1 | Page As M.B.A degree require equal attention practical as well as theoretical aspect of the business, various problem are to be dealt with in these courses, that is why research programs are there to give deep as well as thorough knowledge of the subject. We have attempted to live these requisites while preparing this report. The confidence of an individual is boosted as one successfully completes the responsibilities delegated to him. The theoretical concepts only help us to gain knowledge and increase our conceptual skills. However, administrative skill, a pre-requisite for the completion of any success story comes with experience, learning and hard work.
Transcript
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As M.B.A degree require equal attention practical as well as theoretical aspect of
the business, various problem are to be dealt with in these courses, that is why
research programs are there to give deep as well as thorough knowledge of the
subject. We have attempted to live these requisites while preparing this report.
The confidence of an individual is boosted as one successfully completes the
responsibilities delegated to him. The theoretical concepts only help us to gain
knowledge and increase our conceptual skills. However, administrative skill, a pre-
requisite for the completion of any success story comes with experience, learning
and hard work.
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TABLE OF CONTENTS
SR. NO. CONTENTS PAGE
1. INTRODUCTION 4-10
2. INDUSTRIAL PROFILE 11-17
3. COMPANY PROFILE 18-28
4. OBJECTIVES OF STUDY
29
5. RESEARCH METHODOLOGY
30-31
6. DATA ANALYSIS & INTERPRETATION
32-43
7. OBSERVATIONS & FINDING
44
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8. SUGGESTIONS 45
9. LIMITATION 46
9. BIBLIOGRAPHY 47
10. QUESTIONARRE 48-50
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
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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 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 and
partially 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:
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• 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.
• 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
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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
• 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
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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.
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 THE
INVESTORS, 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
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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 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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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
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(LIC), the public sector giant, continued 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 under- written 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.
BRIEF HISTORY OF INSURANCESECTOR 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.
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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
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.
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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
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.
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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. These include risks associated with project implementation,
including geological risks, maintenance, commercial and political risks. Without
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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 percentage of the premium. The other companies share the remaining
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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 once
again to old hands such as NTPC, NHPC and BSES for business.
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
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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.
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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 a Trillion (Over INR. 55, 00,000 Crores). 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 FY2001-2002(6 mths) 21,37 Rs. 7 cr.
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 METHODOLOGY
RESEARCH DESIGN :
Descriptive
AREA OF STUDY :
MOHALI (PUNJAB)
SAMPLE DESIGN :
50
TOOLS USED
Structured Questionnaire
Direct Interaction………
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DATA COLLECTION
PRIMARY DATA SOURCES
• Through direct interaction with insurance care consultant
• Through structured 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
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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 field forces?.Rank them.
Options RankingDisplay 3Door to Door 1Exhibition 2Catalogue 4Price Off 5
Interpretation:
According to study the field forces should make that strategies which provides more benefits for them. According to ranking door to door is the best method which provides direct interaction with customer and provides more chances of benefits.
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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%
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.
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Q.3which technique is giving good response from customers?
Options Respondents in %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?
Options Respondents in %Display 10 %Door t Door 22%Exhibition 10 %Catalogue 46 %Price Off 12 %Total 100%
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?
Options Respondents in %Display 22 %Door t Door 38%
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Exhibition 10 %Catalogue 16 %Price Off 14 %Total 100%
Display Door t Door Exhibition Catalogue Price Off0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
10%
22%
10%
46%
12%
Respondents in %
Respondents in %
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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?
Options Respondents in %Display 18 %Door t Door 30%Exhibition 10 %Catalogue 34 %Price Off 8 %Total 100%
18%
30%
10%
34%
8%
Respondents in %
DisplayDoor t DoorExhibitionCataloguePrice Off
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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?
Options Respondents in %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?
Options Respondents in %
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 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 Respondents in %
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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?
Options Respondents in %Yes 72 %
No 22 %
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Can’t Say 6 %Total 100%
Interpretation :
According to the study 72% insurance care consultants say yes installment offers are 22% say no and 6% say can’t say.
Q. 11 Which factors enhance the sale?
Options Respondents in %
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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.
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.
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.
LIMITATIONS OF THE STUDY
Following limitations were faced during the study:
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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 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.
BIBLIOGRAPHY
Books • Kothari C.R., (1999) Research Methodology, Wishwa Prakashan
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• Kotler P. and Armstrong G., (2005) Principles of Marketing New Delhi,
