Final Project (MBA 2009-2011) Bajaj Allianj Ltd[1].

8/3/2019 Final Project (MBA 2009-2011) Bajaj Allianj Ltd[1].

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INTRODUCTION



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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. 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



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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 andpartially 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.



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• 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



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• Diversification

• Intensification

A more detailed schemes uses the categories:

• Prospector

• Analyzer

• Defender

• Reactor



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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.



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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. ICS RECEIVE, WITHOUT MUCH DEFAULT, A STEADY CASH

STREAM OF PREMIUM OR CONTRIBUTIONS TO PENSION PLANS. VARIOUS

ACTUARY STUDIES AND MODELS ENABLE THEM TO PREDICT, RELATIVELY

ACCURATELY, THEIR EXPECTED CASH OUTFLOWS. LIABILITIES OF ICS BEING

LONG-TERM OR CONTINGENT IN NATURE, LIQUIDITY IS EXCELLENT AND THEIR

INVESTMENTS ARE ALSO LONG-TERM IN NATURE. SINCE THEY OFFER MORE

THAN THE RETURN ON SAVINGS IN THE SHAPE OF LIFE-COVER TO THEINVESTORS, THE RATE OF RETURN GUARANTEED IN THEIR INSURANCE

POLICIES IS RELATIVELY LOW. CONSEQUENTLY, THE NEED TO SEEK HIGH

RATES OF RETURNS ON THEIR INVESTMENTS IS ALSO LOW. THE RISK-RETURN

TRADE OFF IS HEAVILY TILTED IN FAVOR OF RISK. AS A COMBINED RESULT OF

ALL THIS, INVESTMENTS OF INSURANCE COMPANIES HAVE BEEN LARGELY IN

BONDS FLOATED BY GOI, PSUS, STATE GOVERNMENTS, LOCAL BODIES,

CORPORATE BODIES AND MORTGAGES OF LONG TERM NATURE. THE LAST

PLACE WHERE INSURANCE COMPANIES ARE EXPECTED TO BE OVER-ACTIVE

IS BOURSES. LATELY ICS HAVE VENTURED INTO PENSION SCHEMES AND

MUTUAL FUNDS ALSO. HOWEVER, LIFE INSURANCE CONSTITUTES THE MAJOR



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SHARE OF INSURANCE BUSINESS. LIFE INSURANCE DEPENDS UPON THE

LAWS OF MORTALITY AND THERE LIES THE DIFFERENCE BETWEEN LIFE AND

GENERAL INSURANCE BUSINESSES. LIFE HAS TO EXTINGUISH SOONER OR

LATER AND THE CLAIM IN RESPECT OF LIFE IS CERTAIN. IN CASE OF GENERAL

INSURANCE, HOWEVER, THERE MAY NEVER BE A CLAIM AND THE AMOUNT

CAN NEVER BE ASCERTAINED IN ADVANCE. HENCE, LIFE INSURANCE

INCLUDES, BESIDES COVERING THE RISK OF EARLY HAPPENING OF AN

EVENT, AN ELEMENT OF SAVINGS ALSO FOR THE BENEFICIARIES. PENSION

BUSINESS ALSO DERIVES FROM LIFE INSURANCE IN AS MUCH AS THE

PENSION OUTGO AGAIN DEPENDS UPON THE LAWS OF MORTALITY. THE

FORAYS MADE BY INSURANCE COMPANIES IN THIS AREA ARE, THEREFORE,

NATURAL COROLLARY OF THEIR BUSINESS.



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INDUSTRIAL

PROFILE



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INSURANCE IN INDIA

Insurance in India started without any regulations in the nineteenth century. It was a

typical story of a colonial era: a few British insurance companies dominating the market

serving mostly large urban centers. After the independence, the Life Insurance

Company was nationalized in 1956, and then the general insurance business was

nationalized in 1972. Only in 1999 private insurance companies were allowed back into

the business of insurance with a maximum of 26 per cent of foreign holding (World Bank

Economic Review 2000). The entry of the State Bank of India with its proposal of bank

assurance brings a new dynamics in the game. On July 14, 2000 Insurance Regulatory

and Development Authority bill was passed to protect the interest of the policyholders

from private and foreign players. The following companies are entitled to do insurance

business in India.

The private insurance joint ventures have collected the premium of Rs.1019.09 crore

with the investment of just Rs.3, 000 crore in three years of liberalization. The private

insurance players have significantly improving their market share when compared to 50

years Old Corporation (i.e.LIC). As per the figures compiled by IRDA, the Life Insurance

Industry recorded a total premium underwritten of Rs. 10,707.96 crore for the period

under review. Of this, private players contributed to Rs.1, 019.09 crore, accounting for

10 percent. Life Insurance Corporation of India (LIC), the public sector giant, continued



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to lead with a premium collection of Rs.9,688.87 crore, translating into a market share of

90 per cent. In terms of number of policies and schemes sold, private sector accounted

for only 3.77per cent as compared to 96.23 per cent share of LIC (The Economic Times,

21 March, 2004).

The ICICI Prudential topped among the private players in terms of premium collection. It

recorded a premium of Rs. 364.9 crore and a market share of 25 per cent, followed by

Birla Sun Life with a premium underwritten Rs.170 crore and a market share of 15

percent, HDFC Standard with 132.7 crore and Max New York Life with Rs.76.8 crore

with a market share of approximately 15 per cent each. Unlike their counterpart in the

life insurance business, private non-life insurance companies have not yet started

addressing the retail market. All is set to change in the coming years. Like in the

banking sector, non-life insurance companies will soon have no choice but to focus on

individual buyers.

In case of private non-life insurance players, that their market share rose to 14.13 per

cent, recording a growth of 70.75 per cent on an annual basis, while the market share of

public sector stood at 85.87 per cent, registering a marginal growth of 6.34 per cent.

The overall market has recorded a growth of 12.32 per cent by the end of January 2004.

Among the private non-life insurance players, ICICI Lombard topped the list with a

premium collection of Rs.403.62 crore in one year period with a market share of 3.05

per cent and with an annual 131.6 per cent, followed by Bajaj Allianz with a premium of

Rs.385.02 crore and 2.91 per cent market share and Tata AIG with 300.49 crore

premium and 2.27 per cent market share with an annual growth rate of 62.60 per cent.



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Among the public sector players, New India garnered a market share of 24.38 per cent,

Rs.3,229.49 crore premium and an annual growth rate of 0.38 per cent, followed by

National with a market share of 21.43 per cent, Rs.2,839.11 crore premium and an

annual growth rate of 19.88 per cent, United India with a market share of 19.47 per cent(Rs.2,578.83 crore premium) and Oriental with a market share of 18.25 per cent,

Rs.2,417.17 crore premium and an annual growth rate of 1.86 per cent. It is significant

to note that HDFC Chubb and Cholamandalam have registered annual growth rates of

4030.26 per cent and 1101.20 per cent

respectively, whereas New India has registered it as 0.38 per cent. If this trend

continues, private insurer would dominate the public sector like New India Insurance

Corporation. It is obviously reflect the insurance sector has facing the challenges with

foreign counter parties as well as private counter parties and lot more opportunities are

prevailing to penetrate the insurance business among the uncovered people and area of

India. Further, it leads to economic development of the country. In this regard, it

assumes greater significance to conduct debate among the inter- disciplinary persons.



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BRIEF HISTORY OF INSURANCE

SECTOR IN INDIA

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 sector reveals the 360-degree

turn witnessed over a period of almost 190 years.

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



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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



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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 MARKET IN INDIA

NON-LIFE INSURANCE MARKET

In December 2000, the GIC subsidiaries were restructured as independent insurance

companies. At the same time, GIC was converted into a national re- insurer. In July

2002, Parliament passed a bill, delinking the four subsidiaries from GIC.

Presently there are 12 general insurance companies with 4 public sector companies

and 8 private insurers. Although the public sector companies still dominate the general

insurance business, the private players are slowly gaining a foothold. According to

estimates, private insurance companies have a 10 percent share of the market, up from

4 percent in 2001. In the first half of 2002, the private companies booked premiums

worth Rs 6.34 billion. Most of the new entrants reported losses in the first year of their

operation in 2001.

With a large capital outlay and long gestation periods, infrastructure projects are fraught

with a multitude of risks throughout the development, construction and operation stages.



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These include risks associated with project implementation, including geological risks,

maintenance, commercial and political risks. Without covering these risks the financial

institutions are not willing to commit funds to the sector, especially because the

financing of most private projects is on a limited or non- recourse basis.Insurance companies not only provide risk cover to infrastructure projects, they also

contribute long-term funds. In fact, insurance companies are an ideal source of long

term debt and equity for infrastructure projects. With long term liability, they get a good

asset- liability match by investing their funds in such projects.

IRDA regulations require insurance companies to invest not less than 15 percent of their

funds in infrastructure and social sectors. International Insurance companies also invest

their funds in such projects.

Insurance costs constitute roughly around 1.2- 2 percent of the total project costs.

Under the existing norms, insurance premium payments are treated as part of the fixed

costs. Consequently they are treated as pass-through costs for tariff calculations.

Premium rates of most general insurance policies come under the purview of the

government appointed Tariff Advisory Committee. For Projects costing up to Rs 1

Billion, the Tariff Advisory Committee sets the premium rates, for Projects between Rs 1

billion and Rs 15 billion, the rates are set in keeping with the committee's guidelines;

and projects above Rs 15 billion are subjected to re- insurance pricing. It is the last

segment that has a number of additional products and competitive pricing.

Insurance, like project finance, is extended by a consortium. Normally one insurer takes

the lead, shouldering about 40-50 per cent of the risk and receiving a proportionate



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percentage of the premium. The other companies share the remaining risk and

premium. The policies are renewed usually on an annual basis through the invitation of

bids.

Of late, with IPP projects fizzling out, the insurance companies are turning onceagain to old hands such as NTPC, NHPC and BSES for business.



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COMPANY

PROFILE

BAJAJ ALLIANZ LIFE INSURANCE

Bajaj Allianz Life Insurance Company Limited



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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.



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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.



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ACCELERATED GROWTH

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the

largest Insurance Company and Bajaj Finserv.

Allianz SE is a leading insurance conglomerate globally and one of the

largest asset managers in the world, managing assets worth over aTrillion (Over INR. 55, 00,000 Corers). Allianz SE has over 119 years of

financial experience and is present in over 70 countries around the

world.

At Bajaj Allianz Life Insurance, customer delight is our guiding principle.

Our business philosophy is to ensure excellent insurance and investment

solutions by offering customized products, supported by the best

technology.

Accelerated Growth

Fiscal Year No. of policies sold New Business in FY

2001-2002(6

mths)21,37 Rs. 7 cr.

2002-2003 1,15,965 Rs. 63.3 cr.

2003-2004 1,86,443 Rs. 180 cr.

2004-2005 2,88,189 Rs. 857 cr.

2005-2006 7,81,685 Rs. 2,717 cr.

2006-2007 20,79,217 Rs. 4,302 cr.2007-2008 37,44,742 Rs. 6,674 cr.

2008-2009 25,90,765 Rs. 4,491 cr.

2009-2010 22,30,686 Rs. 4,451 cr.



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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.



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• 3rd largest Assets Under Management (AUM) & largest amongst

Insurancecos. - 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



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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.



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•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.



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UNIT

GAIN

INVESTGAI

N

CHILDGAI

N

CASHGAIN UNITGAI

N PLUS

LIFELON

G GAIN

PLAN

RIDERS

UNITGAI

N PLUS

MAHILAGA

IN RIDER

UNITGAIN

EASY

PENSION

A UnitLinked Plan

AnEndowmentPlan

Children'sPolicy

MoneyBackPlan

UnitLinkplanwithhigherallocation

Alifetime of security foryourfamily

Whilethebasiclifeinsurance

Theuniqueplanthattakescare of you and

yourloved

ones.

A Planthatenablesyouretirewith

laughterlines....not

worrylines

RISK

CARE

LIFETIME

CARE

LOAN

PROTECTO

R

KEYMAN

INSURANCE

SWARNA

RAKSHA-

ROC

Pure TermPlan

WholeLife Plan

AMortgageReducing

TermInsurance

Plan

APromisingBusiness

Opportunity

A planthatprovides

you withregular

income... for life.

TERM

CARE

SWARNA

VISHRANTI

HEALTHCA

RE

TermPlanwithRetur

n-of-Premium

Retirement Plan

This is athree-yearhealth

insurance plan,

with lifeinsurancebenefit.



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UG

PREMIER

UpfrontAllocation of

105% of single

premium onday 1

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.



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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'.

• Unit Gain - 'Unit Linked Whole of Life Plan'.



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OBJECTIVES OF THE

STUDY



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OBJECTIVES OF THE STUDY

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

To know about the functioning and strategies used by the field forces.

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

To know about the best economical technique for promotion.

To check the awareness level of field forces about the company

products.

To know how to attract the customers about their product.

To know how to enhance the sales.



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RESEARCH



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METHODOLOGY

RESEARCH DESIGN :

Descriptive

AREA OF STUDY :

Mandi ( Himachal Pradesh)

SAMPLE DESIGN :

50



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TOOLS USED

Structured Questionnaire

Direct Interaction………

DATA COLLECTION

PRIMARY DATA SOURCES

• Through direct interaction with insurance care consultant

• Through structured questionnaires filled from the insurance careconsultant.



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SECONDARY DATA SOURCES

• Through internet, various official sites of the companies.

• Through pamphlets and brochures of the companies.

• Journals & Magazine

DATA ANALYSIS



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&

INTERPRETATION

DATA ANALYSIS AND INTERPRETATION

(Based on survey conducted for 50 insurance care consultants)

Q.1 What types of strategies and functioning should adopt by the fieldforces?.Rank them.

Options Ranking

Display 3

Door to Door 1



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Exhibition 2

Catalogue 4

Price Off 5

Interpretation:

According to study the field forces should make that strategies whichprovides more benefits for them. According to ranking door to door is thebest method which provides direct interaction with customer and providesmore chances of benefits.

Q.2 Which technique of sales promotion do you prefer?

Options Respondents in %

Display 40 %

Door t Door 14%

Exhibition 16 %

Catalogue 20 %

Price Off 10 %

Total 100%



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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.3which technique is giving good response from customers?


Display 18 %Door t Door 36%

Exhibition 18 %

Catalogue 16 %

Price Off 12 %

Total 100%



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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.4 Which technique is economically beneficial?


Display 10 %

Door t Door 22%

Exhibition 10 %

Catalogue 46 %

Price Off 12 %

Total 100%



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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.5 Which technique requires less time in sales promotion?


Display 22 %

Door t Door 38%

Exhibition 10 %

Catalogue 16 %

Price Off 14 %

Total 100%



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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.

Q6 Which technique is easily manageable?


Display 18 %

Door t Door 30%

Exhibition 10 %

Catalogue 34 %

Price Off 8 %

Total 100%



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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.7 Which technique requires more knowledge to execute?


Display 20 %Door t Door 42%

Exhibition 24 %

Catalogue 10 %

Price Off 4 %

Total 100%



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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 Is price off are necessary for sales promotion?


Yes 46 %

No 40 %

Can’t Say 14 %



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Total 100%

Interpretation:

According to the study 46% insurance care consultants say yes that the priceoff 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 undertakenbyBajaj Allianz. are satisfactory?




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Strongly Satisfied 20%

Satisfied 14%

Neutral 20%

Dissatisfied 26%

Strongly Dissatisfied 20%

Total 100%

Interpretation :

According to the study 20% insurance care consultants are strongly satisfied that the

sales promotion program that is presently undertaken by Bajaj Allianz are satisfactorily

14% are only satisfied and 20% can’t say anything. And 26% consultants are

dissatisfied and 20% are strongly dissatisfied by present promotion programmes .

Q.10 Should Bajaj Allianz take up new sales promotion program?




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Yes 72 %

No 22 %

Can’t Say 6 %

Total 100%

Interpretation :

According to the study 72% insurance care consultants say yes installmentoffers are 22% say no and 6% say can’t say.

Q. 11 Which factors enhance the sale?




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Display 20 %

Door t Door 42%

Exhibition 24 %

Catalogue 10 %

Price Off 4 %

Total 100%

Interpretation: According to the study 42% insurance care consultants vote to the door-to-door

technique that plays an important role to enhance the sale, because lots of peoples are

convinced with direct interaction 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 to enhance the sale.



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OBSERVATIONS&

FINDINGS

OBSERVATIONS & FINDINGS

This sales promotion process was very much satisfying for me not only



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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 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.



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SUGGESTIONS

SUGGESTIONS

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



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• 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.



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LIMITATION

LIMITATIONS OF THE STUDY



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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 questionscould have served the purpose. Therefore the questionnaire contained in the open-

ended questions.

2.The study was conducted in Bajaj Allianz in Mandi 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.



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BIBLIOGRAPHY



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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.quickmba.com.

.www.indiainfoline.com.

http://www.bajajallianz.com/

http://www.quickmba.com/

http://www.indiainfoline.com/

http://www.quickmba.com/

http://www.indiainfoline.com/

http://www.bajajallianz.com/



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ANNEXURES



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QUESTIONNAIRE

Name : _____________________________________

Address : _____________________________________

Q.1 To which technique of sales promotion you prefer?

A) DisplayB) Door to door demonstrationC) ExhibitionD) CatalogueE) Price-off

Q.2 which technique is giving good response from customers?


Q.3 Which technique is economically beneficial?

A) Display

B) Door to door demonstrationC) ExhibitionD) CatalogueE) Price-off

Q.4 Which technique requires less time in sales promotion?A) Display

B) Door to door demonstrationC) ExhibitionD) Catalogue

E) Price-off

Q.5 Which technique is easily manageable?

A) DisplayB) Door to door demonstrationC) ExhibitionD) Catalogue



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E) Price-off

Q.6 Which technique requires less knowledge to execute?

A) Display

B) Door to door demonstrationC) ExhibitionD) CatalogueE) Price-off

Q.7 Price off and installment offers are necessary for sales promotion?

A) YesB) NoC) Can’t say

Q.8 Do you think that sales promotion program that is presently undertakenbyBajaj Allianz. are satisfactory?


Q.9 Should Bajaj Allianz. take up new sales promotion program?


Q.10 Which factors enhance the sale?


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Final Project (MBA 2009-2011) Bajaj Allianj Ltd[1].

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