Bajaj Allianz

Introduction

Bajaj Life Insurance is a union between Allianz SE, one of the largest Insurance company in India and Bajaj Finserv, Allianz SE is leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion (Over INR 55,00,000 Crores). Allianz SE has over 115 years of financial experience and is present in over 70 countries around the world.

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both Bajaj & Allianz enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance business) in Pune, 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.

VisionTo be the best Insurance Comapany in India. “To Buy from,work for and invest in”.

Parent Company

Bajaj Finserv LTD. And Allianz SE

Category NBFC

Sector Insurance and finance

Tagline/ Slogan Jiyo Befikar;  Life. Insured by Care

USPExpertise in local market with global exposure

STP

Segment Personal and Group Insurance

Target Group Urban and Rural Investors

PositioningComplete Insurance and financial solutions

SWOT Analysis

Strength

1. Global exposure in Insurance through Allianz SE and Strong Local Implementation by Bajaj2. Has network across 200 towns3.  Fundamentally Strong with good paying Capabilities4. Allianz AG is an insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth worldwide with 115 years of financial experience in over 70 countries5. Received the prestigious "Business Leader in General Insurance", award by NDTV Profit

Weakness

1.  Lack of penetration in rural areas

2. Smaller Infrastructure as compared to established players

Opportunity

1. Growing rural market potential

2.  Urban Youth with growing income

Threats

1.  Economic crisis and economic instability2.  Entry of new NBFCs in the sector

3. Increasing awareness amongst people about securing their future

Services Offered by Bajaj Allianz

The insurance industry is diverse,with many specialized positions and career paths.Bajaj Allianz provide us with unlimited occupational opportunities in the following:

Sales Operations Acturial Product Development Accounts & Finance Audit Risk Management Administration & Faculty Management Human Resource Information Technology(IT) Legal Complaince Marketing Training

Marketing Strategies At Bajaj Allianz

In just about five years, it has rolled out one of the biggest networks in the industry: at present, Bajaj Allianz has around 900 offices across the country, compared with around 330 for market leader ICICI Prudential.

Before the year is out, it will have more than 1,000 offices covering 586 districts, up from the current 450. Bajaj Allianz will be the first private sector insurance player to have a presence in towns like Akola in Chhattisgarh and Uluberia in West Bengal

"We want to be a mass brand and that's why we're looking at a large footprint. Of course, a geographical spread helps derisk the model, which is particularly important for insurance. Today we earn our premia almost equally from each of the four regions," says Sanjay Jain, marketing head, Bajaj Allianz.

The retail approach is combined with one of independence. Once Bajaj Allianz decides on a new location, it typically hires local youngsters to man the office, working on the belief that since insurance is all about trust, customers are likely to have more faith in locals.

The new recruits are given a more or less free hand: they scout around for an office, furnish it, hire managers and agents. "We don't pay great salaries but we give our office heads a lot of freedom.They take almost all decisions including how they want to spend their ad budgets - whether they want to use hoardings or simply remunerate the agents. In that sense, it's a totally decentralised model," says Jain.

Most offices are small - around 350-400 sq ft - and functional, with an eye on cost control. Speed is of essence, and new offices are up and running within a month of the decision to set it up.

Apart from setting up its own offices in smaller towns, Bajaj Allianz has also beefed up its distribution by teaming up with 10 co-operative banks, around 100 district co-operative banks, as well as some regional rural banks to drive business to it. The banks earn a referral fee, so it's an attractive revenue stream for them.

Recently, the company also joined hands with Godrej Aadhar - the rural retail chain that has around 28 outlets across the country.

Agents remain the biggest selling channel and so the company ensures that commissions are competitive - the industry average is around 25-30 per cent. Bajaj today has 125,000 agents, way behind LIC's1 million but ahead of ICICI Prudential's 100,000.In some of the towns, Bajaj has also used local financial advisors, since it believes the comfort level of the customer may be higher with them than with agents. In keeping with its regional focus, brand building efforts have also been localised; rather than advertise nationally, Bajaj Allianz relies more on vernacular dailies and slots on regional television channels.

Bajaj Allianz is a mass insurance brand, our communication strategy and marketing mix needs to be very broad based. We still need to be heavy on TV and radio.

Human Resouce Management At Bajaj Allianz

Human Resource Management maybe defined as an art of procuring, developing and maintaining competent workforce to achieve the goals of an organization in an effective and efficient manner.

Roopa A. Kochhar Head of Human Resources - Bajaj Allianz General Insurance Says” in Bajaj Allianz we are creating a culture where ordinary people come together To make a great team”

The Allianz Human Resource Values: The Allianz human resource Values introduced in 2003 helped the organization to use these values as a guideline and set more precise targets with regard to human resource development.

There is a policy of full and final settlement in Bajaj Allianz

PROCESS OF FULL AND FINAL SETTLEMENT IN BAJAJ ALLIANZ.In Multinational Company like Alliaz Bajaj . HR planning and policies plays a major role in the growth of the organization. HR planning foresees the man power requirement. The needs like food, sanitation is the basic function of the HR planning. Motivation is the inseparable part of Allianz Bajaj`s

HR policies. The HR department should update the manual of the company. As these manual contains Govt made rules and regulation. The management can also make changes in the manual. The manual contains the rules & policies of the company. The manual is the internal document of the company. The other policies for HR department are that the company shall have Manpower planning for one-year period, based on the business plan for the year. There shall be no recruitment outside the manpower plan without prior approval of head HR and CEO. There are joining Formalities, Internal grading structure, salary processing formalities, service condition, Additional HR policies, policies for Resignation/Termination. Apart from the work the individual view is taken into consideration. Any problem in the organization to any of their team member personal conseling is done & the department tries to satisfy their need i.e. (sociological & psychological needs). In this organization all decision are taken by Head office HR for all 55 branches. Even they take decision regarding Day to Day activity.

The ultimate objective of the co. is in the growth of organization. If policies are not made and implemented and proper care is not taken of human assets i.e. employees than there is no progress to the employees and organization. So policies are important as well their employees who are key person who follows policies. Objectives:

The Human Resource objective consists of the following:

1. Manpower planning.2. Recruitment and selection. 3. Employee Development. 4. Performance Appraisal. 5. Develop belongingness for work.6. Excellence performance award every month. 7. To build organization with integration, honesty & Quality of work. 8. Planning future goals for career development. 9. Teamwork & cooperation with people in the organization. 10. To provide security for work. 11. Promotion.

In Bajaj Allianz according to the Full and Final settlement Policy for the employees, those who have left their service/job.there Full and Final statement is prepared by authorized executive in HR department. The Full and Final statement is prepared by Head office authorized executive in HR department only. The settlement is done as per following procedure.

In Bajaj present scenario of settlement is as follows: The form of settlement i.e. Exit report is divided in 2 parts

In first part Head of department / Branch head fills the form of employee giving information like: Name of employee. Code, Designation, Branch, Type of exit, Notice pay to

be recovered or not, last date attended, performance rating, and hard copy of resigned letter etc. and forward to HR executive in Head Office for further action through proper channel.

In second part consists of Head office clearance like:

1st a) Sales administration clearance whether bonus paid or recovery. b) If any other recovery.

2nd a) Finance clearance whether any amount to be recovered like travel advance, housing loan etc.

3rd HR clearance Calculate EL and variable pay and ensure it is given or not. To verify all other department has given clearance or not. To see Annual salary statement and verify other allowance like medical,telephone, etc are given or not. To see Annual salary statement and verify deduction has been done or not. Deduction like provident fund, professional tax, parivartan. Etc To verify whether salary for last month is given or not. e) To deduct if Advance salary is given. Finally do the processing as per rules of Income Tax like:

Deduction under u/s 16. Deduction under chapterVI-A Tax on Total income.

After the above process verified prepare a statement of Full and Final settlement with the details of employee who left the service and prepare Earning and Deduction head and calculate the dues of the left employee.

Finally give letter of clearance and Issues cheque to the Employee. All the 55 branches of Bajaj Allianz has to submit the Exit report to HEAD office with detailed information specified as above as there is centralized process.

INFORMATION TECHNOLOGY AT BAJAJ ALLIANZ

Business Challenge

Management reporting and decision support are key challenges that Allianz Bajaj is tackling in India. They required an information technology based solution that would cater to all their analytical requirements.

How we helped

MC3 proposed to design and develop a data warehouse with interfaces to the OPUS System,

the core Insurance Application and Excel sheets. This involved creating and developing 60 plus analytical reports for five different departments at Allianz Bajaj. Nihilent was responsible for Project Planning, Scheduling, Requirement Management, Data Warehouse Design, Development, Acceptance Testing and Trainers' training.

The system functionality included DSS for the Core Insurance business, Extraction, Transformation and Load (ETL) from OPUS System, Data Extraction from MS-Excel sheets to Data warehouse and Analytical Report generation.

Deliverables

Requirements Specifications

Data Model Design

Facts and Dimension Design

Developed Reports

Test Plans

Benefits delivered

Allianz Bajaj is now able to do ad-hoc and innovative reporting using the Nihilent solution. Reporting is now faster and quicker leading to accurate decision making.

Other project details

Software

Oracle9i DB, Oracle Data Warehouse Builder, Oracle Discoverer, OAS

Hardware

1 Linux Based Machine for Oracle 9iDB

Win 2000AS machine for the OWB and Discoverer

Win 2000AS machine for the Oracle9iAS

Special productivity tools

Oracle Warehouse Builder, Oracle Discoverer 4i

Kotak Mahindra

IntroductionKotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. The company started operations in 2001, and strives to offer its customers outstanding value through high customer empathy, consistent and benchmarked service and a suite of products that leverage the combined prowess of protection and long term savings. The company covers over 4 million lives and is one of the fastest growing insurance companies in India.

About Kotak Mahindra GroupEstablished in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received a banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank - Kotak Mahindra Bank Limited. 

The consolidated balance sheet of Kotak Mahindra group is over Rs. 1 lakh crore and the consolidated net worth of the Group stands at Rs. 13,943 crore (approx US$ 2.6 billion) as on September 30, 2012. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, and international offices in London, New York, California, Dubai, Abu Dhabi, Bahrain, Mauritius and Singapore.

Old MutualOld Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 billion of funds under management from core operations.

Parent CompanyKotak Mahindra Bank & Old Mutual plc.

Category NBFC

Sector Insurance and finance

Tagline/ Slogan ‘zindagi se ek kadam aage’

USPExpertise in local market with global exposure

STP

Segment Personal and Group Insurance

Target Group Urban and Rural Investors

PositioningComplete Insurance and financial solutions

SWOT Analysis

Strength

1. State of art Actuarial I.T Infrastructure

2. Has network across 300 towns3.  Innovative Product range with transparent practices4. The company covers over 3 million customers and is one of the fastest growing insurance companies in India

Weakness

1.  Lack of presence in various parts of country

2. Limited Advertising and low brand visibility as compared to leading competitors

Opportunity

1. Growing potential in the semi-urban and rural market2. Better investment awareness amongst the younger generation

Threats

1.  Fluctuating economic scenarios 2.  Entry of new NBFCs in the sector increasing competition

Competition

Competitors 1.  SBI Life Insurance

2.  Sahara Life Insurance

3.  Birla Life Insurance

An uncommon bond. Strengthened by a common vision.Apart from common beliefs, values and objectives we believe in the vision of a better tomorrow. It is this deep veneer of faith that has brought us together and fortified our bond.

The global Indian financial services brandOur customers will enjoy the benefits of dealing with a global Indian brand that best understands their needs and delivers customised pragmatic solutions across multiple platforms. We will be a world-class Indian financial services group. Our technology and best practices will be benchmarked along international lines while our understanding of customers will be uniquely Indian. We will be more than a repository of our customers' savings. We, the group, will be a single window to every financial service in a customer's universe.

The most preferred employer in financial servicesA culture of empowerment coupled with a spirit of enterprise, attracts bright minds with an entrepreneurial streak to join us and stay with us. Working with a home-grown, professionally-managed company, which has partnerships with international leaders, gives our people a perspective that is universal as well as unique.

The most trusted financial services companyWe will create an ethos of trust across all our constituents. Adhering to high standards of compliance and corporate governance will be an integral part of building trust.

Value creationValue creation rather than size alone will be our business driver.

Marketing at Kotak Mahindra

The objectives of Marketing of Kotak Mahindra Life Insurance are as follows

Mobilisation of savings in the form of pensions- Kotak Mahindra tries to aim at general public and enables them to know the importance of their present investments in insurance palns would yield them a regular return after certain period of the age attained.

Improving customer services- The strategeies of Kotak Mahindra are planned out in such a way that it pays continuous emphasis on improving the customer services and capturing more of the market share.

Increasing customer base and its spread- Kotak Mahindra is not only focussing on urban market but also at the rural market so that the no of customers and the use of insurance schemes by the customers are rapidly increasing.

Developing Corporate image- Rapid improvements in customer services and increase in the market share as well as increase in customer base would not only help Mahindra to gain over the leader but would also help in building a corporate image.

Spreading Life Insurance Message

Developing guiding policies and their implementation for better results

The focus of Kotak Mahindra

Give due weightage to economically & socially backward classes. Maximize the mobilizations of savings by offering lucrative schemes. Assign due weightage to intrest of investors.

Human Resouce at Kotak Mahindra

An ideal example of an organization which nurtures an environment of transparency, values

contribution of every individual and respects basic human dignity is Kotak Mahindra Bank.

Established in 2003, the bank has been providing a central platform for customer

relationships across various businesses. Ranked #23 in the Great Place to Work® Institute’s

Study and #2 in the Industry Category of Banking/Credit Services sector, the company’s

values act as the principle guiding force. The values revolve around being down to earth and

approachable, mutual respect with transparency in dealings, passion to achieve, and an

entrepreneurial approach.

The organization stresses on its values as early as in the recruitment stage where candidates

possessing certain characteristics are given preference like people who come across as ‘down

to earth & approachable’, ‘have a passion to achieve’, ‘show an entrepreneurial streak’,

‘believe in displaying mutual respect’ and have an ‘ethical bent of mind’. These aspects help

align them to the Kotak culture and core values.

The induction process is unique involving K-One and K-Bit programs. Kotak Orientation for

New Employees (K-One) is a formal company induction which is mandatory for each and

every new joiner within 30 days of joining. This is also backed by Kotak Business Induction

Training (K-BIT) for product and process training as relevant. These programs give a broad

overview of businesses/functions, products, insight into their work culture and opportunities

to interact with.

The Kotak Mahindra Bank also has in place programs designed for the development of

employees such as the Storming Workshops that focus on assessing the behaviours of

individuals which facilitate the leaders to understand the same resulting in increased

performance and reduced attrition; PRAISE Certification Programs (PCP) that equip all

managers with the skills of conducting an effective performance discussion and dialogue;

RACE (Reward & Recognition and Career Enhancement) & ROTY (ROund the Year)

process allows for automatic grade and monetary up gradation at any point of time based on

achievement levels, etc.

In addition to this, the company has several reward and recognition practices which include I-

Applaud, which is a platform that provides informal recognition from co-workers,

supervisors and even subordinates. Star Performers and Achievers or any person that strikes a

sizeable deal or brings in a critical customer is appreciated on the company Intranet. All

customer appreciation that comes to employees are posted on the company Intranet under a

section called ‘Way to Go’. Long Service Awards is a tradition followed at Kotak Mahindra

Bank to recognize the dedication and loyalty of people who have spent five years and above

with the organization. Besides this, each business vertical has its own rewards and

recognition scheme to reward exceptional performance. These are covered under STARS

R&R Program in partnership with I-mint.

Information Technology At Kotak Mahindra

Kotak Mahindra Bank, one of India's fastest growing banks, and Infosys, a global leader in consulting & technology, today announced the successful implementation of Finacle 10 universal banking solution across 335 bank branches. This big bang implementation saw Finacle core banking and e-banking solutions roll out simultaneously across all the branches of Kotak Mahindra Bank in India. The entire implementation, which replaced the Bank's legacy core banking system with no disruption to business, was completed in 18 months.

With the objective of becoming future-ready and driving its ambitious growth plans, Kotak Mahindra Bank decided to replace its existing core banking system. Some of the key requirements the Bank was looking to support included - building a functionally rich yet scalable technology backbone, enabling organizational flexibility and ensuring that the new solution integrates seamlessly with multiple other systems within the bank. Finacle 10 was found to be the best fit, both functionally and technologically. The Bank has already seen a 44% increase in the number of accounts added post implementation.

Leveraging Finacle, the Bank is aiming to drive:

A unified customer view, enabled by the centralized platform, resulting in significant improvement in service levels and customer experience

Streamlined business processes for higher branch productivity Enhanced capability to deliver offerings such as RTGS payments, Sweeps and different

options for Standing InstructionsMr. KVS Manian, President - Consumer Banking, Kotak Mahindra Bank said, "Banking in this era is technology driven. To enhance our customer experience, we needed an advanced core banking platform like Finacle, to help us meet the dynamic needs of our customers. Finacle, with its leadership in banking innovation, provides superior functionality and ease of integration with multiple other systems- both key differentiators of a technology engine that will power our customer service and business growth objectives."

Mr. Haragopal M, Global Head, Finacle said, "At Finacle, we believe in accelerating innovation for our clients. With this technology transformation program, we're happy that the bank has been able to derive significant benefits in terms of both growth and operational efficiencies. Technology is playing an important role in building tomorrow's banks and we are committed to collaborate with progressive banks, like Kotak Mahindra Bank, to set new benchmarks for excellence in the banking industry."