On The Job Training Report

On

Submitted to

H.P UNIVERSITY, ICDEOL SHIMLA

In partial fulfillment of the requirements for the award of degree of
Master of Business Administration

Submitted by:
NIKHIL SHARMA
Roll No. 181561230084

H. P. UNIVERSITY SUMMER HILL,

SHIMLA-171005
 i
DECLARATION

I, "________Nikhil Sharma________________________”, hereby declare that the work

presented herein is genuine work done originally by me and has not been published or submitted
elsewhere. Any literature, data or work done by others and cited in the report has been given due
acknowledgement and listed in the reference section.

____Nikhil Sharma_______

(Student's Name & Signature)

___181561230084___________

(Roll No.)

Date: __23/03/2020______
 ii
ACKNOWLEDGEMENT

“It is not possible to prepare a project report without the assistance & encouragement of other
people. The one is certainly no exception.”

I would like to sincerely thank all the people who have helped in making this project. Without
their guidance I was unable to make this project.

This Project would not have been completed without the direct & indirect help and guidance of
Prof. Sh. Vijay Kumar Kaushal as he provided us with the necessary resources and healthy
learning and training.

I am using this opportunity to show my gratitude towards everyone who had helped me in this
project. I am Thankful to the extreme support of everyone who just helped me in the making of
this project.

At Last I would like to thank all the members of BAJAJ ALLIANZ and my colleagues who
helped me to finish my project.

Any omission in this brief acknowledgement does not mean lack of gratitude.

Thanking You

NIKHIL SHARMA

ii
 EXECUTIVE SUMMARY

I am currently doing my internship in Bajaj Allianz Life Insurance Co.Ltd. While doing this
Internship, I faced many challenges and got a great experience in the insurance industry and
Corporate industry. The Project was based on the comparative study and performance of
insurance in India.

Especially we got a brighter look and clarity for insurance because we sell insurances. There are
two types of insurance i.e. Life Insurance & General Insurance.

My Project is to understand the various marketing and sales strategies adopted by BAJAJ
ALLIANZ LIFE INSURANCE CO.LTD to increase their market share and to achieve their
targets in order to attain the highest position in the insurance sector.

Insurance is the largest investment and many people purchase insurances to protect their family
from any unforeseen incident. By investing in insurance you will be able to get yourself a life
cover and should be able to save some money for your family to protect them from any
uncertainty.

While working in this company I learned the behavior of the consumers in order to manipulate
the market and gain some more insight of the market. I learned how to create business
opportunities and help in resolving the problems.

iv
 INDEX
I. Introduction to the Company:

 Organizational Structure of the Parent Company & Group Company/Brand

 Details of top executives (MD/CEO/GM etc.)
 Business Model
 Turnover
 Competitive Analysis
 CSR Initiatives

II. Introduction to particular Store/Division where internship/job is undergoing

 Catchment Area Analysis

 Target/Goal Setting, Appraisal & Incentive Policy
 Training & Development
 Team Management
 Promotional Activities organized at store/division level.

III. Job Profile

 Position held
 Job description
 Key responsibilities
 Individual Achievements/awards (From July 2019-Dec. 2019)

IV. Key Leanings from on the Job experience

 Learning regarding Planning & Decision Making
 Market Research & New Product Development
 Consumer Behavior & Branding
 Learning regarding Marketing & Promotions
 Learning regarding Customer feedback & Grievance Handling
 Learning from any critical incident faced during job

V. Conclusion

VI. Recommendations to the Company

References and Bibliography (should include the web references, names and detail
of the books, magazines, brochures or any other kind of publication which you have
referred for your presentation)

v
 ABOUT THE COMPANY
Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited (formerly part
of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE, a European financial
services company.

It is led by Tarun Chugh who is the Managing director and Chief Executive Officer of the
company.

Bajaj Allianz Life Insurance began operations on 12 March 2001 and today has a pan-
India presence of 759 branches. It is headquartered in Pune, India. Bajaj Allianz Life Insurance
received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration
on 3 August 2001 to conduct Life Insurance business in India.

MISSION OF THE COMPANY

 As a Responsible Customer Oriented Company, which is ready to strive on the customer

needs of insurance in very affordable prices so that it should be worth of their money.
 Want to invest in people.
 Always Decisive to their Work.
 Manage the business in such a way so that it will lead to Customer Satisfaction.
 To be the transparent company for its Customers.

VISION OF THE COMPANY

 To be the best Life Insurance company In India.

 To Buy from, Work for & Invest In.
 To be the first choice insurer for Customers.
 To be the Preferred Employer for staff in Insurance Sector.

To Be the Number one insurer to create shareholder value.

  OUR TOP EXECUTIVES

As I am working in Bajaj Allianz Life Insurance Co.Ltd , There are our top executives who are
responsible for the development of the company.

Here are our Top Executives which are responsible for the development and growth of the
company.

2
  TURNOVER

88 Million And retail & corporate clients in more than 70 countries rely on our knowledge,
global presence, financial strength and solidity. In Fiscal Year 2017 over 140000 employees
worldwide achieved total revenues of 126.1 billion euros and an operating profit of 11.1 billion
euros.

 CSR INITIATIVES

There are various steps which has been taken by the company for corporate social responsibility

 Improving the school infrastructure and enhancing the quality of education.

 The project has helped in the twin endeavors of rural education and swachh bharat
abhiyaan.
 Covered 59 Zila Parishad Rural Schools with 83 infrastructure works across 57 villages
in 5 talukas of wardha district in Maharashtra.

 BUSINESS MODEL

Our business model is that we are working in the PSF channel which is a direct marketing
channel in which a backened team which is known as tele caller team named as
“Eureka” , “Teleaccess” through which appointments are fixed and are given to us.
Appointments are given within Ludhiana but sometimes given out of Ludhiana.
  COMPETETIVE ANALYSIS

Besides being a reputed insurance company, Bajaj Allianz Life Insurance has its competitors in
the market.
 INTRODUCTION TO OUR BRANCH
I am currently doing my internship in BAJAJ ALLIANZ LIFE INSURANCE CO.LTD at Feroze
Gandhi Market , Ludhiana and in that branch two departments are working i.e. Agency
Department and PSF (Proprietary Sales Force) in which I am currently working.

 CATCHMENT AREA ANALYSIS

I am working in PSF Department which is a direct marketing channel. In this channel a backend
team which is known as tele caller team named as “Eureka” , “Teleaccess” through which
appointments are fixed and are given to us. Appointments are given within Ludhiana but
sometimes given out of Ludhiana.

The Catchment Area of our department is sometimes in Ludhiana and sometimes out of
Ludhiana.

 BRANCH HIEARCHY

I am working in PSF Department which is a direct marketing channel. In this channel a backend
team which is known as tele caller team named as “Eureka” , “Teleaccess” and some Maturity
Data through which appointments are fixed and are given to our Branch Manager and then
Branch Manager assigns those appointments to us. Appointments are given within Ludhiana but
sometimes given out of Ludhiana.

 TARGETS

As there are four campaigns in PSF Department are working i.e. Service , Winback , Service to
Sales (S2S) and Elite Relationship Force (ERF). Every department has its own targets which are
given below:

5.

Service Targets
Winback Targets

S2S TARGETS
ELITE RELATIONSHIP FORCE TARGETS

 TRAINING & DEVELOPMENT

Our training was held on 4 JANUARY 2020 to 4 MARCH 2020 at New Delhi Jasola Branch and at
Gurgaon. Training was fun as we were taught about different insurance products and we were
taught that how to tackle the customers objections and problems.

Training Focused on our all round development that how to meet and greet the customer , How
to look attractive in front of the customers , how to speak in front of the customers and how to
listen carefully to the customers to understand their problems and analyse their needs and
according to their needs we have to pitch them a perfect plan for investment which should be
able to fulfill the needs of the customer and his/her family.

 TEAM MANAGEMENT

Our working is from Monday to Friday from 9:30am to 6:30pm and every morning our Branch
Manager named Mr. Rishav Sharma takes a morning huddle and ask us about the logins of the
day and appointments of the customer. Our branch Head Manages the team by going on calls
with them to make them learn that how to pitch the customer a perfect plan and how to listen
carefully.

And where ever we go to meet the customers, we are liable to click a pic with a customer as a
proof of meeting

 PROMOTIONAL ACTIVITY

Till now no promotional activity had been organized by the company but our team conducted a
seminar in various government offices to give knowledge of our products to the govt.
employees .
 JOB PROFILE
As there are four campaigns running in the PSF Team that is Service, Winback, Elite
Relationship Force and Service To Sales (S2S). I am Working in the Service department in
which leads are being assigned to me by my branch head and I have to go to the customer’s
house to give them services. I can check my assigned leads in the Ins-Tab app which is the
official app of Bajaj Allianz Life Insurance Co.Ltd. Below given pictures will make you
understand my workings in the company.
This is A traditional policy of Mrs. JANAT which can be considered as fixed policy in which we
cannot do anything we only have to pitch them a new product to invest and maintain the
relationship with our company.

However in Ulip policies we can do fund transfer of customer to another policy which will be
counted in our targets.
  POSITION HELD

In this Company I work as a Senior Relationship Manager. Here are some pictures of my visiting
card which I offers to the customers.

 KEY RESPONSIBILITIES

Being as a Senior Relationship Manager, I have various responsibilities towards company and
customers.

 Had to go to customers house on time and provide them services.

 Responsibility of being transparent in front of customers.
 Have to prevent my sales issue by going to customers house on time
 Responsibility to report each and every detail to my branch head.
 Had to go to joint calls with my colleague when they need help.
 Responsible to achieve my targets timely.
 Keep proper follow up with the customers time to time.
  Regularly check my LMS for the leads generated.
 Have to keep a check on all of my login statuses.


KEY LEARNINGS FROM THE JOB

As I am doing my internship in the company, there are various things which I learned from the
company while doing the internship.

 LEARNING REGARDING PLANNING & DECISION MAKING

When the leads are assigned to me by my Branch Manager, We got ample of time to do our
homework for that lead and we can plan accordingly.

When facing the customer, we have to listen the customer carefully to analyse their needs and to
pitch them the investment plan accordingly and then decision is made.

 MARKET RESEARCH

While working in this company, I came to know various things about market that how sensex
can affect the purchasing power of the consumers. Besides this there are various funds which are
prevailing in the market in which if a customer invests will give customers the better returns.

Some fund are mentioned below:

 Equity Index Fund

 Asset Allocation Fund
 Mid Cap Funds
 Bond Fund
 Pure Stock Fund
 Blue-Chip Fund

Here are the performance of the funds of our company.

Fund Pro Mandate has been given below:

 CONSUMER BEHAVIOUR
While working in this company, I came to know about the consumer behavior. Consumer
Behavior is the study of how individual customers , groups or organizations select , buy, use and
dispose ideas, goods to satisfy their needs.

Before pitching the product, we need to analyse the behavior of the customer and according to
that we have to give him the right product which should be able to satisfy the needs of the
customer and his family.

 MARKETING & PROMOTION

There are strategies which has been adopted by BAJAJ ALLIANZ LIFE INSURANCE CO.LTD
for marketing and promotions of their products through celebrity endorsements. 3 months ago
Bajaj Allianz Life Insurance Co.Ltd launched their new ad featuring Varun Mitra Lead actor of
movie Jalebi.

Link for that Ad has been given : https://www.youtube.com/watch?v=L_376gLtMoQ

 LEARNING REGARDING CUSTOMER FEEDBACK AND GREVIENCE

HANDLING

While working in this organization, I came to know about various customer feedback. As there
are 4 campaigns in the PSF Channel. Customers have feedback according to the channel. In
service vertical Some customers don’t have any problem with the company as they got best
returns from the company. But customers those who haven’t received the returns from the
company had given the bad feedback for the company.

Our work is to listen to all the Grievances of the customer and to console and mould them in
such a way so as to make them invest again in the company.

Our work is to tell them about their existing policy and ask about the previous agent who did this
policy and to take a feedback from the customer of that agent and to tell the customer about our
channel and to build a trust and relationship with the customer so as to make them invest more in
our company.

 CRITICAL INCIDENT FACED IN THE JOB

While I was working in the company I faced a critical incident which has given me the learning
regarding Fund Transfer of the customer.
When I visited a customers house , customer name was Mukesh Jain and I picked up 1 Lakh case
from him which was a fund transfer from his existing policy. But when I tried to Transfer the
funds from one policy to other it was not able to execute as from which fund I was trying to
transfer the fund was a pension fund and pension fund cannot be transferred to any other policy
and the I returned all the documents to the customer and tried to pitch him for the new product
but customer denied to invest any further.

This was the critical incident which I faced while I was working in the company which impacted
me with a great learning.
 CONCLUSION
Thus from the above study we can say that BAJAJ ALLIANZ LIFE INSURANCE
COMPANY Ltd. Is growing day by day with new banks tie-ups. The working culture in this
company is excellent which ideally makes this company a best place to work with for an
employee.

As from above studies we also came to know that this company is having good market reputation
and had tie ups with most reputed banks and still progressing for more tie ups.

REFERENCES
Some of the information which had been gathered from the internet which helped me in making
my report more efficient.

Links are:

www.youtube.com

www.wikipedia.com

www.indiacsr.in
 RECOMMENDATIONS TO THE COMPANY
 The company should lower the incentive gate for the store’s target because sometimes we
complete our 100% targets but due to non-completion of target we are not able to get any
incentives

 The targets that we have been given is according to the running average like for an
example if the person has the highest numbers in the store is getting the more % (running
average) of doing the store target so sometimes it becomes burden to complete the
individual target.

There should be little quickness in the operations.