Bajaj Allianz Life Insurance is a joint venture between Bajaj Auto and Allianz AG. It has over 74 lakh customers served through 1164 customer care centers. The presentation discusses the establishment and growth of the company, profiles of its parent companies (Bajaj Group and Allianz Group), its products, policies, organizational structure, SWOT analysis and strategies for recruitment. It aims to be the preferred insurer and employer in India.

1. Presentation on training report ofbajaj allianz life insurance company ltdSubmitted by: Shivam Roll no: 80502317047

2. IntroductionWhat is insurance?Origin of insurance

3. Establishment of the company Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- , Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world and Allianz AG, one of the world's largest insurance companiesIs the fastest growing private life insurance company in India. Currently has over 74,00,000 satisfied customers We have customer care centers in 1164 cities with 30000 Insurance Consultant providing the finest customer service. One of India's leading private life insurance companies

4. Allianz group 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. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas ofProperty and Casualty Insurance, Life and Health Insurance, Asset Management and Banking. ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE Worldwide 2nd by Gross Written Premiums - Rs.4,46,654 cr. 3rd largest Assets Under Management (AUM) & largest amongst Insurance cos. - AUM of Rs.51,96,959 cr. 12th largest corporation in the world 49.8 % of global business from Life Insurance Established in 1890, 110 yrs of Insurance expertise 70 countries, 173,750 employees worldwide

5. Bajaj group Bajaj Auto Ltd, the flagship company of the Rs. 8000 cr. Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world. A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus.A STRONG INDIAN BRAND- HAMARA BAJAJOne of the largest 2 & 3 wheeler manufacturer in the world21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr.Bajaj Auto finance one of the largest auto finance cos. in IndiaRs. 9,050 Cr. Turnover & Profits of 538 Cr. in 2008-09It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products.As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following to offer -Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network. Adequate experience of running a large organization.

6. INSURANCE COMPANIES OPERATING IN INDIALIC HDFC Standard LifeMax New York LifeICICI Prudential Kotak Mahindra Birla Sun Life Tata AIG SBI Life ING VysyaBajaj Allianz MetlifeAviva Sahara India Royal Sundaram Alliance Reliance ICICI Lombard Cholamandalam

7. Position In india ACCELERATED GROWTHFISCAL YR NO.OF POLICIES SOLD NEWBUSINESS in Cr.2001-02 21,376 72002-03 1,15,965 692003-04 1,86,443 1802004-05 2,88,189 8572005-06 7,81,685 27172006-07 20,79,217 42702007-08 37,44,742 44912008-09 74,00,000 6675

8. Turn over of the company

9. ProductsUnits Gain InsuranceTerm Care PlansLifetime Care Insurance PolicyBusiness Insurance PoliciesSavings and Security Policies for You and your family Healthcare Insurance Pension PlusRetirement PlansChildren’s Plan

10. Aim and MissionCOMPANY VISIONTo be the first choice insurer for customersTo be the preferred employer for staff in the insurance industry.To be the number one insurer for creating shareholder value. COMPANY MISSIONAs a responsible, customer focused market leader, we will strive to understand the insurance need of the consumers and translate it into affordable product that deliver value for money.ACHIEVEMENTSBajaj Allianz life insurance offers technical excellence in all areas of Health Insurance as well as Risk Management. This partnership successfully combines Bajaj Auto’s in-depth understanding of the local market and extensive distribution network with the global experience and technical expertise of the Allianz group.Bajaj Allianz has received “iAAA rating, from ICRA Limited,an associate of Moody’s Investor Services Claims paying Ability. This rating indicates highest claims paying ability and a fundamentally strong position.

11. SWOT AnalysisStrengthsBajaj Allianz is the largest private player in the insurance industry in India.Excellent services.Customization of Products as per customer’s needs.Brand Image.Business Experience.Strong Financial Base.Innovative products, Technology, organization culture and climate.The company has a large network of branches which is helpful to customer for the payment.

12. WeaknessesLot of competitors are in the market offer same product by the title difference in the premium and offerings.Target only higher income group whereas other companies are trying to catch middle-lower level people.Higher premiums as compared to the other companiesClients face problems to get insured due to large number of formalities.High targets for financial advisors and for the sales department.

13. OpportunitiesHuge market is literally untapped. Out of estimated 320 million insurable markets only 20% of the population is insured.In a conservative society of India where people are more inclined towards risk free investments such as Bank FD’s and savings rather than equity and high risk investments insurance offers the best of both worlds – The security with high returns. So there exists high potential for insurance company like BAJAJ ALLIANZ.In the pension field where people want good life after their retirement.Indian people are more emotional towards their children that’s why children plans are selling like hot cakes.Health insurance and pension Schemes, an estimated market potential of approximately $15 billion.

14. ThreatsWeak perception of private players in the minds of Indian people due to frequent financial scamsLarge number of insurance playersPlayers like ICICI PRUDENTIAL and Birla sun life with low premium for the similar plansEntry of many other private companies with equally strong experience and financial strength of foreign partners making the competition difficult and saturating the urban markets.For the Insurance sector Government set the authority that is IRDA (Insurance Regulatory and Development Authority) which is undertaken to track record of all the companies and change rules day by day more rigid which is very difficult for the companies.

15. Policy of the CompanyPOLICY CONCERNING CUSTOMER SERVICESBajajAllianz has products according to customer’s requirements.It has the largest distribution networks among the private players in India.Wide range of flexible products for customers.Tied ups with NGO’s and MFI’s for the purpose of distributions of rural policies in India.It has trained more than 65000 insurance advisers to interface and advise customers.

16. PERSONNEL (motivation)BAJAJ ALLIANZ motivates their employees by: a) Promotion b) Appreciation c) Incentives

17. ADVERTISEMENT BAJAJ ALLIANZ often uses different types of modes for Advertising their services.These are as follows:- a) Banners b) Television c) By telephonic calls d) Catalogs and Print media

18. Organization Design and Structure

19. Board of Directors Mr. KameshGoyal Country Manager & CEO Mr. ECJ Augustine Chief – Strategic InitiativesMr. Anil Singh Head product development & ActuarialMr. V. Philip Head-Operations Mr. Rajesh ViswanathanChief –Financial OfficerMr. Jay deep ChaureHead-Human ResourcesMr. Sashi Krishnan Chief Investment OfficerMr. Neeraj Kumar Head Alternate ChannelsMr. Yogesh Gupta Head Business ProcurementMr. Manish Kr Dwivedi Head-Direct Marketing ChannelMr. A.S.Narayanan Head-NRI BusinessMr. SameerBakshi Company Secretary & Head-Legal CompliancesMr. V.Sriram Head- Internal Audit

20. Personnel of the OfficeNumber of staff: 16on roll employees 40 off roll employeesAge group: 23 years to 35 years Education level: On roll:-20% MBA’s, 70% graduates&10% 10+2 Off roll:- 30% graduates&70% 10+2Dress: Formal

21. WORK EXPERIENCEDESCRIPTION OF WORK RESPONSIBILITIES TAKEN ON-THE-JOB TRAININGATBAJAJALLIANZ LIFE INSURANCE COMPANY LIMITEDBatalaTARGETTo recruit 5 legal advisors in a monthACHIEVED Recruited 6 Advisors.

22. STRATEGIES USEDOne needs to sketch a perfect road map or adopt a strategy to the destination and also need to follow the path strictly. The strategies applied to achieve the above mentioned targets are as follows.Direct Marketing.Cold Calling.Through friends, and the references given by the company.Advertisements etc.I am also applying some other strategies likeTime managementPunctualityPreplanningNever leave even single prospect.Always be in touch from previous customersThe most important thing is always create the “URGENCY” because in the market there are near about 14 insurance sectors with L.I.C. and all trying to capture the market.

23. LIMITATION1. Non availability of time2. Qualification problems3. Distance problem 4. Due to Procrastination5. Lack of knowledge about insurance6. Age problem.7. Training time is long so business man and government employees do not take interest. 8. Due to Procrastination9. Training fees10. L.I.C. is a big hurdle for insurance sector with all competitors.11. Customer’s perception about private sector.

24. Layout of the office

25. JOB DESCRIPTIONWEEK 1 In first week the introduction to the Company is given by trainer. Company introduction includes the following thingsOrigin of insuranceOrigin of the companyPlayers in the insurance sectorCompetitors of the companyWEEK 2In second week the introduction about working of insurance sector i.e.How does the insurance sector work?Policies of the company.Partners of the company.Tied up’s with company.

26. WEEK 3In third session of training includesConcept of facts and figures.About Legal Advisors.Working of Legal Advisors.Important and essential qualities in Legal Advisors.WEEK 4 In fourth session there was an introduction of practical learning. This session includesRole PlayingCustomer handlingCustomer satisfactionSelling of products

27. WEEK 5The fourth session of training includes Assignment of field workSegmentation of the customers.Targeting the customers.Meetings with customers.Aware about the products and plans of the company.WEEK 6The sixth and last session of training includes the problems faced during the completion of field work.In this session problems occurred during field work were sorted byGuidanceTrainingConcerning to the seniorsSubmission of work assigned6 Legal Advisors3 Insurance policies

28. LIMITATIONSProblems facedPhone ProblemExcess of work load. Limitation of timeMissing in Organization Non-availability of canteen Space Problem Parking ProblemFactors that make work betterGiving more time to the trainers.Senior’s co-operationRegular/Everyday consultancyUses of computers, scanning machines

29. EXPERIENCED GAINEDSelling SkillsPunctualityCommunication SkillsNever ignore single prospect from marketHave more patienceAbility to work under pressure Atmosphere of the corporateAdjusting nature according to situationAlways focus on target with preplanningKnowledge of share marketNever interfere in the office politics In the corporate world these things are very essential for the survival.So it is very helpful for me when I enter in the corporate world.

30. CONCLUSIONSAlways try to make advisors from rich families.Always make those customers, who have good contacts. Try to pay attention on loan providers, tax consultants, advocates, C.A.’s

31. RECOMMENDATIONS There should be a weekend batch of training for the people who can not take there full six days from their busy schedule. There should be some fixed salary with some fixed targets as other companies are doing. Advertising should be given in the newspapers so that more number of people can come for the interview. Various MBA institutes should be targeted to get people with good marketing as well as interpersonal skills. Presentation about advisor as a career opportunity should be given in the various seminars and get together.

32. THANK YOU…….