Implementation of the 3P's of Service Marketing by “Bajaj Finserv” & “Apollo Munich Health Insurance Co. Ltd.”

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Detail Report
Implementation of the 3P’s of
Service Marketing by “Bajaj
Finserv” & “Apollo Munich
Health Insurance Co. Ltd.”
Presented by,
Quaris EunusRahman (40)
Rajdeep Ghosh (41)
Ram Kinkor Mahanta(42)
Riktim Choudhury(43)
Rimpon Goswami (44)
Rishav Gautam (45)

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Table of Content
Sl No. Particulars Page No.
1. Company Information...................................................... 3
2. Service Provided................................................................ 4
3. 3P’s of Service Marketing................................................. 4
4. Note..................................................................................... 5
5. People.................................................................................. 5
6. Process................................................................................ 6
7. PhysicalEvidence.............................................................. 7
8. Conclusion.......................................................................... 7

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1. Company Information:
 Bajaj Finserv: Bajaj Finserv was formed in April 2007 as a result of its
demerger from Bajaj Auto Limited to further the Group’s interests in
financial services. This demerger enabled Bajaj Finserv to independently
run the core businesses of Lending, Insurance and Wealth Advisory.
Bajaj Finserv Limited is the holding company for the businesses dealing
with financial services of the Bajaj Group. The founder of Bajaj Group is
Jamnalal Bajaj. Bajaj Finserv, a part of Bajaj Holdings & Investments
Limited, is an Indian financial services company focused on lending,
asset management, wealth management and insurance. Bajaj Finserv was
ranked among The Economic Times 500 as #119 in 2014.
 Apollo Munich Health Insurance Company Ltd.: Apollo Munich
Health Insurance Company Ltd. is a private sector health
insurance company in India. Founded on 8 August 2007, it is a joint
venture between the Apollo Hospitals group and Munich Health, one of
the three business segments of Munich Re; a leading reinsurance company
based in Germany. Apollo Munich Health Insurance is ISO – 9001:2008
certified for Design, Distribution and Servicing of health insurance
products. It has 100 physical offices all over India. Apollo Munich Health
Insurance Company Ltd. was originally known as Apollo DKV Insurance
Company Ltd.; a joint venture between Apollo Hospitals and DKV AG, a
subsidiary of ERGO Group; a group of insurance companies owned
by Munich Re. The stake holding of the two companies was in the ratio of
74:26 (Apollo Hospitals Group: DKV AG). Apollo DKV was renamed
Apollo Munich Health Insurance in December, 2009.

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2.Service Provided:
Bajaj Finserv
Apollo Munich Health Insurance
Company Ltd.
Personal Loan Health Insurance
Consumer Durables Loan PersonalAccident
Home Loan Travel Insurance
Business Loan
Gold Loan
Automobile Loan
Professional Loan
3.3P’s of Service Marketing:
People: Human who participate in service delivery. Service
personnel who represent the company’s value to customers.
Interaction between customers as well as employees.
Process: The procedures, mechanisms and flow of activities by
which service is delivered.
Physical Evidence: The environment in which service occurs. The
space where customers and service personnel interact. Tangible
commodities (ex. equipments, furniture etc.) that facilitate service
performance.

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4.Note:
As we talked with persons familiar with this type of organisation we
get to know that more or less the implementation of the 3P’s of Service
Marketing in both of the companies are similar as they deal with money
agreement type of business with the customers. So, the implementations
are more or less similar.
5.People:
Bajaj Finserv
Apollo Munich Health Insurance
Company Ltd.
Employees Agent
Customers Employees
Management Management
Training Training
Uniforms Customer
Handling Complaints Managing Social Interactions
It is the people who work for the company and who are responsible in
creating happy and returning customers. People in the organization are the
epicentre of the quality of services its need to have the best of talents to gain
customer loyalty and trust. Business is not just built on your goals, company
vision and principles but also depends heavily on your employees. This is why
training is required to them for brushing up their talent. The company provides
those uniforms to create an identity by which any person from outside can
recognise them as the employee of the company.

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6.Process:
Bajaj Finserv
Apollo Munich Health Insurance
Company Ltd.
Service at Call Agent
Door Step Service Door Step Service
Call Centre Service Call Centre Service
Speed & Accuracy in Payment
System
Online Service
Use of Technology Cashless Facility
EMI Payment Facility Reimbursement facility
How efficiently the services are delivered to the customer is an
important aspect of the service blueprint and it need to emphasize on setting
up a process for doing so. The company need to ask themselves “Do they want
to have a process in place that is quick, reliable and easy to monitor or one that
is sluggish but necessarily passes through several layers of hierarchy?” In
today’s competitive world, companies are always in the race to deliver
services quickly, efficiently and with the highest quality. This is why these
companies have implemented some processes which smooth their services.

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7.Physical Evidence:
Bajaj Finserv
Apollo Munich Health Insurance
Company Ltd.
Loan Agreement Policy Paper
Brochures Brochures
Offices Offices
Reports Reports
Furniture Furniture
Business Card Business Card
The tangible items which company provides to its customers are the
physical evidence. This is what gives a look and feel to the customers.
8.Conclusion:
By looking at all the 3P’s implemented by these two companies, we have
learned that even if one of the “P” missed out then it could create a big
problem for them to sustain in the market. So, they use the service marketing
mix i.e. 3P’s effectively and efficiently to have a grip in the market.