Bajaj

ON

MINOR PROJECTRecruitment Process and

Customer Satisfaction leads to Financial

Performance

• 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

INTRODUCTION

• 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.

Company profile

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

Core value

• 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

Need for the study

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.

objectives

• 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.

Contd….

METHODOLOGY

PRIMARY DATA

USING QUESTIONNAIRE

PRIMARY DATA

USING QUESTIONNAIRE

SECONDARY

DATA

SECONDARY

DATA

RECRUITMENT PROCESS

(SAMPLE SIZE 10)

RECRUITMENT PROCESS

(SAMPLE SIZE 10)

CUSTOMER SATISFACTION

(SAMPLE SIZE 100)

CUSTOMER SATISFACTION

(SAMPLE SIZE 100)

LAST FIVE YEARS INCOME

STATEMENT AND BALANCE SHEET

LAST FIVE YEARS INCOME

STATEMENT AND BALANCE SHEET

COLLECTION OF DATA

ANALYSIS & FINDINGS

• Recruitment Process Manpower Plan

Position Description

Manpower Requisition

Bank Application

Preliminary Interview

Application FormPersonal Test: a) Intelligence Test

b) Aptitude Test

c) Personality Test Employment Interview

Selection

Medical Examination

Appointment Letter

Recruitment satisfaction

Not at all Satisfied totally satisfied

Good Excellent0

5

10

15

20

25

30

35

40

45Recruitment System

ResponsePercentage

Organization Grading Structure

Description Level

Department heads – leadership role

L5

Department heads / regional heads / sales head

L4

Managers / functional heads L3 A

B

Assistant Manager – Supervisory role

L2 A

B

Support Staff L1 A

B

Market Share

Tata AIG3% Metlife

3%Aviva Life

2%ING Vyasa

2%ICICI Prudential

22%

SBI Life15%

Bajaj Allianz13%

Reliance Life10%

Birla Sunlife8%

HDFC Standard

8%

Max New York Life

6%

Kotak Mahindra OM4% Others

3%

Market Share of Private Players

Customer Satisfaction

Life Insurance32%

Fixed Deposit36%

Mutual Funds12%

Securities6%

Post Office Savings

14%

Brand Image of the Com-

pany

Excellent past record

Friend / relatives

have bought

Marketing People insisted to buy

Impress by Ads &

Promotion

Desire to try out a

new company

0

10

20

30

40

50

60

70

80

90

100Very Low Average Very High

Life Insurance policy

Life Insurance Corporation Of India

SBI Life Insurance Company

ICICI Prudential Life Insurance Company

Bajaj Allianz Life Insurance Company

Birla Sun Life Insurance Company

Reliance Life Insurance Company

HDFC Standard Life Insurance Company

Max New York Life Insurance Company

Kotak Mahindra Old Mutual Life Insurance Company

Tata AIG Insurance Company

0 5 10 15 20 25 30 35Respondents (In Percentage)

Financial Performance

2006-07 2007-08 2008-09 2009-10 2010-11 2011-120

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

Premium Collected

Premium Collected

2006-07 2007-08 2008-09 2009-10 2010-11 2011-12

-40,000,000

-20,000,000

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

Investment Income

Investment Income

2006-07 2007-08 2008-09 2009-10 2010-11 2011-12

-4,000,000

-2,000,000

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

Profit After TaxProfit After Tax

Profit & Loss Analysis

• 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.

Observation & findings

• 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

Contd….

• 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.

Contd….

• 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.

Contd….

• 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.

suggestions

• 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.

Contd….

• 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.

limitations

CONCLUSION

Bibliography

Books Human Resource Management – Anjali Ghanekar HRD Manual of Bajaj Allianz

Websites www.bajajallianz.com www.irda.gov.in

THANK YOU