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Bajaj allianz general insurance group 6
- 1. Presented By: Mohit Gandhi- PGDM4(1723) Anjali Rai – PGDM4(1713) Prakhar Jain – Cmba2y1(1735) Rohit Kumar Dada-Cmba2y1(1741) Renuka Ghola –Cmba2y1(1739)
- 2. Contents • Introduction • Formation of Bajaj Allianz • Core Values • Vision & Mission
- 3. INTRODUCTION General insurance company formed with a joint venture between Bajaj Finserv Ltd and Allianz SE. Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct various businesses in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE. It continues to be one of the most financially robust insurers in the industry by maintaining its growth as well as profitability. Bajaj Allianz General Insurance has received iAAA rating from ICRA For the 11thconsecutive year. As per ICRA highest claims paying ability and a fundamentally strong position in the industry. Source:
- 4. Formation of Bajaj Allianz Bajaj Finserv Allianz SE Bajaj Allianz Bajaj Finserv Allianz SE • Bajaj Finserv Limited has been recently demerged from Bajaj Auto Limited which is the largest manufacturer of two and three-wheelers in India. • It is an Indian financial services company focused on lending, asset management, wealth management and insurance. • Allianz SE is in the business of General Insurance; Life & Health Insurance and Asset Management and has been in operation for over 110 years. • Allianz is one of the largest global composite insurers with operations in over 70 countries. • Allianz has insured most of the world's largest infrastructure projects ( Hong Kong Airport and Channel Tunnel between UK and France).
- 5. CORE VALUES
- 6. Vision & Mission Vision : • To be the first choice insurer for customers • To be the preferred employer for staff in the insurance industry • To be the number one insurer for creating shareholder value Mission: • As a responsible, customer focused market leader, we will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money.
- 8. Definition : General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. Any sort of 'non-life' insurance policy falls under General Insurance It is also called as property & casualty insurance Classification Commercial lines Personal lines What is general Insurance ? General Insurance is called property and casualty insurance in the U.S. and Non-Life Insurance in Continental Europe. Products are usually designed for relatively small legal entities. These would include workers' comp (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organizations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels. products are designed to be sold in large quantities. This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others.
- 9. It is a mandatory product to buy after you purchase your car. Car repair expenses can be claimed in case of a car accident It provides protection against third-party liability and physical damages from Fire ,Theft ,Burglary ,Riots ,Earthquakes, Flood , Cyclones CAR INSURANCE Fire Insurance It covers any damage to property as a result of a fire It goes beyond property insurance and covers The cost of reconstruction The cost of replacement The cost of repair The loss can be ascertained only after the fire has occurred The insurer is liable to the actual amount of loss not exceeding the maximum amount fixed under the policy Health Insurance Health insurance, like other forms of insurance, is a form of collectivism by means of which people collectively pool their risk, in this case the risk of incurring medical expenses. Marine Insurance Marine insurance refers to coverage provided for the loss or even damage that has been caused to cargo, ships, terminals between their points of origin and final destination Four types of marine insurances: 1. Hull Insurance 2. Cargo Insurance 3. Freight Insurance 4. 4. Liability Insurance
- 10. Bajaj Allianz deals in following plans Motor Insurance Car and Two Wheeler Insurance Third Party Commercial Vihecal Travel Insurance Individual Family Senior citizen Student Travel Health Insurance For Individuals For Family Global Personal Guard Critical illness Extra Care Plus
- 11. CAR INSURANCE TWO WHEELER INSURANCE PERSONAL ACCIDENT INSURANCE a) Best value plan b) Standard plan c) Flexible plan a) Third party liability only policy b) Comprehensive package Policy a) Basic coverage b) Wider coverage c) Comprehensive coverage Product portfolio of Bajaj Allianz
- 12. HEALTH INSURANCE • HEALTH GUARD INDIVIUAL POLICY • HEALTH GUARD FAMILY FLOATER OPTION • SURGICAL PROTECTION PLAN • PREMIUM PERSONAL GUARD • EXTRA CARE • CRITICAL ILLNESS • HEALTH CARE SUPREME • HOSPITAL CASH DAILY ALLOWANCE • SILVER HEALTH • STAR PACKAGE • HEALTH ENSURE • TAX GAIN • CRITICAL ILLNESS FOR WOIMEN • TOP UP HEALTH PLAN
- 13. 1 2 3 5 TRAVEL INSURANCE INDIVIDUAL TRAVEL INSURANCE FAMILY TRAVEL INSURANCE SENIOR CITIZEN TRAVEL STUDENT TRAVEL INSURANCE 4 6 CORPORATE TRAVEL INSURANCE TRAVELASIA
- 14. EASY HOUSE HOLDERS PACKAGE POLICY HOUSE HOLDERS PACKAGE POLICY MY HOME INSURANCE HOUSE INSURANCE CYBER SAFE INSURANCE IDENTITY THEFT SOCIAL MEDIA LIABILITY CYBER STALKING MALWARE ATTACK PRIVACY & DATA BREACH BY THIRD PARTY EMAIL SPOOFING
- 15. Commercial insurance • Property insurance • Marine insurance • Liability insurance • Financial lines insurance Engineering insurance Energy insurance Employee benefits insurance International insurance solutions
- 17. Strengths • Global exposure in Insurance • Financially Strong • Has network across • Strong ratings • Wide product range
- 18. Weaknesses • Cheaper rates offered in market • Least preferred by MIG people • Low urban v/s rural customer ratio
- 19. Opportunities • Growing rural interactions. • Urban youth with growing income. • Growing health care sector.
- 20. • Forex fluctuations. • IRDAI norms. • Increase of NBFCs in India
Editor's Notes
- Commercial lines: products are usually designed for relatively small legal entities. These would include workers' comp (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organizations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels. Personal lines: products are designed to be sold in large quantities. This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others.