Bajaj Allianz Rakesh

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A PROJECT REPORT ON

STUDY OF DISTRIBUTION SYSTEM FOR BAJAJ ALLIANZ GENERAL

INSURANCE COMPANY LIMITED.

SUBMITTED TO

KARNATAK UNIVERSITY DHARWAR

JANUARY-2009

BY

RAKESH SHAHARE

REG NO 06 MCBA 37

JAIN COLLEGE BBA BELGAUM

GUIDED BY

MR. PRASAD DESAI


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DECLARATION

I,RAKESH R SHAHARE student of BBA FINANCE , REGISTRATION

NO,06 MCBA 37 OF JAIN COLLEGE BELGAUM, hereby declare thatthis project report titled STUDY OF DISTRIBUTION SYSTEM FOR BAJAJ

ALLIANZ GENERAL INSURANCE COMPANY LIMITED has been prepared

by me, as for the partial fulfillment of BACHEOLAR OF BUSINESS

ADMINSTRATION.

I further declare that this project report has not been submitted earlier

in any other university or institution for award of any degree or diploma.

Place: BELGAUM RAKESH SHAHARE

Date:01/02/2010


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ACKNOWLEDGEMENT

It gives me immense pleasure to take this opportunity to thank all

those people who have helped me in completing this project.

I am immensely thankful to my project guide Mr. JOHN NORONHA

(Senior Manager-Marketing) and Prof. GONDAKAR (INSTITUTE OF

MANAGEMENT EDUCATION & RESEARCH) for having guided me

towards the successful completion of my project.

My profound gratitude to Mr. SHRINIVAS (Director, INSTITUTE OF

MANAGEMENT EDUCATION & RESEARCH) for his constant

encouragement and guidance.

Finally, I would like to thank my friends, colleagues, who have always

helped, encourage and inspired me.

RAKESH SHAHARE

JAIN COLLEGE

BELGAUM

Place-BELGAUM

Date- 01/02/2010


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CONTENTS

Serial No.Chapter Headings

PAGE NO.

1Overview of the Insurance

Industry

2Profile of Bajaj Allianz General

Insurance Co. Ltd.

3Distribution channels of

Insurance industries

4 Research methodology

5 Data Analysis and Interpretations

6Conclusions and

recommendations.

7 Questionnaire

8 Bibliography


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LIST OF GRAPHS:

GRAPH NO. PARTICULAR PAGE NO.

1 Age of the people

2 Annual income

3 Do you have insurance policies

4 From where do you buy insurancepolicy

5Why do you buy from this

particular source

6

Which of the service you feel ismore important whilebuying insurance

7 Which are the products you have

8Have you tried to buy products

online

9Which is the correct place to buy

insurance

10If Bajaj giving discount to buy

online will you try for it


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OVERVIEW OF THE INSURANCE INDUSTRY

Insurance is a contract binding an insurance company to compensate a

beneficiary for the loss of life or loss or damage to property of a person

insured. Benefits accrue due to an individual due to statutory obligation

of the benefit provider to compensate for the expenses involved in

health care, retirement plans of the beneficiaries by entering into a

contract with the provider either singly or in groups by paying a

predetermined premium at predetermined intervals.

The process of Insurance and Benefit Management Business can be

grouped under three main categories. These are Products, Processes

and People.


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History of Indian Insurance Market

(Life and Non-life). Insurance in India goes back to the time of

The British. The first life insurance company to operate in India -the

Oriental Life

Insurance Company was established in 1818 in Calcutta. It was,

however, a British

Company. The first Indian insurance company, the Bombay Mutual Life

Assurance


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Society started its operations in1871. In 1956 the Indian life insurance

industry was made up of 154 domestic life insurers, 16 foreign life

insurers and 75 provident funds, and was still governed by the Insurance

Act of 1938. In 1956 all life insurance companies were nationalized, the

story of non-life insurance in India is no different. Though Lloyds

Insurance pioneered general insurance way back in 1688, the first non-

life insurance company to set up shop in India was the Triton Insurance

Company of Calcutta. In 1907, the first Indian general insurer, the Indian

Mercantile Insurance Company started its operations. The New India

Assurance Company Ltd. was incorporated in 1919. In 1972, the non-life

insurance business in the country was nationalized and the GIC (General

Insurance Corporation of India) was formed as a holding company with

four

Subsidiaries:

The National Insurance, Oriental Insurance, United India

Insurance

And the New India Assurance Company Ltd. Since then, insurance

in India had a protective wall built around it, to keep it local players.

Market. The above companies controlled the insurance industry for

nearly 30 years or so.


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Current Insurance Market Structure

General Insurance business in India was under complete control of four

Governments

Insurance companies for nearly three decade. After much deliberation

finally the market was opened for competition from December 2000 and

also Government has de-linked four Public sector companies from

holding company GIC to operate as independent company. In addition to

four Public Sector insurance companies the Insurance Regulatory and

Development Authority (.IRDA.) has issued licenses to the eight Private

General Insurance Companies.

List of non-life insurance companies operating in the market as

on date.

Bajaj Allianz General Insurance Co. Ltd. Pune Privately Held

Cholamandalam MS General Insurance Co. Ltd. Chennai Privately

Held

HDFC Chubb General Insurance Co. Ltd. Mumbai Privately Held

ICICI Lombard General Insurance Co. Ltd. Mumbai Privately Held

IFFCO-Tokio General Insurance Co. Ltd. New Delhi Privately Held

National Insurance Co. Ltd. Kolkata Public Sector

New India Assurance Co. Ltd. Mumbai Public Sector

Oriental Insurance Co. Ltd. New Delhi Public Sector

Reliance General Insurance Co. Ltd Mumbai Privately Held

Royal Sundaram Alliance General Insurance Co. Ltd. Chennai

Privately Held

Tata AIG General Insurance Co. Ltd. Mumbai Privately Held

United India Insurance Co. Ltd. Chennai Public Sector


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Indian Insurance Sector

Insurance has always been a politically sensitive subject in India. After

40 years of government protectionism of this massive sector, the

new United Front government is touching dangerous yet

interesting ground with their intentions of opening this sector to

private Indian business houses, as well as international players.

Insurance has always been a politically sensitive subject in India. Within

less than 10 years of independence, the Indian government nationalized

private insurance companies in 1956 to bring this vital sector under

government control to raise much needed development funds.Since then, state-owned insurance companies have grown into monoliths, lumbering but theonly alternative. They have been criticized for their huge bureaucracies, but still have

millions of policy holders, as there is no alternative.

Any attempt to even suggest letting private players into this vital sector

has met with resistance and agitation from the powerful insurance

employees unions. The Narasimha Rao government (1991-96), which

unleashed liberal changes in Indias rigid economic structure, could not

handle this political hot potato. Ironically, it is the coalition government

in power today, which has declared its intention of opening up insurance

to the private sector. Ironical because this government is at the mercy

of support from the left groups, which have been the most vociferous

opponents of any, such move


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No policy initiatives have yet been announced, but the government has

already clarified it will not privatize the existing insurance companies.

But while the decision has been welcomed by the big companies who

were planning to make a

Trade unions and even some left supporters of the government have

criticized foray into this lucrative business, the move.

In some ways it was inevitable-all segments of the financial sector had

been opened to private players and it was only a matter of time before

insurance followed. The bigger private players claim that opening up

insurance will give policyholders better products and service; the

opponents of privatization argue that in a poor country like India

insurance needs to have social objectives and newcomers will not have

that commitment.

Many international players are eyeing the vast potential of the Indian

market and are already making plans to come in. But it will take

some time before the intent translates into policy-the unions are

not going to give up without a fight and in that they will get the

support of some elements of the coalition government.


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INSURANCE IN INDIA

The insurance sector in India has come a full circle from being an open

competitive

Market to nationalization and back to a liberalized market again. Tracing

the

Developments in the Indian insurance sector reveals the 360-degree

turn witnessed over a period of almost two centuries.

A 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.


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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:


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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.


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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.

The reforms were aimed at creating a more efficient and competitive

financial system suitable for the requirements of the economy keeping

in mind the structural changes currently underway and recognizing that

insurance is an important part of the overall financial system where itwas necessary to address the need for similar reforms

In 1994, the committee submitted the report and some of the key

recommendations

Included:

i) Structure

Government stake in the insurance Companies to be brought

down to 50%

Government should take over the holdings of GIC and its

subsidiaries so that these subsidiaries can act as independent

corporations

All the insurance companies should be given greater

freedom to operate

ii) Competition

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

should be allowed to enter the industry


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No Company should deal in both Life and General Insurance

through a single entity

Foreign companies may be allowed to enter the industry in

collaboration with the domestic companies

Postal Life Insurance should be allowed to operate in the rural

market

Only one State Level Life Insurance Company should be allowed to

operate in each state

iii) Regulatory Body

The Insurance Act should be changed

An Insurance Regulatory body should be set up

Controller of Insurance (Currently a part from the Finance Ministry)

should be made independent

iv) Investments

Mandatory Investments of LIC Life Fund in government securities

to be reduced from 75% to 50%

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)

v) Customer Service

LIC should pay interest on delays in payments beyond 30 days

Insurance companies must be encouraged to set up unit linked

pension plans

Computerization of operations and updating of technology to be

carried out in the insurance industry;


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The committee emphasized that in order to improve the customer

services and increase the coverage of the insurance industry should be

opened 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 their performance and enable them to

act as independent companies with economic motives. For this purpose,

it had proposed setting up an independent regulatory body.

The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the passage of the

IRDA Bill in Parliament in December 1999. The IRDA since its

incorporation as a statutory body in April 2000 has fastidiously stuck to

its schedule of framing regulations and registering the private sector

insurance companies.

The other decision taken simultaneously to provide the supporting

systems to the insurance sector and in particular the life insurance

companies was the launch of the IRDAs online service for issue and

renewal of licenses to agents. The approval of institutions for imparting

training to agents has also ensured that the insurance companies would

have a trained workforce of insurance agents in place to sell their

products, which are expected to be introduced by early next year.


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Since being set up as an independent statutory body the IRDA has put in

a framework of globally compatible regulations. In the private sector 12

life insurance and 6 general insurance companies have been registered.

PROFILE OF BAJAJ ALLIANZ GENERAL INSURANCE CO.

LTD.

Overview of Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture

between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a

reputation of expertise, stability and strength

Bajaj Allianz General Insurance received the Insurance Regulatory and


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Development Authority (IRDA) certificate of Registration (R3) on May

2nd, 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 Auto holds 74% and Allianz, AG, holds

the remaining 26% Germany.

In its first year of operations, the company has acquired the No. 1 status

among the private non-life insurers. As on 31st March 2003, Bajaj Allianz

General Insurance maintained its leadership position by garnering a

premium income of Rs.300 Crores. Bajaj Allianz also became one of the

few companies to make a profit in its first full year of operations. Bajaj

Allianz made a profit after tax of Rs.9.6crores.

Bajaj Allianz today has a network of 42 offices 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.

In the first half of the current financial year, 2008-09, Bajaj Allianz

garnered a premium income of Rs. 405 crores, achieving a growth of

84% and registered a 52% growth in Net profits of Rs.20 Crores over the

last year for the same period.

In the financial year 2007-08, the premium earned was Rs.480 Crores,

which is a jump of 60% and the profit zoomed by 125% to Rs. 21.6

Crores.

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


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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 Company offers technical excellence in

all areas of General and Health Insurance as well as Risk Management.

This partnership successfully combines Bajaj Auto'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

With management control by Allianz AG


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Shareholders & Promoters

Bajaj Auto Limited

Bajaj Auto Limited is the largest manufacturer of two and three-wheelers

in India and also one of the largest manufacturers in the world. Bajaj

Auto has been in operation for over 55 years. As a promoter of Bajaj

Allianz General Insurance Company Ltd., Bajaj Auto has the following to

offer:

Vast distribution network.

Knowledge of Indian consumers.

Financial strength and stability to support the insurance business.

Allianz AG, Germany

Allianz AG 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 the 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.


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Allianz AG 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

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.

Top Management

The top management of Bajaj Allianz General Insurance consists of

people having domain knowledge of insurance as well as specialists in

their respective field.

Kamesh Goyal is the CEO of Bajaj Allianz General Insurance Company

Limited, who was elevated from his earlier position of COO.

Sam Ghosh, who was the CEO of Bajaj Allianz earlier, has taken over as


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Country Manager and is also the CEO of Bajaj Allianz Life Insurance

Company Limited.

Why Bajaj Allianz?

The Bajaj Allianz Difference

Business strategy aligned to clients' needs and trends in Indian and

global

Economy / industry

internationally experienced core team, majority with local background

Fast, decentralized decision making

Long-term commitment to market and clients

Trust

At Bajaj Allianz, we realise that you seek an insurer whom you can trust.Bajaj Auto Limited is trusted name for over 55 years in the Indian market

and Allianz AG has over 110 years of global experience in financial

services. Together we are committed to provide you with time tested

and trusted financial solutions that provide you all the security you need

for your investments. And more


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Underwriting Philosophy

Our underwriting philosophy focuses on:

Understanding the customer's needs

Underwriting what we understand

Meeting the customer's requirements

Ensuring optimal coverage at lowest cost

Claims Philosophy

The Bajaj Allianz team follows a service that aims at taking the anxiety

out of claims processing. We pride ourselves on a friendly and open

approach. We are focused towards providing you a hassle free and

speedy claims processing.

Our claims philosophy is to:

Be flexible and settle fast

Ensure no claim file to be seen by more than 3 people

Check processes regularly against the global Allianz OPEX

(Operational Excellence) methodology Sold over 1 million since

inception..

Customer Orientation

At Baja Allianz, our guiding principles are customer service and client


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satisfaction. All our efforts are directed towards understanding the

culture, social environment and individual insurance requirements - so

that we can cater to all your varied needs.

Experienced and Expert Servicing Team

A team of experienced people who understand Indian risks and are

supported by the necessary international expertise required to analyze

and assess them drives us.

Superior Technology

In order to ensure speedy and accurate processing of your needs,

we have established world class technology, with renowned

insurance software, which networks all our offices and

intermediaries

Using the Web, policies can be issued from any office across the

country for retail products

Unique, user friendly software developed to make the process of

issue of policies and

claims settlement simpler (e.g. online insurance of marine policy

certificate)

Unique Forms of Risk Cover


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Special PA cover for Amaranth Yatris

Housing loan cover for people, who are suddenly unemployed

Film insurance

Event management cover

Sports & Entertainment Insurance Package

Risk Management- Our Expertise

Our service methodology is tried, tested and Proven the world over and

involves:

Risk identification: Inspections

Risk analysis: Portfolio review and gap analysis

Risk retention

Risk Transfer: To an insurer as well as reinsurer (as required)

Creation of need based products

Ongoing dialogue and proactivity

Products

Motor / Home Insurance

Home Insurance

Householder Package

Fire

Workmen's Compensation

Plate Glass

Burglary
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Shop/Showroom

Shopkeeper

Motor Vehicle Dealer Package

Health Insurance

Health Guard

Hospital Cash

Critical Illness

Personal Guard

Travel Insurance

Travel Companion

Shubh Yatra

Student Companion

Pravasi Bharati Bima Yojna

Corporate Insurance

Speciality Lines

Aviation

Marine Hull Insurance

Project Insurance

Freight Forwarders

Port Liability Package

Sports & Entertainment Insurance
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Youre Employees

Group PA

Group HG

Group CI

Workmen's Compensation

Group Travel

Keyman Insurance

Distribution channels of Insurance industries

Overview

With largest number of life insurance policies in force in the world,

Insurance happens to be a mega opportunity in India. Its a business

growing at the rate of 15-20 per cent annually and presently is of the

order of Rs 450 billion. Together with banking services, it adds about 7
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per cent to the countrys GDP. Gross premium collection is nearly 2 per

cent of GDP and funds available with LIC for investments are 8 per cent

of GDP.

Yet, nearly 80 per cent of Indian population is without life insurance

cover, health insurance and non-life insurance continue to be below

international standards. And this part of the population is also subject to

weak social security and pension systems with hardly any old age

income security. This itself is an indicator that growth potential for the

insurance sector is immense.

A well-developed and evolved insurance sector is needed for economic

development as it provides long-term funds for infrastructure

development and at the same time strengthens the risk taking ability. It

is estimated that over the next ten years India would require

investments of the order of one trillion US dollar. The Insurance sector,

to some extent, can enable investments in infrastructure development

to sustain economic growth of the country.

With a large capital outlay and long gestation periods, infrastructure

projects are fraught with a multitude of risks throughout the

development, construction and operation stages. These include risks

associated with project implementation, including geological risks,

maintenance, commercial and political risks. Without covering these

risks the financial institutions are not willing to commit funds to the

sector, especially because the financing of most private projects is on a

limited or non- recourse basis.

Insurance companies not only provide risk cover to infrastructure

projects, they also contribute long-term funds. In fact, insurance

companies are an ideal source of long-term debt and equity for


30/83

infrastructure projects. With long-term liability, they get a good asset-

liability match by investing their funds in such projects.

IRDA regulations require insurance companies to invest not less than 15

percent of their funds in infrastructure and social sectors. International

Insurance companies also invest their funds in such projects.

Insurance is a federal subject in India. There are two legislations that

govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999.

History

The history of life insurance in India dates back to 1818 when it wasconceived as a means to provide for English Widows. Interestingly in

those days a higher premium was charged for Indian lives than the non-

Indian lives as Indian lives were considered more risky for coverage.

The Bombay Mutual Life Insurance Society started its business in 1870.

It was the first company to charge same premium for both Indian and

non-Indian lives. The Oriental Assurance Company was established in

1880. The first general insurance company- Titan Insurance Company

Limited was established in 1850. Till the end of nineteenth century

insurance business was almost entirely in the hands of overseas

companies.

Insurance regulation formally began in India with the passing of the Life

Insurance Companies Act of 1912 and the provident fund Act of 1912.

Several frauds during 20's and 30's sullied insurance business in India.

By 1938 there were 176 insurance companies. The first comprehensive

legislation was introduced with the Insurance Act of 1938 that provided

strict State Control over insurance business. The insurance business

grew at a faster pace after independence. Indian companies


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strengthened their hold on this business but despite the growth that was

witnessed, insurance remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life

insurers and provident societies under one nationalized monopoly

corporation and LIC was born. Nationalization was justified on the

grounds that it would create much-needed funds for rapid

industrialization. This was in conformity with the Government's chosen

path of State lead planning and development.

The (non-life) insurance business, however, continued to thrive with the

private sector till 1972. Their operations were restricted to organized

trade and industry in large cities. The general insurance industry was

nationalized in 1972. With this, nearly 107 insurers were amalgamated

and grouped into four companies- National Insurance Company, New

India Assurance Company, Oriental Insurance Company and United India

Insurance Company. These were subsidiaries of the General Insurance

Company (GIC).

Present Scenario

The Government of India liberalized the insurance sector in March 2000

with the passage of the Insurance Regulatory and Development

Authority (IRDA) Bill, lifting all entry restrictions for private players and

allowing foreign players to enter the market with some limits on direct

foreign ownership. Under the current guidelines, there is a 26 percent

equity cap for foreign partners in an insurance company. There is a

proposal to increase this limit to 49 percent. Premium rates of most

general insurance policies come under the purview of the government

appointed Tariff Advisory Committee.


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INSURANCE IN INDIA The insurance sector in India has come a full circle

from being an open competitive market to nationalization and back to a

liberalized market again. Tracing the developments in the Indian

insurance sector reveals the 360 degree turn witnessed over a period of

almost two centuries. A brief history of the Insurance sector The

business of life insurance in India in its existing form started in India in

the year1818 with the establishment of the Oriental

Non-Life Insurance Market

In December 2000, the GIC subsidiaries were restructured as

independent insurance companies. At the same time, GIC was converted

into a national re-insurer. In July 2002, Parliamant passed a bill,

delinking the four subsidiaries from GIC.

Presently there are 12 general insurance companies with 4 public sector

companies and 8 private insurers. Although the public sector companies

still dominate the general insurance business, the private players are

slowly gaining a foothold. According to estimates, private insurance

companies have a 10 percent share of the market, up from 4 percent in

2001. In the first half of 2002, the private companies booked premiums

worth Rs 6.34 billion. Most of the new entrants reported losses in the

first year of their operation in 2001.


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Insurance costs constitute roughly around 1.2- 2 percent of the total

project costs. Under the existing norms, insurance premium payments

are treated as part of the fixed costs. Consequently they are treated as

pass-through costs for tariff calculations.

For Projects costing up to Rs 1 Billion, the Tariff Advisory Committee sets

the premium rates, for Projects between Rs 1 billion and Rs 15 billion;

the rates are set in keeping with the committee's guidelines; and

projects above Rs 15 billion

are subjected to re-insurance pricing. It is the last segment that has a

number of additional products and competitive pricing.

Insurance, like project finance, is extended by a consortium. Normally

one insurer takes the lead, shouldering about 40-50 per cent of the risk

and receiving a proportionate percentage of the premium. The other

companies share the remaining risk and premium. The policies are

renewed usually on an annual basis through the invitation of bids.

Of late, with IPP projects fizzling out, the insurance companies are

turning once again to old hands such as NTPC, NHPC and BSES for

business.

Re-insurance business

Insurance companies retain only a part of the risk (less than 10 per cent)

assumed by them, which can be safely borne from their own funds. The

balance risk is re-insured with other insurers. In effect, therefore, re-

insurance is insurer's insurance. It forms the backbone of the insurance


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business. It helps to provide a better spread of risk in the international

market, allows primary insurers to accept risks beyond their capacity

settle accumulated losses arising from catastrophic events and still

maintain their financial stability.

While GIC's subsidiaries look after general insurance, GIC itself has been

the major reinsurer. Currently, all insurance companies have to give 20

per cent of their reinsurance business to GIC. The aim is to ensure that

GIC's role as the national reinsurer remains unhindered. However, GIC

reinsures the amount further with international companies such as

Swissre (Switzerland), Munich (Germany), and Royale (UK). Reinsurance

premiums have seen an exorbitant increase in recent years, followingthe rise in threat perceptions globally.

Various channels for distributions:

1. Bank assurance

2. Agency Network

3. Broker network

4. Direct Marketing and Online marketing

5. Travel Agents

What is Bank assurance?

Bank assurance is the distribution of insurance products through a

banks network. This channel has been successfully deployed

internationally to distribute insurance products. In India, the concept

caught on post insurance industrys privatization in December 1999.


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There are basically four models of bank assurance viz.:

- Distribution alliance between an insurance company and a bank;

- Joint venture between a bank and an insurance company;

- Merger between a bank and an insurer

- Bank builds and sells its own insurance products.

Most of the bank assurance operations fall in the first model.

How does it help?- Every insurance company plans to grow quickly to reduce start-up

costs and break even. Banks with their huge network and a large

customer base provide insurers with an opportunity to increase their

market penetration and premium income.

- This channel allows an insurer to effectively tap the rural sector. Selling

insurance through traditional methods in rural area is an expensive

proposition. A tie up with a bank allows an insurance company to access

large customer base at a low cost.

- Through this channel, an insurance company can cash in on the

existing pool of skilled professionals at a low cost.

- Of late, banks have witnessed a decline in margins in their core lending

business. This in turn has adversely impacted their income. Thus, bank

assurance helps them to augment their income.

- Bank assurance provides an opportunity to the bank staff to harness

their sales skills and adapt to the changing business environment.


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However, a relatively new concept, bank assurance has been a

phenomenal success. From just being lending organizations, banks

today have diversified and offer various financial services across the

board. Bank assurance is beneficial to both the insurance company

and the bank.

Will bank assurance click?

Banc assurance, the much talked about channel of insurance distribution

through banks that originated in France and which has been a success

story in Europe is yet to take off here. A number of insurers have already

tied up with banks and some banks have already flagged off banc

assurance through soft launches of select risk products. While reams

have been written about the numerous benefits of banc assurance

considering the wide scale availability of risk products it will enable,

rules and regulations regarding the same are yet to fall in place.

Fee based income:

For banks, bank assurance would mean a major gain. Since interest

rates have been falling and profit on off take of credit has been low all

banks have been able to do is sustain them but not profit much. Enter

bank assurance and fee-based income through hawking of risk products

would be guaranteed.

Unique strategies:

Before taking the plunge, banks as also insurers need to work hard on

chalking out strategies to sell risk products through this channel

especially in an emerging market as ours. Through tie-ups some insurers

plan to buy shelf space in banks and sell insurance to those who

volunteer to purchase them. But unless banks set up a trained task force


37/83

that will focus on hard-selling risk products, making much headway is

difficult especially with a financial product that is not so easily bought

over the counter.

Identifying Target audience:

Besides, identifying the target audience is yet another important aspect.

Banks have a large depositor base of corporate as well as retail clients

they can tap. Talking of retail clients the lower end and middle-income

group customers constitute a major chunk who have over a period of

time built a good rapport with the bank staff and thus hold big potential

for bank assurance.

Reduced costs:

While products such as retirement planning will involve an elaborately

worked out plan with the help of a financial advisor, simple products

such as an accident cover in other words pure risk products will be sold

through this channel enabling savings on solicitation costs of these

products. So will insurers pass on a part of the gains on cost saving

(saving on agent training etc) to customers? At present insurers is non-

committal on this one. Also there are no immediate plans to redesign

products to suit the banc assurance channel but banks are gung-ho

about cross-selling products.

Legal issues:

Conversely, the Insurance Regulatory Development Authority (IRDA) has

adopted a cautious approach before Banc assurance is flagged off. While

on the one hand it is an economical proposition to sell risk products

through the numerous bank branches spread across the country the fact


38/83

that claim settlement disputes take an unusually long time in our

country is one of the causes for worry. In such a situation will banks be

in a position to fight for the cause of their clients is a major concern?

Besides regulatory authorities for both - banks and insurance companies

are different. Moreover, banks may have to part with confidential

information about their clients. Now where should banks draw a line?

Agency Network

Insurance Agents An insurance agent is a person who sells insurance

policies after training and certification. They sell three basic types of

insurance, life insurance, property-liability and health insurance.

The tasks:

Helping individuals or companies select the right policy for their

needs.

Planning for the financial security of individuals, families, and

businesses, advise about insurance protection for an automobile,

home, business, or other property Preparing reports and maintain records

Helping a policyholder obtain settlement of an insurance claim.

Insurance agents have to undergo training. Initial stipends and pocket

expenses form part of the initial packet to the agent in addition to the

commission.

The Authority or an officer authorized by it in this behalf shall, in the

manner determined by the regulations made by it and on payment of

the fee determined by the regulations, which shall not be more than two


39/83

hundred and fifty rupees, issue to any person making an application in

the manner determined by the regulations, a license to act as an

insurance agent for the purpose of soliciting or procuring insurance

business. However in the case of an individual, he does not suffer from

any of the relevant disqualifications and in the case of a company or

firm, any of its directors or partners does not suffer from any of the said

disqualifications.

Any license issued immediately before the commencement of the

Insurance Regulatory and Development Authority Act, 1999 shall be

deemed to have been issued in accordance with the regulations, which

provide for such license.

A license issued under this section, after the date of the commencement

of the Insurance Regulatory and Development Authority Act, 1999, shall

remain in force for a period of three years only from the date of issue.

The Authority may, if satisfied that undue hardship would be caused

otherwise, accept any application in contravention of this sub-section on

payment by the applicant of a penalty of seven hundred and fifty

rupees.

An insurance agent among other things must possess the requisite

qualifications and practical training for a period not exceeding twelve

months, as may be specified by the regulations made by the Authority in

this behalf; and must pass such examination as may be specified by the

regulations made by the Authority in this behalf. He must not violates

the code of conduct as may be specified by regulations made by the

Authority.


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The Authority may issue a duplicate license to replace a licensee lost,

destroyed or mutilated, on payment of such fee not exceeding rupees

fifty as may be determined by regulations.

Will Agents vanish from the scene?

Educating the customers on the need for insurance in life is his first

step. And before he could elaborate on the choice of covers available,

will want to know the prospects exact requirements and future planning

in order that the cover can be designed accordingly - an aspect that was

not considered earlier. In other words, he plays a much bigger role than

he did earlier, thanks to the opening of the sector.

Ask for all information you desire and it will be supported with necessary

calculations and analysis in a presentable easy-to-understand format. Be

it working out presentations instantly, plan comparisons or the returns

analysis on your insurance investment over a period of time - your agent

can provide you with all this and a lot more. Moreover, you can also

count on him for tips on the best picks from among the stocks or know a

thing or two about investment in the best mutual funds around and he

will only be glad to guide you.

Enter customized policies and individuals have a lot more to choose

from. The agent after taking into account the changing future needs of

individuals suggests policies that can be the most apt. Insurance needs

will be revised regularly and claim settlements will no more be drudgery.

The insurance sector is witness to cut throat competition in the market,

and insurance companies have realized the importance of prompt

customer service. Insurance agents will no more be able to afford a laid

back attitude. They will have to be on their toes catering to the growing

customer needs and serving them always, for his future referrals will

come from them.


41/83

And to top it all there are other intermediaries waiting in the wings to

take the leap into insurance once they get the nod. So what will happen

to agents? Will they become an extinct species? Will they die a natural

death and will brokers and other intermediaries take the reigns in their

hands?

Agents are here to stay: According to the McKinsey report, a global

business and economic publication, agents will continue to account for

bulk of the insurance business and will be preferred over and above

other channels. Other intermediaries such as brokers, the report states,

will only be able to carve a niche market for themselves and the

acceptability of such alternative channels will take time.

Moreover, how far will the personalized services offered through banc

assurance and corporate brokers be comparable to that of an insurance

agent is a pertinent question. A few insurance companies are still

awaiting banc assurance and brokers regulations to fall in place. While

few insurers opine that selling insurance through agents is a costly

affair, how successful will intermediaries such as banc assurance are

successful is yet to be seen.

Brokers

Broker versus Agent

An insurance broker differs from an insurance agent in that a

broker is considered an agent of the Insured even though he or

she may receive a commission from the insurance company

A broker may sell the products of a number of insurers whereas an

insurance agent has the Insurer as his principal and works in the

interest of the Insurer and not the Insured


42/83

This role has been substantially lacking from Indian marketplace

until licensing of insurance brokers

Client - Broker Relationship

Direct Marketing

In India the penetration of insurance products is very low. Due to thisthe correct marketing plan becomes very important.

INSURANCECOMPANY

INSURANCEAGENT

INSURED /

CLIENT

INSURANCE

BROKERRelationship

Relationship

Insurer - Agent Relationship

INSURED /CLIENT

INSURANCE

COMPANY BTransaction

Transaction

INSURANCECOMPANY C

INSURANCECOMPANY A


43/83

11674.64%USA

7303.34%England

338.33.79%South Korea

8042.45%Japan

982.19%Malaysia

112.15%Zimbabwe

3.50.62%India

Premiums percapita in USD

Premiums asshare of GDP

Country

USD 326bn

USD21,330

bn

Assets ofBank

USD 11bn

USD2,280 bn

Assets ofnon-lifeInsurance Co.(2003 figs)

IndiaUSACountry


44/83

Low insurance penetration


45/83

Choosing the right channel

Increasing level ofinvolvement

Low: ProductdevelopmentEasy to produce

Medium: MarketingDifficult to market


46/83

RESEARCH METHODOLOGY


47/83

Title

STUDY OF DISTRIBUTION SYSTEM FOR BAJAJ ALLIANZ GENERAL

INSURANCE COMPANY LIMITED

Purpose

The old age buildings are now taken over by fancy and beautiful

buildings of private insurance companies. With the permission to enter

the foreign players in the Indian market with a joint venture with an

Indian firm has changed the face of the Indian Insurance industry.

People have lot of options now in front of them to choose among so

many. With the newer technologies entering into the market the way the

insurance is sold has also come to a change.

The consumers are now king in the field and the insurance companies

have to fulfill the needs of the consumers to survive in the market. But

all these things have also made difficult for consumers to select the

correct products in the market and purchase it. The innovative ways of

distribution of the products has also helped in the penetration in the

market.

Aim

The aim of this study is to find from the players present in the Insurance

Market the future of the insurance companies and the areas to improve

so as to give a better service to the customers.


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Objective

For a project to be successful, definition of objectives is the most

important thing. The main objective of the project undertaken is:

To market the insurance products

To have a Competitive Analysis with other players in the industry

To find out the USP of the private insurance companies in selling

their products to the consumers.

Research Design

The research was Exploratory in nature as it dealt with describing

the market and the buying behavior of consumers. The research was

designed to discover the correct distribution channel in Bangalore and

also the survey of the buyers to know about their perception, the

psychological factors associated with the product, the benefits they are

looking forth from the product. The research was carried out after

dividing the market into segments.

Sample Design

The first step in order to accomplish the task was to draw a sample. To

serve this purpose, the sampling technique adapted was: Non

Probability Sampling. For that purpose BSEL and Industrial areas at

Bangalore was visited and maximum number of Stock Brokers and

Industrialists were surveyed with an avowed objective of minimizing bias

and maximizing the reliability of the data. Also, by adopting this


49/83

procedure it was ensured that the sample drawn would have the same

composition and characteristics of the population.

Type of Universe

The customers were basically chosen randomly from the markets in

Bangalore. The Universe comprised of the finite number of customers

and it can be considered homogenous in nature largely.

Size of the Sample

Since, the population was homogenous in nature largely, hence a

sample size of 100 respondents were taken into account to achieve the

objective of the study. Other prominent factors, kept in view while

determining the size of the sample were size of the population, the

number of questions in the schedule, the sampling procedure adopted

and the time constraint. Thus a sample consisting of 100 respondents

were chosen, which fulfilled the requirements of efficiency, reliability

and flexibility.


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DATA ANALYSIS AND INTERPRETATION

Table 1:

Age of the people interviewed

Age Number of People

Less than 25 22

Between 26 to35 37

Between 36 to45

18

Above 45 23


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Graph 1

Age of the people interviewed


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05

10

15

20

25

30

35

40

Less

than

25

Bet

26

-35

Bet

36

-45

Abo

ve45

Number of PeopleInference: The sample is taken from almost all age group. 22%of the sample is from age group below 25 years of age, 37% ofthe sample is from 26 to 35 age group, 18% of the sample isfrom age group of 36 to 45 and 23% of the sample is from above46 years of age.

Table 2:

Annual income of people interviewed


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Graph 2

Annual income of people interviewed

Income of people Number of People

Less than 1 lakh 17

Between 1 lakh to 2 lakh 32

Between 2 lakh to 5 lakh 31

More than 5 lakh 20


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0

5

10

15

20

25

30

35

Less

than1lakh

Bet1-

2La

kh

Bet2-

5La

kh

Morethan

5lakh

Annual income

Inference: I have tried to take the sample from all the incomegroup. 17% of the sample is taken from less than 1 lakh incomegroup, 32% of the sample is from lakh to 2 lakh income group,31% of the sample is from 2 lakh to 5 lakh group and 20% of thesample is from more than 5 lakh income group.

Table 3:


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Do you have insurance policy?

Yes 82

No 18


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Graph 3:

Do you have insurance policy?

0

10

20

30

40

50

60

70

80

90

Yes No

Bought insurance policy

Inference: Out of all the people interviewed, 82% of the peoplewere having a general insurance product with them.


57/83

Table 4:

From where do you buy Insurance Policy?

Way of purchase Number of People

Direct from company 15

Through Agents 48

Through Broker 21

Through Website 02

Through Bank 14


58/83

Graph 4:

From where do you buy Insurance Policy?


59/83

0

510

15

20

25

30

3540

45

50

Direct Agent Broker Website Bank

Way of purchase

Inference: 15% of the people buy their general insuranceproducts directly from the company, 48% of the people buy fromagents, 21% of the people through broker, 2% through websiteand 14% people from bank.

Table 5:

Why do you buy from this particular source?


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Reason Number of People

Easy to deal and access 12

Easy availability 27

Due to closeness 14

More security 17

Service at doorstep 30


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Graph 5:

Why do you buy from this particular source?


62/83

0

5

10

15

20

25

30

Easy to deal Easy

availablity

Closeness Security Service at

doorstep

Reason

Inference: Most people have given service at doorstep as themain reason behind buying from their present source of

purchase.

Table 6:


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Which of the service you feel is more important while buying theinsurance?

Reason Number of PeopleHome delivery 10

Known salesperson 28

Company and its background 13

Security 17

Claim settlement History 32


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Graph 6:

Which of the service you feel is more important while buying the

insurance?

0

5

10

15

20

25

30

35

Homed

elivery

sales

perso

n

compa

ny

secu

rity

claim

settlem

ent

Numberpeople

Inference: Most of the people give the priority to the claim

settlement of the company. About 28% of the people gave

priority to the known person.


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Table 7:

Which are the products you are already having?

Products % of people having thisproduct

Mediclaim 46

Personal accident 37

Motor Insurance 74

House Insurance 02

Office Insurance 04

Factory 12


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Graph 7:

Which are the products you are already having?

% o f p e o p le h a vin g t h i

M e d i c la imP e rs o n a l ac c

M o t o r In s u r a

H o u s e In s u ra

O ffi c e In s u r a

F a c t o r y

Inference: Out of people interviewed maximum people have

already bought Motor insurance and Mediclaim insurance. This

is because the motor insurance is compulsory and mediclaim is

required because of the costly medical facilities in big cities.


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Table 8:

Have you tried to buy products online?

Yes 03

No 97


68/83

Graph 8:

Have you tried to buy products online?

0

10

20

30

40

50

60

70

80

90

100

Yes No

Bought online


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Inference: Out of the people interviewed, 97% of the peoplehave never tried to buy online. The main reason they give isthat there is no one to help them when they are buying online.They dont feel satisfied to buy online.

Table 9:

Which is the correct place according to you to buy the insurancepolicy?

Way of purchase Number of People

Direct from company 23

Through Agents 49

Through Broker 15

Through Website 03

Through Bank 10


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Graph 9:

Which is the correct place according to you to buy the insurancepolicy?


71/83

Inference: When asked about which according to them is theright place to buy insurance products, 49% of the people saidthat agents ar the correct source of purchase as they can givethem idea about what is right and what is wrong.

Table 10:

If Bajaj is giving any discount for buying online products will youtry for it?

N u m b e r o f P2 3

4 9

1 5

31 0

D i re c t fro m c o m p a n yT h ro u g h A g e n t sT h ro u g h B r o k e r T h ro u g h W e b s itT h ro u g h B a n k


72/83

Graph 10:

If Bajaj is giving any discount for buying online products will youtry for it?

Yes 08

No 92


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0

10

20

30

40

50

60

70

8090

100

Yes No

Response

Inference: On asking about if any discount is given to buyonline, whether they would buy online, most of them said thatthey wont buy online. The main reason they gave was that onthe sites the details are given is not sufficient to make apurchase.

CONCLUSIONS AND RECOMMENDATIONS


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The Indian life insurance agent as a marketing professional has been a

notable success. In fact, LIC has been selling all its insurance policies

only through them. Much like Lloyds of London that transacts business

only through its brokers, who are its members. However, the non-life

insurance agent is nowhere near his life counterpart. He is often under-

trained, mistrusted and not too successful. Even at LIC, there is a deep

sense of dissatisfaction that the agents are not doing enough to meet

the corporate goals of the organisation. The agents are interested in

selling policies that earn them a decent commission; and they sell only

those policies that benefit their earnings. The customer is the target of a

business transaction rather than a person who needs counseling and

professional advice on how his insurance needs are better structured

and served.

Little strategy in non-life

In non-life insurance, which is highly technical in its scope and whose

covers are up for sale annually, the agency structure, till recently, was

regarded as a tool for earning commissions for the Development

Officers, who formed the backbone of the marketing force. The agency

structure was thus reduced to one of a benami agency, of either the

Development Officers or the customers. With no strategy in mind on

how to deal with this situation, the nationalised industry discouraged the

development of an agency force, firstly by reducing its agency

commission structure and secondly by restricting them from canvassing

corporate business. Compared to the life insurance sector, the stand

taken by the non-life sector may be seen as the very opposite.

The setting up of the IRDA in 2000 has given the agents in the non-life

sector a new stimulus. The IRDA has provided them a fresh professional


75/83

opportunity to be a part of the new distribution channel to widen the

market. An agent is now required to be a professional he needs to

undergo training in selected insurance topics for 100 hours and pass a

qualifying examination. Are the insurers now delighted to have this new

marketing talent? With the Development Officers in the public sector

having been given the option to take early retirement, it is thought that

the agency force will get another shot in the arm. What has been the

experience of these new initiatives? How do the agents, now treated

with some dignity and respect as professionals, feel about their new role

in their marketing activities? Distribution channels are a vital part of

insurance marketing. The downgrading of Development Officers has

signaled that the public sector insurers believe that the agency force

can be banked upon by them to promote insurance sales, particularly in

the personal lines and rural sectors.

There are repeated exhortations by the top insurance executives of their

plans to recruit and build massive agency forces.

Agents discomfiture

While good marketing intentions have formed an integral part of their

corporate plans, the implementation, i.e., building an effective agency

force, has stopped short at recruitment. The raw material has remained

raw, without undergoing the process of mentoring, without the sustained

learning of covers it has to sell, without the agents gaining confidence in

their ability to counsel and sell to customers those personal lines covers

which test their knowledge and selling prowess. The agents are content

to sell Motor and Health covers that need only contacts but no technical

inputs or selling efforts as such. Selling personal lines insurance covers,

at the best of times, is not an easy proposition. The Development

Officers were a notable failure in promoting sales in this arena. Sales of


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personal lines cover demand a grasp of what the coverage offers, its

exclusions, the rating aspect, a professional approach to answering the

objections and the clarifications that prospects

Seek, an understanding of the claims processing mechanisms and,

above all, an intrinsic ability to sell by carrying conviction with the

customer that he would be m o r e financially secure by insuring his

assets and interests.

The future of the insurance industry

The insurance industry is today witness to a massive transformation

from its earlier days. From a humble beginning made in 1956 since the

nationalisation of the industry and the birth of the Life Insurance

Corporation, the industry today sees a deluge of multinational insurers

all charging in to set up shop here considering the existent vast

unexploited potential.

Multinational partnerships:

The winds of liberalisation have initiated vast changes in the functioning

of the industry today. Increasing number of multinational partnerships

with private insurers have paved the way for a radical shift in insurance

selling - through a number of new distribution channels besides bringing

about more awareness on the need for insurance and also stressing on

the important role technology can play.


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With major trade barriers gone, the Indian insurance industry is slowly

opening itself from a protected environment to e-business, incorporating

newer technologies in insurance, thanks to competition, that will

hopefully bring forth a marked improvement in customer service,

insurance marketing, risk management, claim settlement, underwriting

etc in comparison to its earlier days.

Faster decision making:

Today, information dissemination is increasingly faster with the advent

of information technology, which will largely help individuals gain access

to every bit of information they would require, enabling faster decision-

making. This is in stark contrast with the pre-liberalisation era wherein

information sourcing was virtually non-existent except from the

recruited agents of the insurance company.

Policy servicing, an area that has long remained neglected will now

receive a major thrust with insurance companies redefining strategies to

weed out sluggishness and provide the policyholder with prompt service.

Online policy servicing too will soon become the norm thereby cutting

down on the unnecessary delays.

Information explosion:

The oncoming technological revolution is all set to totally revamp the

very concept of Knowledge management. Automating knowledge

management will become the sole aim to increase productivity. Large

databases of raw information on individuals' investment patterns can be

fed into computers to enable faster segregation of information as per

required categories.


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Computerizing information can make a major difference to the general

insurance industry wherein motor claim losses particularly have been

hitting the roof. With an organized system of data collection and

storage, data analysis and claim management system, keeping track of

the claim applicants behavioral patterns becomes easy.

Easier Claims settlement:

Claims settlement that was hitherto a time consuming affair will see a

marked difference in operations. With competition building and

improved customer service becoming the new mantra the time taken for

claim settlements will reduce considerably. World over underwriting

risks, claims management, risk surveys etc are far more simplified

thanks to technology.

Insurance companies are slowly realizing the mass difference

information technology can make to business. Consider policy

information being made available online. Tracking policy details, the

premiums to be paid, premiums paid so far, the bonus percentage,

maturity date of the policy and several such details can be accessed at

the mere click of a mouse soon.

Bank assurance:

Moreover, in addition to the single distribution channel of selling

insurance policies through a large network of agents, Bancassurance is

gradually gaining prominence. Utilising the extensive network of banks

for selling insurance will over a period of time bring about an increase in

insurance density besides improving insurance penetration in rural areas

wherein a large unexploited potential exists.


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Improved customer service - the ultimate aim:

The insurance industry, with competition hotting up is has woken up toground realities and is in the process of implementing software

solutions. Realising the unlimited power information technology holds,

insurance companies have realised that strategic deployment of

technology for integrating office operations, and gaining customer

confidence through improved customer service is the need of the hour.


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QUESTIONNAIRE

1. Name

2. From where do you buy the insurance policies?

a. Direct from the Companyb. Through agentsc. Through Brokerd. Through Websitee. Through bank

3. Why do you buy from this source

a. Easy to deal and accessb. Easy availabilityc. Due to closenessd. More securitye. Service at doorsteps

4. Which of the services you feel is more important while buying theinsurance?

a. Home deliveryb. Known salespersonc. Company and its backgroundd. Securitye. Claim settlement background


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5. Which are the products you are already having?

a. Mediclaim policyb. Personal accidentc. House Holders policyd. Office Package Policye. Factory/Godown Policyf. Others, Please specify.

6. Have you ever tried to buy any products online?

Yes No

7. Which is the correct place according to you to buy the insurancepolicy?

a. Direct from the Companyb. Through agents

c. Through Brokerd. Through Websitee. Through bank

8. If Bajaj is giving any discount for buying online products, will youtry for it?

Yes No

Why.


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BIBLIOGRAPHY

WEBSITES

WWW.IRDAINDIA.ORG

WWW.TAC.ORG

WWW.BAJAJALLIANZ.CO.IN

WWW.INDIAINFO.COM

BOOKS AND MAGAZINES

1. Business world

2. Business Today

NEWSPAPERS

1. Economic Times

2. Financial Express

3. The Hindu4. Business Standard
http://www.irdaindia.org/http://www.tac.org/http://www.bajajallianz.co.in/http://www.indiainfo.com/http://www.irdaindia.org/http://www.tac.org/http://www.bajajallianz.co.in/http://www.indiainfo.com/


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Documents

Bajaj Allianz Rakesh