Bajaj Allianz General Insurance Company

8/4/2019 Bajaj Allianz General Insurance Company

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A PROJECT REPORT ON

BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD



ACKNOWLEDGEMENT

Any work of this magnitude requires the inputs, efforts and

encouragement of the people from all sides. In compiling this

project report, I have been fortunate enough to get active and kind

cooperation from many people without whom my endeavors

wouldn’t have been a success.

There is an old adage that says that you never really learn a

project until you practice it. So, I would like to extend my deep

gratitude and heartfelt thanks to our mentor ……………. for

extending their immense help to us in acquiring valuable

knowledge on the subject for successful completion of the project.



INSURANCE

•

“Insurance is not necessarily an investment from which oneexpects to get one's money back. Nor is it gambling. Agambler takes risks, while insurance offers protectionagainst risks that already exist. Insurance is a way to sharerisk with others. Since ancient times, communities havepooled some of their resources to help individuals who sufferloss.”

• "Insurance is a contract between two parties whereby one

party called insurer undertakes in exchange for a fixed sum

called premiums, to pay the other party called insured a

fixed amount of money on the happening of a certain event."

• “Insurance is a protection against financial loss arising on

the happening of an unexpected event. Insurance companies

collect premiums to provide for this protection. A loss is paid

out of the premiums collected from the insuring public and

the Insurance Companies act as trustees to the amount

collected.”



BAJAJ ALLIANZ GENERAL

INSURANCE COMPANY

Bajaj Allianz General Insurance Company Limited is a jointventure between Bajaj Finserv Limited (recently demerged fromBajaj 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 on2nd May, 2001 to conduct General Insurance business (includingHealth Insurance business) in India. The Company has anauthorized and paid up capital of Rs 110 crores. Bajaj FinservLimited holds 74% and the remaining 26% is held by Allianz, SE.

As on 31st March 2008, Bajaj Allianz General Insurancemaintained its premier position in the industry by garnering apremium 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 croresmark in profit after tax by generating Rs. 105 crores.

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

Bajaj Allianz today has a countrywide network connected throughthe latest technology for quick communication and response inover 200 towns spread across the length and breadth of thecountry. From Surat to Siliguri and Jammu to

Thiruvananthapuram, all the offices are interconnected with theHead 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. Thispartnership 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.



INDUSTRY AND

PRODUCTS

Bajaj Allianz Life Insurance Company was the No1. Pvt.

Sector Life Insurance co. for the FY 2005-06. With a panIndia presence and over 900 + offices, Bajaj Allianz Life

Insurance has already has a customer base of close to 2

million customers. Bajaj Allianz Life Insurance has

developed insurance solutions that cater to every

segment and age-income profiles. For companies it

provides comprehensive 'Employee Benefit Solutions'

(Group Term Life, EDLI, Gratuity, Super-annotation, Keyman Insurance and more); for the individual Invest Gain

(a unique life insurance plan where sustenance of income

is combined in the same plan that also pays a lump sum),

Cash Gain (Money Back), Child Gain (Children's plan),

Risk Care (Pure Term), Lifetime Care (whole life), Term

Care (term with return of premium), Saran Visitant

(Retirement Plan), Protector (Mortgage term insuranceplan), New Unit Gain Super, New Family Gain, New Unit

Gain Plus, New Unit Gain, New Unit Gain Premier, New

Unit Gain Easy Pension Plus, New Unit Gain Easy Pension

Plus – single premium. Currently Bajaj Allianz has a



product portfolio of 30 products and more need-based

products are in the pipeline. It has followed

Bancassurance Model which is the term used to describe

the sale of insurance products in a Bank. The word is acombination of "banque or bank" and "assurance"

signifying that both banking and insurance are provided

by the same corporate entity. The usage of the word

picked up as banks and insurance companies merged and

banks sought to provide insurance, especially in markets

that have been liberalized recently. It is a controversial

idea, and many feel it gives banks too great a control

over the financial industry.

SWOT ANALYSIS

STRENGHTS

1. Strong Brand Image

2. Dedicated sales team

3. Value added services.

4. Bajaj Allianz Life Insurance is the first large pvt. sector life

insurance co. with a pan India network and strong retail

focus to declare substantial profits for the financial year.

5. Bajaj Allianz Life is most profitable pvt. life insurer for 06-07.

6. Largest distribution network to reach the customers across

the country with 2, 13,000 agents, 900 offices in 840 towns,

200 corporate agents & Banc assurance partners.

7. The Company announced a healthy profit of Rs 63 cr. for the

FY 2006-07 as per the audited results. Excluding

Participating funds profit the profit stands at Rs 54



Cr.10.Building on number one position in previous FY 05-06

in new business the co. is now no.1 in the Pvt. Sector in

issuing largest number of Policies and becoming a truly mass

retail company.

WEAKNESSES

1. They have to compete with the Government Companies like

LIC and UTI who has been very established in this field. So

they will have to attain the same trust of the public as it is in

case of LIC and UTI.

2. Weak Customer Relations Management

3. Centralized Structure

OPPORTUNITIES

1. Large Untapped Market.

2. Distinguishable product (like Parivar Account).

THREATS

1. Presence of very strong competitors.

2. Aggressive marketing by competitors.

3. Various investment Schemes with high returns.

HR SYSTEMS

BajaJ Allianz has:



• A Management style which is participative and consensusbased.

• A Work culture which is Open, informal & collaborative.• A Communication style, which is open and not bound by

traditional hierarchies.• A Compensation & Benefits package which rewards and

recognizes the best.

IMPORTANCE OF THE HR DEPARTMENT ININSURANCE COMPANIES:

• People are the heart and soul of any business and theinsurance industry relies on the dedication, creativity andcommitment of its people to enable it to thrive and grow.

• HR teams provide organizations with the expertise they needto recruit and retain the very best people, dealing withmatters such as salaries, pensions and benefits; trainingand development; industrial and staff relations; counselingand welfare; and health and safety.

• Increasing emphasis on diversity, performance management, learning and

development and organizational change make this a challenging and

intellectually stimulating area of work



THE 5 P’S MODEL OFSHRM

• PHILOSOPHY o Statements of how organization values and treats

employees; essentially culture of the organization

• POLICIESo Expressions of shared values and guidelines for action

on employee-related business issues

• PROGRAMSo Coordinated and strategized approaches to initiate,

disseminate, and sustain strategic organizationalchange efforts necessitated by strategic business needs

• PRACTICES

o HR practices motivate behaviors that allow

individuals to assume roles consistent withorganization’s strategic objectives

THREE CATEGORIES OF ROLES:

o Leadership

o Managerial

o Operational



• PROCESSES

o Continuum of participation by all employees inspecific activities to facilitate formulation andimplementation of other activities

o Successful SHRM efforts begin with identification

of strategic needso Employee participation is critical to linking

strategy and HR practiceso Strategic HR depends on systematic and

analytical mindseto Corporate HR departments can have impact on

organization’s efforts to launch strategicinitiatives



REFERENCES –

1 . BHUMIKA ISRANI

ASST MANAGER – HR

DELHI – NCR

BAJAJ ALLIANZ LIFE INSURANCE CO.LTD

2 . www.bajajallianzlife.com

Documents

Bajaj Allianz General Insurance Company