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INTRODUCTION
A marketing strategy is a process that can allow an organization to concentrate
its (always limited) resources on the greatest opportunities to increase sales and
achieve a sustainable competitive advantage. Marketing strategy as a key part of
the general corporate strategy marketing strategy is most effective when it is an
integral component of corporate strategy, defining how the organization will
engage customers, prospects and competitors in the market arena for success. It
is partially derived from broader corporate strategies, corporate missions, and
corporate goals. They should flow from the firm's mission statement. They are
also influenced by a range of micro environmental factors. Marketing strategy
and sectarian tactics and actions: A marketing strategy also serves as the
foundation of a marketing plan. A marketing plan contains a set of specific
actions required to successfully implement a marketing strategy. For example:
"Use a low cost product to attract consumers. Once our organization, via our low
cost product, has established a relationship with consumers, our organization will
sell additional, higher-margin products and services that enhance the consumer's
interaction with the low-cost product or service." A strategy consists of well
thought out series of tactics. While it is possible to write a tactical marketing plan
without a sound, well-considered strategy, it is not recommended. Without a 6
Sound marketing strategy, a marketing plan has no foundation. Marketing
strategies serve as the fundamental underpinning of marketing plans designed to
fill market needs and reach marketing objectives. It is important that these
objectives have measurable results. A good marketing strategy should integrate
an organization's marketing goals, policies, and action sequences (tactics) into a
cohesive whole. Many companies cascade a strategy throughout an
organization, by creating strategy tactics that then become strategy goals for the
next level or group. Each group is expected to take that strategy goal and
develop a set of tactics to achieve that goal. This is why it is important to make
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each strategy goal measurable. Marketing strategies are dynamic and
interactive. They are partially planned and partially unplanned. See strategy
dynamics.
TYPES OF MARKETING STRATEGIES
Every marketing strategy is unique, but if we abstract from the individualizing
details, each can be reduced into a generic marketing strategy. There are a
number of ways of categorizing these generic strategies. A brief description of
the most common categorizing schemes is presented below:
Strategies based on market dominance - In this scheme, firms are classified
based on their market share or dominance of an industry.
Typically there are three types of market dominance strategies:
• Leader
• Challenger
• Follower
Porter generic strategies - strategy on the dimensions of strategic scope and
strategic strength Strategic scope refers to the market penetration while strategic
strength refers to the firm’s sustainable competitive advantage.
• Cost leadership• Product differentiation
• Market segmentation
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Innovation strategies - This deals with the firm's rate of the new product
development and business model innovation. It asks whether the company is on
the cutting edge of technology and business innovation. There are three types:
• Pioneers
• Close followers
• Late followers
Growth strategies - In this scheme we ask the question, “How should the firm
grow?”. There are a number of different ways of answering that question, but the
most common gives four answers:
• Horizontal integration
• Vertical integration
• Diversification
• Intensification
A more detailed scheme uses the categories:
• Prospector
• Analyzer
• Defender
•
Reactor
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INSURANCE NEED
Why is insurance necessary? The question contains the answer within itself.
After all, life is fraught with tensions and apprehensions regarding the future and
what it holds for the individual. Despite all the planning and preparation one
might make, no one can accurately guarantee or predict how or when death
might result and the circumstances that might ensue in its aftermath. We are not
saying that life and existence are constantly fraught with danger and uncertainty.
But then it is essential that you plan for the future. The chances for a fatality or an injury to occur to
the average individual may not be particularly high but then no one can really
afford to completely disregard his or her future and what it holds. People
generally regard insurance as a scheme when and where you have to lose a lot
to gain a little. Nevertheless, insurance is still the most reliable tool an individual
can use to plan for his future.
And just why is it necessary to plan for the future with Insurance?
AN OVERVIEW
Insurance business is divided into four classes:
1) Life Insurance business
2) Fire
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3) Marine
4) Miscellaneous Insurance.
Life Insurers transact life insurance business; the rest is transacted by General
Insurers. No composites are permitted as per law. The business of Insurance
essentially means defraying risks attached to any activity over time (including
life) and sharing the risks between various entities, both persons and
organizations. Insurance companies (ICs) are important players in financial
markets as they collect and invest large amounts of premium. Insurance
products are multipurpose and offer the following benefits:
1. Protection to the investors
2. Accumulate savings
3. Channelize savings into sectors needing huge long term Investments.
SECTOR PROFILE
SECTOR PROFILE
Brief History of the Insurance Sector
The business of life insurance in India in its existing form started in India in the
year 1818 with the establishment of the Oriental Life Insurance Company in
Calcutta. Some of the important milestones in the life insurance business in India
are:
• 1912: The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.
• 1928: The Indian Insurance Companies Act enacted to enable the
government to collect statistical information about both life and non-life
insurance businesses.
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• 1938: Earlier legislation consolidated and amended to by the Insurance
Act with the objective of protecting the interests of the insuring public
• 1956: 245 Indian and foreign insurers and provident societies taken over
by the central government and nationalized. LIC formed by an Act of
Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore
from the Government of India. The General insurance business in India,
on the other hand, can trace its roots to the Triton Insurance Company
Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British. Some of the important milestones in the general
insurance business in India are:
• 1907: The Indian Mercantile Insurance Ltd. set up, the first company to
transact all classes of general insurance business.
• 1957: General Insurance Council, a wing of the Insurance Association of
India, frames a code of conduct for ensuring fair conduct and sound
business practices.
• 1968: The Insurance Act amended to regulate investments and set
minimum solvency margins and the Tariff Advisory Committee set up.
• 1972: The General Insurance Business (Nationalization) Act, 1972
nationalized the general insurance business in India with effect from 1st
January
• 1973. 107 insurers amalgamated and grouped into four companies’ viz.
the National Insurance Company Ltd., the New India Assurance Company
Ltd., the Oriental Insurance Company Ltd. And the United India Insurance
Company Ltd. GIC incorporated as a company.
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INSURANCE SECTOR
The opening up of Insurance sector was a part of the ongoing liberalization in the
financial sector of India. The changing face of the financial sector and the entry
of several companies in the field of life and non life Insurance segment are one
of the key results of these liberalization efforts. Insurance business by way of
generating premium income adds significantly to be the GDP. Over the past
three years, more than thirty companies have expressed interest in doing
Business in India The IRDA (Insurance Regulatory Development Authority) is the
regulatory authority, which looks over all related aspects of the insurance
business. The provisions of the IRDA bill acknowledge many issues related to
insurance sector. The IRDA bill provides guidance for three levels of players -
Insurance Company, Insurance brokers and Insurance agent. Life Insurance
sector is one of the key areas where enormous business potential exists. In India
currently the life insurance premium as a percentage of GDP is 1.3 % against,5.2 per cent in the US.
General Insurance General Insurance is another segment, which has been
growing at a faster pace. But as per the current comparative statistics, the
general insurance premium has been lower than life insurance.
General Insurance premium as a percentage of GDP was a mere 0.5 'per cent in
1996. In the General Insurance Business, General Insurance Corporation (GIC)
and its four subsidiaries viz. New India Insurance, Oriental Insurance, National
Insurance and United India Insurance, are doing major business. The General
Insurance Industry has been growing at a rate of 19 percent per year. The entry
of several private insurance companies, particularly international insurance
companies,through joint ventures, will speed up the process of insurance
mobilization. The competition will unleash new schemes and benefits, which will
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give consumers a better Chance to save as well as insure. The regulatory
system in India is relatively new and takes some more time to make the
Insurance sector a perfectly competitive one. Insurance Regulatory Authority of
India issued regulations on 15 subjects which included appointed. Actuary,
actuarial report, Insurance agents, Solvency margins, reinsurance, registration of
Insurers, and obligation of insurers to rural and social sector, investment and
accounting procedure. The reform in Insurance in India is guided by factors like
availability of a variety of products at a competitive price, improvement in the
quality of customer services etc. Also the employment opportunities in the
Insurance sector wil1 increase as major players set their business plans in India.
The policy of the government to open up the financial sector and the Insurance
sector is expected to bring greater FDI inflow into the country. The increase in
the investment limit in this vital sector has generated considerable business
interests among the foreign Insurance companies" Their entry wil1 certainly
change the Insurance sector considerably.
INSURANCE SECTOR REFORMS:
In 1993, Malhotra Committee, headed by former Finance Secretary and RBI
Governor R.N. Malhotra was formed to evaluate the Indian insurance industry
and recommend its future, direction. The Malhotra committee was set up with the
objective of complementing the reforms initiated in the financial sector. In 1994,
the committee submitted the report and some of the key recommendations
included:
Structure:
• Government stake in the insurance Companies to be brought down to
50%.
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• Government should take over the holdings of GlC and its subsidiaries so
that these subsidiaries can act as independent corporations.
• All the insurance companies should be given greater freedom to operate.
Competition:
• Private Companies with a minimum paid up capital of Rs. 1 bn should be
allowed to enter the industry.
• No Company should deal in both Life and General Insurance through a
single entity.
• Foreign companies may be allowed to enter the industry in collaboration
with the domestic companies.
• Postal General Insurance should be allowed to operate in the rural
market.
• Only one State Level General Insurance Company should be allowed to
operate in each state.
• Regulatory Body:
• The Insurance Act should be changed.
• An Insurance Regulatory body should be set up. Controller of Insurance
(Currently a part from the Finance Ministry) should be made independent.
INVESTMENT:
1.Mandatory Investments of LIC Life Fund in government securities to bereduced from 75% to 50%.
2. GIC and its subsidiaries are not to hold more than 5% in any company (There
current holdings to be brought down to this level over a period of time.)
Customer Service:
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• LIC should pay interest on delays in payments beyond 30 days.
• Insurance companies must be encouraged to set up unit linked pension
plans.
• Computerization of operations and updating of technology to be carried
out in the insurance industry.
The committee emphasized that in order to improve the customer Services and
increase the coverage of the insurance industry should open up to competition.
But at the same time, the committee felt the need to exercise caution as any
failure on the part of new players could ruin
the public confidence in the industry. Hence, it was decided to allow competition
in a limited way by stipulating the minimum capital requirement of Rs. 100 crores.
The committee felt the need to provide greater autonomy to insurance
companies in order to improve.
INSURANCE INDUSTRY: CLASSIFICATION
SOME PLAYERS IN THE INDUSTRY:
• Life Insurance
• General Insurance
• Life Insurance Corporation of India General Insurance Corporation of
India.
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1. Oriental Insurance Company Ltd.
2. New India Assurance Company Ltd.
3. National Insurance Company Ltd.
4. United India Insurance Company Ltd.
NEW ENTRANTS
• ICICI Prudential Life Insurance Ltd.
• Bajaj Allianz General Insurance Company Ltd.
• Tata AIG Life Insurance Corporation Ltd.
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• Reliance General Insurance Company Ltd.
• ING Vysya Life Insurance Corporation Ltd.
• Tata AIG General Insurance Company Ltd.
• Om Kotak Mahindra Life Insurance Corporation Ltd.
• MaxNewYork Life Insurance Ltd
• Royal Sundaram Alliance Insurance Company Ltd.
MARKET SHARE
In the FY2008 ICICI Lombard and Bajaj Allianz have witnessed aggressive
growth bymaking the retail segment their target segment ,aggressive growth
strategies and hugedistribution network.The general insurance industry has
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witnessed the entry of many nontraditionalplayers .IRDA has issued a license to
the Rajan Raheja Group(RRG) for settingup a general insurance joint veture with
Australia’s QBE Insurance Group.Last two yearshave seen the emergence of
special institutions,such as ECGC,Star Health&Allied Insurance ,Appolo DKV
and Agriculture Insurance Co.
Business mix of Bajaj Allianz Motor insurance has the biggest share in general
insurance market and show a high growth over three years. Corporate ex-health
shown a low depression in Fy 2006-07 and highdepression in Fy2007-08.Health
insurance shows positive trend in all these FY’s.
COMPANY PROFILE
BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED
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Bajaj Allianz General Insurance Company Limited is a joint venture
between Bajaj FinservLimited (recently demerged from Bajaj Auto Limited) and
Allianz SE. Both enjoy a reputationof 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 India. The Company
has an authorized and paidup capital of Rs 110 crores. Bajaj Finserv Limited
holds 74% and the remaining 26% is heldby Allianz, SE.As on 31st March 2009,
Bajaj Allianz General Insurance maintained its premier position inthe industry by
achieving growth as well as profitability. The company garnered a premium
income of Rs. 2866 crore, achieving a growth of 11 % over the last year. Bajaj
Allianz has made a profit before tax of Rs. 149.8 crore and has become the only
private insurer to crossthe Rs.100 crore mark in profit before tax in the last three
years. The profit after tax was Rs.95crores, which is also the highest by any
private insurer.Bajaj Allianz today has a countrywide network connected through
the latest technology forquick communication and response in over 200 towns
spread across the length and breadth ofthe country. From Surat to Siliguri and
Jammu to Thiruvananthapuram, all the offices are interconnected with the Head
Office at Pune.
VISION
• To be the first choice insurer for customers
• To be the preferred employer for staff in the insurance industry.
• To be the number one insurer for creating shareholder value
MISSION
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As a responsible, customer focused market leader, we will strive to understand
the insuranceneeds of the consumers and translate it into affordable products
that deliver value for money.A Partnership Based on Synergy.
Bajaj Allianz General Insurance offers technical excellence in all areas of
General and HealthInsurance as well as Risk Management. This partnership
successfully combines BajajFinserv's in-depth understanding of the local market
and extensive distribution network withthe global experience and technical
expertise of the Allianz Group. As a registered IndianInsurance Company and a
capital base of Rs. 110 crores, the company is fully licensed tounderwrite all lines
of general insurance business including health insurance.
ACHIEVEMENTS
Bajaj Allianz has received "iAAA rating, from ICRA Limited, an associate of
Moody'sInvestors Services, for Claims Paying Ability.This rating indicates highest
claims payingability and a fundamentally strong position Bajaj Allianz General
Insurance has received the prestigious “Business Leader in GeneralInsurance”,
awarded by NDTV Profit Business Leadership Awards 2008. The company
wasone of the top three finalists for the year 2007 and 2008 in the General
Insurance Company of the Year award by Asia Insurance Review.
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COMPANY’S HISTORY
BAJAJ ALLIANZ GENERAL INSURANCE COMPANY:
ALLIANZ AG
Allianz group was founded in 1890 and is one of the world's leading insurance
companies with over 100 year's experience in insurance and related services. It
is also the largest insurer in Europe. Allianz group has multi-local structure and
presence in over 70 countries. The key business areas of Allianz group include
General Insurance (property, engineering, marine, motor, casualty and
miscellaneous), Reinsurance, Risk Management, Life & health insurance, Asset
Management and Pension Funds Management. Bajaj Auto Ltd.
Bajaj Auto Ltd the flagship company of Bajaj Group was incorporated in 1945 as
Bachraj Trading Corporation. Initially it started by assembling two and three
wheelers in collaboration with Piaggio of Italy. After the expiry of the Agreement
in 1971 the two and three wheelers acquired the brand name of Bajaj. The
strength of the company lies in its strong brand image andability to offer value for
money products leveraging on its large-scale operations.
The Joint Venture
Bajaj Allianz General Insurance a joint venture non-life company promoted jointly
by Bajaj Auto and German insurer- Allianz. Indian auto major holds 74% while
Allianz holds 26% in the Joint Venture, and has an authorized and paid up capital
of Rs. ll0 crores. Mr. Graham Norris is theCEO of the company. Bajaj Allianz
General Insurance will leverage the customer base andexpertise of Bajaj Auto
Ltd and Allianz.
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PRODUCT RANGE OF COMPANY/INDUSTRY
Bajaj Allianz General Insurance Products
• Personal Accident
• Hospital Cash Daily Allowance Policy
• Health Guard
• Critical Illness
• Burglary Insurance
• Householders Insurance
• Travel Companion
• Fidelity Guarantee Policy
• Office package
• Money Insurance
• Public Liability
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• Plate Glass Insurance
• Consequential Loss (Fire) Insurance Policy
PERFORMANCE OF THE COMPANY OVER THE LAST FEW YEARS
Despite conditions which were not conducive for growth of gross premium, the
companymanaged to maintain a growth rate which was more than twice that of
the market. The company’s gross written premium (excluding share of premium
from the IMTPIP), grew by 33.3% during 2007-08 and, despite intense price
competition, company maintained its second position among the private sector
companies in terms of gross written premium. The market share of company
(excluding premium of specialized insurers) increased from 7.2% in 2006-07
to 8.5% in 2007-08. Including the share of inward reinsurance business from the
IMTPIP, the growth rate would have been 43.0%. During 2007-08, company
clocked gross written premium of Rs. 24,045 Mn excluding share of business
from the IMTPIP as compared to Rs 18,033 Mn in 2006-07. Including share of
inward business from the IMTPIP, the gross written premium amounted to Rs.
25,780 Mn. On account of company’s policy of steadily increasing it’s retention in
line with it’s capital base, the net earned premium for the year (excluding net
premium from inward business of the IMTPIP), rose to Rs. 13,266 Mn, an
increase of 58.6% over the previous year of Rs. 8,366 Mn. Including the net
premium arising out of the share of business from the MTPIP, the net premiumfor the year 2007-08 was Rs. 14,134 Mn. Although de-tariffication had an
adverse effect on the price per policy, the number of policies sold continued to
grow. In the year under review, company sold 6.61 Mn. policies as against 4.90
Mn. policies sold in the previous year. This growth indicates that despite severe
price competition, more customers preferred company’s service offerings, drawn
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by it’s strong brand image, convenience of buying and satisfaction with its
service levels. The total incurred claims for the current year including actuarial
provisions but excluding share of claims of the IMTPIP, were Rs. 8,375 Mn. as
against
Rs. 5555 Mn. in the previous year. The number of claims reported during the
year was 413,281 as compared to 309,160 in the previous year.
As on 31st March 2008, Bajaj Allianz General Insurance maintained its premier
position in the industry by garnering a premium income of Rs. 2578 crore,
achieving a growth of 43 % over the last year.Bajaj Allianz has made a profit
before taxes of Rs. 167 crore and is the first company to cross the Rs.100 crores
mark in profit after tax by generating Rs. 105 crores. In the first quarter of 2008-
09, the company garnered a gross premium of Rs.733.53 crores against
Rs.573.73 core last year for the same period registering a growth of 28%. Bajaj
Allianz today has a countrywide network connected through the latest technology
for quick communication and response in over 200 towns spread across the
length and breadth of the country. From Surat to Siliguri and Jammu to
Thiruvananthapuram, all the offices are interconnected with the Head Office at
Pune.
FINANCIAL STATUS OF THE ORGANIZATION
Figure shows profit after taxes in Rs.(In Millions)
The company has earned a Profit Before Tax of Rs. 1,679 Mn for the year ended
31st March 2008, an increase of 43.5% over the previous year profit of Rs. 1,170
Mn. The Profit Before Tax includes a provision of Rs. 361 Mn towards provisions
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for losses from the IMTPIP. The net profit for the year, after provisions for
reported losses from the IMTPIP, was Rs. 1,056 Mn as against Rs. 754 Mn
reported in 2006-07, which is an increase of 40.0%. In a year when prices of
insurance fell significantly, increasing its profitability whilst improving the market
share has been a significant achievement for your Company. It is a matter of
pride for Bajaj Allianz that it has become the benchmark for other companies in
the market in so far as underwriting profitability and return on equity are
concerned. The Earnings per share (EPS) for the year ended 31st March 2008
was Rs. 9.59/- (compared to Rs. 6.85/- for the previous year) and the book value
of equity shares on 31st March 2008 was Rs. 52.15/- per share (as against Rs.
37.40/- per shares as on 31st March 2007).
FUTURE PROSPECTS/PLANS
The Indian general insurance industry detarrification to start a new growth story.
Share of motor insurance was 43.1% of the total general insurance premium in
April-Dec 2008.Motor insurance is expecting to increase with motor sale, this
year, there is a sharp rise in the auto industry (passenger car sales increased at
a rate CAGR of 17% during FY08) as income level rise.However last year and
the initial months of this year showed a negative trend in sales but as the market
is recovering ,auto sales showed a positive trend. Post detarrifictio, in January
’07 ,drop in motor premiums was expected ,but rise in car sales has helped boost
total motor premiums.Recent hike of 70-150% in loss making motor third party
liability segment will help reduce losses.Its very important time for Bajaj Allianz toformulate new plans strategies and to capture more marketing share.
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OBJECTIVES OF THE STUDY
OBJECTIVES OF THE STUDY
• To study the sales Strategy of field force of Bajaj Allianz General
Insurance.
• To study the process of selling of Insurance Policies by Advisors.
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RESEARCH
METHODOLOGY
RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the research problem.
Research methodology constitutes of research methods, selection criterion of
research methods, used in context of research study and explanation of using of
a particular method or technique so that research results are capable of being
evaluated either by researcher himself or by others.
• Why a research study has been undertaken?
• how the research problem has been formulated?22
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• why data have been collected and what particular technique of analyzing
data has been used and a best of similar other question are usually
answered when we talk of Research methodology concerning a research
problem or study?
The main aim of research is to find out the truth which is hidden and which has
not been discovered as yet.
AREA OF STUDY
The area of the study related with getting correct information of generalinsurance
policies of different peoples in the region of Ghaziabad.
SAMPLE DESIGN
A sample design is a definite plan for obtaining a sample from a given
population. It refers to the techniques or the procedure the researcher would
adopt in selecting items for the sample. Sample design may as well be drawn
from the population to be included in the sample i.e. the size of the sample.
Sample design is determined before data are collected.
During my study I have taken 50 insurance care consultants as the size of
sample.
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TOOLS USED
To know the response, I have used the questionnaire method. If one wish to find
what insurance care consultants think or know, the logical procedure is to ask
them. This has led marketing researchers to use the questionnaire technique for
collecting data more than any other method.
In this method questionnaire were distributed to the respondents and they were
asked to answer the questions in the questionnaire. The questionnaire were
structured non disguised questionnaire because the question which the
questionnaire contained, were arranged in a specific order besides every
question asked were logical for the study, noquestion can be termed as
irrelevant. The questionnaire was non-disguised because the questionnaire was
constructed so that the objective is clear to the respondent. The respondents
were aware of the objective. They knew why they were asked to fill the
questionnaire. With the help of following techniques, which are using by Bajaj
Allianz I analyse that the how techniques of sales promotion are useful.
DATA COLLECTION
PRIMARY DATA SOURCES
• Through interaction with insurance care consultant
• Through questionnaires filled from the insurance care consultant.
SECONDARY DATA SOURCES
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• Through internet, various official sites of the companies.
• Through pamphlets and brochures of the companies.
• Journals & Magazine
LIMITATIONS OF THE STUDY
Following limitations were faced during the study:
1. While designing the questionnaire it was kept in mind to gather more and more
information from each target person. For the neither present nor descriptive
questions could have served the purpose. Therefore the questionnaire contained
in the open-ended questions.
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2. The study was conducted in Bajaj Allianz in Ghaziabad city, which has 127 to
170 insurance care consultants only. The sample size was of 50 insurance care
consultants only so that accuracy of data so collected could be absurd covered
by circulation of questionnaire.
3. The accuracy of indications given by the respondents may not be consider
adequate as whether the language used in the questionnaire is understood by
the respondent cannot be taken for granted.
4. The study is based on the information gathered from the insurance care
consultants. Therefore in such case it is possible that the information supplied
might be biased because the insurance care consultant might have shown
partiality towards their insurance policies.
5. Since the survey was limited to 50 insurance care consultants it is rather
difficult to give a precise conclusion but I have tried to the best of my capability to
give the conclusion on a comprehensive manner.
DATA ANALYSIS&
INTERPRETATION DATA ANALYSIS
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(BASED ON SURVEY CONDUCTED FOR 50 INSURANCE CARE
CONSULTANTS)
Q.1 Which technique of sales promotion you prefer?
• Options Response in %
• Display 40%
• Door to Door Demo 14%
• Exhibition 16%
• Catalogue 20%
• Price Off 10%
Interpretation:
According to the study 40% insurance care consultants prefer display
technique,20%insurance care consultants prefer catalogues, 16% to the
exhibition, 14% to the door to door demo and 10% insurance care consultants
prefer price off technique.
Q.2 Which technique is giving good response from customers?
Options Response in %
• Display 18%
• Door to Door Demo 36%
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• Exhibition 18%
• Catalogue 16%
• Price Off 12%
Interpretation:
According to the study 36% insurance care consultants say door to door demo
techniques giving good response, 18% insurance care consultants say to the
display & exhibition,16% to the catalogues & 12% say to the price off technique.
Q.3 Which technique is economically beneficial?
Options Response in %
• Display 10%
• Door to Door Demo 22%
• Exhibition 10%
• Catalogue 46%
•
Price Off 12%
Interpretation:
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According to the 46% insurance care consultants, catalogue technique is
economically beneficial. 22% to the door-to-door demo and 12% insurance care
consultants prefer price off technique.10% to the exhibition & display technique.
Q.4 Which technique requires less time in sales promotion?
Options Response in %
• Display 22%
• Door to Door Demo 38%
• Exhibition 10%
• Catalogue 16%
• Price Off 14%
Interpretation:
According to the study 38% insurance care consultants say display technique
requiresless time in sales promotion. 22% to the display technique, 16%
insurance careconsultants vote to the catalogues, 14% insurance care
consultants vote to the 10% to the exhibition.
Q5 Which technique is easily manageable?
Options Response in %
• Display 18%
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• Door to Door Demo 30%
• Exhibition 10%
• Catalogue 34%
• Price Off 8%
Interpretation:
According to the study 34% insurance care consultants say that the catalogues is
easily manageable, 30% to the door to door demo,18% insurance care
consultants prefer display technique 10% to the exhibition, and 8% insurance
care consultants say to the price off technique.
Q.6 Which technique requires less knowledge to execute?
Options Response in %
• Display 14%
• Door to Door Demo 12%
• Exhibition 12%
• Catalogue 22%
•
Price Off 40%
Interpretation:
According to the study 40% insurance care consultants vote to the price off
technique is require less knowledge to execute.22% insurance care consultants
prefer catalogues, 14% to the display and 12% to the exhibition & door to door.
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Q.7 Which technique requires more knowledge to execute?
Options Response in %
• Display 20%
• Door to Door Demo 42%
• Exhibition 24%
• Catalogue 10%
• Price Off 4%
Interpretation:
According to the study 42% insurance care consultants vote to the door-to-door
technique that it requires more knowledge to execute than others. 24% to the
exhibition, 20% to the display technique, 10% insurance care consultants give
vote to the catalogues and 4% insurance care consultants prefer price off
technique.
Q.8 Price off are necessary for sales promotion?
Options Responses in %.
• Yes 46%
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• No 40%
• Can’t say 14%
Interpretation:
According to the study 46% insurance care consultants say yes that the price off
arenecessary for sales promotion. 40% say no and 14% say can’t say.
Q.9 Do you think that sales promotion program that is presently undertaken by
BajajAllianz. are satisfactory?
Options Responses in %
• Yes 34%
• No 46%
• Can’t say 20%
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Interpretation :
According to the study 46% insurance care consultants say No that the sales
promotion program that is presently undertaken by Bajaj Allianz are satisfactorily
36% say Yes and 20% say can’t say.
Q.10 Should Bajaj Allianz take up new sales promotion program?
Options Responses in %
• Yes 72%
• No 22%
• Can’t say 6%
Interpretation :
According to the study 72% insurance care consultants say yes installment offers
are 22% say no and 6% say can’t say.
OBSERVATIONS
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&FINDINGS
OBSERVATIONS & FINDINGS
• This sales promotion process was very much satisfying for me not only
practically and academically but it also helped me in developing my
communication skill and enriched my knowledge also.
• I have come to know about the importance of marketing especially with
regard to Sales Promotion on the most renowned organization like Bajaj
Allianz. Especially because of emergence of many competitor with
excellence in services & competitive product. The base of this chapter
conclusion is on the data analysis or what we say findings.
• I have finding from the insurance care consultants of the Bajaj Allianz. and
their insurance policies on my topic.
• When the insurance care consultant is asked why they are dealing in this
particular insurance policies (product) they mostly stressed on company’s
image. They also said that all income and age group of customers are
attracted towards their product but buyers are mainly from higher and
middle-income group.
• Insurance care consultants said that their sale is decreased in the last
years because of negative trend in market. Insurance care consultants
said that the customer are curious in getting insurance policies because
they want more discounting on the products and low claim time after any
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CONCLUSION
Insurance companies are recruiting their advisors mainly through personal
reference, through advertisement, and through walk in interviews. None of the
company is recruiting their advisors through placement agencies.
Those advisors who are recruited through personal references need more
training session and company has to put effort to make them active. Most of the
companies are giving training session to advisors to make them active. Only one
or two companies are providing higher channel position and increasing
incentives to make them active.
Insurance companies are deploying their products mostly based on customer
needs and demands. Insurance companies are not doing enough market
researches to know the potential of the market.
Most of the insurance companies are differentiating themselves from the
competitors by providing better service quality. Some companies are
differentiating themselves providing better pricing of the product.
Insurance companies have forgotten their traditional products. Companies are
totally concentrating on selling ULIP products.
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RECOMMENDATION
Insurance companies should start recruiting advisors through placement
agencies. By practicing this companies will get more capable advisors who can
work efficiently.
Insurance companies should also promote the term and endowment insurance
products including ULIP products. Because these are basic insurance products.
Promote products as life insurance products not an as investment products.
Insurance companies should use on line contacts for customer interaction.
Insurance companies should more focus on advertisement and promotion
activities for differentiate from competitors.
Insurance companies should increase incentive for making advisor active
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SUGGESTIONS
SUGGESTIONS
Here are some suggestions, which may help to strengthen the firm further
• Many of the insurance care consultants of the Bajaj Allianz. Has the lack
of good communication skills and training. So training should be easy.
•Bajaj Allianz. Should use new techniques of sales promotion.
• Customer services should be more comfortable than others.
• People must be made aware of the benefits of the policies of Bajaj Allianz.
• The company should give personal attention to each customer.
• Proper assistance should be provided to the customer at the time of claim
settlement.
• All the details about the company should be given to the customers.
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• Regular advertisement of the company should be given TV and
Newspaper.
• The company must try to find new markets especially in the rural areas.
• The company should do frequent analysis of the competitors.
QUESTIONNAIRE
Name : _____________________________________
Address : _____________________________________
Q.1 To which technique of sales promotion you prefer?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q.2 which technique is giving good response from customers?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q.3 Which technique is economically beneficial?
A) Display B) Door to door demonstration
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C) Exhibition D) Catalogue
E) Price-off
Q.4 Which technique requires less time in sales promotion?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q.5 Which technique is easily manageable?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q.6 Which technique requires less knowledge to execute?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q.7 Which technique requires more knowledge to execute?
A) Display B) Door to door demonstrationC) Exhibition D) Catalogue
E) Price-off
Q.8 Price off and installment offers are necessary for sales promotion?
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A) Yes B) No
C) Can’t say
Q.9 Do you think that sales promotion program that is presently undertaken by
Bajaj Allianz. are satisfactory?
A) Yes B) No
C) Can’t say
Q.10 Should Bajaj Allianz. take up new sales promotion program?
A) Yes B) No
C) Can’t say
BIBLIOGRAPHY
BOOKS
•
Kothari C.R., (1999) Research Methodology, Wishwa Prakashan• Kotler P. and Armstrong G., (2005) Principles of Marketing New Delhi,
Prentice
• Hall of India
• Kotler P., (1999)Marketing Management Analysis, Planning,
Implementation and Control, New Delhi, Prentice Hall of India
• Saxena Rajan, (1999) Marketing Management, Tata McGraw Hill
WEBSITES:
• www.bajajallianz.com
• www.indiainfoline.com
• www.irdaindia.org
• www.thehindubusinessline.com
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