report on insurance

1. Presentation on training report ofbajaj allianz life insurance company ltd Submitted by: Shivam Roll no: 80502317047

2. Introduction What is insurance? Origin of insurance

3. 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

4. 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

5. 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.

6. 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

7. Position In india ACCELERATED GROWTH FISCAL YR NO.OF POLICIES SOLD NEWBUSINESS in Cr. 2001-02 21,376 7 2002-03 1,15,965 69 2003-04 1,86,443 180 2004-05 2,88,189 857 2005-06 7,81,685 2717 2006-07 20,79,217 4270 2007-08 37,44,742 4491 2008-09 74,00,000 6675

8. Turn over of the company

9. Products Units Gain Insurance Term Care Plans Lifetime Care Insurance Policy Business Insurance Policies Savings and Security Policies for You and your family Healthcare Insurance Pension Plus Retirement Plans Children’s Plan

10. 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.

11. SWOT Analysis Strengths Bajaj 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.

12. Weaknesses Lot 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.

13. 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.

14. Threats Weak perception of private players in the minds of Indian people due to frequent financial scams Large number of insurance players Players like ICICI PRUDENTIAL and Birla sun life with low premium for the similar plans Entry 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.

15. Policy of the Company POLICY CONCERNING CUSTOMER SERVICES BajajAllianz 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.

16. PERSONNEL (motivation) BAJAJ ALLIANZ motivates their employees by: a) Promotion b) Appreciation c) Incentives

17. 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

18. Organization Design and Structure

19. Board of Directors Mr. KameshGoyal Country Manager & CEO Mr. ECJ Augustine Chief – Strategic Initiatives Mr. Anil Singh Head product development & Actuarial Mr. V. Philip Head-Operations Mr. Rajesh ViswanathanChief –Financial Officer Mr. Jay deep ChaureHead-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. SameerBakshi Company Secretary & Head-Legal Compliances Mr. V.Sriram Head- Internal Audit

20. 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

21. WORK EXPERIENCE DESCRIPTION OF WORK RESPONSIBILITIES TAKEN ON-THE-JOB TRAININGATBAJAJALLIANZ LIFE INSURANCE COMPANY LIMITEDBatala TARGET To recruit 5 legal advisors in a month ACHIEVED Recruited 6 Advisors.

22. 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.

23. LIMITATION 1. Non availability of time 2. Qualification problems 3. Distance problem 4. Due to Procrastination 5. Lack of knowledge about insurance 6. Age problem. 7. Training time is long so business man and government employees do not take interest. 8. Due to Procrastination 9. Training fees 10. L.I.C. is a big hurdle for insurance sector with all competitors. 11. Customer’s perception about private sector.

24. Layout of the office

25. JOB DESCRIPTION WEEK 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 company WEEK 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.

26. WEEK 3 In 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

27. WEEK 5 The 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

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

29. 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.

30. CONCLUSIONS Always 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

31. 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.

32. THANK YOU…….