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Presentation on training report of
bajaj allianz life insurance company ltd
Submitted by: Shivam Roll no:
80502317047
Introduction
What is insurance?Origin of insurance
Establishment of the company
Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- , Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world and Allianz AG, one of the world's largest insurance companies
Is the fastest growing private life insurance company in India.
Currently has over 74,00,000 satisfied customers We have customer care centers in 1164 cities
with 30000 Insurance Consultant providing the finest customer service.
One of India's leading private life insurance companies
Allianz group
Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich.
Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of
Property and Casualty Insurance, Life and Health Insurance, Asset Management and Banking. ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE Worldwide 2nd by Gross Written Premiums - Rs.4,46,654 cr. 3rd largest Assets Under Management (AUM) & largest amongst Insurance
cos. - AUM of Rs.51,96,959 cr. 12th largest corporation in the world 49.8 % of global business from Life Insurance Established in 1890, 110 yrs of Insurance expertise 70 countries, 173,750 employees worldwide
Bajaj group Bajaj Auto Ltd, the flagship company of the Rs. 8000 cr. Bajaj group is the largest
manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world.
A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus.
A STRONG INDIAN BRAND- HAMARA BAJAJ
One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr. Bajaj Auto finance one of the largest auto finance cos. in India Rs. 9,050 Cr. Turnover & Profits of 538 Cr. in 2008-09 It has joined hands with Allianz to provide the Indian consumers with a distinct
option in terms of life insurance products. As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following to
offer - Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network. Adequate experience of running a large organization.
INSURANCE COMPANIES OPERATING IN INDIA
LIC HDFC Standard Life Max New York Life ICICI Prudential Kotak Mahindra Birla Sun Life Tata AIG SBI Life ING Vysya Bajaj Allianz Metlife Aviva Sahara India Royal Sundaram Alliance Reliance ICICI Lombard Cholamandalam
Position In india ACCELERATED GROWTHFISCAL YR NO.OF POLICIES SOLD NEWBUSINESS in Cr.
2001-02 21,376 72002-03 1,15,965 692003-04 1,86,443 1802004-05 2,88,189 8572005-06 7,81,685 27172006-07 20,79,217 42702007-08 37,44,742 44912008-09 74,00,000 6675
Turn over of the company
ProductsUnits Gain InsuranceTerm Care PlansLifetime Care Insurance PolicyBusiness Insurance PoliciesSavings and Security Policies for You
and your family Healthcare Insurance Pension PlusRetirement PlansChildren’s Plan
Aim and Mission COMPANY VISION To be the first choice insurer for customers To be the preferred employer for staff in the insurance industry. To be the number one insurer for creating shareholder value. COMPANY MISSION As a responsible, customer focused market leader, we
will strive to understand the insurance need of the consumers and translate
it into affordable product that deliver value for money. ACHIEVEMENTS Bajaj Allianz life insurance offers technical excellence in all areas of
Health Insurance as well as Risk Management. This partnership successfully combines Bajaj Auto’s in-depth understanding of the local market and extensive distribution network with the global experience and technical expertise of the Allianz group.
Bajaj Allianz has received “iAAA rating, from ICRA Limited, an associate of Moody’s Investor Services Claims paying Ability. This rating indicates highest claims paying ability and a fundamentally strong position.
SWOT AnalysisStrengthsBajaj Allianz is the largest private player in the
insurance industry in India.Excellent services.Customization of Products as per customer’s
needs.Brand Image.Business Experience.Strong Financial Base. Innovative products, Technology, organization
culture and climate.The company has a large network of branches
which is helpful to customer for the payment.
WeaknessesLot of competitors are in the market offer
same product by the title difference in the premium and offerings.
Target only higher income group whereas other companies are trying to catch middle-lower level people.
Higher premiums as compared to the other companies
Clients face problems to get insured due to large number of formalities.
High targets for financial advisors and for the sales department.
Opportunities
Huge market is literally untapped. Out of estimated 320 million insurable markets only 20% of the population is insured.
In a conservative society of India where people are more inclined towards risk free investments such as Bank FD’s and savings rather than equity and high risk investments insurance offers the best of both worlds – The security with high returns. So there exists high potential for insurance company like BAJAJ ALLIANZ.
In the pension field where people want good life after their retirement.
Indian people are more emotional towards their children that’s why children plans are selling like hot cakes.
Health insurance and pension Schemes, an estimated market potential of approximately $15 billion.
Threats
Weak perception of private players in the minds of Indian people due to frequent financial scams
Large number of insurance playersPlayers like ICICI PRUDENTIAL and Birla sun life with
low premium for the similar plansEntry of many other private companies with equally
strong experience and financial strength of foreign partners making the competition difficult and saturating the urban markets.
For the Insurance sector Government set the authority that is IRDA (Insurance Regulatory and Development Authority) which is undertaken to track record of all the companies and change rules day by day more rigid which is very difficult for the companies.
Policy of the CompanyPOLICY CONCERNING CUSTOMER SERVICESBajaj Allianz has products according to
customer’s requirements.It has the largest distribution networks among
the private players in India.Wide range of flexible products for customers.Tied ups with NGO’s and MFI’s for the purpose
of distributions of rural policies in India.It has trained more than 65000 insurance
advisers to interface and advise customers.
PERSONNEL (motivation)
BAJAJ ALLIANZ motivates their employees by:
a) Promotion b) Appreciation c) Incentives
ADVERTISEMENT
BAJAJ ALLIANZ often uses different types of modes for Advertising their services.These are as follows:-
a) Banners b) Television c) By telephonic calls d) Catalogs and Print media
Organization Design and Structure
Chairman
Board of Directors
Managing Director
Board of Directors Mr. Kamesh Goyal Country Manager & CEO Mr. ECJ Augustine Chief – Strategic Initiatives Mr. Anil Singh Head product development &
Actuarial Mr. V. Philip Head-Operations Mr. Rajesh Viswanathan Chief –Financial
Officer Mr. Jay deep Chaure Head-Human
Resources Mr. Sashi Krishnan Chief Investment Officer Mr. Neeraj Kumar Head Alternate Channels Mr. Yogesh Gupta Head Business Procurement Mr. Manish Kr Dwivedi Head-Direct Marketing
Channel Mr. A.S.Narayanan Head-NRI Business Mr. Sameer Bakshi Company Secretary &
Head-Legal Compliances Mr. V.Sriram Head- Internal
Audit
Personnel of the Office
Number of staff: 16on roll employees 40 off roll employees
Age group: 23 years to 35 years Education level: On roll:-20% MBA’s, 70%
graduates&10% 10+2 Off roll:- 30%
graduates&70% 10+2 Dress: Formal
WORK EXPERIENCEDESCRIPTION OF WORK
RESPONSIBILITIES TAKENON-THE-JOB TRAINING AT BAJAJALLIANZ LIFE INSURANCE COMPANY LIMITED Batala
TARGET To recruit 5 legal advisors in a month
ACHIEVED
Recruited 6 Advisors.
STRATEGIES USED
One needs to sketch a perfect road map or adopt a strategy to the destination and also need to follow the path strictly. The strategies applied to achieve the above mentioned targets are as follows.
Direct Marketing. Cold Calling. Through friends, and the references given by the company. Advertisements etc.I am also applying some other strategies like Time management Punctuality Preplanning Never leave even single prospect. Always be in touch from previous customers The most important thing is always create the “URGENCY”
because in the market there are near about 14 insurance sectors with L.I.C. and all trying to capture the market.
LIMITATION1. Non availability of time2. Qualification problems3. Distance problem 4. Due to Procrastination5. Lack of knowledge about insurance6. Age problem.7. Training time is long so business man and government
employees do not take interest. 8. Due to Procrastination9. Training fees10. L.I.C. is a big hurdle for insurance sector with all
competitors.11. Customer’s perception about private sector.
Layout of the office
JOB DESCRIPTIONWEEK 1 In first week the introduction to the Company is given by
trainer. Company introduction includes the following things
Origin of insurance Origin of the company Players in the insurance sector Competitors of the companyWEEK 2 In second week the introduction about working of
insurance sector i.e. How does the insurance sector work? Policies of the company. Partners of the company. Tied up’s with company.
WEEK 3In third session of training includes Concept of facts and figures. About Legal Advisors. Working of Legal Advisors. Important and essential qualities in Legal Advisors.
WEEK 4 In fourth session there was an introduction of practical
learning. This session includes Role Playing Customer handling Customer satisfaction Selling of products
WEEK 5The fourth session of training includes Assignment of field work Segmentation of the customers. Targeting the customers. Meetings with customers. Aware about the products and plans of the company.
WEEK 6 The sixth and last session of training includes the problems faced
during the completion of field work. In this session problems occurred during field work were sorted
by Guidance Training Concerning to the seniors Submission of work assigned 6 Legal Advisors 3 Insurance policies
LIMITATIONS
Problems faced Phone Problem Excess of work load. Limitation of timeMissing in Organization Non-availability of canteen Space Problem Parking ProblemFactors that make work better Giving more time to the trainers. Senior’s co-operation Regular/Everyday consultancy Uses of computers, scanning machines
EXPERIENCED GAINED Selling Skills Punctuality Communication Skills Never ignore single prospect from market Have more patience Ability to work under pressure Atmosphere of the corporate Adjusting nature according to situation Always focus on target with preplanning Knowledge of share market Never interfere in the office politics In the corporate world these things are very essential for
the survival.So it is very helpful for me when I enter in the corporate
world.
CONCLUSIONSAlways try to make advisors from
rich families. Always make those customers, who
have good contacts.
Try to pay attention on loan providers, tax consultants, advocates, C.A.’s
RECOMMENDATIONS
There should be a weekend batch of training for the people
who can not take there full six days from their busy schedule. There should be some fixed salary with some fixed targets as
other companies are doing. Advertising should be given in the newspapers so that more
number of people can come for the interview. Various MBA institutes should be targeted to get people with
good marketing as well as interpersonal skills. Presentation about advisor as a career opportunity should be
given in the various seminars and get together.
THANK YOU…….
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