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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