Presentation on training report of

bajaj allianz life insurance company ltd

Submitted by: Shivam Roll no:

80502317047

Introduction

What is insurance?Origin of insurance

Establishment of the company

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- , Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world and Allianz AG, one of the world's largest insurance companies

Is the fastest growing private life insurance company in India.

Currently has over 74,00,000 satisfied customers We have customer care centers in 1164 cities

with 30000 Insurance Consultant providing the finest customer service.

One of India's leading private life insurance companies

Allianz group

Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich.

Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of

Property and Casualty Insurance, Life and Health Insurance, Asset Management and Banking. ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE Worldwide 2nd by Gross Written Premiums - Rs.4,46,654 cr. 3rd largest Assets Under Management (AUM) & largest amongst Insurance

cos. - AUM of Rs.51,96,959 cr. 12th largest corporation in the world 49.8 % of global business from Life Insurance Established in 1890, 110 yrs of Insurance expertise 70 countries, 173,750 employees worldwide

Bajaj group Bajaj Auto Ltd, the flagship company of the Rs. 8000 cr. Bajaj group is the largest

manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world.

A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus.

A STRONG INDIAN BRAND- HAMARA BAJAJ

One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr. Bajaj Auto finance one of the largest auto finance cos. in India Rs. 9,050 Cr. Turnover & Profits of 538 Cr. in 2008-09 It has joined hands with Allianz to provide the Indian consumers with a distinct

option in terms of life insurance products. As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following to

offer - Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network. Adequate experience of running a large organization.

INSURANCE COMPANIES OPERATING IN INDIA

LIC HDFC Standard Life Max New York Life ICICI Prudential Kotak Mahindra Birla Sun Life Tata AIG SBI Life ING Vysya Bajaj Allianz Metlife Aviva Sahara India Royal Sundaram Alliance Reliance ICICI Lombard Cholamandalam

Position In india ACCELERATED GROWTHFISCAL YR NO.OF POLICIES SOLD NEWBUSINESS in Cr.

2001-02 21,376 72002-03 1,15,965 692003-04 1,86,443 1802004-05 2,88,189 8572005-06 7,81,685 27172006-07 20,79,217 42702007-08 37,44,742 44912008-09 74,00,000 6675

Turn over of the company

ProductsUnits Gain InsuranceTerm Care PlansLifetime Care Insurance PolicyBusiness Insurance PoliciesSavings and Security Policies for You

and your family Healthcare Insurance Pension PlusRetirement PlansChildren’s Plan

Aim and Mission 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.   COMPANY MISSION As a responsible, customer focused market leader, we

will strive to understand the insurance need of the consumers and translate

it into affordable product that deliver value for money. ACHIEVEMENTS Bajaj Allianz life insurance offers technical excellence in all areas of

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.

Bajaj Allianz has received “iAAA rating, from ICRA Limited, an associate of Moody’s Investor Services Claims paying Ability. This rating indicates highest claims paying ability and a fundamentally strong position.

SWOT AnalysisStrengthsBajaj Allianz is the largest private player in the

insurance industry in India.Excellent services.Customization of Products as per customer’s

needs.Brand Image.Business Experience.Strong Financial Base. Innovative products, Technology, organization

culture and climate.The company has a large network of branches

which is helpful to customer for the payment.

WeaknessesLot of competitors are in the market offer

same product by the title difference in the premium and offerings.

Target only higher income group whereas other companies are trying to catch middle-lower level people.

Higher premiums as compared to the other companies

Clients face problems to get insured due to large number of formalities.

High targets for financial advisors and for the sales department.

Opportunities

Huge market is literally untapped. Out of estimated 320 million insurable markets only 20% of the population is insured.

In a conservative society of India where people are more inclined towards risk free investments such as Bank FD’s and savings rather than equity and high risk investments insurance offers the best of both worlds – The security with high returns. So there exists high potential for insurance company like BAJAJ ALLIANZ.

In the pension field where people want good life after their retirement.

Indian people are more emotional towards their children that’s why children plans are selling like hot cakes.

Health insurance and pension Schemes, an estimated market potential of approximately $15 billion.

Threats

Weak perception of private players in the minds of Indian people due to frequent financial scams

Large number of insurance playersPlayers like ICICI PRUDENTIAL and Birla sun life with

low premium for the similar plansEntry of many other private companies with equally

strong experience and financial strength of foreign partners making the competition difficult and saturating the urban markets.

For the Insurance sector Government set the authority that is IRDA (Insurance Regulatory and Development Authority) which is undertaken to track record of all the companies and change rules day by day more rigid which is very difficult for the companies.

Policy of the CompanyPOLICY CONCERNING CUSTOMER SERVICESBajaj Allianz has products according to

customer’s requirements.It has the largest distribution networks among

the private players in India.Wide range of flexible products for customers.Tied ups with NGO’s and MFI’s for the purpose

of distributions of rural policies in India.It has trained more than 65000 insurance

advisers to interface and advise customers.

PERSONNEL (motivation)

BAJAJ ALLIANZ motivates their employees by:

a) Promotion b) Appreciation c) Incentives

ADVERTISEMENT

BAJAJ ALLIANZ often uses different types of modes for Advertising their services.These are as follows:-

a) Banners b) Television c) By telephonic calls d) Catalogs and Print media

Organization Design and Structure

Chairman

Board of Directors

Managing Director

Board of Directors  Mr. Kamesh Goyal Country Manager & CEO Mr. ECJ Augustine Chief – Strategic Initiatives Mr. Anil Singh Head product development &

Actuarial Mr. V. Philip Head-Operations Mr. Rajesh Viswanathan Chief –Financial

Officer Mr. Jay deep Chaure Head-Human

Resources Mr. Sashi Krishnan Chief Investment Officer Mr. Neeraj Kumar Head Alternate Channels Mr. Yogesh Gupta Head Business Procurement Mr. Manish Kr Dwivedi Head-Direct Marketing

Channel Mr. A.S.Narayanan Head-NRI Business Mr. Sameer Bakshi Company Secretary &

Head-Legal Compliances Mr. V.Sriram Head- Internal

Audit

Personnel of the Office

Number of staff: 16on roll employees 40 off roll employees

Age group: 23 years to 35 years   Education level: On roll:-20% MBA’s, 70%

graduates&10% 10+2 Off roll:- 30%

graduates&70% 10+2 Dress: Formal

WORK EXPERIENCEDESCRIPTION OF WORK

RESPONSIBILITIES TAKENON-THE-JOB TRAINING AT BAJAJALLIANZ LIFE INSURANCE COMPANY LIMITED Batala

TARGET To recruit 5 legal advisors in a month

ACHIEVED

Recruited 6 Advisors.

STRATEGIES USED

One needs to sketch a perfect road map or adopt a strategy to the destination and also need to follow the path strictly. The strategies applied to achieve the above mentioned targets are as follows.

Direct Marketing. Cold Calling. Through friends, and the references given by the company. Advertisements etc.I am also applying some other strategies like Time management Punctuality Preplanning Never leave even single prospect. Always be in touch from previous customers The most important thing is always create the “URGENCY”

because in the market there are near about 14 insurance sectors with L.I.C. and all trying to capture the market.

LIMITATION1. Non availability of time2. Qualification problems3. Distance problem 4. Due to Procrastination5. Lack of knowledge about insurance6. Age problem.7. Training time is long so business man and government

employees do not take interest. 8. Due to Procrastination9. Training fees10. L.I.C. is a big hurdle for insurance sector with all

competitors.11. Customer’s perception about private sector. 

Layout of the office

JOB DESCRIPTIONWEEK 1 In first week the introduction to the Company is given by

trainer. Company introduction includes the following things

Origin of insurance Origin of the company Players in the insurance sector Competitors of the companyWEEK 2 In second week the introduction about working of

insurance sector i.e. How does the insurance sector work? Policies of the company. Partners of the company. Tied up’s with company.

WEEK 3In third session of training includes Concept of facts and figures. About Legal Advisors. Working of Legal Advisors. Important and essential qualities in Legal Advisors.

WEEK 4 In fourth session there was an introduction of practical

learning. This session includes Role Playing Customer handling Customer satisfaction Selling of products

WEEK 5The fourth session of training includes Assignment of field work Segmentation of the customers. Targeting the customers. Meetings with customers. Aware about the products and plans of the company.

WEEK 6 The sixth and last session of training includes the problems faced

during the completion of field work. In this session problems occurred during field work were sorted

by Guidance Training Concerning to the seniors Submission of work assigned 6 Legal Advisors 3 Insurance policies

LIMITATIONS

Problems faced Phone Problem Excess of work load. Limitation of timeMissing in Organization Non-availability of canteen Space Problem Parking ProblemFactors that make work better Giving more time to the trainers. Senior’s co-operation Regular/Everyday consultancy Uses of computers, scanning machines

EXPERIENCED GAINED Selling Skills Punctuality Communication Skills Never ignore single prospect from market Have more patience Ability to work under pressure Atmosphere of the corporate Adjusting nature according to situation Always focus on target with preplanning Knowledge of share market Never interfere in the office politics In the corporate world these things are very essential for

the survival.So it is very helpful for me when I enter in the corporate

world.

CONCLUSIONSAlways try to make advisors from

rich families. Always make those customers, who

have good contacts.

Try to pay attention on loan providers, tax consultants, advocates, C.A.’s

 

RECOMMENDATIONS

  There should be a weekend batch of training for the people

who can not take there full six days from their busy schedule.  There should be some fixed salary with some fixed targets as

other companies are doing.  Advertising should be given in the newspapers so that more

number of people can come for the interview.  Various MBA institutes should be targeted to get people with

good marketing as well as interpersonal skills.  Presentation about advisor as a career opportunity should be

given in the various seminars and get together.

THANK YOU…….