insurance Company should be allowed to


operate in each state.

Regulatory Body:

1. The Insurance Act should be changed.


2.
3. An Insurance Regulatory body should be set up.
Controller of Insurance (Currently a part from the Finance Ministry) should
be made independent.
Bajaj Allianz General Insurance Co. Ltd.

Investment:

1.Mandatory Investments of LIC Life Fund in government securities to be reduced


from 75% to 50%.

2. GIC and its subsidiaries are not to hold more than 5% in any company (There
current holdings to be brought down to this level over a period of time.)

Customer Service:

1. LIC should pay interest on delays in payments beyond 30 days.

2. Insurance companies must be encouraged to set up unit linked pension


plans.

3. Computerization of operations and updating of technology to be carried


out in the insurance industry.
Bajaj Allianz General Insurance Co. Ltd.

The committee emphasized that in order to improve the customer Services and
increase the coverage of the insurance industry should open up to competition.
But at the same time, the committee felt the need to exercise caution as any
failure on the part of new players could ruin the public confidence in the
industry. Hence, it was decided to allow competition in a limited way by
stipulating the minimum capital requirement of Rs. 100 crores. The committee
felt the need to provide greater autonomy to insurance companies in order to
improve.

INSURANCE INDUSTRY:
CLASSIFICATION
Bajaj Allianz General Insurance Co. Ltd.

SOME PLAYERS IN THE INDUSTRY:


Bajaj Allianz General Insurance Co. Ltd.

General Insurance
Life Insurance

Life Insurance Corporation of General Insurance Corporation of India.


India

1. Oriental Insurance Company Ltd.

2. New India Assurance Company Ltd.

3. National Insurance Company Ltd.

4. United India Insurance Company Ltd.

New Entrants
ICICI Prudential Life Insurance Ltd. Bajaj Allianz General Insurance
Company Ltd.
Tata AIG Life Insurance Corporation Reliance General Insurance
Ltd. Company Ltd.
ING Vysya Life Insurance Tata AIG General Insurance
Bajaj Allianz General Insurance Co. Ltd.

Corporation Ltd. Company Ltd.


Om Kotak Mahindra Life Insurance Royal Sundaram Alliance Insurance
Company
Corporation Ltd.
Ltd.
MaxNewYork Life Insurance Ltd

MARKET SHARE
Bajaj Allianz General Insurance Co. Ltd.

In the FY2008 ICICI Lombard and Bajaj Allianz have witnessed


aggressive growth by making the retail segment their target
segment ,aggressive growth strategies and huge distribution
network.The general insurance industry has witnessed the entry of
many non-traditional players .IRDA has issued a license to the Rajan
Raheja Group(RRG) for setting up a general insurance joint veture with
Australia’s QBE Insurance Group.Last two years have seen the
Bajaj Allianz General Insurance Co. Ltd.

emergence of special institutions,such as ECGC,Star Health&Allied


Insurance ,Appolo DKV and Agriculture Insurance Co.

Business mix of Bajaj Allianz

Motor insurance has the biggest share in general insurance market and
show a high growth over three years. Corporate ex-health shown a low
depression in Fy 2006-07 and high depression in Fy2007-08.Health
insurance shows positive trend in all these FY’s.
Bajaj Allianz General Insurance Co. Ltd.

COMPANY PROFILE
Bajaj Allianz General Insurance Co. Ltd.

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 2009, Bajaj Allianz General Insurance maintained its premier position
in the industry by achieving growth as well as profitability. The company garnered a
premium income of Rs. 2866 crore, achieving a growth of 11 % over the last year. Bajaj
Allianz has made a profit before tax of Rs. 149.8 crore and has become the only private
insurer to cross the Rs.100 crore mark in profit before tax in the last three years. The profit
after tax was Rs.95 crores, which is also the highest by any private insurer.

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
Bajaj Allianz General Insurance Co. Ltd.

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.

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.

Achievements
Bajaj Allianz has received "iAAA rating, from ICRA Limited, an associate of
Moody's Investors Services, 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”, awarded 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
Bajaj Allianz General Insurance Co. Ltd.

Review.

Company’s History
Bajaj Allianz General Insurance Company:

Allianz AG:

Allianz group was founded in 1890 and is one of the world's leading insurance
companies with over 100 year's experience in insurance and related services. It
is also the largest insurer in Europe. Allianz group has multi-local structure and
presence in over 70 countries. The key business areas of Allianz group include
General Insurance (property, engineering, marine, motor, casualty and
miscellaneous), Reinsurance, Risk Management, Life & health insurance, Asset
Management and Pension Funds Management.

Bajaj Auto Ltd.

Bajaj Auto Ltd the flagship company of Bajaj Group was incorporated in 1945 as
Bachraj Trading Corporation. Initially it started by assembling two and three
wheelers in collaboration with Piaggio of Italy. After the expiry of the Agreement
in 1971 the two and three wheelers acquired the brand name of Bajaj. The
strength of the company lies in its strong brand image and ability to offer value
for money products leveraging on its large-scale operations.

The Joint Venture

Bajaj Allianz General Insurance a joint venture non-life company promoted jointly
by Bajaj Auto and German insurer- Allianz. Indian auto major holds 74% while
Bajaj Allianz General Insurance Co. Ltd.

Allianz holds 26% in the Joint Venture, and has an authorized and paid up capital
of Rs. ll0 crores. Mr. Graham Norris is the CEO of the company. Bajaj Allianz
General Insurance will leverage the customer base and expertise of Bajaj Auto
Ltd and Allianz.

Product range of
company/industry

Bajaj Allianz General Insurance


Products

o Personal Accident

o Hospital Cash Daily Allowance Policy

o Health Guard

o Critical Illness

o Burglary Insurance

o Householders Insurance
Bajaj Allianz General Insurance Co. Ltd.

o Travel Companion

o Fidelity Guarantee Policy

o Office package

o Money Insurance

o Public Liability

o Plate Glass Insurance

o Consequential Loss (Fire) Insurance Policy

Performance of the company


over the last few years

Despite conditions which were not conducive for growth of gross premium, the
company managed to maintain a growth rate which was more than twice that of
the market. The company’s gross written premium (excluding share of premium
from the IMTPIP), grew by 33.3% during 2007-08 and, despite intense price
competition, company maintained its second position among the private sector
Bajaj Allianz General Insurance Co. Ltd.

companies in terms of gross written premium. The market share of company


(excluding premium of specialized insurers) increased from 7.2% in 2006-07 to
8.5% in 2007-08. Including the share of inward reinsurance business from the
IMTPIP, the growth rate would have been 43.0%. During 2007-08, company
clocked gross written premium of Rs. 24,045 Mn excluding share of business
from the IMTPIP as compared to Rs 18,033 Mn in 2006-07. Including share of
inward business from the IMTPIP, the gross written premium amounted to Rs.
25,780 Mn. On account of company’s policy of steadily increasing it’s retention
in line with it’s capital base, the net earned premium for the year (excluding net
premium from inward business of the IMTPIP), rose to Rs. 13,266 Mn, an increase
of 58.6% over the previous year of Rs. 8,366 Mn. Including the net premium
arising out of the share of business from the IMTPIP, the net premium for the
year 2007-08 was Rs. 14,134 Mn. Although de-tariffication had an adverse effect
on the price per policy, the number of policies sold continued to grow. In the year
under review, company sold 6.61 Mn. policies as against 4.90 Mn. policies sold
in the previous year. This growth indicates that despite severe price competition,
more customers preferred company’s service offerings, drawn by it’s strong
brand image, convenience of buying and satisfaction with its service levels. The
total incurred claims for the current year including actuarial provisions but
excluding share of claims of the IMTPIP, were Rs. 8,375 Mn. as against Rs. 5555
Mn. in the previous year. The number of claims reported during the year was
413,281 as compared to 309,160 in the previous year.

As on 31st March 2008, Bajaj Allianz General Insurance maintained its premier
position in the industry by garnering a premium income of Rs. 2578 crore,
achieving a growth of 43 % over the last year.Bajaj Allianz has made a profit
before taxes of Rs. 167 crore and is the first company to cross the Rs.100 crores
mark in profit after tax by generating Rs. 105 crores.

In the first quarter of 2008-09, the company garnered a gross premium of Rs.733.53 crores
against Rs.573.73 core last year for the same period registering a growth of 28%.

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.
Bajaj Allianz General Insurance Co. Ltd.

Financial status of the


organization
Bajaj Allianz General Insurance Co. Ltd.

Figure shows profit after taxes in Rs.(In Millions)

The company has earned a Profit Before Tax of Rs. 1,679 Mn for the year ended
31st March 2008, an increase of 43.5% over the previous year profit of Rs. 1,170
Mn. The Profit Before Tax includes a provision of Rs. 361 Mn towards provisions
for losses from the IMTPIP. The net profit for the year, after provisions for
reported losses from the IMTPIP, was Rs. 1,056 Mn as against Rs. 754 Mn
reported in 2006-07, which is an increase of 40.0%. In a year when prices of
insurance fell significantly, increasing its profitability whilst improving the market
share has been a significant achievement for your Company. It is a matter of
Bajaj Allianz General Insurance Co. Ltd.

pride for Bajaj Allianz that it have become the benchmark for other companies in
the market in so far as underwriting profitability and return on equity are
concerned. The Earnings per share (EPS) for the year ended 31st March 2008
was Rs. 9.59/- (compared to Rs. 6.85/- for the previous year) and the book value
of equity shares on 31st March 2008 was Rs. 52.15/- per share (as against Rs.
37.40/- per shares as on 31st March 2007).

516

470

217

1056
Bajaj Allianz General Insurance Co. Ltd.

Future prospects/plans

The Indian general insurance industry detarrification to start a new growth


story.Share of motor insurance was 43.1% of the total general insurance
premium in April-Dec 2008.Motor insurance is expecting to increase with motor
sale,this year, there is a sharp rise in the auto industry (passenger car sales
increased at a rate CAGR of 17% during FY08) as income level rise.However last
year and the initial months of this year showed a negative trend in sales but as
the market is recovering ,auto sales showed a positive trend. Post detarrifictio, in
January ‘07 ,drop in motor premiums was expected ,but rise in car sales has
helped boost total motor premiums.Recent hike of 70-150% in loss making motor
third party liability segment will help reduce losses.Its very important time for
Bajaj Allianz to formulate new plans strategies and to capture more marketing
share.
Bajaj Allianz General Insurance Co. Ltd.

OBJECTIVES OF THE
STUDY
OBJECTIVES OF THE STUDY

• To study the sales Strategy of field force of Bajaj Allianz General Insurance.

• To study the process of selling of Insurance Policies by Adivsors.


Bajaj Allianz General Insurance Co. Ltd.

RESEARCH
METHODOLOGY
Bajaj Allianz General Insurance Co. Ltd.

RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem.


Research methodology constitutes of research methods, selection criterion of research
methods, used in context of research study and explanation of using of a particular
method or technique so that research results are capable of being evaluated either by
researcher himself or by others. Why a research study has been undertaken, how the
research problem has been formulated, why data have been collected and what
particular technique of analyzing data has been used and a best of similar other
question are usually answered when we talk of Research methodology concerning a
research problem or study. The main aim of research is to find out the truth which is
hidden and which has not been discovered as yet.
Bajaj Allianz General Insurance Co. Ltd.

AREA OF STUDY

The area of the study related with getting correct information of general insurance
policies of different peoples in the region of Ghaziabad.

SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a


given population. It refers to the techniques or the procedure the
researcher would adopt in selecting items for the sample. Sample
design may as well be drawn from the population to be included in
the sample i.e. the size of the sample. Sample design is determined
before data are collected.

During my study I have taken 50 insurance care consultants


as the size of sample.
Bajaj Allianz General Insurance Co. Ltd.

TOOLS USED

To know the response, I have used the questionnaire method. If one wish to find what
insurance care consultants think or know, the logical procedure is to ask them. This
has led marketing researchers to use the questionnaire technique for collecting data
more than any other method.

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.

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.

With the help of following techniques, which are using by Bajaj Allianz I analyse that
the how techniques of sales promotion are useful.
Bajaj Allianz General Insurance Co. Ltd.

DATA COLLECTION

PRIMARY DATA SOURCES


• Through interaction with insurance care consultant
• Through questionnaires filled from the insurance care
consultant.

SECONDARY DATA SOURCES:

• Through internet, various official sites of the companies.


• Through pamphlets and brochures of the companies.
• Journals & Magazine
Bajaj Allianz General Insurance Co. Ltd.

LIMITATIONS OF THE STUDY

Following limitations were faced during the study:

1. While designing the questionnaire it was kept in mind to gather


more and more information from each target person. For the
neither present nor descriptive questions could have served
the purpose. Therefore the questionnaire contained in the
open-ended questions.
2. The study was conducted in Bajaj Allianz in Ghaziabad city,
which has 127 to 170 insurance care consultants only. The
sample size was of 50 insurance care consultants only so that
accuracy of data so collected could be absurd covered by
circulation of questionnaire.
3. 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.
4. The study is based on the information gathered from the
insurance care consultants. Therefore in such case it is
possible that the information supplied might be biased
because the insurance care consultant might have shown
partiality towards their insurance policies.
5. Since the survey was limited to 50 insurance care consultants
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.
Bajaj Allianz General Insurance Co. Ltd.

DATA ANALYSIS

&

INTERPRETATION
Bajaj Allianz General Insurance Co. Ltd.

DATA ANALYSIS AND INTERPRETATION


(Based on survey conducted for 50 insurance care consultants)

Q.1 Which technique of sales promotion you prefer?

Options Response in %
Display 40%
Door to Door Demo 14%
Exhibition 16%
Catalogue 20%
Price Off 10%

In
terpretation:

According to the study 40% insurance care consultants prefer


display technique,20% insurance care consultants prefer catalogues,
Bajaj Allianz General Insurance Co. Ltd.

16% to the exhibition, 14% to the door to door demo and 10%
insurance care consultants prefer price off technique.
Bajaj Allianz General Insurance Co. Ltd.

Q.2 Which technique is giving good response from customers?

Options Response in %
Display 18%
Door to Door Demo 36%
Exhibition 18%
Catalogue 16%
Price Off 12%

Interpretation:

According to the study 36% insurance care consultants say door to


door demo techniques giving good response, 18% insurance care
consultants say to the display & exhibition, 16% to the catalogues &
12% say to the price off technique.
Bajaj Allianz General Insurance Co. Ltd.

Q.3 Which technique is economically beneficial?

Options Response in %
Display 10%
Door to Door Demo 22%
Exhibition 10%
Catalogue 46%
Price Off 12%

Interpretation:

According to the 46% insurance care consultants, catalogue


technique is economically beneficial. 22% to the door-to-door demo
and 12% insurance care consultants prefer price off technique.10%
to the exhibition & display technique.
Bajaj Allianz General Insurance Co. Ltd.

Q.4 Which technique requires less time in sales promotion?

Options Response in %
Display 22%
Door to Door Demo 38%
Exhibition 10%
Catalogue 16%
Price Off 14%

Interpretation:

According to the study 38% insurance care consultants say display


technique requires less time in sales promotion. 22% to the display
technique, 16% insurance care consultants vote to the catalogues,
14% insurance care consultants vote to the 10% to the exhibition.
Bajaj Allianz General Insurance Co. Ltd.

Q5 Which technique is easily manageable?

Options Response in %
Display 18%
Door to Door Demo 30%
Exhibition 10%
Catalogue 34%
Price Off 8%

Interpretation:

According to the study 34% insurance care consultants say that the
catalogues is easily manageable, 30% to the door to door demo,18%
insurance care consultants prefer display technique 10% to the
exhibition, and 8% insurance care consultants say to the price off
technique.
Bajaj Allianz General Insurance Co. Ltd.

Q.6 Which technique requires less knowledge to execute?


Options Response in %
Display 14%
Door to Door Demo 12%
Exhibition 12%
Catalogue 22%
Price Off 40%

Interpretation:

According to the study 40% insurance care consultants vote to the


price off technique is require less knowledge to execute.22%
insurance care consultants prefer catalogues, 14% to the display
and 12% to the exhibition & door to door.
Bajaj Allianz General Insurance Co. Ltd.

Q.7 Which technique requires more knowledge to execute?


Options Response in %
Display 20%
Door to Door Demo 42%
Exhibition 24%
Catalogue 10%
Price Off 4%

Interpretation:

According to the study 42% insurance care consultants vote to the


door-to-door technique that it requires more knowledge to execute
than others. 24% to the exhibition, 20% to the display technique,
10% insurance care consultants give vote to the catalogues and 4%
insurance care consultants prefer price off technique.
Bajaj Allianz General Insurance Co. Ltd.

Q.8 Price off are necessary for sales promotion?


Options Responses in %
Yes 46%
No 40%
Can’t say 14%

Interpretation:

According to the study 46% insurance care consultants say yes that
the price off are necessary for sales promotion. 40% say no and 14%
say can’t say.
Bajaj Allianz General Insurance Co. Ltd.

Q.9 Do you think that sales promotion program that is presently undertaken by
Bajaj Allianz. are satisfactory?

Options Responses in %
Yes 34%
No 46%
Can’t say 20%

Interpretation :

According to the study 46% insurance care consultants say No that


the sales promotion program that is presently undertaken by Bajaj
Allianz are satisfactorily 36% say Yes and 20% say can’t say.
Bajaj Allianz General Insurance Co. Ltd.

Q.10 Should Bajaj Allianz take up new sales promotion program?

Options Responses in %
Yes 72%
No 22%
Can’t say 6%

Interpretation :

According to the study 72% insurance care consultants say yes


installment offers are 22% say no and 6% say can’t say.
Bajaj Allianz General Insurance Co. Ltd.

OBSERVATIONS

&
FINDINGS
Bajaj Allianz General Insurance Co. Ltd.

OBSERVATIONS & FINDINGS

• This sales promotion process was very much satisfying for me not only
practically and academically but it also helped me in developing my
communication skill and enriched my knowledge also.
• I have come to know about the importance of marketing
especially with regard to Sales Promotion on the most
renowned organization like Bajaj Allianz. Especially because of
emergence of many competitor with excellence in services &
competitive product. The base of this chapter conclusion is on
the data analysis or what we say findings.
• I have finding from the insurance care consultants of the Bajaj Allianz. and
their insurance policies on my topic.
• When the insurance care consultant is asked why they are dealing in this
particular insurance policies (product) they mostly stressed on company’s
image. They also said that all income and age group of customers are attracted
towards their product but buyers are mainly from higher and middle-income
group.
• Insurance care consultants said that their sale is decreased in
the last years because of negative trend in market. Insurance
care consultants said that the customer are curious in getting
insurance policies because they want more discounting on the
products and low claim time after any accident.
Bajaj Allianz General Insurance Co. Ltd.

SUGGESTIONS
Bajaj Allianz General Insurance Co. Ltd.

SUGGESTIONS

Here are some suggestions, which may help to strengthen the firm further
• Many of the insurance care consultants of the Bajaj Allianz. Has
the lack of good communication skills and training. So training
should be easy.
• Bajaj Allianz. Should use new techniques of sales promotion.
• Customer services should be more comfortable than others.
• People must be made aware of the benefits of the policies of
Bajaj Allianz.
• The company should give personal attention to each customer.
• Proper assistance should be provided to the customer at the
time of claim settlement.
• All the details about the company should be given to the
customers.
• Regular advertisement of the company should be given TV and
Newspaper.
• The company must try to find new markets especially in the
rural areas.
• The company should do frequent analysis of the competitors.
Bajaj Allianz General Insurance Co. Ltd.

BIBLIOGRAPHY

Books

• Kothari C.R., (1999) Research Methodology, Wishwa Prakashan


• Kotler P. and Armstrong G., (2005) Principles of Marketing
New Delhi, Prentice Hall of India
• Kotler P., (1999)Marketing Management Analysis, Planning,
Implementation and Control, New Delhi, Prentice Hall of India
• Saxena Rajan, (1999) Marketing Management, Tata McGraw Hill

Websites:
• www.bajajallianz.com
• www.indiainfoline.com
• www.irdaindia.org
• www.thehindubusinessline.com
Bajaj Allianz General Insurance Co. Ltd.

QUESTIONNAIRE
Name : _____________________________________

Address : _____________________________________

Q.1 To which technique of sales promotion you prefer?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.2 which technique is giving good response from customers?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.3 Which technique is economically beneficial?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.4 Which technique requires less time in sales promotion?


Bajaj Allianz General Insurance Co. Ltd.

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.5 Which technique is easily manageable?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.6 Which technique requires less knowledge to execute?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.7 Which technique requires more knowledge to execute?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue

E) Price-off

Q.8 Price off and installment offers are necessary for sales
promotion?

A) Yes B) No
Bajaj Allianz General Insurance Co. Ltd.

C) Can’t say

Q.9 Do you think that sales promotion program that is presently


undertaken by Bajaj Allianz. are satisfactory?

A) Yes B) No

C) Can’t say

Q.10 Should Bajaj Allianz. take up new sales promotion program?

A) Yes B) No

C) Can’t say