19698293 bajaj-allianz-general-insurance-trianing-report

Bajaj Allianz General Insurance Co. Ltd.

Summer Training REPORT

ON

“A STUDY OF STRATEGY AND FUNCTIONING OF FIELD FORCES IN
BAJAJ ALLIANZ GENERAL INSURANCE

Pacific Business School
BY
NARESH KUMAR

M.B.A part 1st
A Report Submitted in Partial Fulfillment
Of the requirements of PG Program
M.B.A- 2011-2013
Pacific Business School
Submitted To Submitted By
Disha Fattavat Naresh kumar
(Assistant professor) P.B.S. (R.T.U)
Sec.-D


CERTIFICATE

This is to certify that the project entitled “A STUDY OF STRATEGY AND
FUNCTIONING OF FIELD FORCES IN BAJAJ ALLIANZ GENERAL
INSURANCE” is a bonafide work of ANKIT KUMAR, a student of
Lovely Professional University, Chaheru, Phagwara (Punjab)-144402,
bearing Registration Number-10810218, and was successfully conducted
at BajajAllianz General Insurance Co.Ltd.,Ghaziabad Office, from
1st July 2009 to 14th August 2009, for the partial fulfillment of the
course M.B.A of Lovely Professional University,Phagwara (Punjab).

Mr. Rahul Tomar,
Direct Marketing Incharge
(Sales Manager)
BajajAllianz General Insurance,
Ghaziabad.


ACKNOWLEDGEMENT

“No man is indispensable but there are certain mortal without whom the quality
work suffers their guidance becomes important in acquiring quality results”.

I would like to express my gratitude to all those who gave me the possibilities to
complete this thesis.I want to thank Sales Manager, Bajaj Allianz, Ghaziabad, Mr.
Rahul Tomer for giving me permission to commence this thesis in the first
instance, to do the necessary research work and for being my Company Guide.
With a deep sense of gratitude and humble submission I would like to express
my heartiest gratefulness to my Faculty Guide Lect. Rohit Duggal, whose help,
stimulating suggestions and encouragement helped me in all the times of research
for and writing of this thesis.

I am also grateful to my parents and friends who inspired me to put my best
efforts.

Date: (ANKIT KUMAR)
Signature:


INDEX

Sr.No PARTICULAR PAGE

1. INTRODUCTION

2. INTRODUCTION TO ORGANIZATION

3. RESEARCH METHODOLOGY

4. INTRODUCTION TO TOPIC

5. COMPANY PRACTICE

6. DATA ANALYSIS & INTERPRETATION

7. RECOMMENDATION

8. CONCLUSION

9. BIBLIOGRAPHY

10. QUESTIONNIARE


INTRODUCTION


INTRODUCTION

A marketing strategy is a process that can allow an organization to concentrate its (always
limited) resources on the greatest opportunities to increase sales and achieve a sustainable
competitive advantage.

Marketing strategy as a key part of the general corporate strategy marketing strategy is most
effective when it is an integral component of corporate strategy, defining how the organization
will engage customers, prospects and competitors in the market arena for success. It is partially
derived from broader corporate strategies, corporate missions, and corporate goals. They should
flow from the firm's mission statement. They are also influenced by a range of micro
environmental factors.

Marketing strategy and sectarian tactics and actions:
A marketing strategy also serves as the foundation of a marketing plan. A marketing plan
contains a set of specific actions required to successfully implement a marketing strategy. For
example: "Use a low cost product to attract consumers. Once our organization, via our low cost
product, has established a relationship with consumers, our organization will sell additional,
higher-margin products and services that enhance the consumer's interaction with the low-cost
product or service."

A strategy consists of well thought out series of tactics. While it is possible to write a tactical
marketing plan without a sound, well-considered strategy, it is not recommended. Without a
sound marketing strategy, a marketing plan has no foundation. Marketing strategies serve as the
fundamental underpinning of marketing plans designed to fill market needs and reach marketing
objectives[3]. It is important that these objectives have measurable results.


A good marketing strategy should integrate an organization's marketing goals, policies, and
action sequences (tactics) into a cohesive whole. Many companies cascade a strategy throughout
an organization, by creating strategy tactics that then become strategy goals for the next level or
group. Each group is expected to take that strategy goal and develop a set of tactics to achieve
that goal. This is why it is important to make each strategy goal measurable.

Marketing strategies are dynamic and interactive. They are partially planned and partially
unplanned. See strategy dynamics.

Types of marketing strategies

Every marketing strategy is unique, but if we abstract from the individualizing details, each can
be reduced into a generic marketing strategy. There are a number of ways of categorizing these
generic strategies. A brief description of the most common categorizing schemes is presented
below:

Strategies based on market dominance - In this scheme, firms are classified based on their market
share or dominance of an industry. Typically there are three types of market dominance
strategies:
Leader
Challenger
Follower
Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength.
Strategic scope refers to the market penetration while strategic strength refers to the firm‟s
sustainable competitive advantage.


Cost leadership
Product differentiation
Market segmentation
Innovation strategies - This deals with the firm's rate of the new product development and
business model innovation. It asks whether the company is on the cutting edge of technology and
business innovation. There are three types:
Pioneers
Close followers
Late followers
Growth strategies - In this scheme we ask the question, “How should the firm grow?”. There are
a number of different ways of answering that question, but the most common gives four answers:

Horizontal integration
Vertical integration
Diversification
Intensification
A more detailed schemes uses the categories:
Prospector
Analyzer
Defender
Reactor


INSURANCE NEED

Why is insurance necessary? The question contains the answer within itself. After all, life is
fraught with tensions and apprehensions regarding the future and what it holds for the individual.
Despite all the planning and preparation one might make, no one can accurately guarantee or
predict how or when death might result and the circumstances that might ensue in its aftermath.
We are not saying that life and existence are constantly fraught with danger and uncertainty. But
then it is essential that you plan for the future. The chances for a fatality or an injury to occur to
the average individual may not be particularly high but then no one can really afford to
completely disregard his or her future and what it holds.
People generally regard insurance as a scheme when and where you have to lose a lot to gain a
little. Nevertheless, insurance is still the most reliable tool an individual can use to plan for his
future.
And just why is it necessary to plan for the future with Insurance?
An Overview
Insurance business is divided into four classes:
1) Life Insurance business
2) Fire
3) Marine
4) Miscellaneous Insurance.
Life Insurers transact life insurance business; the rest is transacted by General Insurers. No
composites are permitted as per law.
The business of Insurance essentially means defraying risks attached to any activity over time
(including life) and sharing the risks between various entities, both persons and organisations.
Insurance companies (ICs) are important players in financial markets as they collect and invest
large amounts of premium. Insurance products are multi purpose and offer the following
benefits:

1. Protection to the investors

2. Accumulate savings
3. CHANNELISE SAVINGS INTO SECTORS NEEDING HUGE LONG TERM
INVESTMENTS.


INTRODUCTION TO
ORGANIZATION


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. 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:

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.


INSURANCE SECTOR

The opening up of Insurance sector was a part of the on going liberalization in the financial
sector of India. The changing face of the financial sector and the entry of several companies in
the field of life and non life Insurance segment are one of the key results of these liberalization
efforts. Insurance business by way of generating premium income adds significantly to be the
GDP. Over the past three years, more than thirty companies have expressed interest in doing
business in India. The IRDA (Insurance Regulatory Development Authority) is the regulatory
authority, which looks over all related aspects of the insurance business. The provisions of the
IRDA bill acknowledge many issues related to insurance sector. The IRDA bill provides
guidance for three levels of players - Insurance Company, Insurance brokers and Insurance
agent. Life Insurance sector is one of the key areas where enormous business potential exists. In
India currently the life insurance premium as a percentage of GDP is 1.3 % against, 5.2 per cent
in the US.

General Insurance

General Insurance is another segment, which has been growing at a faster pace. But as per the
current comparative statistics, the general insurance premium has been lower than life insurance.
General Insurance premium as a percentage of GDP was a mere 0.5 'per cent in 1996. In the
General Insurance Business, General Insurance Corporation (GIC) and its four subsidiaries viz.
New India Insurance, Oriental Insurance, National Insurance and United India Insurance, are
doing major business. The General Insurance Industry has been growing at a rate of 19 percent
per year.
The entry of several private insurance companies, particularly international insurance companies,
through joint ventures, will speed up the process of insurance mobilization. The competition will


unleash new schemes and benefits, which will give consumers a better Chance to save as well as
insure. The regulatory system in India is relatively new and takes some more time to make the
Insurance sector a perfectly competitive one. Insurance Regulatory Authority of India issued
regulations on 15 subjects which included appointed. Actuary, actuarial report, Insurance agents,
Solvency margins, reinsurance, registration of Insurers, and obligation of insurers to rural and
social sector, investment and accounting procedure. The reform in Insurance in India is guided
by factors like availability of a variety of products at a competitive price, improvement in the
quality of customer services etc. Also the employment opportunities in the Insurance sector wil1
increase as major players set their business plans in India. The policy of the government to open
up the financial sector and the Insurance sector is expected to bring greater FDI inflow into the
country. The increase in the investment limit in this vital sector has generated considerable
business interests among the foreign Insurance companies" Their entry wil1 certainly change the
Insurance sector considerably.

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.

In 1994, the committee submitted the report and some of the key recommendations included:

Structure:
1. Government stake in the insurance Companies to be brought down to 50%.

2. Government should take over the holdings of GlC and its subsidiaries so that these
subsidiaries can act as independent corporations.

3. All the insurance companies should be given greater freedom to operate.


Competition:
1. Private Companies with a minimum paid up capital of Rs. 1 bn should be allowed to enter the
industry.

2. No Company should deal in both Life and General Insurance through a single entity.

3. Foreign companies may be allowed to enter the industry in collaboration with the domestic
companies.

4. Postal General Insurance should be allowed to operate in the rural market.

5. Only one State Level General Insurance Company should be allowed to operate in each state.

Regulatory Body:

1. The Insurance Act should be changed.
2.
3. An Insurance Regulatory body should be set up.
Controller of Insurance (Currently a part from the Finance Ministry) should be made
independent.


Investment:

1.Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to
50%.

2. 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.)

Customer Service:
1. LIC should pay interest on delays in payments beyond 30 days.

2. Insurance companies must be encouraged to set up unit linked pension plans.

3. Computerization of operations and updating of technology to be carried out in the
insurance industry.

The committee emphasized that in order to improve the customer Services and increase the
coverage of the insurance industry should open 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.


INSURANCE INDUSTRY: CLASSIFICATION

Insurance

General
Life Insurance
Insurance


General
Insurance

Fire Marine Motor
Mediclaim
Insurance Insurance Vehicle

SOME PLAYERS IN THE INDUSTRY:

General Insurance
Life Insurance

Life Insurance Corporation of India General Insurance Corporation of India.

1. Oriental Insurance Company Ltd.
2. New India Assurance Company Ltd.
3. National Insurance Company Ltd.
4. United India Insurance Company Ltd.


New Entrants
ICICI Prudential Life Insurance Ltd. Bajaj Allianz General Insurance Company
Ltd.
Tata AIG Life Insurance Corporation Ltd. Reliance General Insurance Company Ltd.
ING Vysya Life Insurance Corporation Ltd. Tata AIG General Insurance Company Ltd.
Om Kotak Mahindra Life Insurance Royal Sundaram Alliance Insurance
Corporation Ltd. Company
MaxNewYork Life Insurance Ltd Ltd.

MARKET SHARE


Market share among private players –(Total
premium)FY2008
30

25 26

20

19

15
15
13 Series1
10
10

5 6
5
4
2
0

In the FY2008 ICICI Lombard and Bajaj Allianz have witnessed aggressive growth by
making the retail segment their target segment ,aggressive growth strategies and huge
distribution network.The general insurance industry has witnessed the entry of many non-
traditional players .IRDA has issued a license to the Rajan Raheja Group(RRG) for setting
up a general insurance joint veture with Australia’s QBE Insurance Group.Last two years
have seen the emergence of special institutions,such as ECGC,Star Health&Allied
Insurance ,Appolo DKV and Agriculture Insurance Co.


Business mix of Bajaj Allianz

Business Mix of Bajaj Allianz
70

60

50
share in %

40 Corporate ex-health
Motor(Retail)
30
Health & Travel
20 Other(mainly retail)

10

0
2007-08 2006-07 2005-06

Motor insurance has the biggest share in general insurance market and show a high
growth over three years. Corporate ex-health shown a low depression in Fy 2006-07 and
high depression in Fy2007-08.Health insurance shows positive trend in all these FY’s.


COMPANY PRACTICE


Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv
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 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is
held by Allianz, SE.

As on 31st March 2009, Bajaj Allianz General Insurance maintained its premier position in
the industry by achieving growth as well as profitability. The company garnered a premium
income of Rs. 2866 crore, achieving a growth of 11 % over the last year. Bajaj Allianz has
made a profit before tax of Rs. 149.8 crore and has become the only private insurer to cross
the Rs.100 crore mark in profit before tax in the last three years. The profit after tax was
Rs.95 crores, which is also the highest by any private insurer.

Bajaj Allianz today has a countrywide network connected through the latest technology for
quick communication and response in over 200 towns 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.

Vision

To be the first choice insurer for customers
To be the preferred employer for staff in the insurance industry.


To be the number one insurer for creating shareholder value

Mission
As a responsible, customer focused market leader, we will strive to understand the insurance
needs of the consumers and translate it into affordable products that deliver value for money.

A Partnership Based on Synergy.
Bajaj Allianz General Insurance offers technical excellence in all areas of General and Health
Insurance as well as Risk Management. This partnership successfully combines Bajaj
Finserv's in-depth understanding of the local market and extensive distribution network with
the global experience and technical expertise of the Allianz Group. As a registered Indian
Insurance Company and a capital base of Rs. 110 crores, the company is fully licensed to
underwrite all lines of general insurance business including health insurance.

Achievements
Bajaj Allianz has received "iAAA rating, from ICRA Limited, an associate of Moody's
Investors Services, for Claims Paying Ability.This rating indicates highest claims paying
ability and a fundamentally strong position

Bajaj Allianz General Insurance has received the prestigious “Business Leader in General
Insurance”, awarded by NDTV Profit Business Leadership Awards 2008. The company was
one of the top three finalists for the year 2007 and 2008 in the General Insurance Company of
the Year award by Asia Insurance Review.


Company’s History

Bajaj Allianz General Insurance Company:

Allianz AG:
Allianz group was founded in 1890 and is one of the world's leading insurance companies with
over 100 year's experience in insurance and related services. It is also the largest insurer in
Europe. Allianz group has multi-local structure and presence in over 70 countries. The key
business areas of Allianz group include General Insurance (property, engineering, marine, motor,
casualty and miscellaneous), Reinsurance, Risk Management, Life & health insurance, Asset
Management and Pension Funds Management.

Bajaj Auto Ltd.
Bajaj Auto Ltd the flagship company of Bajaj Group was incorporated in 1945 as Bachraj
Trading Corporation. Initially it started by assembling two and three wheelers in collaboration
with Piaggio of Italy. After the expiry of the Agreement in 1971 the two and three wheelers
acquired the brand name of Bajaj. The strength of the company lies in its strong brand image and
ability to offer value for money products leveraging on its large-scale operations.

The Joint Venture
Bajaj Allianz General Insurance a joint venture non-life company promoted jointly by Bajaj
Auto and German insurer- Allianz. Indian auto major holds 74% while Allianz holds 26% in the
Joint Venture, and has an authorized and paid up capital of Rs. ll0 crores. Mr. Graham Norris is
the CEO of the company. Bajaj Allianz General Insurance will leverage the customer base and
expertise of Bajaj Auto Ltd and Allianz.


Product range of company/industry

Bajaj Allianz General Insurance Products

o Personal Accident

o Hospital Cash Daily Allowance Policy

o Health Guard

o Critical Illness

o Burglary Insurance

o Householders Insurance

o Travel Companion

o Fidelity Guarantee Policy

o Office package

o Money Insurance

o Public Liability

o Plate Glass Insurance

o Consequential Loss (Fire) Insurance Policy


Performance of the company over the last
few years

Despite conditions which were not conducive for growth of gross premium, the company
managed to maintain a growth rate which was more than twice that of the market. The
company‟s gross written premium (excluding share of premium from the IMTPIP), grew by
33.3% during 2007-08 and, despite intense price competition, company maintained its second
position among the private sector companies in terms of gross written premium. The market
share of company (excluding premium of specialized insurers) increased from 7.2% in 2006-07
to 8.5% in 2007-08. Including the share of inward reinsurance business from the IMTPIP, the
growth rate would have been 43.0%. During 2007-08, company clocked gross written premium
of Rs. 24,045 Mn excluding share of business from the IMTPIP as compared to Rs 18,033 Mn in
2006-07. Including share of inward business from the IMTPIP, the gross written premium
amounted to Rs. 25,780 Mn. On account of company‟s policy of steadily increasing it‟s
retention in line with it‟s capital base, the net earned premium for the year (excluding net
premium from inward business of the IMTPIP), rose to Rs. 13,266 Mn, an increase of 58.6%
over the previous year of Rs. 8,366 Mn. Including the net premium arising out of the share of
business from the IMTPIP, the net premium for the year 2007-08 was Rs. 14,134 Mn. Although
de-tariffication had an adverse effect on the price per policy, the number of policies sold
continued to grow. In the year under review, company sold 6.61 Mn. policies as against 4.90
Mn. policies sold in the previous year. This growth indicates that despite severe price
competition, more customers preferred company‟s service offerings, drawn by it‟s strong brand
image, convenience of buying and satisfaction with its service levels. The total incurred claims
for the current year including actuarial provisions but excluding share of claims of the IMTPIP,
were Rs. 8,375 Mn. as against Rs. 5555 Mn. in the previous year. The number of claims reported
during the year was 413,281 as compared to 309,160 in the previous year.


As on 31st March 2008, Bajaj Allianz General Insurance maintained its premier position in the
industry by garnering a premium income of Rs. 2578 crore, achieving a growth of 43 % over the
last year.Bajaj Allianz has made a profit before taxes of Rs. 167 crore and is the first company to
cross the Rs.100 crores mark in profit after tax by generating Rs. 105 crores.

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

Bajaj Allianz today has a countrywide network connected through the latest technology for quick
communication and response in over 200 towns 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.


Financial status of the organization

1200

1056

1000

800 754

600
516
470

400

217
200

0
Profit after taxes
2003-04 2004-05 2005-06 2006-07 2007-08

Figure shows profit after taxes in Rs.(In Millions)

The company has earned a Profit Before Tax of Rs. 1,679 Mn for the year ended 31 st March
2008, an increase of 43.5% over the previous year profit of Rs. 1,170 Mn. The Profit Before Tax


includes a provision of Rs. 361 Mn towards provisions for losses from the IMTPIP. The net
profit for the year, after provisions for reported losses from the IMTPIP, was Rs. 1,056 Mn as
against Rs. 754 Mn reported in 2006-07, which is an increase of 40.0%. In a year when prices of
insurance fell significantly, increasing its profitability whilst improving the market share has
been a significant achievement for your Company. It is a matter of pride for Bajaj Allianz that it
have become the benchmark for other companies in the market in so far as underwriting
profitability and return on equity are concerned. The Earnings per share (EPS) for the year ended
31st March 2008 was Rs. 9.59/- (compared to Rs. 6.85/- for the previous year) and the book
value of equity shares on 31st March 2008 was Rs. 52.15/- per share (as against Rs. 37.40/- per
shares as on 31st March 2007).
516
470
217
1056


Future prospects/plans

The Indian general insurance industry detarrification to start a new growth story.Share of motor
insurance was 43.1% of the total general insurance premium in April-Dec 2008.Motor insurance
is expecting to increase with motor sale,this year, there is a sharp rise in the auto industry
(passenger car sales increased at a rate CAGR of 17% during FY08) as income level
rise.However last year and the initial months of this year showed a negative trend in sales but as
the market is recovering ,auto sales showed a positive trend. Post detarrifictio, in January „07
,drop in motor premiums was expected ,but rise in car sales has helped boost total motor
premiums.Recent hike of 70-150% in loss making motor third party liability segment will help
reduce losses.Its very important time for Bajaj Allianz to formulate new plans strategies and to
capture more marketing share.


INTRODUCTION TO
TOPIC


OBJECTIVES OF THE STUDY

To study the sales Strategy of field force of Bajaj Allianz General Insurance.

To study the process of selling of Insurance Policies by Adivsors.


RESEARCH
METHODOLOGY


RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem. Research
methodology constitutes of research methods, selection criterion of research methods,
used in context of research study and explanation of using of a particular method or
technique so that research results are capable of being evaluated either by researcher
himself or by others. Why a research study has been undertaken, how the research
problem has been formulated, why data have been collected and what particular
technique of analyzing data has been used and a best of similar other question are usually
answered when we talk of Research methodology concerning a research problem or
study. The main aim of research is to find out the truth which is hidden and which has not
been discovered as yet.


AREA OF STUDY

The area of the study related with getting correct information of general insurance
policies of different peoples in the region of Ghaziabad.

SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It
refers to the techniques or the procedure the researcher would adopt in selecting items for
the sample. Sample design may as well be drawn from the population to be included in
the sample i.e. the size of the sample. Sample design is determined before data are
collected.
During my study I have taken 50 insurance care consultants as the size of sample.


TOOLS USED

To know the response, I have used the questionnaire method. If one wish to find what
insurance care consultants think or know, the logical procedure is to ask them. This has
led marketing researchers to use the questionnaire technique for collecting data more than
any other method.

In this method questionnaire were distributed to the respondents and they were asked to
answer the questions in the questionnaire. The questionnaire were structured non
disguised questionnaire because the question which the questionnaire contained, were
arranged in a specific order besides every question asked were logical for the study, no
question can be termed as irrelevant.

The questionnaire was non-disguised because the questionnaire was constructed so that
the objective is clear to the respondent. The respondents were aware of the objective.
They knew why they were asked to fill the questionnaire.

With the help of following techniques, which are using by Bajaj Allianz I analyse that the
how techniques of sales promotion are useful.


DATA COLLECTION

PRIMARY DATA SOURCES
Through interaction with insurance care consultant
Through questionnaires filled from the insurance care consultant.

SECONDARY DATA SOURCES:
Through internet, various official sites of the companies.
Through pamphlets and brochures of the companies.
Journals & Magazine


LIMITATIONS OF THE STUDY

Following limitations were faced during the study:
1. While designing the questionnaire it was kept in mind to gather more and more
information from each target person. For the neither present nor descriptive
questions could have served the purpose. Therefore the questionnaire contained in
the open-ended questions.
2. The study was conducted in Bajaj Allianz in Ghaziabad city, which has 127 to 170
insurance care consultants only. The sample size was of 50 insurance care
consultants only so that accuracy of data so collected could be absurd covered by
circulation of questionnaire.
3. The accuracy of indications given by the respondents may not be consider
adequate as whether the language used in the questionnaire is understood by the
respondent cannot be taken for granted.
4. The study is based on the information gathered from the insurance care
consultants. Therefore in such case it is possible that the information supplied
might be biased because the insurance care consultant might have shown partiality
towards their insurance policies.
5. Since the survey was limited to 50 insurance care consultants it is rather difficult
to give a precise conclusion but I have tried to the best of my capability to give the
conclusion on a comprehensive manner.


DATA ANALYSIS

&

INTERPRETATION


DATA ANALYSIS AND INTERPRETATION
(Based on survey conducted for 50 insurance care consultants)

Q.1 Which technique of sales promotion you prefer?
Options Response in %
Display 40%
Door to Door Demo 14%
Exhibition 16%
Catalogue 20%
Price Off 10%

40%

35%

30%

25%

20%

15%

10%

5%

0%
Display Door to Door Exhibition Catalogue Price Off
Demo

Interpretation:
According to the study 40% insurance care consultants prefer display technique,20%
insurance care consultants prefer catalogues, 16% to the exhibition, 14% to the door to
door demo and 10% insurance care consultants prefer price off technique.


Q.2 Which technique is giving good response from customers?
Display 18%
Exhibition 18%
Catalogue 16%
Price Off 12%

40%

35%

30%

25%

20%

15%

10%

5%

0%
Demo

Interpretation:
According to the study 36% insurance care consultants say door to door demo techniques
giving good response, 18% insurance care consultants say to the display & exhibition,
16% to the catalogues & 12% say to the price off technique.


Q.3 Which technique is economically beneficial?
Display 10%
Exhibition 10%
Catalogue 46%
Price Off 12%

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Demo

Interpretation:
According to the 46% insurance care consultants, catalogue technique is economically
beneficial. 22% to the door-to-door demo and 12% insurance care consultants prefer
price off technique.10% to the exhibition & display technique.


Q.4 Which technique requires less time in sales promotion?
Display 22%
Exhibition 10%
Catalogue 16%
Price Off 14%

40%

35%

30%

25%

20%

15%

10%

5%

0%
Demo

Interpretation:
According to the study 38% insurance care consultants say display technique requires
less time in sales promotion. 22% to the display technique, 16% insurance care
consultants vote to the catalogues, 14% insurance care consultants vote to the 10% to the
exhibition.


Q5 Which technique is easily manageable?

Display 18%
Exhibition 10%
Catalogue 34%
Price Off 8%

35%

30%

25%

20%

15%

10%

5%

0%
Demo

Interpretation:
According to the study 34% insurance care consultants say that the catalogues is easily
manageable, 30% to the door to door demo,18% insurance care consultants prefer display
technique 10% to the exhibition, and 8% insurance care consultants say to the price off
technique.


Q.6 Which technique requires less knowledge to execute?
Display 14%
Exhibition 12%
Catalogue 22%
Price Off 40%

40%

35%

30%

25%

20%

15%

10%

5%

0%
Demo

Interpretation:
According to the study 40% insurance care consultants vote to the price off technique is
require less knowledge to execute.22% insurance care consultants prefer catalogues, 14%
to the display and 12% to the exhibition & door to door.


Q.7 Which technique requires more knowledge to execute?
Display 20%
Exhibition 24%
Catalogue 10%
Price Off 4%

45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Demo

Interpretation:
According to the study 42% insurance care consultants vote to the door-to-door technique
that it requires more knowledge to execute than others. 24% to the exhibition, 20% to the
display technique, 10% insurance care consultants give vote to the catalogues and 4%
insurance care consultants prefer price off technique.


Q.8 Price off are necessary for sales promotion?
Options Responses in %
Yes 46%
No 40%
Can‟t say 14%

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Yes No Can’t say

Interpretation:
According to the study 46% insurance care consultants say yes that the price off are
necessary for sales promotion. 40% say no and 14% say can‟t say.


Q.9 Do you think that sales promotion program that is presently undertaken by Bajaj
Allianz. are satisfactory?

Yes 34%
No 46%
Can‟t say 20%

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Yes No Can’t say

Interpretation :
According to the study 46% insurance care consultants say No that the sales promotion
program that is presently undertaken by Bajaj Allianz are satisfactorily 36% say Yes and
20% say can‟t say.


Q.10 Should Bajaj Allianz take up new sales promotion program?
Yes 72%
No 22%
Can‟t say 6%

80%

70%

60%

50%

40%

30%

20%

10%

0%
Yes No Can’t say

Interpretation :
According to the study 72% insurance care consultants say yes installment offers are 22%
say no and 6% say can‟t say.


RECOMMENDATION


This sales promotion process was very much satisfying for me not only practically
and academically but it also helped me in developing my communication skill and
enriched my knowledge also.
I have come to know about the importance of marketing especially with regard to
Sales Promotion on the most renowned organization like Bajaj Allianz. Especially
because of emergence of many competitor with excellence in services &
competitive product. The base of this chapter conclusion is on the data analysis or
what we say findings.
I have finding from the insurance care consultants of the Bajaj Allianz. and their
insurance policies on my topic.
When the insurance care consultant is asked why they are dealing in this particular
insurance policies (product) they mostly stressed on company‟s image. They also
said that all income and age group of customers are attracted towards their product
but buyers are mainly from higher and middle-income group.
Insurance care consultants said that their sale is decreased in the last years
because of negative trend in market. Insurance care consultants said that the
customer are curious in getting insurance policies because they want more
discounting on the products and low claim time after any accident.


SUGGESTIONS


SUGGESTIONS

Here are some suggestions, which may help to strengthen the firm further
Many of the insurance care consultants of the Bajaj Allianz. Has the lack of good
communication skills and training. So training should be easy.
Bajaj Allianz. Should use new techniques of sales promotion.
Customer services should be more comfortable than others.
People must be made aware of the benefits of the policies of Bajaj Allianz.
The company should give personal attention to each customer.
Proper assistance should be provided to the customer at the time of claim
settlement.
All the details about the company should be given to the customers.
Regular advertisement of the company should be given TV and Newspaper.
The company must try to find new markets especially in the rural areas.
The company should do frequent analysis of the competitors.


BIBLIOGRAPHY

Books
Kothari C.R., (1999) Research Methodology, Wishwa Prakashan
Kotler P. and Armstrong G., (2005) Principles of Marketing New Delhi,
Prentice Hall of India
Kotler P., (1999)Marketing Management Analysis, Planning, Implementation and
Control, New Delhi, Prentice Hall of India
Saxena Rajan, (1999) Marketing Management, Tata McGraw Hill

Websites:
www.bajajallianz.com
www.indiainfoline.com
www.irdaindia.org
www.thehindubusinessline.com


QUESTIONNAIRE

Name : _____________________________________
Address : _____________________________________

Q.1 To which technique of sales promotion you prefer?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off

Q.2 which technique is giving good response from customers?
E) Price-off

Q.3 Which technique is economically beneficial?
E) Price-off

Q.4 Which technique requires less time in sales promotion?
E) Price-off

Q.5 Which technique is easily manageable?


E) Price-off
Q.6 Which technique requires less knowledge to execute?
E) Price-off

Q.7 Which technique requires more knowledge to execute?
E) Price-off

Q.8 Price off and installment offers are necessary for sales promotion?
A) Yes B) No
C) Can‟t say

Q.9 Do you think that sales promotion program that is presently undertaken by Bajaj
Allianz. are satisfactory?
A) Yes B) No
C) Can‟t say

Q.10 Should Bajaj Allianz. take up new sales promotion program?
A) Yes B) No
C) Can‟t say


CONCLUSION

1) All the insurance company must advertise more in the market
because not all people know more about life Insurance policy.

2) Most number of people wants Guaranteed Returns so company
must focus on this for the customer investment

19698293 bajaj-allianz-general-insurance-trianing-report

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