1) The document analyzes the recruitment process, customer satisfaction, and financial performance of Bajaj Allianz Life Insurance. 2) It finds that the recruitment process is centralized but could be improved by decentralizing and training new hires. 3) Customers primarily seek risk coverage, returns, and brand reputation when purchasing policies. 4) While Bajaj Allianz has grown premium collections and investment incomes, it previously suffered losses but is now profitable. 5) Suggestions include improving awareness, returns, and investing profits more effectively.

1. MINOR PROJECT
ON
Recruitment Process and
Customer Satisfaction
leads to Financial
Performance

2. INTRODUCTION
• Bajaj Allianz Life Insurance Co. Ltd is very well known
Insurance Company in Pune.
• In India it is the largest insurer in the world, had joined hands
with famous Bajaj Auto one of the trusted name in automobiles.
• The project mainly focus on three important aspects of the
company
1) Recruitment Process
2) Customer Satisfaction
3) Financial Performance

3. Company profile
• Bajaj Allianz Life insurance Company Limited is a joint venture
between Allianz AG of Germany and Bajaj Auto Limited.
• Bajaj Allianz Life Insurance Company was incorporated on 12th
March 2001.
• The company received the Insurance Regulatory and
Development Authority (IRDA) Certificate of Registration (R3)
NO116 on 3rd August 2001 to conduct Life Insurance business in
India.

4. Core value
• Understanding the customer s needs.
• Meeting the customer s requirement.
• Ensuring optimal performance at lowest cost.
• Commitment to excellence.

5. Need for the study
• Any organization whether business or otherwise requires number
of resources for its effective and efficient performance.
The need for the study is to analyze the:
• Recruitment process – how the employees are benefitted
• Customer Satisfaction – how the company is effective in its
marketing & service
• Financial Performance – how the company is managing its
financial resources and planning investments and fixing
premiums

6. objectives
To understand:
• Human Resources tools used in handling the Recruitment process.
• To have exposure of the recruitment process.
• How effective the computer system or new technology used in the
recruitment process system.
• How the marketing department is working and taking steps for
providing better service to the customers.
• Methods applying by the marketing department to promote their
products.

7. • To analyze the market share of the company and determine the
problems if any and put own suggestions.
• To analyze various past financial records such as Income and
Financial statements to determine the financial position,
working capital requirement, analytical analysis and
profitability analysis.
• The overall performance of the company and to understand the
claim / reimbursement process of the company.

8. COLLECTION OF DATA
PRIMARY DATA SECONDARY
USING DATA
QUESTIONNAIRE
CUSTOMER
SATISFACTION
(SAMPLE SIZE 100)
RECRUITMENT
PROCESS
LAST FIVE YEARS
(SAMPLE SIZE 10) INCOME
STATEMENT AND
BALANCE SHEET

10. • Recruitment Process Manpower Plan
Position Description
Manpower Requisition
Bank Application
Preliminary Interview
Personal Test: a) Intelligence Test Application Form
b) Aptitude Test
c) Personality Test Employment Interview
Selection
Medical Examination
Appointment Letter

11. Recruitment satisfaction
Recruitment System
45
40
35
30
25
20 Response
15 Percentage
10
5
0
Not at all Satisfied totally Good Excellent
satisfied

12. Organization Grading Structure
Description Level
Department heads – leadership L5
role
Department heads / regional L4
heads / sales head
Managers / functional heads L3 A
B
Assistant Manager – L2 A
Supervisory role
B
Support Staff L1 A
B

13. Market Share
Kotak Mahindra
OM Others Tata AIG Metlife Aviva Life
4% 4% 3%
Max New York Life 3% 2%
ING Vyasa
6% 2%
HDFC Standard
8%
ICICI Prudential
Birla Sunlife 22%
8%
Reliance Life
10%
SBI Life
Bajaj Allianz 15%
13%
Market Share of Private Players

14. Post Office
Savings
Securities
14%
6%
Life Insurance
32%
Mutual Funds
12%
Fixed Deposit
36%
100
Very Low Average Very High
90
80
70
60
50
40
30
20
10
0
Brand Image Excellent Friend / Marketing Impress by Desire to try
of the past record relatives People Ads & out a new
Company have bought insisted to Promotion company
buy

15. Life Insurance policy
Tata AIG Insurance Company
Kotak Mahindra Old Mutual Life…
Max New York Life Insurance…
HDFC Standard Life Insurance…
Reliance Life Insurance Company
Birla Sun Life Insurance Company
Bajaj Allianz Life Insurance Company
ICICI Prudential Life Insurance…
SBI Life Insurance Company
Life Insurance Corporation Of India
Respondents (In Percentage) 0 10 20 30 40

16. Financial Performance
Premium Collected
120,000,000 Premium Collected
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
0
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Investment Income
120,000,000
Investment Income
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
0
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12
-20,000,000
-40,000,000

17. Profit & Loss Analysis
Profit After Tax
14,000,000
Profit After Tax
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12
-2,000,000
-4,000,000

18. Observation & findings
• The company has clarity of the recruitment process.
• The recruitment process is centralized in the company.
• The department head are not considered most of the time during the
interview. The role of the head was to inform about the vacancy to HR.
• Most of the time the criteria of selection are on the basis of the
Knowledge + Experience. This is good for the company.
• The company provides a good basis for the FRESHER, which is a
positive side for both the concern.

19. • Personal interview is more beneficial.
• Customers investing money in Life Insurance mainly look for the
following benefits:
Risk coverage
Family protection
Tax benefits
To gain maximum returns in the future.
• Majority of the customers mainly get information about Life Insurance
through Agents and Advisor of the company

20. • Majority of customers trust those Insurance Companies which has
excellent past records and has brand image such as Life Insurance
Corporation of India, ICICI Prudential, and Bajaj Allianz.
• The caption of Bajaj Allianz “we learn from you and design
Insurance solutions that help you lead a worry free life”, make
every person to belief on the products of Bajaj Allianz and hence
Bajaj Allianz ranked no. 1 among all the private players in the
market.
• Bajaj Allianz also part of various NGO and do various charity such
as Blood Donation Camp, distribution of clothes and books.

21. • The premium collection is increased from 11 % during 2006-07 to
25 % during 2009-10.
• It is find that the investment income of the company has increases
rapidly throughout the last five years, it is only 2 % investment
income receive during the year 2006-07 and increases to 67 %
during 2009-10.
• Through analyzing the Profit & Loss Account it is observed that the
company suffers continuous loss from the last five years starting
from 2003-04, the loss continuous still 2008-09, but finally with the
efficient working of finance department the company start earning
profit since 2009-10.

22. suggestions
• The recruitment process in Bajaj Allianz should be decentralized.
• The middle level employees should have knowledge of the recruitment
process and the non HR employees should be given a HR manual.
• The selected candidates should be given training at their workplace by
the trainer of the department.
• Bajaj Allianz should try to build trust among the public by making
people aware.
• Bajaj Allianz should try to provide attractive returns on investments in
future.

23. • Various campaign for awareness program regarding risk coverage, family
protection should be implemented.
• The Agents/Advisors before selling a product must analyze the need and
requirement of each and every prospect.
• The company must look for better way to invest money in the market.
• The operating cost should be control and other overheads like fixed and
variable overheads must minimized in order to earn more profits.
• The company should invest money in those market were quick returns is
possible at higher rate, this can be achieved by performing more
research.

24. limitations
• The questionnaire contained in the close-ended questions.
• The accuracy of indicators given by the respondents may not be consider
adequate.
• Since the survey was limited to 100 customers it is rather difficult to give
a precise conclusion.
• A much more detailed analysis could be done had there been more time
spent for data collection.
• The survey may not give the whole scenario of Indian market.
• Subjects/investors/respondents were not co-operative on their approach.

26. Bibliography
Books
 Human Resource Management – Anjali Ghanekar
 HRD Manual of Bajaj Allianz
Websites
 www.bajajallianz.com
 www.irda.gov.in