A PROJECT REPORT ON NEED ANALYSIS OF CUSTOMERS OS BALIC

Towards partial fulfillment of PGDM

Submited by Rajib lochan nayak

NEW HORIZON LEADERSHIP INSTITUTE, BANGALORE

EXECUTUVE SUMMARY

It is well evident that work experience is an indispensable part of every professional course. In the same manner practical training in any organization is must for each and Ever individual who is undergoing management course. Without the practical exposure one cannot consider himself or herself as a qualified capable manager. During the training period the student learn through his own experience. The real situation of the corporate world and to put his theoretical knowledge into practice. This experience is very for the student and plays a leading and an important in the career of the student. Hence to fulfill this requirement, I had completed my survey study on NEED ANALYSIS OF CUSTOMERS OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY. Entering in an organization is altogether a new world. At first everything seems to be strange and unheard but at the same time when the time passes one understands the concepts and working of the organization and thereby developed professional relationship. Initially, I felt as if classroom study was just theory and have no relation in any concerns working but gradually it is realized that all the basic fundamental concepts studies are linked in one or the other ways to the organization. But hoe and what can be done with fundamental depends upon the intellectual and applicability of the individuals. It is just a matter to modify the theory so as to apply it to the given practical situation.

WHAT IS INSURANCE?

Insurance is a means by which a person or company, can transfer insurable risks to an insurance company, against the payment of a premium.Insurance is not necessarily an investment from which one expects to get one's money back. Nor is it gambling. A gambler takes risks, while insurance offers protection against risks that already exist. Insurance is a way to share risk with others. Since ancient times, communities have pooled some of their resources to help individuals who suffer loss."Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event."Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected. For example, in a Life Policy, by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured. It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is desired to safeguard oneself and one's family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death. Insurance is a means by which a person or company, can transfer insurable risks to an insurance company, against the payment of a premium. Insurance is not necessarily an investment from which one expects to get one's money back. Nor is it gambling. A gambler takes risks, while insurance offers protection against risks that already exist. Insurance is a way to share risk with others. Since ancient times, communities have pooled some of their resources to help individuals who suffer loss. "Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public

and the Insurance Companies act as trustees to the amount collected. For example, in a Life Policy, by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured. It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is desired to safeguard oneself and one's family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death.

HISTORY OF INSURANCE IN INDIA

Insurance in India has its history dating till 1818, when Oriental Life Insurance was started by Europeans in Kolkata to cater to the needs of European community. Preindependent era in India saw discrimination among the life of foreigners and Indians with higher premiums being charged for the latter. It was only in the year 1870, Bombay Mutual Life Assurance Society, the first Indian insurance company covered Indian lives at normal rates. At the dawn of te twentieth century, insurance companies started mushrooming up. In the year 1912, the life insurance companies Act and the provident fund Act were passed to regulate the insurance business. The life insurance Companies Act 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. However. The disparage still as discrimination between Indian and foreign companies. The oldest existing insurance company in india is National insurance Company ltd which was founded in 1906 and is doing business even today. Insurance industry, earlier comprised of only two state insurers. Life insurance i.e life insurance corporation(LIC) and general insurers i.e General insurance Corporation of india(GIC). GIC had four subsidiary companies. With effect from decemember 2000, these subsidiaries have been de-linked from parent company and made as independent insurance companies. Oriental insurance company ltd, New india assurance company ltd, National insurance company ltd and united india insurance company ltd.

The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance reveals the 360-degree turn witnessed over a period of almost 190 years. The business of life insurance in India in its existing from started in India in the year 1818 with the establishment of the oriental life insurance company in Calcutta. The general insurance business in India, on the other hand, can trace its record, the Triton insurance company ltd, the first general insurance company established in the year 1850 in Calcutta by British.

NATURE OF LIFE INSURANCE BUSINESS Life insurance is the only form of saving which generates sufficient capital because of regular payment of premiums under the policy. In case of others saving capital is generated to the extent of actual saving. In life insurance individual saving increases with the payment of regular of and periodical premiums. More over the saving of life insurance also available for liquidity in the sense that the policyholder can get policy loan are surrender can value are periodical survival fixed payment. Under the protection of life insurance an individual become worries because policyholder and his family become secured against the miss happening and at the same time for his old age also.

This means that an individual policyholder has to save regularly under his policy out of his current income and forego temptation to spend the money on less important requirements. There is no other better way of saving and protection than life insurance. The saving of life insurance by way of periodical premiums generates a huge fund, which is utilized for the welfare of the country. The insurance fund has a great role in the nation economy.

BAJAJ ALLIANZ LIFE INSURANCE Bajaj Allianz Life Insurance Company Limited 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. Bajaj Allianz Life Insurance

Is the fastest growing private life insurance company in India.

Currently has over 3,00,000 satisfied customers

We have customer care centers in 155 cities with 28000 Insurance

Consultant providing the finest customer service. One of India's leading private life insurance companies Bajaj Allianz General Insurance Company Limited Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 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 Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany.

Bajaj Allianz today has a network of 42 offices 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.

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 FINANeCIAL 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 crore 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. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03

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.

PRODUCTS Allianz AG with over 110 years of experience in over 70 countries and Bajaj Auto, trusted for over 55 years in the Indian market, together are committed to offering you financial solutions that provide all the security you need for your family and yourself. Bajaj Allianz brings to you several innovative products, the details of which you can browse in this section.

INDIVIDUAL PRODUCTS UNITGAIN A Unit Linked Plan RISK CARE

Pure Term Plan TERM CARE Term Plan with Return-of-Premium INVESTGAIN An Endowment Plan LIFETIME CARE Whole Life Plan CHILDGAIN Children's Policy LOAN PROTECTOR A Mortgage Reducing Term Insurance Plan CASHGAIN Money Back Plan KEYMAN INSURANCE A Promising Business Opportunity SWARNA VISHRANTI Retirement Plan UNITGAIN PLUS Unit Link plan with higher allocation LIFELONG GAIN PLAN A lifetime of security for your family RIDERS UNITGAIN PLUS While the basic life insurance MAHILAGAIN RIDER The unique plan that takes care of you and your loved ones. UNITGAIN EASY PENSION A Plan that enables you retire with laughter lines.... not worry lines SWARNA RAKSHA-ROC A plan that provids you with regular income... for life. HEALTHCARE This is a three-year health insurance plan, with life insurance benefit. UG PREMIER Upfront Allocation of 105% of single

GROUP PLANS

GROUP CREDIT SHIELD

GROUP TERM LIFE

GROUP TERM LIFE SCHEME

GROUP SUPERANNUATION SCHEME

GROUP GRATUITY CARE SCHEME

Insurance For NRI All Indians have an underlying need to feel secure, to care for the loved ones and to provide for old age. The need is felt more when you are away from your Homeland. But being away from India doesn't mean you have to compromise on the safety and security of your loved ones. In fact, you can now easily steer your savings from overseas to conveniently meet your family's needs - now and in the future. Bajaj Allianz understand your need. The need to do something fruitful for your loved ones.. The urge to let them know that you care. That's why Bajaj Allianz introduced the NRI Insurance services. Now, you can invest your hard earned money in India and in the bargain ensure your family's future.

InvestGain - 'With Profits Endowment Plan'.

CashGain - 'With Profits Money Back Plan'.

ChildGain - 'With Profits Money Back Plan' for children.

Lifetime Care - 'With Profits Whole of Life Plan'.

Swarna Vishranti - 'With Profits Differed Annuity Plan'.

UnitGain - 'Unit Linked Whole of Life

OBJECTIVES OF THE STUDY To study the sales Strategy of field force of Bajaj Allianz Life Insurance. To study the process of selling of Insurance Policies by Adivsors.

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 life insurance policies of different peoples in the region of Balasore, Orissa.

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

DATA ANALYSIS AND INTERPRETATION (Based on survey conducted for 50 insurance care consultants) Q.1 Which technique of sales promotion you prefer? Response in % 40% 14% 16% 20% 10%

Options Display Door to Door Demo Exhibition Catalogue Price Off

40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

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? Response in % 18% 36% 18% 16% 12%

Options Display Door to Door Demo Exhibition Catalogue Price Off

40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

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? Response in % 10% 22% 10% 46% 12%

Options Display Door to Door Demo Exhibition Catalogue Price Off

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

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? Response in % 22% 38% 10% 16% 14%

Options Display Door to Door Demo Exhibition Catalogue Price Off

40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

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?

Options Display Door to Door Demo Exhibition Catalogue Price Off

Response in % 18% 30% 10% 34% 8%

35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

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? Response in % 14% 12% 12% 22% 40%

Options Display Door to Door Demo Exhibition Catalogue Price Off

40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

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? Response in % 20% 42% 24% 10% 4%

Options Display Door to Door Demo Exhibition Catalogue Price Off

45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

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

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Yes No Cant 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? Options Yes No Can t say Responses in % 34% 46% 20%

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Yes No Cant 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? Responses in % 72% 22% 6%

Options Yes No Can t say

80% 70% 60% 50% 40% 30% 20% 10% 0% Yes No Cant say

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

y y

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 companys 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 very much increased in the last years because of an excellent performance of the product. Insurance care consultants said that the customer are very much satisfied after getting insurance policies because of its features related with risks of life and also because of quality of service provide by their company is very good

SUGGESTIONS Here are some suggestions, which may help to strengthen the firm further y 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.

y y y y y y

y y

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

Websites: y www.bajajallianz.com y www.quickmba.com y www.indiainfoline.com

QUESTIONNAIRE

Name Address

_____________________________________ : _____________________________________

Q.1

To which technique of sales promotion you prefer? B) Door to door demonstration D) Catalogue

A) Display C) Exhibition E) Price-off

Q.2

which technique is giving good response from customers? B) Door to door demonstration D) Catalogue

A) Display C) Exhibition E) Price-off

Q.3

Which technique is economically beneficial? B) Door to door demonstration D) Catalogue

A) Display C) Exhibition E) Price-off

Q.4

Which technique requires less time in sales promotion? B) Door to door demonstration D) Catalogue

A) Display C) Exhibition E) Price-off

Q.5

Which technique is easily manageable? B) Door to door demonstration D) Catalogue

A) Display C) Exhibition E) Price-off Q.6

Which technique requires less knowledge to execute? B) Door to door demonstration D) Catalogue

A) Display C) Exhibition E) Price-off

Q.7

Which technique requires more knowledge to execute? B) Door to door demonstration D) Catalogue

A) Display C) Exhibition E) Price-off

Q.8 A) Yes

Price off and installment offers are necessary for sales promotion? 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 C) Can t say

B) No

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