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A
Project Report on
“ Consumer Behaviour and Customer
Satisfaction towards BAJAJ ALLIANZ Life
Insurance Company Limited”
BY
Kamble Sawan Sanjay
Under the guidance of
Shir Sunil Mndphane
(Divisional Manager)
Shri Vinod Gurram
(Senior Branch Manager, Bajaj Allianz)
Shri Anand Jadhav
(Sales Manager, Bajaj Allianz)
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Through
Vishwakarma Institute of Management, Pune
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.
Sr. No. TITLE Page No.
1 Introduction
2 Industry Profile
3 Company Profile
4 Company Profile
5 Research Methodology6 Analysis of survey
7 Problems and Suggestions
8 Questionnaire
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Acknowledgement
It gives me immense pleasure to present the project of
“Consumer Behaviour and Customer Satifaction to wards BAJAJ
ALLIANZLFE INSURANCE COMPANY LTD”. It was a totally
different & wonderful experience to be there in BAJAJ ALLIANZ
COMPANY, Solapur as a summer trainee
I express my sincere gratitude to Mr. Anand Jadhav (Sales
manager) my project guide who has been so co-operative & helpful
form the first day of training till end. He also helped him a lot in
enhancing knowledge about the technicalities of insurance sector.I also thank Mr. Vinod Gurram (Senior Branch Manager) and
Mr. Sunil Mndphane (Divisional Mangar) for giving me an
opportunity to do my project in the comapny.
In all it was a great experience of working on this project.
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INTRODUCTIO
Life insurance is a form of insurance that pays monetary proceeds upon the
death of the insured covered in the policy. Essentially, a life insurance policy
is a contract between the named insured and the insurance company wherein
the insurance company agrees to pay an agreed upon sum of money to the
inured’s named beneficiary so long as the insured’s premiums are current.
With a large population and be untapped market area to this population
insurance happens to be a very big opportunity in India. Today it stands as a
business growing at the rate of 15-20% annually. Together with banking
services, it adds about 7 percent to the countries GDP. In spite of all this
growth statistics of the penetration of the insurance in the country is very
poor. Nearly 80% of Indian populations are without life insurance cover and
the health insurance. This is an indicator that growth potential for the
insurance sector is immense in India.
It was due to this immense growth that the regulations were introduced in
the insurance sector and in continuation “Malhotra Committee” was
constituted by the government in 1993 to examine the various aspects of the
industry. The key element of the reform process was participation of
overseas insurance companies with 26% capital. Creating a more
competitive financial system suitable for the requirements of the economy
was the main behind this reform. Since then the insurance industry has gone
through many changes. The Liberalization of the industry the insurance
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industry has never looked back and today stand as one of the most
competitive and exploring industry in India. The entry of the private players
and the increased use of the new distribution are in the limelight today. The
use of new distribution techniques and the IT tools has increased the scope
of the industry in the longer run
Insurance is the business of providing against financial aspects of risk, such
as those to property, life health and legal liability. It is one method of a
greater concept known as risk management-which is the need to mange
uncertainty on account of exposure to loss, injury, disadvantage or
destruction
Insurance is the method of spreading and transfer of risk. The fortunate
many who are exposed to some or similar risk shares loss of the unfortunate.
Insurance does not protect the assets but only compensates the economic or financial loss.
In insurance the insured makes payment called “ premiums” to an insurer,
and in return is able to claim a payment from the insurer if the insured
suffers a defined type of loss. This relationship is usually drawn up in a
formal legal contract.
Insurance companies also earn investment profits, because they have the use
of the premium money form the time they receive it until the time they need
it to pay claims. This money is called the float. When the investments of
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float are successful they may earn large profits, even if the insurance
company pays out in claims every penny received as premiums. In fact, most
insurance companies pay out money then they receive in premiums.
The excess amount that they pay to policyholders is the cost of float. An
insurance company will profit if they invest the money at a greater return
than their cost of float.
An insurance contract or policy will set out in detail the exact circumstances
under which a benefit payment will be made and the amount of the
premiums.
Classification of insurance
The insurance industry in Indian can broadly classified in two parts. Theyare.
1) Life insurance.
2) Non-life (general) insurance.
1. Life Insurance:
Life insurance can be defined as “Life insurance provides a sum of
money if the person who is insured dies while the policy is in effect”
In 1818 Britiesh introduced to India, with the establishment of the
oriental life insurance company is Calcutta. The first Indian owned Life
Insurance Company; the Bombay mutual life assurance society was set
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up in 1870 the life insurance act, 1912 was first statuary measure to
regulate the life insurance business in India. In 1983 , the earlier
legislation was consolidated and amended by insurance act, 1938, with
comprehensive provisions for detailed effective control over insurance.
The union government had opened the insurance sector for private
participation in 1999, also allowing the private companies to have
foreign equity up to 26%
Benefits of life Insurance-
Life insurance encourages saving and forces thrift.
It is superior to a traditional savings vehicle.
It helps to achieve the purpose of life assured.
It can be enchased and facilitates quick borrowing
It provides valuable tax relief.
Thus insurance is found to be very useful in the lives of the person both
in short term and long term.
Fundamental principles of life insurance contract.
1. Principle of almost good faith :
“ A positive duty to voluntary disclose, accurately and fully, all facts,
material to the risk being proposed whether requested or not”.
2. Principle of insurable interest:
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“ Relationships with the subject matter (a person) which is recognized in
law and gives legal right to insure that person ”
3. Indemnity
The principle of indemnity is applicable to all types of insurance
policies except life insurance. Indemnity means a promise to
compensate in case of loss. The insurer promise to help the insured in
restoring the position before loss.
4. Principle of Contribution.
Sometimes a property is insured with more than one company. The
insured cannot claim more than total loss from all the companies put
together. He cannot claim the same loss from different companies.
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INDUSTRY PROFILE
Insurance in India
The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360
degree turn witnessed over a period of almost two centuries.
A Brief history of the Insurance Sector
The business of life insurance in Indian in its existing from started in Indian
in the year 1818 with the establishment of the Oriental Life Insurance
Company in Calcutta.
Some of the important milestones in the life insurance in India are;
1912 : The India Life Assurance
For over 50 years, Life insurance in India was defined and driven by only
one company-the Life Insurance Corporation of India (LIC). With the
Insurance Regulatory and Development Authority ( IRDA) Bill 1999
paving the way for entry of private companies into life and general sectors
there was bound to be new-found excitement- and new success stories.
Today, just three years since their entry, their cumulative share has crossed
13% (source IRDA), far exceeding expectations. Clearly insurance is on a
growth path.
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The percentage of premium income to GDP which was just 2.3 % in 2000-
01 rose to 3.3% in 2002-03; and life insurance has emerged as the
dominant contributor to this growth.
The industry presented a huge opportunity. Life insurance penetration, for
instance, was at an abysmal 22% of the insurable population. However,
private players have had to rise to many challenges. They were faced with
attitudinal barriers towards the category and the perception that insurance
was only a tax saving tool. Insurance per se had lost it basic rationale ;
protection. It wasn’t surprising then its potential lay frozen and unexploited.
Brief Review of Scenario- Insurance
Insurance in India started without any Regulation in Nineteenth century. It
was story of a typical colonial era. A few British companies dominated the
market mostly in large urban centers.
Insurance was nationalized mainly on 3 counts First, Indian lives were not
insured. Second, even if they were insured, they were treated as substandard
lives and extra premium was charged. Third, there were gross irregularities
in the functioning of Life insurance was nationalized in the year 1956, and
then general insurance was nationalized in the year 1972. In 1999, the
private insurance companies were allowed back again into insurance sector
with maximum cap of 26 percent foreign holding.
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• 1818 The British introduce to India, with the establishment of the
Oriental Life Insurance company In Calcutta.
• 1850 Non life insurance debuts, with Triton Insurance Company.
• 1870 Bombay Mutual Life Assurance Society is the first Indian-
owned life insurer.
• 1907 Indian mercantile Insurance is first Indian non-life insurer.
• 1912 The Indian life assurance companies’ act enacted to regulate the
life insurance business.
• 1938 The insurance act, which forms the basis for most current
insurance laws, replaces earlier act.
• 1956 Life insurance nationalized, government takes over 245 Indian
and foreign insurers and provident societies.
• 1956 Government sets up LIC.
• 1972 Non life insurance nationalized, GIC set up.
• 1993 Malhotra committee, headed by former RBI governor
R.N.Malhotra, set up to draw up a blue print for insurance sector
reforms.
• 1994 Malhotra Committee recommends re-entry of private players,
autonomy ot PSU insurers.
• 1997 Insurance regulator IRDA ( Insurance Regulatory and
Development Authority) set up.
• 2000 IRDA starts giving licensed to private insurers.
• 2005 BAJAJ ALLLANZ Life Insurance came into the market to sell a
policy.
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• 2002 Banks were allowed to sell insurance plans, as TAPs enter the
scene, insurers start settling non-life claims in the cashless mode.
The Insurance Regulatory And Development Authority ( IRDA).:
Reforms in the Insurance sector were initiated with the passage of the IRDA
Bill in Parliament in December 1999. The IRDA since its incorporation as
a statutory body in April 2000 has fastidiously stuck to its schedule of
framing regulations and registering the private sector Insurance companies.
The other decisions taken simultaneously to provide the supporting systems
to the insurance sector and in particular the life insurance companies were
the launch of the IRDA’s online service for issue and renewal of licenses to
agents.
The approval of institutions for imparting to agents has also ensured that the
insurance companies would have a trained workforce of insurance agents in
place to sell their products, which are expected to be introduced by early
next year.
Since being set up an independent statutory body the IRDA has put in a
framework of globally compatible regulations. In the private sector 12 life
insurance and 6 general insurance companies have been registered.
With the demographic charges and changing life styles, the demand for
insurance cover has also evolved taking into consideration the needs of
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prospective policyholder for packaged products. There have been
innovations in the types of products developed by the insurers, which are
relevant to the people of different age groups, and suit their requirements.
Continued innovations in product development has resulted in a wide range
of flexible products to meet the requirements for cover at different stages of
life-today a variety of products are available ranging from traditional to Unit
linked providing protection towards child, endowment, capital guarantee,
pension and group solutions. A number of new products have been
introduced in the segment with guaranteed additions, which were
subsequently withdrawn/toned down; single premium mode has been
popularized; unit linked products; and add-on/riders including accidental
death; dismemberment, critical illness, fixed term assurance risk cover,
group hospital and surgical treatment, hospital cash benefits, etc.
Comprehensive packaged products have been popularized with features of
endowment, money back, whole life, single premium , regular premuim,rebate in premium for higher sum assured, premium mode rebate, etc.
together with riders to has base products.
Historical Perspective
Prior to 1956 - 242 companies operating.
1956 – Nationalization-LIC monopoly player-Government control.
2001 - Opened up sector.
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Contribution to Indian Economy
Life Insurance is the only sector which garners long term savings.
Spread of financial services in rural areas and amongst socially less
privileged.
Long term funds for infrastructure.
Strong positive correlation between development of capital markets and
insurance/pension structure.
Employment generation.
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Insurance Industry prior to de-regulation
Prior to deregulation in 2000, market was a public monoply.
Public Monopoly
- 2000 Offices..
- Over 800,000 agents
Distribution through tied agents only.
Sales approach primarily on a tax savings platform.
Traditional style product offering : Endowment and money back plans.
Inadequate and inflexible products.
Pensions : Small part of product offer.
Limited focus on customer needs.
Improving Service Standards
⇐Pre Deregulation –Limited Distribution
Channel Access Service Points Use of IT
⇒Advisors ⇒Branch Network ⇒Limited use of IT
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⇒Post Deregulation –Service through Distribution
Multi Channel Access Multiple Service Points Use of IT
⇒Advisors
⇒Brokers & Corporate
agents
⇒Banc
assurance
⇒Call Centers
⇒Website
⇒Branch
Network
⇒Shorter time around
time.
⇒Claims
⇒Policy Issuance
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COMPANY PROFILE
BAJAJ Allianz Life Insurance Company is a joint venture between twoleading conglomerates, Bajaj Finserv, and Allianz AG of Germany one of
the largest insurance companies. Bajaj Allianz Life Insurance Co. Ltd. was
incorporated on 12th March 2001. The company received the Insurance
Regulatory and Development Authority (IRDA) certificate of Registration
(R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India.
Bajaj Allianz Shareholder Capital Base stands at Rs. 500 crore with Bajaj
Finsery and Allianz AG of Germany holding 74% and 26% stake
respectively. It is the largest private player in the Insurance Industry in India
with a market share of around 34% amongst the private companies and
second to LIC . The total market share of Bajaj Allianz as of 31st March
2006 is at 12%
During the financial year 2005-2006 , Bajaj Allianz has sold over 13 lakh
policies and collected about Rs. 4433 crore as premium income. Whopping
growth of 216% for the FY 2005-2006, Assets under management of Rs.
3324 Crore. It has paid up Rs 925 crores with IRDA as a caution Bajaj
Allianz has insured lives for sum assure of over Rs 8500 crore.
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BAJAJ FINSERV
The financial services and wind energy businesses were transferred to Bajaj
FinServ Limited (BFS) as part of the recently concluded demerger of Bajaj
Auto Limited, approved by the Hon. High Court of Judicature at Bombay by
its order dated December 18, 2007. The demerger is effective from the
Appointed Date i.e. closing hours of business of March 31, 2007.
Bajaj FinServ will strive to be one of the top financial services businesses in
India focused on delivering superior customer experience though
competitive products and class leading services while providing consistent
and superior returns to our shareholders and maintaining the high levels of
integrity of Bajaj.
The company is currently engaged in life insurance; general insurance and
consumer finance businesses and has plans to expand its business by
offering a wide array of financial products and services in India. Apart form
financial services, BFS is also active in wind-energy generation. The
company controls the functioning of the following companies.
Bajaj Auto Finance Limited
Bajaj Allianz Life Insurance Co. Ltd.
Bajaj Allianz General Insurance Co. Ltd.
Bajaj Auto Limited
Bajaj Holdings & Investment Limited.
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Alliana AG
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.
Allainz AG is in the business of General (Property & Casuality) Insurance;
Life & Health Insurance and Asset Management and has been in operation
for over 110 years. Allianz in one of the largest global composite insurers
with operations in over 70 countries . Further, the Group provides Risk
Management and Loss Prevention Services. Allianz has insured most of the
world’s largest infrastructure project (including Hongkong Airport and
Channel Tunnel between UK and France), further Allianz insures the
majority of the fortune 500 companies, besides being a large industrial
insurer, Allianz has a substantial portfolio in the commercial and personal
lines sector, using a wide variety of innovative distribution channels.
ALLANA AG-A GLOBAL FINANCIAL POWERHOUSE
• Worldwide 2nd by Gross Written Premiums- Rs. 446656 cr.
• 3rd largest Assets Under Management (AUM) & Largest amongst
Insurance cos. AUM of Rs. 5196959cr.
• 12th largest corporation in the world.
• 49.8% of global business from Life Insurance
• Established in 1890, 110 yrs of Insurance expertise.
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CONCEPTUAL BACKGROUND
• Satisfaction is defined as ....
“ A person’s feeling of pleasure or disappointment resulting from
comparing a product’s perceived performance (or outcome) in relation
to his or her expectations”.
Customer Satisfaction can be defined as supplying or gratifying all
wants or wishes, fulfilling conditions or desires, or the state of the
mind anything that makes a customer feel pleased or contented.
Consumer Behavior:
Consumer behavior is defined as the behavior that consumers display in
searching for, purchasing, using , evaluating and disposing of products and
services that they expect will satisfy their needs.
The study of the processes involved when individuals or groups select,
purchase, use or dispose of products, services ideas, or experiences to satisfy
needs and desires.
Customer value : The ration between the customer’s perceived benefits
(economic, functional and psychological ) and the resources (momentary,
time effort, psychological)used to obtain those benefits.
Customer satisfaction: Customer satisfaction is the individual’s
perception of the performance of the product or service in relation to his or
her expectations.
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Motivation : The processes that account for an individual’s intensity,
direction, and persistence of effort toward attaining a goal.
Personality : can be described ad the psychological characteristics that both
determine and reflect how person responds to his or her environment.
Perception : is defined as the process by which an individual selects,
organizes, and interprets stimuli into a meaningful and coherent picture of
the world.
Consumer learning : is the process by which individuals acquire the
purchase and consumption knowledge and experience they apply to future
related behavior.
THE CONSUMER ADOPTION PROCESS
The consumer adoption process in the process by which customers learn
about new products, try them, and adopt or reject them. Today many
marketers are targeting heavy users and early adopters of new products
recognizing that specific media can reach both groups and tend to be opinion
leaders. The consumer adoption process influenced by many factors beyond
the marketer’s control, including consumers and organizations willingness to
try new products, personal influences and the characteristics of the new
products or innovations.
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STAGES OF ADOPTIONS PROCESS
An innovation refers to any good, service, or idea. That is perceived by
someone as new. The idea may have long history, but is in an innovation to
the person who sees it as new. Innovation takes time to spread through the
special system. The consumer adoption process focuses on the mental
process though which an individual passes from first hearing about an
innovation to final adoption. Adopters of new products have a moved
though the following five stages.
1. AWARENESS : The consumer becomes aware of the innovation but
lacks information about it.
2. INTEREST : The consumer is stimulated to see the information about the
innovation.3. EVALUATION : The Consumer considers whether to try the innovation
or not,.
4. TRIAL : The consumer tries the innovation to improve his estimate of its
value.
5. ADOPTION: The consumer decides to make full and regular use of the
innovation.
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STATEMENT OF THE PROBLEM
“ Study of consumer behavior & customer satisfaction towards BANAJ
ALLIANZ LIFE INSURANCE CO. ”.
OBJECTIVE OF THE STUDY
Objectives
My study based upon some objective and these are as follows :
1. To understand the insurance business.
2. To find out the people’s perception about life insurance.
3. To find out whether people are really aware of life insurance.
4. To find out know people think private life insurance.
5. To find out what respondents expect life insurance.
6. To understand Consumer buying behavior.
7. To come out with conclusion and suggestions based on the analysis and
the Interpretation of data.
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SIGNIFICANCE OF THE STUDY
The project is concerned with the STUDY ON CONSUMER BEHAVIOR
AND CUSTOMER SATISFACTION TOWARDS BAJAJ ALLIANZ LIFE
INSURANCE This study is very useful as the financial market become more
sophisticated and complex, investor needs a financial intermediary who
provides the required knowledge and professional expertise on successful
investing and Life insurance is a form of insurance that pays monetary
proceeds upon the death of the insured covered in the policy. Essentially, a
life insurance policy is a contract between the named insured and the
insurance company wherein the insurance company agrees to pay an agreed
upon sum of money to the insured’s named beneficiary so long as the
insured’s premiums are current.
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RESEARCH METHODOLOGY
Research in common parlance refers to a search for knowledge. One can also
define research as a scientific and systematic search for pertinent
information on a specific topic.
FRANCIES REMMER defined “ Research : It is a careful inquiry or
examination to discover new information or relationship and to expand or
verify existing knowledge.”.
Research is the solution of the problem, whether created or already
generated. When research is done, some new out come, so that the problem
(created or generated ) to be solved.
RESEARCH DESING :
Research Design is the conceptual structure within which research is
conducted. It constitutes the blueprint for collection, measurement and
analysis of data. The design used for carrying out this research is.
Descriptive : In this research the type of data collection is
•
Primary data• Secondary data.
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DATA SOURCE : The sources of collection of secondary data are:
• Questionnaire
• Books
• Websites
• Magazine
• Brochure
SAMPLING PLAN :
It is very difficult to collect information from every member of a population.
As time and costs are the major limitation that the researcher faces.
A sample of 100 was taken the sample size of 100 individuals were
selected on the basis of convenient sampling technique. The individuals
were selected in the random manner to form sample and data were collected
from them for the research study.
ANALYSIS AND INTERPRENTATION :
Data collection through questionnaire and personnel interview resulted in
availability of the desired information but these were useless until there were
analyzed. Various steps required for this purpose were editing, coding and
tabulating, Tabulating refers to bringing together similar data and compiling
them in an accurate and meaningful manner. The data collected by
questionnaire was analyzed, interpreted with the help of table, bar chart and
pip chart.
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ANALYSIS OF THESURVEY
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AGE OF RESPONDENTS (IN%)
From the survey it is clear that-
24% of respondents are less than 25
28% of respondents are of age 25-35
38% of respondents are of age 35-45
12% of respondents are of age 45 above.
29
0
5
10
15
20
25
30
35
40
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
LESS TEHAN 25
25-35
35-45
45 and above
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QUALIFICATION IN (%)
From the survey it is clear that-
26% of respondents are Gradutes.
60% of respondents are post graduates
02% of respondents are diplomas
12% of respondents are from other discipline.
QUALIFICATION IN (%)
30
0%
500%
1000%
1500%
2000%
2500%
3000%
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
GRADUATE
POST GRADUATE
DIPLOMA
DISCIPLINE
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From the respondents are businessmen
10% of respondents are businessmen.
36% of respondents are professionals
46% of respondents are job holders
08% of respondents are from other discipline
31
0
10
20
30
40
50
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
BUSINESS
PROFESSIONAL
JOB HODLE
OTHER
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AVERAGE ANNUAL INCOME IN (%)
From the respondents are businessmen
14% of respondents have income upto 1 lakhs.
38% of respondents have income between 1 to 3 lakhs
44% of respondents have income
08% of respondents are from other discipline
32
0
5
10
15
20
25
30
35
40
45
1st Qtr
UP TO 1 LAKH
1 TO 3 LKHS
3 TO 5 LAKHS
5 LAKHS AND
MORE
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FAMILY SIZE IN (%)
80% of respondents have family size below 5
20% of respondents have family size between 5 to 10
33
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
BELOW 5
5 TO 10
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ACCORDING TO YOU LIFE INSURANCE IS? IN (%)
For 08% respondents insurance is a tax saving plan.
For 12% of respondents Insurance is saving scheme with good return.
For 22% respondents insurance is financial security for the family.
For 40% respondents insurance is All the above.
34
0
5
10
15
20
25
30
35
40
45TAX SAVING
PLAN
SAVING SCHEME
WITH GOOD
RETURN
FINANCIAL
SECURIT
FORFAMILY
RISK COVERAGE
ALL OF THE
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Do you see insurance policies as an investment alternative or a
security option ? (%)
Out of the 50 people interviewed 78% people term/see insurance policy as
a security option while only 22% see it as an investment option.
35
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
INVESTMENT AL
TERNATIVESECURITY
OPTION
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Do you have a life insurance policy ? If yes, then of which
company / companies ? In (% )
76 % of respondents have a insurance policy.
24% of respondents do not have a insurance policy.
36
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
YesNo
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76 % Respondents have insurance policy of LIC
6% respondents have insurance policy of Bajaj Allianz.
11% respondents have insurance policy of ICICI Prudential.
11% respondent have insurance policy of HDFC.
3% respondents have insurance policy of MAX New York.
37
0
10
20
30
40
50
60
70
80
LIC
BAJAJ ALLIANZ
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What is your criteria/criterion to select a particular insurance
company and a scheme ? In (% )
Out of 50 people being interviewed, 15 people select an insurance
Company on the criterion of security, 7 people select an insurance.
Company on the criterion of time span, 3 people select an insurance.
company on the criterion of market share, 7 people select an insurance.
company on the basis of return and 18 people select an insurance.
company on the basis of all the above mentioned resasons.
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0
5
10
15
20
25
30
35
40
SECURITY TIME SPAN
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Do you think that private life insurance companies are as safe as LIC
for taking a policy ? In (% )
Out of 50 people being interviewed, 62% of people do not find private life
insurance companies to be safe for buying a life insurance policy whereas38% people find them safe for buying a life insurance policy from a private
life insurance company.
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BAJAJ Allianz is quite a famous company because:
Out of 50 people interviewed, 16% people perceive policies of Bajaj Allian
make it a famous company while 20% think it is due to the parent
companies, 24% take it as marketing and advertising strategies which
appeal to the mass population while 40 % think it is all due to the above
mentioned reasons that BAJAJ ALLIANZ is a famous company.
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ARE YOU AWARE OF THE BENETITS IN YOUR POLICY ?
IN (%)
WHAT ARE THEY ?IN (%)
41
0
10
20
30
40
50
60
YES
NO
0
10
20
30
40
50
60
70
80
LIC
BAJAJ ALLIANZ
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ACCORDING TO YOU WHATARE THE
DISADVANTAGES IN AN INSURANCE PLAN? IN (%)
42
0
5
10
15
20
25
30
35
40
45
LAPSE
LIQUIDITY
FIXED TERM
UNABLE TO
DECIDE YOUR
PREMIUM
UNABLE TO
DECIDE SUM
ASSURED
HIGH RISK
COVERAGE AT
HITH
PREMUUMS
OTHER
DISADVANTAG
ES
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PEOPLE INTRESTED IN HAVING BAJAJ ALLIANZ
INURANCE POLICIES
12% People are interested in investing in BAJAJ ALLIANZ
insurance policies.
88 people are not interested in investing in BAJAJ ALLIANZinsurance policies.
43
0
5
10
15
20
25
30
35
YES
NO
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PEOPLE INTERSTED IN HAVING BAJAJ ALLIANZNSURANCE POLICIES
12% People are interested in investing in BAJAJ ALLIANZ
insurance policies.
88 people are not interested in investing in BAJAJ ALLIANZ
insurance policies.
44
0
5
10
15
20
25
30
35
YES
NO
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FUTURE GROWITH & SUGGESTIONS
BAJAJ ALLIANZ, in the present scenario is growing at anaggressive pace. The company does a lot of survey & analysis in
the market to discover customer’s needs & expectations & tries to
improvise on its existing market linked plans along with insurance
policies. In addition to this, the company form time to time keeps
on introducing various new policies & tailor made plans
exclusively to cater peoples’ financial needs. This has enable
BAJAJ Allianz to become market leader in the sector of insurance
& investment companies since 2001 when it came into existence.
Since, now many other companies are joining the filed of
insurance & investment it will be necessary for BAJAJ Allianz to
vigorously pursue & update its survey & analysis policy to remain
market leader. Simultaneously,. it should discover & rediscover its
strength by introducing new plans better suited to the people at
large. India is a very big market & it can provide sustenance to all
the companies in the filed of insurance & investments but to
remain one of the leading companies, BAJAJ Allianz has to adopt
new strategies earlier than others. This could include widening the
distribution networks to all parts of the country & catering to every
income group Furthermore, it can improvise on its advertisement
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& promotion campaigns by becoming more appealing & making
them touches the hearts of millions & billions of Indians who arethe hot prospects. Lastly, the students in the professional courses,
apprentices, trainees may be good targets to approach in times
ahead.
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CONCLUSION
The research project titled as “MARKET CREDIBILITY OF BAJAJ
ALLIANZ AMONG OTHER LIFE INSURANCE COMPANIES” enable to
understand the competition among the various life insurance companies
which have entered Indian market of life insurance after 2000 when private
life insurance companies were allowed to enter the life insurance sector In
India. BAJAJ Allianz is one of the companies in the private sector whichare doing exceptionally good in this sector due to their policies to which
people find very attracting according to their needs. When people were
interviewed about the first preference among the private life insurance
companies nearly 46% replied for BAJAJA Allianz is quite a household
name. The reasons for this are many like it is a company with very strong
brand names: BAJAJ Auto Limited which is the no. 1 Automotive
Manufacturer in India also Allianz AG is 3rd Largest life insurance company
in the world. The market share of BAJAJ Allianz also around 34% among
private life insurance companies. It is only second to LIC in the life
insurance sector.
But if there people accepting BAJAJ Allianz, there are the people who are
still hesitant to take up private insurance company’s policy this is due to the
fact that LIC is a government organization. It can be seen from the study that
people have started recognizing BAJAJA Allianz as a life insurance and
hence it will grow at a much faster pace in the future.
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ANNEXURE
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QUESTIONNNAIRE
Dear Sir/Madam,I am a student of Vishwakarma Institute of Management, Pune
conducting marketing survey on “CONSUMER BEHAVIOUR AND
CUSTOMER SATISFACTION for Bajaj Allianc LIFE INSURANCE ”. I
request you to fill this questionnaire & I assure that this data will be used
only for study purpose & it will be kept confidential.
1. Name ____________________________ Contact No. ___________
2. Address ______________________________
______________________________
______________________________
3. Age
a. Less than 25 c. 35-40
b. 25-35 d. 45 and above
4. Qualification
a. Graduate c. Diploma
b. Postgraduate d. Other discipline
5. Occupation
a. Business c. Job holder
b. Professional d. Other.
6. What is your average annual income?
a. Up to 1 lakh.
b. 1 lakh to 3 lakhs
c. 3 lakhs to 5 lakhs
d. 5 lakhs and more
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7. Your family size.
a. Below 5 members
b. 5-10 members
c. Above 10 members
8. According to you life insurance is?
a. A tax saving plan
b. A saving scheme with good return
c. A financial security for the family.
d. Risk coverage.
e. All the above.
9. What is the purpose of insurance?
a. Investment alternative
b. Security
10.Do you have a life insurance policy?a. Yes
b. No
If yes then which company?
• Bajaj Allianz
• LIC
• ICICI Prudential
•
TATA AIG• Birla Sunlife
• Aviva
• HDFC
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11.What is your criteria /Criterion to select a particular insurance company
and a scheme?
a. Security
b. Time Span
c. Market share
d. Returns
e. All of the above
12. Rank the life insurance companies in order of your preference
a. Bajaj Allianz
b. LIC
c. Max New York
d. ICICI Prudential
e. TATA AIG
f. Birla Sunlife
g. Aviava
h. HDFC
13. Do you think that private life insurance companies are as safe as LIC for
taking a policy?
Yes No
14. BAJAJ Allianz is quite a famous company because.
a. Policies b. Marketing and advertising strategies
c. Parent companies
d. All of the above
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15. Are you aware of the benefits in your policy?
Yes No
IF yes what are they?
• Sum assured.
• Additional benefits
• Maturity date
• Risk coverage
16. According to you what are the disadvantages in an insurance plan‘
a. Lapse
b. Liquidity
c. Fixed term
d. Enable to decide your premium.
e. Unable to decide the sum assured.
f. High risk coverage at high premiums
g. Other disadvantages.
17. In which of the following would you like to invest?
a. Equity fund
b. Debt fund
c. Balanced fundd. Cash fund
e. Mutual fund
f. Recurring deposits
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18.Are you interested in having Bajaj Allianz insurance policy?
YES NO
19.Are you interested in pension plans?
YES NO
20. Any suggestions for Bajaj Allianz Life Insurance Co?
___________________________________________________________
___________________________________________________________
Thank you for sparing your valuable time.
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BIBLIOGRAPHY
• Philip Kotlar, Marketing Management , New Delhi, Pearson
Education (P) Ltd.,. Indian Branch 2004.
• C.R. Kothari, research Methodology , New Delhi, New Age
International (P) Ltd.
WEBSITES
• www.bajajallianlife.co.in
• www.lic.gov.in
•
www.wikipedia.com
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