Marketing Financial Services-Bajaj Allianz general insurance

2. Bajaj Allianz General Insurance is a private general insurance company in India.
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv
Limited and Allianz SE. The reputation, expertise, stability, and strength of this alliance is
the driving force behind Bajaj Allianz General Insurance.
The company had 36 offices and around 100 employees. The company started its
operations with a paid up capital of ₹1.10 billion. Bajaj Finserv Limited holds 74% and the
remaining 26% is held by Allianz SE. Bajaj Allianz is headquartered in Pune with offices in
over 200 cities in India and more than 3,500 employees as of 2018
The Company lists 97 filed and approved products, of which 27 are health products. In
January 2014, the company announced it would open up all-women branches. As of 2015,
the company has 30 such branches in India.
In February 2019, company has announced to start new brand named "Caringly Yours" ,
As per Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, this initiative is for
providing seamless experience to their customers.
In 2020, the company introduced a new health insurance plan called Health Infinity, that
allows customers to avail quality medical treatment without any restrictions on the sum
insured
Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA)
certificate of registration on 2nd May 2001 to conduct various businesses, including the
Health Insurance business, 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.
As one of the leading general insurer of India, Bajaj Allianz General Insurance caters to
individuals across demographics of the country and the corporate sector with its wide
range of products, from personal accident to marine insurance and everything in between.
Known for its claim and customer service levels, Bajaj Allianz has received iAAA rating
from ICRA for eleven consecutive years, which indicates the company's highest claims
paying ability and a fundamentally strong position. The company has a strong focus on

3. customer centricity and aims to be an insurance provider delivering superior value with an
excellent experience for the customer.
The company was recently awarded as the Technological Initiative Award for the first-ever
Telematics based motor insurance service 'DriveSmart', and the Digital Insurer Award at
the prestigious 21st Asia Insurance Industry Awards 2017.
The brand has been recognized as one of the most trusted general insurance brands in The
Brand Trust Report India Study 2016 covering 20,000 brands across 16 cities and The
Economic Times Best Brands.
As on 31st Bajaj Allianz continues to be one of the most financially robust general
insurance companies in India by maintaining its growth as well as profitability. The
company has registered a Profit Before Tax of Rs 1,078 crore and emerged as the most
profitable insurer recording a Profit After Tax of Rs 728 crore. The company reported a
GWP of Rs 7,687 crore that has grown by 30.3% compared to the last fiscal.
“Bajaj Allianz is one of the top insurers providing excellent customer service”
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.
 Bajaj Allianz offers technical excellence in all areas of General and Health Insurance,
as well as Risk Management

4.  Bajaj Finserv's in-depth understanding of the local market and extensive
distribution network with the global experience and technical expertise of the
Allianz Group.
 As a registered Indian Insurance Company and a capital base of Rs. 110 crores, the
company is fully licensed to underwrite all lines of insurance business including
health insurance.
Core value:
Customer comes first
 Treat all customers with warmth and respect
 Understand and manage customer expectations
 Listen and be empathetic to the customer
 Engage with the customer in the long term
Spirit of adventure
 Lead change
 Look for opportunities to innovate at every level
 Empower others to take responsible decisions
 Show tolerance for failure
Trust
 Are accessible to all
 Are fair and transparent
 Are open to feedback
 Keep commitments
 Trust each other to do a good job and give due credit

5.  Own up to mistakes
Shared Ownership
 Take collective ownership for success and failure
 Respect divergent views and own the decisions taken
 Put organizational interest above team and individual interests
 Consciously include and respect people from different backgrounds
High Standards
 Set new benchmarks of excellence
 Are open to new ideas for raising the bar
 Take pride in our work and excel in what we do
Bajaj Allianz Company Offers:
Bajaj Allianz General Insurance Company offers comprehensive insurance solution in the
following categories:

6. Motor Insurance Home Insurance
Health Insurance Cyber safe Insurance
Travel Insurance Commercial Insurance
Claim Ratio
 Motor: 62%
 Health: 85%

7. SWOT analysis of Bajaj Allianz:
Strength:
 Complete solution for insurance
 Online Plans
 International exposure
 Strong network
 Wide Product Range
 Awards & Recognitions
Weaknesses:
 The absence in rural areas
 Length procedure
 Small infrastructure
 Strong competitors

8. Opportunities:
 Untouched Markets
 High Returns with security
 India’s population
 Automobile sector
Threats:
 Large competitors
 Economic condition
 Awareness among people
 Strict rules and supervision under IRDA
Market share of Bajaj Allianz across India from FY 2015 to FY 2020:

10. Marketing Mix of Bajaj Allianz General Insurance:
Product:
This Marketing Strategy element reflects the solution to the customers’ needs. Bajaj Allianz
General Insurance Using Humour to Break the Clutter should develop unique product design,
name and features to stand out in the competitive market. Following factors should be
considered to develop the product strategy- quality, variety, features, packaging, brand name
and augmented services.
Pricing:
This Marketing Strategy element requires an evaluation of the value of products for targeted
customers. The pricing strategy of the Bajaj Allianz General Insurance Using Humour to Break
the Clutter will focus on setting the list price, credit terms, payment period and discounts.
 If Bajaj Allianz General Insurance Using Humour to Break the Clutter decides to choose
the price penetration strategy, it will have to set the lower price than competitors. The
company will be able to win market share based on discounted pricing. However,
management should be aware of the potential retaliation from competitors in the form
of an undesired price war.
 The choice of skimming strategy will require clear communication of differentiation
basis and how such differentiation justifies the extra price.
Today's customers are not interested in knowing the ‘price' but a total cost involved in
acquiring, consuming and disposing of the product.
Place/distribution:
This Marketing Strategy element requires Bajaj Allianz General Insurance Using Humour to
Break the Clutter to make some important decisions when developing its distribution plan. It
should decide:

11.  Whether the company wants to make the product available to targeted customer
segments through its channels, or it needs a distribution partner to serve the
customers' needs.
 Whether the distribution will be direct (involving no middlemen), or indirect. If indirect
distribution strategy is adopted, the number of middlemen must be selected
(wholesalers, retailers etc.)
 Whether it is interested in: traditional brick and mortar distribution network, online
distribution or a combination of both. Certain online retailers like Amazon are available
if online distribution strategy is chosen. The company can also develop its online
website to sell the product.
Modern customers give high importance to the ‘convenience’ and ‘easy availability’. The
selection of ‘right’ distribution channels will require Bajaj Allianz General Insurance Using
Humour to Break the Clutter to:
 Firstly, consider the product characteristics. Involving various middlemen to distribute
perishable products will not be a wise decision if the product is perishable.
 Analyse the market dynamics, customers' preferences and own resources and
capabilities. If customers place high importance to personalised services and prefer
shopping from traditional stores rather than online channels and firm also has enough
resources to open their outlets, than distribution strategy should be set accordingly.
 The competitors’ distribution strategies also need to be studied. A comprehensive cost-
benefit analysis of each channel and comparison with own resources and capabilities
will help Bajaj Allianz General Insurance Using Humour to Break the Clutter develop an
effective distribution plan.
Promotion:
This is one of the most important elements of Bajaj Allianz General Insurance Using Humour to
Break the Clutter Marketing Strategy. Bajaj Allianz General Insurance Using Humour to Break
the Clutter can blend above and below the line promotional strategies to achieve its marketing
objectives. The above the line promotion options for Bajaj Allianz General Insurance Using

12. Humour to Break the Clutter are- television, radio and print advertising. Below the line
promotion options are- catalogues, tradeshows and direct mail campaigns.
The promotional plan of Bajaj Allianz General Insurance Using Humour to Break the Clutter
Marketing Strategy requires the company to consider the following factors:
 Start with clearly defining your unique selling propositions and understand why
customers need the product and how it is different from available alternatives.
 Craft the message content and evaluate how the crafted message will help customers in
creating a clear image of the offered product. Consider the AIDA (awareness, interest,
desire, action) when developing the message.
 The promotional strategies like direct selling or high profile advertising will suit if the
company wants to push the product. However, the pull strategy will require the
development of a prestigious brand image that could attract the customers towards the
offered product.
 Collect the following target market information- who will buy the product? (Age,
gender, income and social status), what is price sensitivity level? And what are
customers’ desired communication modes? Incorporate this information into the
promotional plan.
 Filter out the promotional options based on the above information and conduct a cost-
benefit analysis of selected promotional alternatives.
o For example, the selection of TV advertising as a promotional strategy will allow
the company to target the mass market, increase brand awareness and brand
recall. However, it is an expensive promotional strategy and suits if the company
has adequate resources available for the promotional efforts.
o The popularity of social media marketing has raised significantly during the last
few years. Use of this promotional strategy will enable Bajaj Allianz General
Insurance Using Humour to Break the Clutter to reach the mass market
economically. It will also offer an opportunity to actively interact with
customers, develop a personalised relationship and manage e-WOM to get better
results. However, the risk of uncontrollable negative e-WOM remains there.

13. The pictorial presentation of the Porter Model is given below:
Bajaj Allianz General Insurance Using Humour to Break the Clutter can follow the
following steps to conduct the market analysis:
Market size analysis:
Bajaj Allianz General Insurance Using Humour to Break the Clutter should evaluate the market
potential and volume to determine the size. The market potential includes potential customers
and considers upper demand limit. The market volume includes certain indicators like realised
sales and total turnover. Bajaj Allianz General Insurance Using Humour to Break the Clutter can
take information from different sources to accurately determine the market size, such as-
financial data of industry’s major players, government data, customer surveys, published
industry reports and trade association data.
Market trends analysis:
It is important to analyse the emerging market trends, particularly when environmental
turbulence is high. Bajaj Allianz General Insurance Using Humour to Break the Clutter can use
different trend analysis techniques for this purpose, such as- marketing mix modelling, risk
analysis, choice modelling and customer analysis. Bajaj Allianz General Insurance Using

14. Humour to Break the Clutter should also monitor the political, legal, regulatory, social and
economic changes as these environmental forces play an important role in shaping the market
trends.
Market growthanalysis:
Bajaj Allianz General Insurance Using Humour to Break the Clutter can extrapolate the
historical data to determine the market growth rate. This information can help a company in
determining the current lifecycle stage of the industry.
Market profitability analysis :
Bajaj Allianz General Insurance Using Humour to Break the Clutter can use Porter's five force
framework to determine market profitability. The high buyer power will negatively affect
market profitability, showing Bajaj Allianz General Insurance Using Humour to Break the
Clutter’s customers have different options. Low supplier power positively influences
profitability and indicates Bajaj Allianz General Insurance Using Humour to Break the Clutter
has a strong position during the negotiation process with suppliers. High entry barriers show
that there will be lesser new entrants in the market. High substitute product threat and high
competitive rivalry will also decrease the market profitability and attractiveness for Bajaj
Allianz General Insurance
Cost structure analysis:
Isolating the costs and identifying critical success factors. Bajaj Allianz General Insurance Using
Humour to Break the Clutter can also use the information obtained from cost structure analysis
to develop cost advantage.

15. Bajaj Allianz STP:
Digital transformation:
Keeping up with the mantra of simple-easy-convenient for our Customers, Partners and
Employees, your Company has launched easy to use mobile apps for instant policy
issuance, inspection, claim processing and other self-service functionality across the
insurance value chain.
Some of the key mobile apps include our customer app - Insurance Wallet, with a play store
rating of 4.0, for instant policy, 20-minute settlement for motor insurance and health
Bajaj Allianz
Segmentation
Personal and Group Insurance
Bajaj Allianz Target
Market
Urban and Rural Investors
Bajaj Allianz
Positioning
Complete Insurance and financial solutions

16. insurance reimbursement claims and Ezeetab app for our agents, using which over 14 lac
policies were issued during FY2019.
Bajaj Allianz Health Insurance Policy:
Health insurance Plans
A health insurance policy ensures that the proper treatment can be opted for without
worrying about the expenses and without exhausting savings. Health insurance policies
offered by Bajaj Allianz cover various benefits like pre and post hospitalization expenses,
day care treatment, etc. You can avail Bajaj Allianz’s cashless facility by getting treated in
any of their 5700+ Authorised Hospital Network.
Bajaj Allianz’s health insurance products cater to individual and family needs. Bajaj Allianz
offers different types of plans to suit different requirements of people. Below are the plans
offered by Bajaj Allianz:

17.  Individual Health Insurance Plan : Under this plan, an individual can opt for a
health insurance policy of a single sum insured. Each family member can avail an
individual plan with a sum insured within the range of INR 1.5 lakh up to INR 50
lakh. Policy term of 1,2 or 3 years is available with lifelong renewal option.
 Health Insurance Plan for Family – Health Guard : A sure shot way to cover your
family and savings from exhaustion is to opt for a family floater plan. It is a single
policy for the covering the whole family and covers parents, spouse and kids in one
policy. The sum insured can be in the range of INR 1.5 lakh up to INR 50 lakh. Policy
term of 1,2 or 3 years is available with lifelong renewal option.
 Health Insurance Plan for Family – Health Guard : A sure shot way to cover your
family and savings from exhaustion is to opt for a family floater plan. It is a single
policy for the covering the whole family and covers parents, spouse and kids in one
policy. The sum insured can be in the range of INR 1.5 lakh up to INR 50 lakh. Policy
term of 1,2 or 3 years is available with lifelong renewal option.
 Extra Care Plus Policy : Extra Care Plus Policy is a top-up health cover which
comes in handy if you exhaust the sum insured of your existing health insurance
policy. The entry age for this policy is 91 days to 80 years. It does not require
medical test for up to 55 years of age.

18.  Health Insurance Critical Illness : You can cover yourself against the risk of a
critical illness. It covers all the medical expenses if in case you are diagnosed with a
critical illness such as Cancer, Coronary Artery Bypass Surgery, Kidney Failure,
Stroke, Permanent Paralysis of Limbs, etc. The sum insured can be in the range of 1
lakh to 50 lakh. The insured person gets a lump sum amount on diagnosis so he/she
can plan the treatment accordingly.
 Global Personal Guard : This policy covers the risk of an individual travelling
abroad which may lead to an accident causing Permanent Partial or Total Disability
or Death. There are 3 base covers which are mandatory and 12 add-on covers with
coverage ranging from Rs. 50,000 to Rs 25 lakh
Health Insurance Plans and Mediclaim Policies:

19. BAJAJ ALLIANZ HEALTH INSURANCE:
To get the best healthcare available near you without breaking the bank, it’s
paramount to invest in a sound health insurance policy for you and your family.
Unfortunate events can surprise you, so it is important to safeguard your hard-
earned funds from being spent on heavy medical bills.
When it comes to medical insurance, Bajaj Allianz General Insurance is at the
forefront with a diverse range of affordable health insurance plans. They are
customized to protect your savings from hospital bills. We respect your time and
money and our offerings reflect our commitment to you. Bajaj Allianz General
Insurance has the highest claim settlement ratio among private insurers. Your
cashless claim can be settled within 1 hour – that’s faster than other health
insurance companies.
An effective medical insurance policy is essential because the prices of medicines
and hospital treatments are rising day by day. In case if an accident or critical illness
befalls you, it will cause a huge financial burden on you and your family. We
understand this and hence, we offer various options and features when it comes to
health insurance plans. We not only cover hospitalization expenses, but also provide
cover against critical illnesses, accident-related, maternity, consultations, check-ups
and other such medical expenses.
Factors to consider while buying Health Insurance:
You’re spoiled for choice when it comes to buying insurance because of the numerous
health plans and covers available today. But you need all the information you can get
before buying a medical insurance policy that suits your needs. To make your life simple,
we’ve made a short list of factors you must consider while purchasing a policy.
Here they are:
 Always opt for adequate cover and ensure that it is sufficient for you and your entire
family.

20.  Nowadays, most employees are covered by their company’s medical insurance.
However, it is always an added benefit to select and purchase your own medical
insurance plan after knowing all the terms and conditions.
 It’s ideal to combine hospital cash, critical illness and other benefits in your base
cover to avail some form of compensation for non-payable losses.
 Always inform your insurer about any pre-existing diseases.
 Always keep a note of covers and maximum limits.
 A higher sum insured is always better as there is a constant rise in the cost of
medical expenses.
 It is advisable to check the insurance provider’s claim settlement record. You should
always opt for a company with a good settlement record. This ensures that your
claims are not wrongly withheld and prevents any unnecessary claim issues in the
future.
Other Health Insurance solutions:

21. HEALTH INSURANCE THAT IS HERE FOR YOU:
 One of the top health insurance service providers in the country.
 More than 15.9 lakh health insurance claims paid during the FY 2018-19.
 Cashless claims facility at over 6,500+ hospitals across the country.
 Cashless claim settlement within 60 minutes.

22.  24*7 call assistance for claims settlement.
 In-house Health Administration Team (HAT) for faster claims processing.
 Maximum coverage at affordable rates.
 Easy to buy/renew online insurance policies.
 Quick claim settlement through our app via Health Claim by Direct Click.
Benefits:
Avail preventive care: Prevention is better than Cure. You can regularly under take
health check-ups without actually worrying about paying the medical bills.
Access to better medical care: you can
get your medical issues attended by highly-
qualified doctors and also rope in specialist
for rare conditions if it is covered in the
scope of your medical insurance policy.

23. Peace of mind: Relieve yourself from constant worry of medical expenses that
occurs due to an unfortunate incident or emergency.
Cashless Treatment: We have various tie-ups with hospitals across the country.
You can opt for treatment of any of our “empaneled hospitals” and avail their
services without paying anything. Mention Policy details at the time of admission
and we will take care of everything.
Family Floater: You can opt for a family floater with health guard plan wherein all
member covered under the policy can avail the sum incurred amount in case of
medical emergency.
24*7 Customer support: We provide round the clock customer support to answer
all your health insurance related queries and to provide a hassel-free claim
settlement process.
In-house HAT: Our Health Administration Team provides complete support for all
your claim settlement requests and also ensures quick settlements
Claim Settlement: Easy, free, quick and hassle free claim settlement process.
Cashless claim settlement can be done 60 minutes faster than the overall industry
standard.
Easy buying and renewal: Easy to buy and renew the policy online. Lifetime
renewability is also available.
Renew your policy on a continual basis. If there is a break between the expiry and renewal,
you may lose the benefits of the insurance.
Choose an insurance provider that has an internal team to assist with claim and settlement
process as they offer a better turnaround time and a seamless process.
Opt for a health insurance company that allows insurance portability. This way you have
the benefit to change your insurance company and opt for a medical insurance policy better
than your current one.

24. Premium Payment process of Bajaj Allianz Insurance Company
Online Payment Process:
Bajaj Allianz provides you services where you can pay for your insurance policy online.
Once you decide on the policy, you will get options to pay the premium amount with
preferred payment gateway like credit cards, EMI, Net Banking, debit cards, wallets/cash
cards etc. Select your payment method and do the payment online.
Offline Payment Process:
To do offline payment, you will need to visit the branch office of Bajaj Allianz general
insurance. You will be asked to fill a form with your policy details. After filling the form, you
can make the payment either in cash, cheque or any other payment method allowed by the
branch.
Bajaj Allianz Insurance Renewal:
Online Renewal Process at Bajaj Allianz Insurance Company:
 Simply log on to the Bajaj Allianz general insurance website.
 You will be then asked to put your existing policy detail and other details depending
upon the insurance product.
 Once you get access to your existing policy page, you will see a renewal option. All
you have to do is to verify the details of the renewal plan and accept it.
 You will then get directed to the payment page and once you make the payment, the
soft policy document will be emailed to you almost instantly.
 In case you get stuck, you can call the customer service advisor of Bajaj Allianz who
will guide you with the online renewal process.