A

Summer Training Project Report

Organisational Study at Bajaj Allianz Life Insurance Co. Ltd
&
Third Party Administrators

SUBMITTED TO:
Dr. A. P. J. Abdul Kalam Technical University, Lucknow
For the fulfillment of the requirement of
Master of Business Administration
(MBA 2015-17)

UNDER THE SUPERVISION OF:

(Mrs. Supriya Singh )

SUBMITTED BY:
(Krishn Kumar Pandey)
MBA FIRST YEAR
Roll No. 1518170024

SCIENCE AND TECHNOLOGY ENTREPRENEURS PARK HARCOURT

BUTLER TECHNOLOGICAL INSTITUTE, NAWABGANJ, KANPUR 208002

Krishn Kumar Pandey 1

 Declaration Certificate by Student

I Krishn Kumar Pandey student of MBA batch (2015-2017) declare that the
project entitled Organisational Study Bajaj Allianz Life Insurance Co. Ltd &
Third Party Administrators, is my own work conducted under the supervision
of Ms. Richa Mishra as a partial fulfillment of Summer Internship Program for
the course of MBA submitted to Bajaj Allianz Life Insurance Co. Ltd at Kidwai
Nagar Kanpur and STEP-HBTI Kanpur
I further declare that to the best of my knowledge the project does not contain any
part of any work which has been submitted for any other project either in this
institute or in any other without proper citation.

Place: Kanpur KRISHN KUMAR PANDEY

Date : Signature of the Candidate

Krishn Kumar Pandey 2

 ACKNOWLEDGEMENT

I have great pleasure in extending my whole hearted thanks to the authority of

BAJAJ ALLIANZ LIFE INSURANCE COMPANY Ltd, Who had been kind
enough to permit me to pursue this study at their esteemed organization. I also
express my sincere gratitude to the management, staff and employees of BAJAJ
ALLIANZ LIFE INSURANCE COMPANY Ltd, for providing valuable
information and guidance for my endeavor.

I am also indebted to my faculty guide Ms. RICHA MISHRA (Lec), and other
members of the faculty of STEP-HBTI Kanpur for their profound interest,
encouragement and guidance for conducting this study.

Krishn Kumar Pandey 3

 GUIDE CERTIFICATE

This is to certify that Mr. KRISHN KUMAR PANDEY a student of STEP-HBTI

Kanpur has prepared his project report titled ORGANIZATINAL STUDY AT
BAJAJ ALLIANZ LIFE INSURANCE COMPANY Ltd. & THIRD PARTY
ADMINISTRATION is based on the project study conducted under my guidance.

The work has been satisfactory and is recommended for consideration towards
partial fulfillment of requirement for the award of MBA degree. This has not found
the basis for the award of any degree, diploma by A P J ABDUL KALAM
UNIVERSITY, LUCKNOW or any other university.

Place: Kanpur Ms. Richa Mishra

Date: Lec. MBA Department

TABLE OF CONTENTS

Krishn Kumar Pandey 4

CHAPTERS PAGE No.

1. INDUSTRY PROFILE 01

2. COMPANY PROFILE 13

3. ORGANIZATION STRUCTURE 28

4. STUDY OF DEPARTMENTS 36

5. SWOT ANALYSIS 44

6. RECOMMENDATIONS & SUGGESTIONS 48

7. BIBLIOGRAPHY 50

Krishn Kumar Pandey 5

 CHAPTER-1

INDUSTRY PROFILE

1.1 INDUSTRY PROFILE:

Krishn Kumar Pandey 6

Humans have always sought security. This quest for security was an important motivating force
in the earliest formation of families, clans, tribes, and other important groups. They ensured a
less volatile source of lifes necessities than that which isolated humans and families could
provide and helped their less fortunate members in times of crises.
Humans today continue their guest to achieve security and reduce uncertainty. We still rely on
groups for financial stability. The group may be our employer, the government, or an insurance
company but the concept remains the same. Today our income department, wealth- acquiring
lifestyle renders us and our families more vulnerably to environmental and societal changes over
which we have no control. More formalized means are required for mitigating the adverse
consequences of loss of health, death, old age.
Humans are exposed to many serious perils such as accidents or personal losses from incapacity
and death. Although individuals cannot predict or prevent such occurrences they can provide for
their financial effects.
The function of insurance is to safeguard against such misfortunes by having contributions of the
many pay for the losses of the unfortunate few. This is the essence of insurance. The sharing of
losses and, in the process, the substitution of a certain, small loss called the premium for an
uncertain, large loss.

1.1 LIFE INSURANCE INDUSTRY:

Commercial life insurance companies issue the majority of life and health insurance in force in
the private sector worldwide. Commercial life insurance companies commonly are classified as
stock or mutual companies, The distinguish characteristics of a stock life insurance company is it
ownership by stockholders. If a company has stock holders it is a stock company. Mutual life
insurance companies are owned by policy owners.

1.2 LIFE INSURANCE COMPANY FORMATION

Although it is theoretically possible for the insurance business to be undertaken by an individual
or by a partnership the form of organization should be one that provides both performance and
the high degree of security of payments. A corporation meets these requirements and under many

Krishn Kumar Pandey 7

countries laws (including the United States), it is the only form of business organization
permitted to undertake life insurance business. Thus, form a practical and legal view point the
operation of a life insurance business requires the formation of the corporation. Both stock and
mutual insurances are organized as corporations.

1.3 GROWTH AND DEVELOPMENT OF THE INDUSTRY

INSURANCE

Insurance is an economic institution based on the principle of mutuality against a chance of

occurrence of nature, which is unpredictable
Insurance is divided into 4 classes:

Life

General

Marine

Miscellaneous

Insurance Act 1938, IRDA Act 1999 is the preliminary legislation that deals with insurance
business in India

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)

Composition of Authority under IRDA Act 1999

As per the section 4 of IRDA Act 1999, Insurance Regulatory and Development Authority
(IRDA) which was considered by an act of parliament specify the composition of the Authority.
The Authority is a ten member team consisting of

A chairman
Five whole time members
Four part time members

Krishn Kumar Pandey 8

(The Government of India appoints all members)

The chairman of IRDA is Mr. C. S. Rao and the head office is located in Hyderabad

DUTIES POWERS AND FUNCTIONS OF IRDA

Section 14 of IRDA Act 1999 lays down the duties powers and functions of IRDA:

Subject to the provisions of this act and any other law for time being in the force, the
authority shall have the duty to regulate promote and ensure orderly growth of the
insurance business and reinsurance business.
Without prejudice to the generally of the provisions contained in sub section (1) the
powers and functions of the Authority shall include.
Issue to the applicant a certificate of registration renews modifies with raw suspend or
cancel such registration.

Protection of the interests of the policy holders in matters concering assigning of policy
nomination by policy holders insurable interest settlement of isurance claim surrender
value of the policy and other terms and conditions of contracts of insurance.
Specifying requisite qualifications code of the conduct and practical training for
intermediary or insurance intermediaries and agents.
Specifying the code of the conduct for surveyors and loss assessors.
Promoting and regulating professional organizations connected with the insurance and
reinsurance business.
Levying the fees and other charges for carrying out the purpose of this Act.
Calling for information from undertaking inspection of conducting enquiries and
investigation including audit of the insurers and other organizations connected with the
insurance business.
Control and regulation of the rates advantages terms and conditions that may be offered
by insures in respect of general insurances business not so controlled and regulated by the
Tariff Advisory Committee under section 64U of the Insurance Act, 1938.

Krishn Kumar Pandey 9

 Specifying the form and manner of the books of accounts shall be maintained and
statement of accounts shall be rendered by insurers and other insurance intermediaries.
Regulation maintenance of margin of solvency.
Adjudication of the disputes between insurers and intermediates or insurance agents.
Supervising the functioning of the Tariff Advisory Committee.
Supervising the percentage of premium income of the insurers to fianc schemes and
regulating organizations referred to in clause (f).

Specifying the percentage of life insurance business and general insurance business to be
undertaken by the insurer in the rural or social sector and
Exercising such other powers as may be prescribed.

INSURANCE INDUSTRY ENVIORNMENT

Life insurance is basically to provides financial security in case of the death, encourages savings
easy settlement and protection against creditors, help to achieve a purpose or a particular goal act
as a tax saving tool and also is a security tool.
The basic rule of buying insurance needs is minimal in your early earning years increases with
responsibilities and tamper off by the time you retire. Its difficult to find a single insurance plan
that can take care of all your changing requirements of life.
When buying life insurance, you need to find a policy that will meet your needs in case of the
death without costing you too much. This means you have to determine how much money your
spouse or your children might need, if you were not around. If your spouse works it might be less
than if you are the only provider in the family. It might also not be necessary to get life
insurance, if your family could survive without your financial support.
To get a rough sense of how much money is needed for your life insurance start by roughly
adding up how much you spend every month. Including you mortgage or rent food health
insurance and so on It doesnt have to be very accurate. If you have children you might want to
include the cost of college and any other large tickets items you might earning per month from
the total.

Krishn Kumar Pandey 10

Then multiply that by 12 for the rough amount you spend every year. Then you need to figure out
how long you want that money to last. Once your kids are out of the college and working they
will no longer need your support. So if they are 5 and 7 year old, you might want to multiply the
number by 18 or so if so think your spouse will need continued support for him of her after the
children are out of college you will have to calculate an additional amount.

Insurance industry as on 1-4-2000, comprised mainly two players the state

insurers:

General Insurance Corporation of India(GIC)

Life Insurance Corporation of India (LIC)

General Insurance Corporation Of India:

General insurance is typically defined as any insurance that is not determined to be life
insurance. General insurance or non-life insurance policies, including automobile and
homeowners policies, provide payments depending on the loss from a particular financial event..
It is called property and casualty insurance in the U.S. and Canada and Non-Life Insurance in
Continental Europe.
Insurance other than Life Insurance falls under the category of General Insurance. General
Insurance comprises of insurance of property against fire, burglary etc, personal insurance such
as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are
also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.
Common forms of general insurance are motor, fire, home, marine, health, travel,
accident and other miscellaneous forms of non-life insurance.
Non-life insurance companies have products that cover property against Fire and allied perils,
flood storm and inundation, earthquake and so on. There are products that cover property against
burglary, theft etc. The non-life companies also offer policies covering machinery
against breakdown. There are policies that cover the hull of ships and so on. A Marine
Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor
vehicles against damages and theft forms a major chunk of non-life insurance business.

Krishn Kumar Pandey 11

In respect of insurance of property, it is important that the cover is taken for the actual value of
the property to avoid being imposed a penalty should there be a claim. Where a property is
undervalued for the purposes of insurance, the insured will have to bear a ratable proportion of
the loss. For instance if the value of a property is Rs.100 and it is insured for Rs.50/-, in the event
of a loss to the extent of say Rs.50/-, the maximum claim amount payable would be Rs.25/- (50%
of the loss being borne by the insured for underinsuring the property by 50%). This concept is
quite often not understood by most insureds.

Types of General Insurance:

Krishn Kumar Pandey 12

 Major General Insurance Company in India
Public Sector Private Sector Other General Insurance
Companies - Specialized
1. 1. Agriculture 1. 1. Apollo Munich 1. ECGC Ltd. (formerly
Insurance Co. of India Ltd. Health Insurance Co. Ltd. Export Credit
2. 2. 2. Bajaj Allianz Guarantee
3. 2. National Insurance General Insurance Co. Ltd. Corporation of India
Co. Ltd. 3. 3. Bharti AXA Ltd.)
4. General Insurance Co. Ltd. 2. General Insurance
5. 3. The New India 4. 4. Cholamandalam Corporation of India
Assurance Co. Ltd. MS General Insurance Co.
6. Ltd.
7. 4 The Oriental 5. 5. CignaTTK Health
Insurance Co. Ltd. Insurance Co. Ltd.
8. 6. 6. Future Generali
9. 5.United India India Insurance Co. Ltd.
Insurance Co. Ltd. 7. 7. HDFC ERGO
General Insurance Co. Ltd.
8. 8.ICICI Lombard
General Insurance Co. Ltd.
9. 9.IFFCO-Tokio
General Insurance Co. Ltd.
10. Kotak Mahindra
General Insurance Co. Ltd.
11. L&T General Insurance
Co. Ltd.
12. Liberty Videocon
General Insurance Co. Ltd.
13. Magma HDI General
Insurance Co. Ltd.
14. Max Bupa Health
Insurance Co. Ltd.
15. Raheja QBE General
Insurance Co. Ltd.
16. Reliance General
Insurance Co. Ltd.
17. Religare Health
Insurance Co. Ltd.
18. Royal Sundaram
Alliance Insurance Co.
Ltd.

Krishn Kumar Pandey 13

 19. SBI General Insurance
Co. Ltd.
20. Shriram General
Insurance Co. Ltd.
21. Star Health and Allied
Insurance Co. Ltd.
22. Tata AIG General
Insurance Co. Ltd.
23. Universal Sompo
General Insurance Co.
Ltd.

Krishn Kumar Pandey 14

 LIFE INSURANCE CORPORATION OF INDIA:
Life insurance or life assurance, especially in the Commonwealth, is a contract between an
insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated
beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an
insured person (often the policy holder).
Term Insurance is the simplest form of life insurance. It pays only if death occurs during
the term of the policy, which is usually from one to 30 years. Most term policies have no other
benefit provisions. There are two basic types of term life insurance policieslevel term and
decreasing term.

Various types of the life insurance can be classified as:

Krishn Kumar Pandey 15

 Various policies of the life insurance can be classified as:

Claims Procedure in Life insurance Policy:

Claims can be made in two cases:

Maturity

Death

Condition for Claim rejection

Medical history

Fraud Documentation

Earlier claim

Sl.no Reg.No Date of Reg. Name of the company

1 101 23.10.2000 HDFC Standard Life Insurace

Krishn Kumar Pandey 16

2 104 15.11.2000 Max New york Life Insurance

3 105 24.11.2000 ICICI Prudential Life Insurance

4 107 10.01.2000 Kotak Mahindra Old Mutual Life

Insurance Limited
5 109 31.01.2001 Birla Sun Life Insurance
Company Ltd
6 110 12.02.2001 Tata AIG Life Insurance Co.

7 111 30.03.2001 SBI Life Insurance Company

8 114 02.08.2001 ING Vysya Life aInsurance

9 116 03.08.2001 Bajaj Allianz Life Insurance

Company Ltd
10 117 06.08.2001 Metlife India Insurance Pvt Ltd

11 121 03.01.2001 AMP Sanmar Life Insurance

12 122 14.05.2002 Aviva Life Insurance Co.

The following ar the Players in life insurance sector:

LIST OF PLAYERSIN LIFE INSURANCE SECTOR

SL.No. COMPANIES
1 Bajaj Allinaz

Krishn Kumar Pandey 17

2 ING Vysya

3 AMP Sanmar

4 SBI Life

5 TATA AIG

6 HDFC Standard Life

7 ICICI Prudential

8 BIRLA Sun Life

9 Max New York

10 Aviva

11 Met Life

12 Kotak Mahindra

13 LIC

Krishn Kumar Pandey 18

Fig. Life Insurance company in India

Krishn Kumar Pandey 19

 CHAPTER-2

COMPANY PROFILE

ABOUT BAJAJ COMPANY

Krishn Kumar Pandey 20

Facts & Figures :-

The Bajaj Group is amongst the top 10 business houses in India. Its footprint stretches
over a wide range of industries, spanning automobiles (two-wheelers and three-wheelers),
home appliances, lighting, iron and steel, insurance plans, travel and finance and many
more.

The groups flagship company, Bajaj Auto, is ranked as worlds fourth largest two- &
three- wheeler manufacturer and the Bajaj brand is well-known over a dozen countries
in Europe, Latin, America, the United State and Asia.

Founded in 1926, at the height of India's movement for independence from the British,
the group has an illustrious history. The integrity, dedication, resourcefulness and
determination to succeed which are characteristic of the group today, are often traced
back to its birth during those days of relentless devotion to a common cause. Jamnalal
Bajaj, founder of the group, was a close confidant and disciple of Mahatma Gandhi. In
fact, Gandhiji had adopted him as his son. This close relationship and his deep
involvement in the independence movement did not leave Jamnalal Bajaj with much time
to spend on his newly launched business venture

His son, Kamalnayan Bajaj, then 27, took over the reins of business in 1942. He too
was close to Gandhiji and it was only after Independence in 1947, that he was able to
give his full attention to the business. Kamalnayan Bajaj not only consolidated the
group, but also diversified into various manufacturing activities.

The present Chairman and Managing Director of the group, Rahul Bajaj, took
charge of the business in 1965. Under his leadership, the turnover of the Bajaj Auto the
flagship company has gone up from Rs.72 million to Rs.46.16 billion (USD 936
million), its product portfolio has expanded from one to and the brand has found a global
market. He is one of Indias most distinguished business leaders and internationally
respected for his business acumen and entrepreneurial spirit.

Krishn Kumar Pandey 21

Brief summery about Bajaj Group
Type Public Company

Industry Conglomerate

Founded 1926, 90 Years ago

Founder Jamanalal Bajaj

Head Quarters Pune, Maharastra, India

Area severed Worldwide

Key people Rahul Bajaj, Shekhar Bajaj, Madhur Bajaj,

Niraj Bajaj,Rajiv Bajaj, Sanjiv Bajaj

Automobile
Products Financial Services
Home Appliances
Electrical
Iron and Steel
Insurance
Revenue Rs 425,540 million(US$6.3 billion)

No. of employees 45,000

Bajaj Auto Ltd., Bajaj Holdings & Investment

Ltd.,Bajaj Finserv Ltd, Bajaj Finance Limited,
Bajaj Allianz General Insurance Company
Subsidiaries Ltd., Bajaj Allianz Life Insurance Company
Ltd., Bajaj Electricals Ltd, Mukand Ltd,
Hercules Hoists Ltd, Mukand Engineers Ltd
Website www.bajajgroup.org

Bajaj Group companies

1. Bajaj Auto Ltd. Manufacturers of Scooters, Motorcycles and Three-

wheeler vehicles and spare parts.

Krishn Kumar Pandey 22

2. Bajaj Finance Ltd. Deals in financial services including hire purchase,
financing & leasing.

3. Bajaj Finserv Ltd Financial Services.

4. Bajaj Holdings & Investment Ltd. Investment company focusing on new

business opportunities.

5. Mukand Ltd. Manufacturers of stainless, alloy and special steels including

carbon and alloy steels.

6. Bajaj Electricals Ltd. - Manufacturers of electric fans, highmasts, lattice

closed towers and poles.

7. Bajaj Ventures Ltd. involved in manufacturing and trading of power tools

and manufacturing of houseware and parts.

8. Maharashtra Scooters Ltd. k- Manufacturers of Scooters.

9. Bajaj Allianz General Insurance Company Ltd. General insurance

business.

10.Bajaj Allianz Life Insurance Co Ltd. Life insurance business.

11.Bajaj Financial Solutions Ltd. Distribution of financial products and

services.

12.Bajaj Allianz Financial Distributors]] Ltd. Distribution of financial

products.

13.Bajaj Auto Holdings Ltd. Investment Company.

14.PT Bajaj Auto Indonesia (PTBAI) - Bajaj Auto venture in Indonesia.

15.Bajaj Auto International Holdings BV Bajaj Auto venture in Netherlands.

16.Hind Lamps Ltd. Manufactures GLS, fluorescent, miniature lamps and

major components, such as glass shells, miniature and alluminium caps, lead
glass.

17.Mukand Engineers Ltd. Construction, fabrication and erection of industrial

and infrastructural projects and infotech business.

Krishn Kumar Pandey 23

18.Mukand International Ltd. Trading in metals, steel and ferro alloys.

19.Bajaj Sevashram Pvt. Ltd. Investment activities.

20.Jamnalal Sons Pvt. Ltd. Investment and finance company.

21.Rahul Securities Pvt. Ltd.

22.Shekhar Holdings Pvt. Ltd.

23.Madhur Securities Pvt. Ltd.

24.Niraj Holdings Pvt. Ltd.

25.Rupa Equities Pvt. Ltd.

26.Kamalnayan Investments & Trading Pvt. Ltd.

27.Sanraj Nayan Investments Pvt. Ltd.

28.Hercules Hoists Ltd. Manufactures INDEF brand materials handling

equipment such as triple spur gear chain pulley blocks, chain electric hoists
and wire rope.

29.Hind Musafir Agency Ltd. Travel agency.

30.Bajaj International Pvt. Ltd. Export electric fans, GLS lamps, fluorescent
tubes, light fittings, etc.

31.Bachhraj Factories Pvt. Ltd. Ginning and pressing of cotton bales.

32.Baroda Industries Pvt. Ltd. Investment company.

33.Jeewan Ltd. Investment company

34.Bachhraj & Co. Pvt. Ltd. Investment company.

35.The Hindusthan Housing Co. Ltd. Services company.

36.Hospet Steels Ltd. Steel plant consisting of Iron Making Division, Steel
Making Division and Rolling Mill Division

Krishn Kumar Pandey 24

 Abaout Allianz Company

Facts & Figures :-

The Allianz Group is one of the leading global services providers in insurance, banking
and asset management.

With approximately 178,000 employees worldwide (as of September 30, 2007), the
Allianz Group serves more than 75 million customers in about 70 countries. On the
insurance side, Allianz is the market leader in the German market and has a strong
international presence.

In fiscal 2006 the Allianz Group achieved total revenues of over 101 billion euros.
Allianz is also one of the worlds largest asset managers, with third-party assets of 764
billion euros under management at year end 2006.

Krishn Kumar Pandey 25

 In 2006 Allianz SE, the parent company, became the first company in the Dow Jones
EURO STOXX 50 Index to adopt the legal form of a Societas Europaea, which is a new
European legal form for stock corporations. Allianz SE is headquartered in Munich,
Germany.

Beyond the quality of our financial performance, a number of other activities and factors
are important for the sustainable growth of our competitive strength and company value.
These include, but are not limited to, our global diversification, the reduction of
complexity.

Key figures:-

Here you can find selected consolidated financial data at a glance.Allianz Group Selected
Consolidated Financial Data
Worlds largest insurance company by revenue Rs. 5,20,353 cr
Worldwide 2nd by gross written premiums Rs 477930 cr
3rd largest assets under management and largest amongst insurance companies.
11th largest corporation in the world.
50% of globe business from life insurance close to 60 million lives insured globally.
Established in 1890, 110 years of insurance expertise.
More than 70 countries, 173750 employees worldwide
Insurance to almost half of the fortune 500 companies.

ABOUT BAJAJ ALLIANZ LIFE INSURANCE COMPANY

Facts & Figures :-

Bajaj Allianz is a joint venture between Allianz AG one of the world's largest insurance
companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the
world. Bajaj Allianz is into both life insurance and general insurance.

Bajaj Allianz Life Insurance began operations on 12 March 2001 and today has a pan-
India presence of 759 branches. It is headquartered in Pune, India. Bajaj Allianz Life

Krishn Kumar Pandey 26

 Insurance received the Insurance Regulatory and Development Authority (IRDA)
certificate of Registration on 3 August 2001 to conduct Life Insurance business in India.

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. Bajaj group is the largest manufacturer of two-wheelers and three-
wheelers in India and one of the largest in the world.

Today, Bajaj Allianz is one of India's leading and fastest growing insurance companies.
Currently, it has presence in more than 550 locations with over 60,000 Insurance
Consultants.

Bajaj Alianz General Insurance received the Insurance Regulatory and Development
Authority certificate of Registration (R3) on May 2nd 2001. The company has an
authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining
26% is held by Aliianz, AG.

Allianz groups Indian Life Insurance joint venture has changed its name to Baja Allianz
Life Insurance from allianz bajaj life insurance (Bombay), Aug4,2004.

Brief summary of Bajaj Allianz Life Insurance Company :-

Type Private Limited
Industry Insurance Services
Founded 2001
Head quarters Pune, India
Area served Worldwide
Key people Anju Agrawal (MD & CEO)
Products Life Insurance
Total assests INR4,361,353
Parents Bajaj fineserv, Allianz SE
Slogan Jio Befikar
Website www.bajajallianzlife.com

Krishn Kumar Pandey 27

BOARD OF DIRECTOR (BALIC)

Krishn Kumar Pandey 28

Krishn Kumar Pandey 29
Krishn Kumar Pandey 30
CHANNEL PARTNERS

Standard Chartered Bank

Syndicate Bank

Placement Sales and Services Ltd.

Team Life Care Co. (India) Ltd.,

GE Money,

ERNESTINE CONSULTANTS PVT LTD,

Krishn Kumar Pandey 31

Krishn Kumar Pandey 32
 PRODUCTS OF THE COMPANY

UNITGAIN
A Unit Linked Plan

UNITGAIN SP
A Single Premium
INVEST GAIN
An Endowment Plan
CHILD GAIN
Childrens policy

SWARNA VISHRANTH
Retirement Plan
RISK CARE
Pure Term Plan

TERM CARE
Term Plan with Return of Premium

LIFE TIME CARE

Whole Life plan

SAVE CARE ECONOMY SP

Single Premium Endowment Plan

LOAN PROTECTER
A Mortgage Reducing Term insurance Plan

KEY MAN INSURNACE

A promising Business Opportunity

UNIT GAIN PLUS

Krishn Kumar Pandey 33

 Unit Link Plan with higher allocation

RIDERS UNIT GAIN PLUS

While the basic life insurance

UNIT GAIN EASY PENSION

While the basic Life Insurance

UNIT GAIN PLUS SP

A Single Premium Unit Linked Plan
LIFE LONG GAIN PLAN
A life time of security for your family

UNIT GAIN LIFE PENSION

A Plan that enables you retire with laughter lines not worry lines
SWARNA RAKSHA ROC
A plan that provides you with regular income. For life.

CAPITAL UNIT GAIN

A Plan that enables you easy life

GROUP LIFE PLANS

Group credit shield

Group term life
Group term life
Group term life scheme in lieu of EDLI
Group gratuity care
Group super annuation care
Small group term life.

Krishn Kumar Pandey 34

ABOUT UNIT GAIN PLUS
Unit gain plus
The thumb rule for buying insurance is that your insurance needs are minimal in your early
earning years, increases with added responsibilities and taper off by the time you retire. It is
difficult to find a single insurance plan that can take care of all your changing requirements in
life additional protection more money to invest sudden requirement of cash or a steady post
retirement income.
With Bajaj Allianz Unit gain plus you can invest in one life insurance plan that can take care of
all your changing requirements throughout your life. This plan has been designed to provide you
with maximum flexibility so that you do not have to worry about your changing needs.
Bajaj Allianz unit gain plus offer the unique opting of combing the protection of life insurance
with attractive prospects of investing and securities. You can choose the investment funds you
want to invest your money providing you with an apportunity to have a direct stake in the
performance of the financial markets. You also benefit from attractive tax advantages and can
protect your loved ones against unfortunate events.

The Bajaj Allianz Unit Gain Plans :

The Bajaj Allianz Unit Gain SP comes with a host of features to allow you to have the best of all
words protection and investment with flexibility like never before.
Some of the key featuresof this plan are ;

Convenient single premium payment, with option to pay top-ups later;

100% of the single premium / top-ups are allocated
Guarented death benefit
Choice of five investment funds with flexible investment management: you can switch
between funds any time
Attractive investment alternative to fixed intrest securities

Krishn Kumar Pandey 35

 Provisions of full / partial withdrawals an time after a single premium is paid

Unmatched flexibility to match your changing needs.

The Five funds Offered Are as Under -

A) EQUITY FUNDS
This fund provides the scope of high appreciation over a long term. The fund full primarily
invest in equities and is expected to match returns given by NSE NIFTY. This fund will invest at

least 90% in equities and max 10% in cash.

B) EQUITY GAIN FUND

The investment objective of this fund is to provide capital appreciation through investment in
select equity stocks that have the potentials for high capital appreciation. This fund will invest at
least 90% in equities and max 10% in debt & cash instruments.

C) DEBT FUND
This fund provides the scope for steady returns at low risk through investment in high quality
fixed income securities. This fund will invest fully in debt instrument.
D) BALANCED FUND
The balanced fund is primarily for those who prefer a mix of steady returns and growth. The
balanced fund will invest 30% to 50% in the equity funds and 50% to 70% in the debt fund.
E) CASH FUND
The cash fund will invest conservatively in mony market and short term investment to ensure
that return on investment shall never be negative. 100% of this fund will be invest in money
market instruments.

Key Features
Guaranteed death benefit
Choice of investment funds
Flexible investment funds management

Krishn Kumar Pandey 36

 You can change fund any time
Attraction investment alternative too
Fixed interest securities
Provision for full / partials withdrawals
Any time after three full years premium paid
Unmatched flexibility to match your changing needs

MISSION, VISSION AND CORE VALUES

MISSION

" Mission of Bajaj Allianz Life Insurance Company Ltd. is to spread our vision beyond the
benefit of an individual family and create social good for India.The Company want to be the best
life insurance company to work for, buy from and invest in. The Company also want to be the
best life insurance company for India, a company that is consistently creating Public value by
increasing our reach, constantly creating diverse products and services, making it easier for
customers to make claims, creating wide market awareness and providing a delightful work
environment for our employees to work in towards those goals."

VISION

To be the BEST Life Insurance Company In

Krishn Kumar Pandey 37

 India

To Buy From, Work For & Invest In

CORE VALUES
Customer delight the guiding principle
Ensuring world class solution and services
Offering customized product
Transparent benefits

GROWTH AND DEVELOPMENT OF THE ORGANISATION

The fastest growing private life insurance company in India, with a growth rate of 380%.
Have sold over 650000 policies to satisfied customers
Is back by a network of more than 400 offices spanning the country
Ranked top among private life insurance companies in India
Accelerated growth
Assets under management Rs 936 cr
Share holder capital base of Rs 267 cr
Product tailored to suit your needs
Decentralized organization structure for faster response
Wide reach to serve you better a national wide network of 400 branches
Well networked customer care centers with state of art IT systems
Website to provide all assistance and information of products and services, online buying
and online renewals
Toll free numbers to answers your all quarries, accessible from any wherein the country
Tele marketing and direct marketing teams

Krishn Kumar Pandey 38

 Swift and easy claim settlement process

Chapter 3

ORGANISATION STRUCTURE

Krishn Kumar Pandey 39

ORGANISATIONAL STRUCTURE

Chief Executive Officer

Chief Financial Officer

HOD Sales

Zonal Manager

Regional Manager

Senior Branch Manager

Branch Manager

Assistant Branch Manager

Krishn Kumar Pandey 40

 Assistant Branch Manager

Sales Manager

Consultant/Agent

Bank Assurance / Alternative channel

Chief Executive Officer

Chief Financial Officer

HOD Sales

Area Manager

Krishn Kumar Pandey 41

 Deputy Manager

Financial Service/ Financial Consultant

CHAPTER 4

STUDY OF DEPARTMENT

Krishn Kumar Pandey 42

3.1 DIVISIONS IN THE ORGNAISATION:
LIFE INSURANCE

GENERAAL INSURANCE

3.2 COMPQNY DEPARTMENTS

Human Resource

Actuary

Administrative

Sales

Marketing

Finance

Operations Underwriting

Information Technology

Krishn Kumar Pandey 43

 Customer Care

Legal

HUMAN RESOURCES DEPARTMENT

The Human Department of the company is one of the most proactive departments
in the Indian Insurance Industry, having won several industry awards for
implementing proactive HR practices in the Insurance industry.
The HR department provides the ideal foil in the relentless business drive of the
life and general insurance groups and provides itself on its role as a human
relations change agent in the company. Areas of HR interest include Employee
Relations, Performance Management Systems, Recruitment and placement career
development and training and development. A dedicated team of professional HR
practitioners proactively anticipates environment changes and plans appropriate
organizational interventions with a view to enhance employee satisfaction.

FINANCE DEPARTMENT:

The fianc Group is part of the corporate center and performs a wide range of functions. The
fianc groups is organized as follows.

Krishn Kumar Pandey 44

 Secretarial:
This group is responsible for compliance with the provisions of various laws including the
companies act and other regulations such as SEBI guidelines with regard to corporate

governance.

Middle Office Group:

The middle office group is responsible for monitoring compliance with regulatory norms as well
as internal rules and regulations of the company, in the companys operations.

Taxation Group:

This looks after direct and indirect taxation of the company including international tax matters
the sub group is assistance to various business groups on matters related to taxation especially in
the area of structured finance.

Functions of Master Budget:

Preparation of the Master Budget
Maintenance of accounting records
Preparation of final accounts
Payments of cash management
Internal Audit

Preparation of Master Budget:

The commercial department on the basis of capacity and availability prepares the turnover
budget.
Payment and Cash management:

Krishn Kumar Pandey 45

This section deals with the salaries and wages of employees and apprentices. It also deals with
cash planning and management.
Internal Audit and section:
The main objective of audit section is to assist all members of the management to effectively
discharge their responsibilities by furnishing this with analysis appraisals recommendations and
pertinent coments concerning the activities reviewed.

(Rs million)- 2015-16 2014-15 2013-14 2012-13 2011-12

particulars
Gross written 12846 8569.7 4798 2998 1420
premium
Net written premium 6987 4792.9 2864 1808 841
Net earned premium 5864 3709.2 2306 1541 98
Net incurred claim 4100 2263.3 1542 1072 127
Net commissions 622 419.4 231 155 128
Management 2156 1455.9 984 689 370
expenses
Underwriting results 230 409.4 11 33 271
Income from 520 388.8 285 207 143
investments

Krishn Kumar Pandey 46

Others 68 28.6 22 3 5
Profit before tax 818 769.6 318 171 133
Provision for tax 303 298.7 101 75 37
Profit after tax 516 470.9 217 96 96
Claims ratio 70% 61% 67% 70% 130%
Comission ratio -11% -11% -10% -10% -130%
Combined ratio 96% 90% 99% 102% 376%
Returns on equity 23% 34% 20% 9% -9%
Shareholder equity 2767 1824.1 1380 1095 997
Numbers of 1317 924 480 306 141
employees

3.3. ADMINISTRATION DEPARTMENT:

This group is responsible for management of companys property travel management upkeep
maintenance and repair work of the buildings and equipment telecommunication security
dispatch common filing purchase of stationery and managing the reception.

3.4 LEGAL DEPARTMENT:

The legal department stands at the core of company universal ability providing in house solutions
to business groups and legally structuring its various innovative products and services. Legal
groups works involves providing advisory services, handling quires from various departments,
legal documentation for transactions, negotiation with clients providing viable legal options and
solutions for structures and products handling litigation for and against BAJAJ ALLIANZ and its
group compares researching on developments in the law related to the various products liaison
with various regulatory and government department and bodes such as SEBI, RBI and the
Ministry of Finance providing comments on new legislations and reports brought out by the
government etc.

3.5 SALES DEPARTMENT:

Krishn Kumar Pandey 47

The sales department of the company is one of the most well set and properly network groups in
life insurance sector. Its spread all over the country and is well organized. It has nicely framed
network channel. It is associated with different agencies, franchisees and Banks.

Chapter

RESERCH METHODOLOGY

Krishn Kumar Pandey 48

 RESERCH METHODOLOGY

Marketing Research
Managers need information in order to introduce products and services that create value in the
mind of the customer. But the perception of value is a subjective one, and what customers value
this year may be quite different from what they value next year. As such, the attributes that create
value cannot simply be deduced from common knowledge. Rather, data must be collected and
analyzed. The goal of marketing research is to provide the facts and direction that managers need
to make their more important marketing decisions.

To maximize the benefit of marketing research, those who use it need to understand the research
process and its limitations.

Marketing Research vs. Market Research

These terms often are used interchangeably, but technically there is a difference.

Market research deals specifically with the gathering of information about a market's size and
trends. Marketing research covers a wider range of activities. While it may involve market
research, marketing research is a more general systematic process that can be applied to a variety
of marketing problems.
The Value of Information
Information can be useful, but what determines its real value to the organization? In general, the
value of information is determined by:

The ability and willingness to act on the information.

The accuracy of the information.

Krishn Kumar Pandey 49

 The level of indecisiveness that would exist without the information.

The amount of variation in the possible results.

The level of risk aversion.

The reaction of competitors to any decision improved by the information.

The cost of the information in terms of time and money.

FINDINGS

1. The awareness of BAJAJ ALLIANZ LIFE INSURANCE CO. among the people

in Bareilly is of a large ratio, Approximately 79% of the people surveyed knew

about the Company. This is shown by the following chart:-

21%

YES NO
79%

2. People, who are aware of the company, are mainly through the Companys

representative or some other channels. Hardly anyone recognizes the company

through advertisements. This is as shown below:-

Krishn Kumar Pandey 50

3. Nearly 83% of the people surveyed have taken a life insurance policy for

themselves and their family but most of them prefer LIC to various private

insurance companies. This is represented by the following charts:-

17%

YES NO
83%

Krishn Kumar Pandey 51

 4. When asked about the importance of insurance in their lives, 70% of people were

in favor of safety i.e. they have taken insurance for safety purpose. This is

represented below:-

5. 28% of the people who knew about the company are satisfied with the services

offered by the company as shown below:-

11% 11%

22%

EXCELLENT GOOD AVERAGE POOR CAN'T SAY

56%

6. Most amazing fact is that, BAJAJ ALLIANZ has been considered as a trustworthy

company no matter not much people knows about it.

10% 2%

Trustw orthy Non Trustw orthy Can't say

88%

Krishn Kumar Pandey 52

 7. The company still needs a lot to be done as far as publicity is concerned. The

following chart depicts that 55% people says that the company needs more

publicity .

45%
55%
yes no

8. The most preferred media chosen by most of the people is television as they more deeply
come to know abt the features of the product through it.

8%

24%
48%

Telev ision Radio Newspaper MNYL Representativ e

20%

Krishn Kumar Pandey 53

 FINANCIAL FACT
SHEET
NAME-

..
AGE-

MO.-

OCCUPATION-

..
FAMILY MEMBERS-
..
INSURANCE-

..
(1)

.
(2)

.
(3)

Krishn Kumar Pandey 54

 .

LIC-

..

OTHERS-

..

F.D.-

SIP-

TOTAL INCOME-

..

TOTAL INVESTMENT-

Why Bajaj Allianz Life Insurance ?

Krishn Kumar Pandey 55

% Claim Settlement Ratio

One of the best Claim Settlement ratio in Private sector - 98.1%*

Awarded in the "Claims Service Company of the Year" category at the Indian Insurance

Awards 2014

Claim deposits via electronic transfer to make process faster

Solvency ratio of - 809% **

It is unlikely that our claim settlement delay beyond 30 days we pay a 10.5% interest

for every day's delay

Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most

convenient manner when you need us.

NOTE- Above data is made On the basis of no. of intimated cases. The data is for Group and
Individual Business as for FY 2015-16 end.

** As on September 2015 end.

Krishn Kumar Pandey 56

Krishn Kumar Pandey 57
Krishn Kumar Pandey 58
 ENTERPRISE RISK MANAGEMENT FRAMEWORK

RISK OBJECTIVES
The Company perceives risk management as a means of value optimisation. The risk owners

are responsible to review the key risks on an ongoing basis and the same is then discussed

during the Risk Management Committee Meeting. The Chief Risk Officer (CRO) is ultimately

responsible for fostering the enterprise-wide risk management function including provision of

the Top Risk Assessment (TRA) to the Executive Risk Management Committee and the Board

RiskManagement Committee. The Company also performs self-assessment to identify and assess

operational risks in terms of their likelihood and impact by each business unit withinthe

Company.

The risk management practices are aimed to address one or more of these risk management

goals as given below:

Determine the risk profile of the Company;

Integration of risk considerations into decision-making processes including promotion of

a strong risk management culture supported by a robust risk governance structure;

Determine the relevant processes and strategies for Risk management which include

identification of risks.

To ensure adherence to all regulatory mandates as laid down by different regulatory

authorities and all critical internal policies/limits;

Minimizing reputational risk as identified and assessed as part of a regular assessment

and managed on a case-to-case basis.

Measurement and monitoring of risk exposures and ensuring relevant control or risk

transfer.

Krishn Kumar Pandey 59

RISK GOVERNANCE FRAMEWORK
The risk governance structure of the Company consists of the Board, the Board Risk

Management Committee (RMC) and the Executive Risk Management Committee and then there

are variouslines of defenses which include the Heads of each department, Internal Audit and the

Risk team, the Statutory and Concurrent Auditors and lastly the Control Committee. The RMC

oversees the functioning of the overall risk management framework of the Company and

implementation of the risk management strategy. The RMC has also been vested with the

responsibility to formulate, implement, monitor and periodically revise the Asset Liability

Management strategy of the Company. Mr. Heinz Dollberg is the Chairman of the Risk

Management Committee, with Mr. Sanjiv Bajaj, Mr. Ranjit Gupta and Mr. Anuj Agarwal MD

and CEO being the other Director members thereof. The Chief Risk Officer, Chief Investment

Officer, Chief Financial Officer and the Appointed Actuary are permanent invitees to all

meetings of the RMC. The Risk Management Committee met four (4) times during the year on

14 May 2015, 16 July 2015, 15 October 2015 and 11 January 2016. Following table sets out the

particulars and attendance of members of the Risk Management Committee at various meetings.

The supervisory level Executive Risk Management Committee, convened by the CRO,

comprises of various Heads of Departments, which have been identified as the owners of key

risks within the Company. They are responsible for implementation of risk management

activities including risk mitigation plan within their respective vertical/departments. This

executive level committee ensures centralised risk monitoring and management.

The Risk, internal audit, concurrent audit and statutory audits support the identification,

measurement and control of risks, flagging off areas where corrective action is needed.

The risk strategy of the Company is to identify actual and potential threats to the Company on a

short and long term basis internally and externally.

Krishn Kumar Pandey 60

Key risks and their mitigation
Market risk and Asset Liability management risk is the risk to the Companys profits and

or liabilities due to changes in market values of its investments. The Company manages

this risk by controlling exposures to risky assets, monitoring durations of assets vis--vis

liabilities and ensuring adequate reserves are maintained for meeting claim and guarantee

obligations.

Credit Risk or the risk of default of counter parties is sought to be mitigated by investing

in securities with minimum acceptable credit rating and reviewing changes in credit

ratings.

Liquidity risk is monitored on a regular basis to ensure sufficient liquidity is maintained

to meet short-term obligations.

Operational risk is mitigated by a system of internal audit which flags off areas where

risks are identified.

Mortality risk is sought to be mitigated by regular actuarial review of mortality

experience.

Your Company has an off-site data center and a business continuity plan to mitigate

Business Continuity risk.

Krishn Kumar Pandey 61

 CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES
Brief outline of Companys CSR Policy, including overview of projects or programs

proposed to be undertaken and a reference to the web-link to the CSR Policy and projects

or programs:

The Company has in place its Corporate Social Responsibility (CSR) Policy in line with the

requirements of Companies Act, 2013. The Policy has been approved by the Board of Directors

and the same is placed on the Companys website (www.bajajallianz.com). The Companys CSR

Policy outlines the Companys responsibility as a corporate citizen and lays down the guidelines

and mechanism for undertaking activities for welfare and sustainable development of the

community at large. The CSR Policy of the Company outlines the Scope of CSR activities,

Modalities of execution of Projects/Programmes, Implementation through CSR Cell/other

vehicles of CSR implementation and Monitoring Assessment of CSR Projects/Programmes. The

process for implementation of CSR programs involves identification of programs based on

proposals received through various channels, assessment of the project in terms of funding

required, implementation area and overall scope, due diligence of implementation agency and

recommendation to the CSR Committee. The CSR Committee, if found appropriate, approves

the proposal and amount of expenditure to be incurred on the same within the overall limit

approved by the Board.

Average net profit of the Company for last three financial years: H 1,305 crore.

Prescribed CSR Expenditure (2% of amount as in Item No. 3 above): H 26.10 crore.

Details of CSR spent during the financial year 2015-16:

1. Total amount to be spent for the financial year: H 26.10 crore

2. Amount unspent: Nil
3. Manner in which the amount spent during the financial year is detailed below:

Krishn Kumar Pandey 62

 CSR Project or Sector in Projects or Amount Amount spent Cumulative Amount
programs outlay on the expenditure spent: Direct
activities which
(1) Local (budget) projects up or through
identified the project or programs to the implementing
is area project or
sub heads: reporting agency
or other programs (1) Direct period
covered
(2) Specify wise Expenditure
the state on projects or
and programs.
district (2) Overheads
where
projects or
programs
was
undertaken
Bandhan Konnagar: Eradicating Eastern 7 crore 1) Direct H 7 crore Amount
Support for hunger, States expenditure: spent
education of 7,000 poverty, of India H 7 crore through
children from malnutrition, 2) implementin
1 Promoting Overheads: g
economically deprived
Education Nil agency
families Bandhan
from Kindergarten to Konnagar
Class III
Smile Train India: To Promoting The project H 6.65 crore 1) Direct 6.65 crore Amount
provide health was expenditure: spent
3,695 safe, quality and care including undertaken H 6.65 crore through
totally preventive on 2) implementin
health care All India Overheads: g
free cleft surgeries for
2 basis. Nil agency,
poor namely
children at selected Smile Train
hospitals India
in India.
Marathwada Medical Promoting Marathwada 5 crore 1) Direct 5 crore Direct
and health Region, expenditure: contribution
Research Institute: for care including Maharashtra H 5 crore to
setting up preventive 2) Marathwada
health care Overheads: Medical and
a charity fund for free
3 Nil Research
treatment Institute
of needy patients, to
help cancer
patients in the last
stage of their
disease with palliative
care and
to arrange camps in
villages
identifying the people
who need
urgent medical
treatment.
Association for Rural Eradication Patna, 3.30 crore 1) Direct 3.30 crore Amount
and of poverty, Kolkata expenditure: spent
Urban Needy: The Promotion of and Pune H 3.30 crore through
organisation education, 2) implementin
4 Employment Overheads: g
provides Shelter and
enhancing Nil agency
education vocational Association

Krishn Kumar Pandey 63

 of erstwhile street skills for
children. Rural and
Funding Support for Urban
one years Needy
expenses of 9
Rainbow Homes
(for girls) and 2
Snehghars
(for boys) at Patna and
Kolkata
respectively and for
setting up a
Rainbow home in
Pune.
Janakidevi Bajaj Gram Promotion of Aurangabad 3.16 crore 1) Direct H 3.16 crore Amount
Vikas education, and expenditure: spent
Sanstha (JBGVS): ensuring Wardha H 3.16 crore through
Support for environmenta Districts 2) implementin
l of Overheads: g
water conservation
sustainability, Maharashtra. Nil agency
work to ecological Janakidevi
be executed in 10 balance, Bajaj
villages protection of Gram Vikas
of Aurangabad District flora and Sanstha
5 of fauna,
Maharashtra; and for conservation
School of natural
infrastructure resources and
maintaining
development work
quality of
in 6 blocks of Wardha water.
District of
Maharashtra.
Bharatiya Samaj Seva Eradicating Pune, 50 Lac 1) Direct 50 Lac Amount
Kendra hunger, Aurangabad, expenditure: spent
poverty, Chiplun, H 50 Lac through
6 (BSSK): Medical malnutrition, Sangli 2) implementin
expenses for
health care (Maharashtra Overheads: g
orphan children.
) Nil agency
Bharatiya
Samaj
Seva Kendra
(BSSK)
Hirabai Cowasji Promoting Pune 50 Lac 1) Direct 50 Lac Amount
Jehangir Medial health expenditure: spent
Research Institute: care including H 50 Lac through
Support preventive 2) implementin
health care. Overheads: g
for medication and
7 testing Pune Nil agency
Hirabai
for children below 5 Cowasji
years of Jehangir
age diagnosed with Medial
juvenile Research
diabetes. Institute

Krishn Kumar Pandey 64

Krishn Kumar Pandey 65
Krishn Kumar Pandey 66
 CHAPTER 5

SWOT ANALYSIS

Strike the iron when it is hot

Krishn Kumar Pandey 67

It was a great experience for me to have the summer training in BAJAJ ALLIANZ. To conclude

my observation regarding BAJAJ ALLIANZ, I had undertaken a topic to give a good report that

is really beneficially for me. I therefore, had an opportunity to give my views and opinions about

BAJAJ ALLIANZ through this project report. I have expressed this through a very important

technique called SWOT analysis.

Here are the findings and observation:-

STRENGTH:

A hard nut to crack:

To manage such a big organization, is really a tuff work and the officials and the

departmental heads have well managed it.

Like King, like subject

Not only the top management and other officers but also the lower level employees are very

cooperative, energetic, and effective and dedicated for their work.

NO pain, no gain:

The various department heads and the other officials are doing great efforts and hard work

for the improvement of the organization and facing the competition.

DO good, get well:

The employees working over here get a good degree of respect and appreciation for their

effort, which in return, motivates them.

Hence in short we can say that:-

It is the second largest and fastest growing private life insurance company.

Krishn Kumar Pandey 68

 It has products and networks to cater to the needs of different life styles.
It has the top financial advisor
Thus enabling higher returns to the customers
Strong promoters best people with domain knowledge, all India network offering
products across all lines, Strong IT infrastructure.
According to the Insurance Regulatory and Development authority the new premium
difference between Bajaj Allianz Life and Birla sun life at the end of the August 2005
was Rs.3.75crores Rival Birla Sun life has taken the threat seriously.

WAEKNESS:

A little knowledge is dangerous than no knowledge:

Some people working over here are not fully aware of the working of the organization and

hence they always have to consult each other on even the smallest matters.

Great cry, little wool:

The working here is to complex i.e. attending the customers daily, taking care of customers

problems. But net working capital is very less.

Half a loaf, better than no bread:

Some people work in these organizations only because they are getting something in return in

the form of salary, which is better than nothing.

Hence in short we can say that:-

Unlike few private insurance companies some of the products do not fetch guaranteed
returns.
Customer retention is important as the business spreads more by word of mouth
In some products allocation in the first year is less. This might effect the business if the
customer is very keen.

Krishn Kumar Pandey 69

 At the operational level the underwriting authority of the brand head was restricted and
proposals had to be sent to the head office for acceptance or rejection leading to delays
and customer dissatisfaction.

OPPORTUNITIES:

A drowning man catches on a straw:

It gets a good level of assistance from the superiors as well as other staff members when they try

to provide some help in the matter which are not meant to be handled, by one own self.

Every potter praises his pot:

The people from head office are always on a routine visit to check the working so that they can

do much better for more profits.

It is of no use to cry up on the split milk:

They tend to learn from the past mistakes, which leads to loose sometimes and have proved to be

one of the best bottlers of India.

Rome was not built in one day:

The organization is built with lots of efforts of all the concerned people and they always try to

maintain its position.

Hence in short we can say that:-

Krishn Kumar Pandey 70

 With Bajaj as a trusted name in India and Allianz being one of the largest insurers in the
world the company can be more aggressive and tap the market. Advertising should be
done more.
It can open few more offices in potential market.
It can give the customer some assured returns even for the market linked products.
A vast untapped potential for health insurance geographical expansion. De-traffing will
offer differential pricing for our customer.

THREATS:

Rotten apples injure their companions:

Some people are lethargic and due to lack of strict supervision, they sit as much as they can and

do nothing.

Birds of a flower flock together:

The top management takes very less care about the employees development and work for their

own facilities.

Hence in short we can say that:-

The company has to be innovative and always in the forefront because for the
competition from 13 companies and still 2 more to job
An industry where every one focuses on increasing market share and aggressiveness
greatly increases pressure on profitability.
All the channels of business should educate customer about the need for insurance and
not bind on him.

Krishn Kumar Pandey 71

 CHAPTER - 6

CONCLUSION AND
RECOMMODATION

Krishn Kumar Pandey 72

 CONCLUSION

The opportunity given to me by the Department of Business Administration for training has
really worked out as a boon to me since I have learnt many practical and real life business
situations. I got lot of exposure by doing this project report specially in learning the corporate
level practices in the actual market and also learnt that how the financial transactions are played
day to day in the market.

The training institute i.e., BAJAJ ALLIANZ LIFE INSURANCE COMPANY. Ltd has provided
a platform to make career in the field of insurance to me which is the most Volatile but
fascinating market. The Mutual Funds are the essence of Stock market also which is a concern
more or less for every business organization in the world.

RECOMMENDATION

After observing the problems area the following recommendation have been made:
It should bring some more products into the market, which fetches guarantee returns.
It should take care towards customer retention.
It should use the big names attached to it and tap the market by being more aggressive.
More number of offices should be opened.
The company can give some assured returns even for the market-linked products.
They have to be innovative to be ahead in the competition.

Krishn Kumar Pandey 73

 All the channels should be able to educate the customers properly on insurance.
The company should settle the claims and maturity benefits as soon as possible.

BIBLIOGRAPHY
BOOKS:-

1. Indian Financial System,

Author: - Vasant Desai
2. Financial Management
Author: - I.M. Pandey

WEBSITES:-

www.bajajallianzlife.com

www.iloveindia.com

www.moneycontrol.com

www.Sebi.gov.in

www.traderji.com.

www.karvy.com

Krishn Kumar Pandey 74

 www.mutualfundsindia.com

www.domain-b.com

www.marketbull.com

www.rrfinance.com

Krishn Kumar Pandey 75