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CHAPTER -1

INTRODUCTION

1.1Profile of the organization

1.1.1 Overview of the organizationBajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Fiserv

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 cores. Bajaj Fiserv Limited holds 74% and the remaining 26% is held by

Allianz, SE.

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

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

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

before tax in the last four years. The profit after tax was Rs. 121 cores, 27% higher than the

previous year.

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1.1.2 History of the organization

Bajaj Allianz General Insurance received an Insurance Regulatory and Development Authority

(IRDA) certificate of registration on 2 May 2001 to conduct a general insurance business,

including health insurance, in India. The company has an authorized and paid up capital of

110crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz SE.

As of 31 March 2010, Bajaj Allianz reported a profit before tax of 180 crores, becoming the

only private insurer to cross the 100 crore mark in pre-tax profits in four years. The after-tax

profit was 121 crores, 27% higher than the previous year.

Bajaj Allianz is headquartered inPuneand maintains a network of offices in over 200 towns

throughout India.

1.1.3 Vision and mission of the company

Vision

To be the first choice insurer for customers To be the preferred employer for staff in the insurance industry To be the number one insurer for creating shareholder value

Mission

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

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

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1.1.4 market share of bajaj allianz

1.1.5 Awards and recognitionsSome of the awards that the company has received are:

"General Insurer of the YearPrivate Sector" and "Best Contribution on Investor Education& Category Enhancement", Bloomberg UTV Financial Leadership Awards 2011 and 2012.

"Best Travel Insurer", CNBC Awaaz Travel Award 2010. "Business Leader in General Insurance", NDTV Profit Business Leadership Awards 2008.

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1.1.6 SWOT analysis of Bajaj AllianzStrength

Global exposure in Insurance through Allianz SE and Strong Local Implementation by Bajaj

Has network across 200 towns . Fundamentally Strong with good paying Capabilities Allianz AG is an insurance

conglomerate globally and one of the largest asset managers in the world, managing assets

worth worldwide with 115 years of financial experience in over 70 countries

Received the prestigious "Business Leader in General Insurance", award by NDTV ProfitWeaknesses

Lack of penetration in rural areas Smaller Infrastructure as compared to established playersOpportunities

Growing rural market potential Urban Youth with growing incomeThreats

Economic crisis and economic instability Entry of new NBFCs in the sector Increasing awareness amongst people about securing their future

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1.1.7 Share holders and promotersBajaj Finserv Limited

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

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

Insurance Company Ltd., Bajaj Finserv Ltd; has the following to offer:-

Vast distribution network through its group companies.

Knowledge of Indian consumers.

Financial strength and stability to support the insurance business.

Allianz SE, Germany

Allianz SE is in the business of General (Property & Casualty) Insurance; Life & Health

Insurance and Asset Management and has been in operation for over 110 years. Allianz is one of

the largest global composite insurers with operations in over 70 countries. Further, the Group

provides Risk Management and Loss Prevention Services. Allianz has insured most of the

world's largest infrastructure projects (including Hong Kong Airport and Channel Tunnel

between UK and France), further Allianz insures majority of the fortune 500 companies. Besides

being a large industrial insurer, Allianz has a substantial portfolio in the commercial and

personal lines sector, using a wide variety of innovative distribution channels.

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

Set up and running of General insurance operations

New and improved international products

One of the world's leading insurance companies

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More than 700 subsidiaries and 2 lack employees in over 70 countries worldwideProvides 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.

1.2 theoretical description

1.2.1 Promotion

Promotion is one of the market mix elements, and a term used frequently in marketing. The

specification of five promotional mix or promotional plan. These elements are personal selling,

advertising, sales promotion, direct marketing, and publicity. A promotional mix specifies how

much attention to pay to each of the five subcategories, and how much money to budget for each.

A promotional plan can have a wide range of objectives, including: sales increases, new product

acceptance, creation ofbrand equity, positioning, competitive retaliations, or creation of

corporate. Fundamentally, however there are three basic objectives of promotion. These are:

1. To present information to consumers as well as others.2. To increase demand.3. To differentiate a product.

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1.2.2 Types of promotional strategies followed by insurance companies

Insurance companies are in a unique position when it comes to marketing. They have no tangible

products to sell, but must instead rely on strong relationships with loyal customers and word of

mouth to help them compete. Still, despite the challenges, the marketing strategies for insurance

companies are really no different than for any other company, and require a strong focus on the

basics of effective marketing.

Know the Market

First and foremost, insurance companies must know their market. This means having a strong

understanding of their target audience, their competition and the most effective ways to connect

with that audience, according to Marketing with the End in Mind. Competition is fierce, but

service organizations like insurance agencies that thoroughly understand the needs and concerns

of their target audience can effectively motivate that audience to connect with them.

Establish a Plan

Successful marketers Based on their knowledge of the market, and their overall goals and

objectives, successful marketers identify and prioritize the communication strategies most likely

to generate the results they need. This generally involves a combination of activities that include

both traditional and new media, direct and indirect sales.

Measure Effectiveness

It is important for insurance companies to measure the effectiveness of their marketing efforts

based on the goals they have established. This may be as simple as comparing the number of

clients before and after a campaign. It may also involve using online analytics to monitor website

visits after launching a promotion.

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Gather Feedback

For insurance marketers, word of mouth is key. In addition to measuring the effectiveness of

marketing efforts based on quantitative data, insurance marketers can seek input from their

existing and new clients about their communication efforts. What worked well? What was

unclear? How might they communicate more clearly in the future? In addition, clients can be

excellent advocates and part of the marketing process. Successful insurance marketers will take

advantage of the opportunity to leverage their clients as word-of-mouth marketing advocates.

1.3 objective of the study To present an overview of Bajaj Allianz Insurance company with its marketing strategies. To study the history of Bajaj Allianz. To assess the nature of Joint Venture, Investment Pattern, Entry Strategies and product of

Prudential Bajaj Allianz Insurance Company.

To collect Data through market survey. To analyze the comparative marketing strategies of Bajaj Allianz with other Companies. To change the profile of Insurance Agents. To analyze a data collected using factor analysis1.4 scope of the project

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CHAPTER -2

METHODOLOGY

RESEARCH METHODOLOGY

Research methodology is a methodology for collecting all sorts of information & data pertaining

to the subject in question. The objective is to examine all the issues involved & conduct

situational analysis. The methodology includes the overall research design, sampling procedure

& fieldwork done & finally the analysis procedure. The methodology used in the study

consistent of sample survey using both primary & secondary data. The primary data has been

collected with the help of questionnaire as well as personal observation book, magazine; journals

have been referred for secondary data. The questionnaire has been drafted & presented by the

researcher himself.

2.1 METHODOLOGY USED FOR DATA COLLECTION:

DATA:- Data are values ofqualitative orquantitative variables, belonging to a set ofitems.Data are typically the results ofmeasurements and can

be visualized using graphs orimages. Data as an abstract concept can be viewed as the

lowest level ofabstraction from which information and then knowledge are derived.

DATA COLLECTION: - It refers to collection of information .for a research tosuceedrawfacts must be collected in a form which helps in effective production of result

and meeting the objective of study.

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SOURCES OF DATA COLLECTION:

PRIMARY DATA:- Primary data is the data which is collected by the researcherdirectly from his own observations and experiences. For example, if the researcher

conducts a survey for the collected of data then it is known as primary data.

SECONDARY DATA:-Secondary data is data that has already been collected andcollated by somebody for some reason other than the current study. It can be used to get a

new perspective on the current study, to supplement or compare the workor to use parts

of it, as anotherstudy may prove costly and time consuming e.g. the census.

2.2 METHODOLOGY USED FOR DATA ANALYSIS:

SAMPLE SIZE:Sample of 100 people was taken into study, and their data was collected

SAMPLING TECHNIQUE:To study the Project, a Simple Random Sampling technique is used.

DATA COLLECTION:Collection of data is done by Secondary Data & through Questionnaire

DATA ANALYSIS:After data collection, Im able to analyze customers views, ideas and opinions related to Auto

loan provided by SBI and from this, SBI will come to know the customer requirements.

DATA INTERPRETATION:Interpretation of data is done by using statistical tools like Pie diagrams, Bar graphs, and also

using quantitative techniques (by using these techniques) accurate information is obtained.

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CLASSIFICATION & TABULATION OF DATA:The data thus collected were classified according to the categories, counting sheets & the

summary tables were prepared. The resultant tables were one dimensional, two dimensional.

STATISTICAL TOOLS USED FOR ANALYSIS:Out of the total respondents, the respondents who responded logically were taken into account

while going into statistical details & analysis of data. The tools that have been used for analyzing

data & inference drawing are mainly statistical tools like percentage, ranking, averages, etc.

As per questionnaire and market surveys I have find out different responses from different

people. According to their responses I analyze the findings and draw certain remarks.

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CHAPTER -3

DATA ANALYSIS AND INTERPRETATION