Bajaj allianz general insurance company limited

TRAINING REPORTON

BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED

SUBMITTED IN PARTIAL FULFILLMENT OF THE BACHELOR OF BUSINESS ADMINISTRATION

2005-2008

UNDER THE GUIDENCE :

COMPANY GUIDE

FACULTY GUIDE M r. A L O K KUMAR Ms. SUMAN AREA MANAGER (OIMS) (NORTH ZONE)

SUBMITTED BY :

NAVNEET KUMARB.B.A – 4TH SEMESTER

ENROLLMENT NO. :- 05511232007OJAS INSTITUTE OF

MANAGEMENTB – 1, SECTOR – 16 , ROHINI , DELHI -- 110085

AFFILIATED TO :

GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY

( HISAR )

ACKNOWLEDGEMENT

I feel greatly indebted to my teachers , specially to Mr.

……….……… and

Prof. …………...and also very thankful to my company guide Mr. Alok Saini ,

because they created in me an immense interest in this

project and the field of

insurance.

One of the main inspiration to make

this project has been the many

interested topics of mine in the

project such as problem

investigation , client

making , customer dealings etc.

This report is based mainly

on the discussion , lecture,

notes I prepared with

the help

of my teachers

and company guide

and obviously based

on my

practical experiences during

the training period .

My understanding of

the

topic (i.e. general insurance) became

sharpened through informal discussion

with my colleagues . I am very much thankful to them all .

I have has

the benefit of

valuable advice and

suggestions from the

many

faculties teaching in

my OJAS Institute of

Management , Rohini , Delhi - 85.

I express special thanks :

1. To the all staff of Bajaj Allianz General Insurance

Co. Ltd. who

graciously helped me in all possible ways .

2. To all the faculty of OJAS Institute of Management , Rohini ,

Delhi for

their kindness who never hesitate to help me.

And last but not least , I thank my family and friends , who were my steady

support all the time .

NAVNEET KUMAR

PREFACE

Industrial Training

included in

the curriculum

of B. B. A

Program from

Guru Jambheshwar University Of Science

& Technology is intend to

provide

students the required

exposure to the actual condition

and process employed

in the industry . The trainee works as a part of management for a

small period

of time

and thus

gets

a chance

to get

accustomed and

understand

industrialization ship.

It exposes the student to the marketing world , which is as

important as the

scientific aspects of training . The trainee

interacts with the

workers , professionals and thus is able to learn

few tricks of the trade , which

would be helpful

in developing his

professional skills.

Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is

a joint venture between

Bajaj Auto Limited

and Allianz SE

. Both enjoy a reputation

of expertise ,

stability and strength.

Bajaj Allianz General Insurance

received the Insurance

Regulatory and

Development Authority (

I R D A )

Certificate of

Registration ( R 3 )

on

May 2 nd , 2001 to

conduct General Insurance

business ( including

Health

Insurance business ) in

India . The company has an

authorized and paid up

capital of Rs. 110 crores . Bajaj Auto holds

74% and the remaining 26% is

held by Allianz SE .

As on 31st March 2007 Bajaj Allianz General Insurance maintained

its premier

position in the

industry by garnering

a premium income

of Rs. 1803 crore.

Bajaj Allianz has made a profit

before taxes of Rs. 117 crore and emerged as

the first private

insurance company to make profit before taxes

of more than

Rs. 100 crore . The company also was the one

of the highest profitable

insurer

among private

insurance companies

and made a profit

after tax of

Rs. 75 crore . Bajaj Allianz is the

only company to make underwriting

profits

for the last three years consecutively .

Bajaj Allianz today has a network presence 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 .

In the first quarter of the current financial year , 2007 –

2008 , Bajaj

Allianz garnered a premium income of Rs. 574 crores , achieving a growth of

27% over the last year for the same period and Net Profit rose to Rs. 21

crores.

Bajaj Auto Limited

Bajaj Auto Limited is the largest manufacturer of two and three wheelers in

India and also one of the largest manufacturer in the world . Bajaj Auto has

been in operation for over 55 years . As a promoter of Bajaj Allianz General

Insurance Company Ltd. , Bajaj Auto has the following to offer :

1. Vast distribution network .

2. Knowledge of Indian consumers .

3. Financial strength and stability to support the insurance business .

4. Existing skilled personnel in the related sector .

Allianz SE , Germany

Allianz SE is in the business of General ( Property & Casualty ) Insurance ,

Life & Health Insurance and

Asset Management and

has been in

operation

for over 110

years . Allianz is

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 projects

( including Hongkong

Airport and

Channel Tunnel b/w 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 channel .

Allianz SE has the following to offer Bajaj Allianz General Insurance Co. Ltd. :

1. Set up and running of General insurance operation .

2. New and improved international products .

3. One of the world’s leading insurance companies .

4. More than 700 subsidiaries

and 2 Lac employees in over 70

countries

worldwide .

5. Provide insurance to almost half the Fortune 500 companies .

FACTS & FIGURES

The Bajaj Group

A Group Built On Trust.

What started

off a

sugar manufacturing

factory in

1931 , has grown

to

become one

of the country’s

largest business

houses . With activities that

encompasses the manufacture of

a whole range of products .

At the turn of

the new millennium

, this business

conglomerate had a

sale

t u r n o v e r

in excess

of U S $ 1, 3 0 0

m i l l i on . The

N e t A s

s e t s were

worth

U S $ 1,3 3 3 million

and the Net Profit

was U S $ 58 million

. What’s more , in

the year 2001 , it

was ranked as the

5th largest

business family in

India by

the Center

For Monitoring

Indian Economy ( C

I M E ) . It

has under its

umbrella over 25

companies and a

strength of over

25000 employees .

It’s core

strength , however

, is the

unshakeable foundation

based on its

tradition of trust .

Group Companies.

The Bajaj Group comprises 27 companies and was founded in the year 1926 .

The companies in the group are :

Bajaj Electricals Ltd. Mukand International Ltd.

Bajaj Auto Ltd. Mukand

Engineers Ltd.

Mukand Ltd. Mukand Global Finance Ltd.

Bajaj Hindustan Ltd. Bacchraj Factories Pvt.

Ltd.

Maharashtra Scooters Ltd. Bajaj Consumer

Care Ltd.

Bajaj Auto Finance Ltd. Bajaj Auto Holdings Ltd.

Hercules Hoists Ltd.

Jamnalal Sons Pvt. Ltd.

Bajaj Shevasharam Pvt. Ltd.

Bacchraj & Company Pvt. Ltd.

Hind lamps Ltd. Jeevan Ltd.

Bajaj Ventures Ltd. The Hindustan Housing

Co. Ltd.

Bajaj International Pvt. Ltd.

Baroda Industries Pvt. Ltd.

Hind Musafir Agency Pvt. Ltd.

Stainless India Ltd.

Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz General Insurance Company Limited

The Allianz Group The Allianz Group is one of the l eading global

services providers in insurance ,

banking and asset

management .

With approximately 1,7

3,0 0 0 employees

worldwide ( as of June 30, 2007 )

,

th e

Allianz Group

serve s

more than

7 0 mil lion

customers

in a

bout

7 0 countries . On

the insurance side ,

Allianz is the

market leader

in the

German market and

has a strong international

presence .

In

fiscal 2 0

0 6 the

Allianz Group

achieved

total

revenue s

of over

101 billion

euros . Allianz is also

one of

the world’s l argest

asset managers ,

with third

party asset of

764 billion

euros under management

at the year

end 2006 .

In 2006

Allianz SE ,

the parent

company , became

the first

company in

the Dow Jones

EURO STOXX 5 0

Index to adopt

the legal

form of a

Societas Europea , which

is a

new European

legal form

for

stock corporations .

Allianz SE is

headquartered in

Munich , Germany .

Beyond the

quality of

our financial

performance , a

number of

other

activities and

factors are

important for

the sustainable

growth

of our

competitive strength

and company value . These include , but

are not limited

to our global diversification , the

reduction of complexity ,

our – value based

management approach , and our

crucially important employees .

INTRODUCTION TO INSURANCE

What Is Insurance

?

Protection of

the economic value of

assets is the business of insurance . Every

asset

has a value . Losses of unfortunate

few are shared by and

spread over

to future /

benefits have a

value.

Loss

of assets for

any reason deprives

the owner of

the expected benefit .

Insurance

in this context

is a mechanism

that helps to

reduce the adverse

consequences

due to loss

of assets.

For example

factory or a cow , the

product is sold and income

is generated .

Another

example motorcar

, it

provides comfort

and convenience

to the

owner in his

normal life although there is no

gain whereas a taxi

is income

generating source . Every

asset has a life and

during that time

it is expected

to perform to

the expectation of the owner .

Knowing this well owner

keeps

provision . But in

case early

destruction of

asset or

non function of

asset

through

accident or

fire

or any

other

unfortunate event

are

deprived

and suffers . Insurance

is a

method , which

helps to

reduce such

adverse

consequences .

Provision And Need For Insurance .

Assets are

likely to

be destroyed

or made

non-functional due

to perils

like fire ,

floods , breakdowns , lightning and

earthquake . Damage to

assets

caused

by any perils

is the

risk that

asset is

exposed to .

Risk means

possibility of loss

or damage , which may or may not happen .

This is because

of uncertainty

about the

risk that

insurance plays

the role .

Insurance

becomes

relevant only

if there

are uncertainties

of occurrence of

event

leading to

loss.

No Uncertainty – No

Insurance .

We can say that an asset

is an income generating

asset , which can be lost on

early destruction caused by accident . Insurance does not protect

the assets but

only compensate the insured by way of payment of claim .

Concept Of

Insurance .

The concept

of insurance

is

that people

exposed to the

same risk come

together , and all

shares loss

suffered by a

few . The insurance companies

play the role of implementing the

said concept collect in advance the shares in

the shape of premiums and

create a fund out of which the losses are paid .

Example To Show How Insurance Concept Actually Works .

Example – 1

In a village , there are 400 houses , each valued at Rs. 20,000/- . Every

year four

Houses get burnt, resulting into a total loss of Rs. 80,000/- . If all the

400 house

owners came together and contribute Rs. 200/-

each , the common fund would

be Rs. 80,000/- . This is

enough to pay

Rs. 20,000/- to each

of the 4 owners

whose houses got burnt .

Thus the risk of 4

owners is spread over 400

house

owners of the village .

Example – 2

There are 1000 persons

all aged 50 and

healthy . It is expected that

of these

10 persons may die during the year . If

the economic value of the loss suffered

by the family of each dying person is taken as Rs. 20,000/

, the total loss would

be Rs. 2,00,000/- . If each

person of group

contributes Rs. 200/- a

year , the

common fund would be Rs.2,00,000/- . This would be enough to pay Rs.20,000/-

to the family of

each of the 10 dying persons . Thus 1000 person share

the risk

in case of

10 persons .

ROLE OF THE INSURER

Insurance business is conducted by companies known as ‘Insurers’.

Insurers

bring together persons

exposed to the same risk

by collection premium

from all of them and

pay compensation to those who suffer . The insurer

on the lines explained in examples

determines premium . Insurers role is

that of a trustee and has to ensure that

no body takes undue advantage

of the arrangement . In nutshell both

underwriting and claim settlement

to be done with great care .

Role Of Insurance

In Economic Development.

Investments are

necessary for

economic development .

Insurance plays a

major role in

mobilization of public savings . Savings

out of insurance fund

are then utilized in

investments for economic

growth .

Strength of insurance

companies lies in that

huge amount are collected

and

pooled together .

This so collected amount is called PREMIUM .

This is known

as pooling

of risk .

Insurance removes

the

fear , worry

and anxiety

associated

with

future

uncertainty and

thus encourages

free investment

of

capital in

business

enterprises . Thus

insurance encourages commercial

and industrial develop-

ment and thereby

contributes to a vigorous economy and

increased national

p r o d u c t i

v i t y .

These days

organization of

industries , commerce and

trade depends

on

insurance , because no

bank or financial

institution lends

money without

having insurance

cover as collateral

security . Insurance ranks with

export

trade , shipping and

banking services as

earner of

foreign exchange to the

country . Insurers are also

operating in foreign countries and earning foreign

exchange and represent

invisible export .

Cattle and other livestock and also equipment like pump-set are rural

business.

Various rural schemes

provide necessary

financial protection against

loss or

damage to poor

farmers and other peoples of

weaker section

of society .

JOB EXPERIENCE

As someone

has said that

people learn through

experiences , it’s really

a

truth . I also learnt

so many important

things during my

training period . It

was surely and greatly

a unforgettable period of

my life .

It was a

great joyful and

educational experience

working with the leading

insurance company Bajaj

Allianz General Insurance

Company Ltd. On the

very ` first

day of

my training

I was

a bit

nervous

founding myself

working like

an illiterate with experienced professionals

. But thanks to my

company guide who

extremely helpful to

me at every step . Because

of my

eagerness to know about maximum in less h elp me to

get myself familiar

with other personnel

in the company office

in two or three days .

I gain many new experiences and learnt

many tricks to handle the

prospects .

I come

to know how

to deal with

the formal environment , how

to talk to

customers and how to convince them

about the product . I also learnt that how

to handle the

customer and deal with

them if they are

quite aggressive .

Overall it was

a great experience .

INTRODUCTION TO THE PROJECT

Since I am pursuing my

Bachelor’s

degree of

B.B.A that

is the

only course

that

is

providing its

students to

work in

an organization

as a trainee

along with the

scheduled

course study . That is

why we need to

understand the strategies of

different

companies and

their existence

in the

market . I

got the

opportunity to

work and understand the

strategies of insurance

sector during my training

with Bajaj Allianz

General Insurance Company

Limited . The basic purpose

of this project

report is to become familiar with

office environment . During

the period

of me

entire training

I learnt

a lot

different things

which

changed me a

bit like professionals

.

VISION

1. To be the first choice insurer for customers.

2. To be the preferred employer for staff in the insurance industry .

3. To be the No. 1 insurer for creating shareholder value .

4. To set service examples for other insurers .

5. To make itself a Brand of insurance .

MISSION

As a

responsible ,

customer

focused market

leader

, we

will

strive to

understand the

insurance needs

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 Health Insurance as

well as Risk Management . This partnership

successfully

combines Bajaj

Auto’s in -

depth u n d

e r s t a n d i n g

of the

local

market and

extensive distribution

network with the

global experience

and

technical expertise

of the Allianz

Group . As a registered

Indian Insurance

Company and a capital base of Rs. 110

crores , the company is fully licensed to

underwrite all lines of

general insurance business

including health insurance.

WHY BAJAJ ALLIANZ ?

The Bajaj Allianz

Difference .

1. Business strategy

aligned to

client’s needs

and trends in

India and

global economy / industry .

2. Internationally experienced core team , majority with local background .

3. Fast , decentralized decision making .

4. Long – term commitment to market and clients .

5. Quickly settlement of claims .

6. Customer intimation on time .

7. Products based on customer choices or tailor made policies .

O u r A c h i e v

e m e n t s .

Bajaj Allianz has

received “iAAA”

rating , from ICRA

Limited , on asso-

ciates

of Moody’s

Investors Services

, for

Claims Paying

Ability . This

rating

indicates

highest

claims

paying

ability and

a

fundamentally

strong position .

T r u s t .

At Bajaj Allianz ,

we realize that you

seek an insurer

whom you can trust .

Bajaj Auto Limited

is t rusted name for

over 55 years in the

Indian market

and Allianz SE has

over 110 years of global experience

in financial services .

Together we

are committed

to provide

you with time

tested and

trusted

financial

solution that

provide you

all the

security you

need for

your

investment . And

more ........

C l a i m

s P h i lo s o p h

y .

The Bajaj Allianz team follows a service that aims at

taking the anxiety out

of

claims processing . We

provide ourselves on a friendly and open approach .We

are focused towards providing you a

hassle free and speedy claims processing .

Our claims philosophy is to :

1. Be flexible and

settle fast .

2. Ensure no claim file to be seen by more than 3 people .

3. Check processes regularly against the global Allianz OPEX ( Operational

Excellence ) methodology Sold over 1 million since inception .

U n d e r wr i t i n g P h i l o so p h y .

Our underwriting philosophy focuses on :

1. Understanding the customer’s needs .

2. Underwriting what we understand .

3. Meeting the customer’s requirements .

4. Ensuring optimal coverage at lowest cost .

C u s t o m e

r O r i e

n t a t i

o n .

At Bajaj

Allianz , our guiding

principles are

customer service and

client

satisfaction . All our

efforts are directed towards

understanding the culture ,

Social environment

and individual insurance

requirements – so that we

can

cater to all

your varied needs .

E x p e r i

e n c e d A

n d E x p e

r t S e r

v i c i n g

Te a m .

We are driven

by a team of experienced

people who understand Indian risks

and are supported by the necessary

international expertise required to analyze

and assess them .

Service engineers located

in every major city .

S u p e r i

o r T e c h n o l o g

y .

1. In order to ensure

speedy and accurate processing

of your needs , we

have established

world class

technology , with renowned

insurance

software , which networks

all our

offices and

intermediaries .

2. Using the Web , policies can be issued from any office across the country

for retail products .

3. Unique , user friendly software developed to make the process of issue of

policies and claims settlement simpler .

( e.g.- online insurance of marine policy certificate )

U n i q u e

F o r m s

O f R i s

k C o

v e r .

1. Special PA ( personal accident ) cover for Amarnath Yatris .

2. Film insurance .

3. Event management cover .

4. Sports & Entertainment Insurance Package .

R i s k M

a n a g e m

e n t – O u r

E x p e r

t i s e .

Our service

methodology is tried

, tested and

proven the world

over and

involves :

1. Risk Identification : Inspection .

2. Risk Analysis : Portfolio review and gap analysis .

3. Risk Retention .

4. Risk Transfer : To an insurer as well as reinsurer ( as required ) .

5. Creation of need based products .

6. Ongoing dialogue and proactivity .

CUSTOMER COMMUNICATION

1. Consumer promos : Please

ensure that your

staff is well

trained to

communicated all the

consumer promos ( Regular / Periodic ) to

maximize

the benefits and increase overall sourcing .

2. False promises : Responsibility to ensure that no false

promises are made

to the customer by

Sales Executives lies

with the Channel

Partner . We

suggest conducting

regular audits to

ensure compliance .

3. Written Communication : Channel Partner

is advised not

to have any

written communication

with the customer . Applicant

will receive a letter

from bank once his application has been decisioned . For any

service related

issues / customer queries , please quote :-

Bajaj Allianz General Insurance Co. Ltd. –

Customer Care No. -- 30305858 : Mobile

1800 22 5858 :

MTNL/BSNL/Reliance Network

1800 102 5858 : Bharti/Airtel Network

OR

SMS – “CLAIM” on 9860685858

RESPONSIBILITIES

1. To ensure the prospect / client that the plan suit his / her condition well and

beneficial.

2. To provide on time service as and whenever the customer wants .

3. Guiding the every client for their benefits rather than for self or for

company benefits .

4. Each and every step in a policy must be disclose to the policyholder .

5. Filling every form completely and must be duly stamped wherever required .

6. Recruiting new agents and guide them to perform well .

7. Depositing of premiums collected from customers on time as laid

down by the company .

8. Making it easier for the customer to get their claim easily and fast .

9. Follow the company and IRDA rules and regulation is must .

10. Never mislead any prospect and client as it faded the company reputation .

PROBLEM FACED

In performing

any kind of

job or work there are

some kinds of problems

has been faced

by every person or

personnel . During my rigorous

training

period I also accustomed

with some hurdles and problems

while performing

my assigned duties like

as follows :

1. It becomes impossible to suits every

customers need and wants

because of

lack of flexibility in plans .

2. The premium calculation

sometimes becomes a

cumbersome process and

it leads to loose the client as nobody is having that much of time now a days

.

3. To handle the new recruited agents is always difficult task as they are

like clean clay .

4. Because of mistakes in form loosing the customer faith .

5. Rebates in premiums also affects the business .

RECOMMENDATION & SUGGESTIONS

Products

1. Motor / Home Insurance 2. Health Insurance

● Home Insurance ● Health Guard

● Householder Package

● Hospital Cash

● Shop / Showroom

● Critical Illness

● Shopkeeper

● Personal Guard

● Motor Vehicle Dealer Package ●

Silver Health

●

Silver Health

3. Travel Insurance 4. Your Employee

● Travel Companion ● Group PA ( personal accident

● Student Companion

● Group HG ( health guard )

● Travel Asia ● Group CI

( critical illness )

● Travel Elite ● Group Travel

● Pravasi Bharti Bima Yojna ●

Workmen’s Compensation

5. Office 6. Corporate Insurance

● Office Package ● Aviation

● Burglary ● Wedding

Insurance

● Fire ● Freight Forwarders

● Money ● Project

Insurance

● Plate Glass ● Specialty Lines

● Public Liability ●

Marine Hull Insurance

● Fidelity Guarantee ●

Sports & Entertainment

7. Manufacturing Unit

● Fire

● Industrial All Risk

● Business Interruption

● Workmen’s Compensation

● Public Liability

● Product Liability

● Fidelity Guarantee

● Marine Insurance

● Electronic Equipment Insurance

MOTOR INSURANCE

Motor Insurance : accounts for a major portion of the insurance industry.

This is a tariff class of business .

Tariff rate have been revised w.e.f. 1st July 2002 .

For the purpose of insurance , motor vehicles are classified into

4 - broad categories .

1. Private Car

2. Motorcycle & Motor Scooter

3. Commercial Vehicles

Further classified as :-

a.) Goods Carrying Vehicles

b.) Passenger Carrying Vehicles

c.) Motorized Rickshaws

d.) Taxis

e.) Buses

4. Miscellaneous Vehicles e.g. –

a.) Hearses

b.) Ambulances

c.) Mobile Dispensaries

d.) Cinema Film Recording & Publicity Van , etc….

TYPES OF POLICIES

For all classes of vehicles , there are two types of policy :

1. Liability Only Policy .

Motor Vehicle Act

passed in 1939 and further

amended in 1988 . In old days

many pedestrian

knocked down , injured

and even killed

did not

get any

compensation . To safe guard the interest of public MV Act

was introduced as

compulsory insurance .

Now no vehicle

can ply

in public

place without

‘Act Liability Insurance’.

Following are compulsorily covered under Liability Only Policy :

1. Any liability incurred by

the insured in respect of

death or bodily injury

of any

person

including

owner of

the

goods

or his

authorized

representatives carried in the carriage or vehicle .

2. Liability incurred in

respect of damage to any property

of a third party .

3. Liability incurred in

respect of death

or bodily injury of

any passenger

of a public

s ervice vehicle .

4. Liability arising under Workmen’s Compensation Act , 1923 in respect

of death or bodily injury of :

a.) Paid driver to the vehicle .

b.) Conductor , or ticket examiner ( public service vehicle ) .

c.) Workers , carried in a goods vehicle .

d.) Liability in respect of death or bodily injury of passenger who are

carried for hire or reward or by reason of or in pursuance of contract

of employment .

The policy of insurance should cover the liability incurred in respect of any one

accident as follows :

1. In respect of damage to any property of third party :- Limit of Rs. 6,000/- .

2. The liability in respect

to death of or bodily

injury to any passenger of a

public service vehicle in

a public place is the amount of

liability incurred

( without limit ) .

Section 140 of the Motor Vehicle

Act 1988 , Provides the liability of the owner

of the Motor Vehicle to pay

compensation in certain cases , on the principle of

‘No Fault’ . The amount of compensation , so payable , is

Rs. 50,000/- for death

and Rs. 25,000/- for

permanent disablement of any

person resulting from an

accident arising out of

the use of the

motor vehicle .

2. Package Policy .

This policy covers all the inclusions of the Liability Only Policy

with including

some extra covers and

damages to vehicle like

as follows :

Inclusion

1. Fire , explosion , self ignition and lightning .

2. Riot and strike .

3. Earthquake ( fire and shock damage ) .

4. Malicious act .

5. Terrorist activity .

6. Landslide , rockslide .

7. Burglary , house breaking or theft .

8. Accidental external means .

9. Transit by road , rail , inland waterway lift , elevator or air .

10. Flood , typhoon , hurricane , storm , tempest , inundation , cyclone ,

hailstorm , frost .

Exclusion

1. Depreciation .

2. Wear and tear .

3. Consequential loss .

4. Mechanical or electrical breakdown . Failure or breakage .

5. Loss when the vehicle is driven under the influence of intoxicating

liquor or drug .

6. Damage to tyre unless vehicle is damaged at the same time

( then 50% of

the cost of

replacement is

payable ) .

What Bajaj Allianz Provides Under Motor Insurance ?

Get an online insurance quote from Bajaj Allianz for a comprehensive

Package for your car and other vehicle insurance . We have a car insurance

to suit your needs .

We pride ourselves on our claims service , choose Bajaj Allianz

Motor Insurance for your car and other

type of vehicle and you can be

sure that we will be there for your convenience whenever you need us ; 24x7 .

Features .

1. Assured best deals on your Motor Insurance .

2. Fair and faster claims settlement .

3. Discount on back to back accident free years .

4. Instant online renewal and issuance of your Motor Policy .

5. Quick service on breakdown / accident

with instant claim status

updates .

6. 24x7 customer assistance for

all product queries and claims

information .

7. Instant claims status

via SMS .

Benefits .

1. Huge saving with a comprehensive coverage for your vehicle .

2. Cashless claims over 1500 Preferred Bajaj Allianz workshops in India ,

75% on account payment when cashless facility is not available .

3. Transfer your existing ‘No Claim Bonus’ from any insurance provider

ranging from 20% - 50% .

4. 0% EMI option available on payment through Citibank

Credit Card .

5. Towing facility in an event of a breakdown / accident .

6. 24x7 service by phone or online-even on holidays .

7. Carry your fortune for

being a safe driver

and earn discounts

on

‘Own Damage’ premium for back to

back accident free years on an

existing car or on any car which you upgrade .

AGENTS

An Insurance Agent .

Insurance agent

has been defined

by Insurance Act , 1938

as one who is

licensed under that Act ( Sec. 42 ) and is paid

in consideration of his soliciting

or procuring insurance

business including business

relating to continuance

,

renewal or revival

of policies of

insurance .

Agents Regulation .

The issue of

license required

under Sec. 42 of

the Insurance Act 1938 ,

is

regulated by the Insurance

Regulatory And Development Authority ( IRDA ).

The IRDA has

vide regulation 3

of the ( Licensing

of Insurance Agents )

R e g u l a t i o

n s , 2 0 0

0 , A u t h o r i

z e d persons being

officer o f insurers ,

to issue such licenses .

The license issued

by the IRDA will

be valid for 3 years . The license may be

to act as an agent for general insurer or life insurer or composite

insurance agent .

Qualification To Become An Insurance Agent .

1. A pass in 12th standard or equivalent examination from

recognized

Board / Institution , 10th standard for rural agents ( i.e. residing

where

population is less

than 5 Thousand ) .

2. Has undergone training as per IRDA Regulation.

3. Has passed examination prescribed by IRDA .

4. He must be at least 18 years of age .

Disqualification For Grant Of License .

1. A minor .

2. Found to be

unsound mind by a

Court Of Competent jurisdiction .

3. Found guilty of criminal breach of trust , misappropriation , cheating ,

forgery or abetment or attempt

to commit any such offence .

4. Found guilty of or knowingly

participating in or conniving at any

fraud , dishonesty or misrepresentation against an insurer or an insured .

5. Violation of the Code of

Conduct as specified by IRDA

Regulation .

FAQ’s To Become An Agent .

Q- 1. Can I become an agent with Bajaj Allianz General Insurance Co. Ltd. ?

Ans: You certainly can if :

a.) You are outgoing and like meeting people .

b.) You are ambitious to own a business .

c.) You only want your clients to be your bosses .

d.) And you want to decide your working hours .

Q- 2. What are the pre-requisites to become an agent with Bajaj Allianz

General Insurance Co. Ltd. ?

Ans: The IRDA has laid down the following pre-requisites ;

a.) Qualification .

Should have passed the class 12th examination or equivalent

examination conducted

by any recognized

Board / Institution , where

the applicant

resides in a

place with a

population of 5000

or more

as per the last census and should have passed the

class 10th examination

or its equivalent from a

recognized Board / Institution if

the applicant

resides in any

other place .

b.) Practical Training .

Where the applicant is seeking license for the time he /

she undergo

100 / 50 hrs training in

an IRDA approved institution

and thereafter

take the Pre - Licensing test to qualify for applying for an

Agency License .

Q- 3. How do I apply ?

Ans: Take the application

form from the company or

download it from the

company web

site . Submit

the completed

form along

with the

proof of birth and the proof of

highest qualification acquired by you to

our nearest office . Our

Agency manager

will get in

touch with you .

Q- 4. How will the company support me to build a career ?

Ans: We will provide you

our product and selling skills

training at regular

intervals to hone

your skills to be

a true insurance

professional .

Q- 5. Do I need sale experience to become an agent ?

Ans: Sales experience is certainly of an advantage but even if you don’t have –

you still can apply if you are determined to make a career in this field .

If you have the determination we will train you .

Do’s For The Agents .

1. Disclose license on demand .

2. Explain available options to the

prospect .

3. Disclose the scales of

commission if asked by the

prospect .

4. Explain the nature

of information required

in the Proposal Form

.

5. Impress upon the Prospect

to disclose all information .

6. Inform the insurer

about any adverse

habit and material

fact of

the Prospect .

7. Inform the Prospect about the acceptance or rejection

of the Proposal .

8. Assist the Policyholder or

claimant or beneficiary for

compliance of

requirements .

9. Advise the policyholders to effect Nomination / Assignment / Exercise

of options etc .

10. Conserve business

by ensuring

remittance of premium

by the

Policyholder in time .

Don’ts For The Agents .

1. Procure business without

a valid license .

2. Induce any prospect

to give wrong information .

3. Behave with the

prospect in a

discourteous manner .

4. Interfere with the

Proposals Introduced by the

other agents .

5. Demand or

receive any share of

proceeds of

the claimant .

6. Cause termination of existing

policy to effect a new proposal .

7. Offer different rates , advantages , terms

and conditions other than

those offered

by the insurer .

8. Become or remain a

director of any insurance

company .

9. Apply for a fresh license before 5 years if his license

was cancelled

by the designated person .

10. Have , in

the case of

corporate agent ,

a portfolio

of insurance

business under which

the premium is in excess of 50% of the total

premium procured in any year from one person ( not being an individual )

or one organization or one group of organizations .

CLAIMS TRACK

The real creditability

and trustworthiness of

an insurance company

is put

to test when a actually arises . We feel that the

speed with which the company

moves and its

empathy towards the

claimant determine s the

true strength

of the insurance company .

As an insurance

company , we

have always

taken the initiative

to share

information about

our claim

settlement with

all our

stakeholders on

a

quarterly basis in

our newsletter . We are

willing to share any information ,

which would be

use of the

general public or

our customer . It is

a matter

of pride for

us to be

the first and the only

company to share these

details

with all our

stakeholders .

The statistics clearly inform our

customers about the number of claims paid ,

outstanding claims at

the beginning of

the year and

pending claims at the

close of the

period in review . All these

are categorized by line

of business .

These figures give

the settlement ratio

for that period . The average

claims

settlement ratio has

almost always been

above 90% .

Claims numbers hold

a lot of value

and meaning for

us . At Bajaj Allianz ,

claims settlement is a

continuous process

of ------------------------------------

Review – Measure - Implement – Review .

We strongly believe

that the customer satisfaction

is not a static

measure ,

it ` moves with the

levels or precedents set . It is our endeavor to

be the trend

setter in an

industry long

maligned for

its apathy

towards the claimant .

HEALTH INSURANCE

1. Health Guard

Health care cost are

high and getting higher . Who

will pay your bills if you

have a serious accident or major illness ? Most of the times

we are unprepared

for these difficult

times , emotionally , as well

as financially . Bajaj Allianz’s

Health Guard Policy , protect you and your

family in case you need expensive

medical care . it also offer you cashless benefit and

medical reimbursement for

hospitalization expense .

Features

1. Cashless Facility : With Health

Guard , the member

has access

to the

cashless facility at

various hospitals across

India .

2. The member can opt

for hospitals besides

the empanelled ones , in which

case the expenses incurred him shall be reimbursed within 14 working days

from submission of

all the document .

3. Pre & Post – Hospitalization Expenses : Covers

relevant medical expenses

incurred 60 days Pre

to Post 90 days after

hospitalization .

4. Cumulative bonus of 5% to your sum assured

for every claim free years .

5. Family discount of

10% is

applicable .

6. Covers ambulance charges in an

emergency subject to limit of Rs. 1000/- .

7. Health Check

- Up for

maximum amount

of Rs. 10 0 0

/- at the

end of

continuous four claim

free years .

8. Income Tax benefit

on the

premium paid

as per

section 8 0 -

D of the

Income Tax Act .

Benefits .

1. No strain on pocket of the insured .

2. Complete health coverage .

3. Extended financial support .

4. Comprehensive coverage .

5. Easy and less time consuming .

Advantages .

1. Option of treatment

without making payments , across

several hospitals .

2. Existing disease can also be covered .

3. Expenses covered for a longer period .

4. Covers other expenses too .

5. Simple documentation process for claim settlement .

2. Hospital Cash

The worst nightmare

that anyone can have is the one

when a family member

is hospitalized . Today , when everything is uncertain

nobody can be sure what

will happen . A seemingly small ailment can turn into a major

one .

And what happens when the earning

member of your family is

hospitalized ?

The family goes through the trauma of a loved one being hospitalized as well as

increased financial burden . There

are hospitalization expenses , doctors

fees

and various test

to be carried

out . Meanwhile the patient

loses out on his

earning for being away from work , and a dismayed and

worried family begins

to feel the anxiety of the financial implications .

But with a policy from Bajaj Allianz

you and your family can be rest assured !

It provides cash benefits for each

and every completed day of

hospitalization .

Day for this purpose shall be

every completed ( 24 hours ) of

hospitalization .

However , period less than 24 hours shall be

considered as a

day of if it

is a

period of 12 hours

but includes 03:00

hours .

Features .

1. The policy can be

taken along with any other health

insurance schemes ,

ESIS , CGHS etc .

2. The benefits payable are for each day of hospitalization .

3. The benefits is doubled

in case of ICU admission ( for

maximum 7 days ) .

4. Photocopy of

discharge card , along

with copies

of reports

, bills and

prescriptions corresponding required for claim processing .

5. Premium amount paid up

to Rs. 15000/- p.a. is eligible for

tax exemption

under section 80 - D of the Income Tax Act .

Benefits .

1. Extended financial support .

2. Extra support when desired most .

3. Frees insured of mental anxiety / stress during difficult times .

4. Most in the family can be covered under the policy .

5. Comprehensive coverage with nominal expenses .

Advantages .

1. Can be taken along with other health products – Health Guard

& Critical Illness .

2. Additional financial support .

3. Simple and quick claim processing .

4. Acceptable age group for insured is 90 days till 60 years .

5. Suitable at very low premium .

3. Critical Illness .

A Critical Illness

plan means

you can insure

yourself against the

risk of

serious illness in much

the same way as you insure your car and

your house .

It will give you

the same security of

knowing that a

guaranteed cash sum

will be paid if

the unexpected happens and you

are diagnosed with a

critical

illness . The purpose of

a critical illness plan

is to let you

put aside a small

regular amount now , as an insurance against all this

happening . The statistics

speak for themselves and if you become a part of

them at least you will be sure

that lack of money won’t add

to your problems . Bajaj Allianz , in its effort to

provide a customer centric solution is

offering an insurance policy to

cover to

some of these critical illness like :

Cancer Primary Pulmonary Arterial Hypertension

Multiple Sclerosis First Heart Attack

Paralysis Arota Graft Surgery

Major Organ Transplant Kidney Failure

Coronary Artery Bypass Surgery Stroke

Features .

1. Very competitive premium rates .

2. Insured can opt for Sum Assured from Rs. 1,00,000 to Rs. 50,00,000 .

3. Premium paid is exempt under the Income Tax section 80-D .

4. The product is offered from 6 to 59 years .

5. Medical examination

may be required

in some cases based

on the age

and the benefit amount opted by the proposer .

Benefits .

1. Easy availability of money to take care of the medical expenses .

2. All related expenses for treatment is covered .

3. Most in the family can be covered .

4. Frees insured of mental anxiety / stress during difficult stress .

5. Comprehensive coverage with nominal expenses .

Advantages .

1. The benefit amount is payable once the disease is diagnosed meeting

specific criteria and the insured survives 30 days after the diagnosis .

2. The insured receives the amount as

lumpsum so that he can plan the

treatment accordingly .

3. Expenses like donor expenses in a transplant surgery , which are not

covered under normal health insurance policy , can be paid out of the

amount received under this cover both in India & abroad .

4. Claims Procedure : The insured needs to submit the claim form along

with certificate from the specialist confirming occurrence of the critical

illness .

4. Personal Guard .

Life is full of uncertainties and unexpected events . Accident can happen

At home , at work , even at play . The death or injury of breadwinner can

Create serious financial problems for any family . It is in situation like these

,

that you need to be prepared . To help you

often the blow Bajaj Allianz offers

the Personal Guard cover . Our Personal Guard Policy offers these

additional benefits :

Features .

1. Comprehensive cover including death , permanent disability .

2. Children’s educational bonus .

3. Comprehensive package .

4. Single proposal form .

5. Daily allowance : Hospital cash .

Benefits .

1. Highest compensation in general insurance for cases of ----------

Permanent Total Disability - 125 % of the sum insured .

2. Children’s education not hampered due to your accidental death or injury .

3. All the insurance requirements are addressed by a single policy .

4. Less time spent in fulfilling procedural requirement .

5. Reduces the financial burden on the family .

Advantages .

1. Covers accident and accidental injuries .

2. Additional sum at disposal for your children’s education .


4. Simple documentation requirement .

5. Takes care of the ailments leading to hospitalization .

5. Silver Health .

Silver Health plan offers cashless benefit or medical reimbursement for

hospitalization expenses due to

illness or accident is specially for people aged

between 46 – 75 yrs which protects you and your spouse in case you need

expensive medical care .

Features .

1. Cashless Facility : With Silver Health plan , the member has access to

cashless facility at various network at 1500 hospitals across India .

2. The member can opt for hospitals besides the empanelled ones , in which

case the expenses are incurred by him shall be reimbursed within

14 working days from submission of all the document .

3. 20% of co-payment of the admissible claim to be paid by the member

if treatment is taken in a hospital .

4. Cumulative bonus of 5% to your sum assured for every claims free year.

5. Health Check-up at the end of continuous four claim free year .

6. Family discount of 5% is applicable .

7. Income Tax benefit on the premium paid as per section 80-D of the

Income Tax Act .

Benefit .

1. Offers cashless benefits through a network of 1500 hospitals across India .

2. Comprehensive coverage .

Advantages .

1. Covers accident and accidental injuries .

2. Additional sum at disposal for your children’s education .


4. Simple documentation requirement for claim processing .

5. Takes cares of the ailments leading to hospitalization .

6. E-opinion .

Bajaj Allianz launches e-opinion rider , which will cover the expenses of

2nd opinion e-consultation services for serious illness in India . The policy offers

unprecedented access to over 7000 physicians employed by the renowned

hospitals of the World Care Consortium . This innovative e-opinion rider gives

you an opportunity to obtain best of international expertise at a fraction

of the cost .

Features .

1. Anyone taking this plan is entitled to take second opinion

should there

be any illness and an expert consultation is required .

2. This rider entitles you to

have 2nd opinion from renowned hospitals of

the

World Care Consortium of hospitals like Cleveland Clinic , Duke

University , Massachusetts General Hospital , Brigam and

Women Hospital .

3. Qualified physicians from these

renowned hospitals will render

a written

report which includes a diagnosis and treatment plan within

7 working days .

Benefits .

1. Simple process of sending medical reports in digitized from to

World Care Consortium .

2. This product provides independent , world class opinions which

will

enable the attending doctor and patient to take informed decisions on

the

diagnosis and the further course of action .

3. Three opinions are available

per year of coverage of 4

6 opinions in case

it is renewed continuously .

Advantages .

1. Valuable 2nd opinion at nominal cost without physically visiting these

renowned hospitals .

2. Opinions for major critical illness .

3. Access to over 7000 physicians by the renowned hospitals of the

World Care Consortium .

TRAVEL INSURANCE

1. Travel Companion .

Traveling Overseas ?

Whether you travel for business or pleasure , international travel involves risk .

Medical treatment

abroad can be

expensive & one never

knows , when one

would require it . Having to spend

for medical bills in foreign currency

be an

expensive proposition . There are other difficult situations also , that one might

face like loss of passport or baggage . Bajaj Allianz’s -------------------

Travel Companion Policy is specially designed to help you deal with

situations while overseas travel .

Features .

1. Covers medical expenses and repatriation .

2. Covers for any delay or loss in baggage .

3. Provides student package for students traveling abroad for studies .

4. Family floater available .

Benefits .

1. Spend for medical bills in foreign currency .

2. Takes care of sudden and unforeseen expenditure .

3. Takes care of expenditures in foreign land away from home .

4. Convenient and hassle free trip for the family.

Advantages .

1. Provides financial support outside the country .

2. Can take care of any emergency purchases in case of loss / delay in baggage

.

3. Covers for accident of sponsor travel of family visit in case of

hospitalization of insured .

4. Entire family can be covered under one policy .

2. Student Companion .

What does this policy cover ?

This Policy consist of the following sections :

1. Personal Accident :- Covering death and permanent disablement .

2. Medical Expenses & Repatriation :- Covering hospitalization expenses

arising out of

illness / sickness and also repatriation

expenses for sending

mortal remains to India .

3. Loss of Checked Baggage :- Covering total loss of baggage checked by

an international airline .

4. Tuition Fee :- In the event of the insured unable to continue the school

semester due to any of the following reasons arising during the policy

period , the company shall reimburse the tuition fee paid in advance for

the current semester , subject to maximum the limit shown in the schedule :

A.) Serious medical condition of the insured requiring hospitalization

covered under the policy .

B.) Death or serious injury requiring hospitalization of either of the

parents of the insured .

5. Accident To Sponsor :- In the event of the sponsor named in the schedule

meets with an accident during the policy , which results in his death or

permanent total disability during the policy period , the company shall

reimburse the remaining

school fee subject to

maximum the limit shown

in the schedule .

6. Family Visit :- In the event of

the insured become hospitalized

as a result

of an accidental injury or sickness covered under the policy and the

attending physician advises the necessary attendance of a Family Member

of the Insured , the company will reimburse the actual cost of economy

class transportation by the most direct route via common carrier subject

to maximum the sum insured . For this purpose , family member shall

mean spouse , parent , sibling and in laws of the insured .

7. Personal Liability :- Covering legal liability attaching in a private capacity

during the course of overseas travel .

8. This coverage is also subject to the exclusion of Personal Accident and

Medical Expenses sections of the policy .

Following are the Plans – All Coverage’s in USD …

Coverage Standard Silver Gold Deductibles

---------- (in USD) (in USD) (in USD) (in USD)

Family Visit 7500 7500 7500 NIL

Tuition Fee 10000 10000

10000 NIL

Loss Of Baggage 1000 1000

1000 100

Personal Liability 100000 100000

100000 200

Personal Accident 50000 50000

50000 NIL

Medical Expenses 50000 100000

200000 100

Accident To Sponsor 10000 10000

10000 NIL

3. Travel Elite .

Bajaj Allianz General Insurance

has recently launched an exclusive policy for

high and travelers

called -- Travel Elite - a cluster

of benefits policy

made

for the specific customer group .

Features .

1. Covers personal accident and disability , medical expenses and repatriation

.

2. Compensation in addition to

sum insured under personal accident

during

the course of journey .

3. Covers for loss or delay of checked baggage and loss of passport .

4. Compensation for trip delay , curtailment and cancellation and pays

when aircraft is Hijacked .

5. Direct settlement for in-hospital medical expenses abroad .

6. Covers for home burglary .

7. Reimburses expenses during Golfer’s Hole-in one celebration .

Benefits .

1. Take care of expenditure in foreign lands currency .

2. Ensures convenient and hassle free trip for the family .

3. Help in sudden and unforeseen expenditure .

4. Speed for medical bills .

Advantages .

1. Covers cost of emergency purchase of replacement items during delay

in checked baggage .

2. Can take care of any emergency purchases in case of loss / delay in baggage

.

3. Customized to the needs of high - end customer .

4. Provides financial support outside the country .

ASSET INSURANCE

1. Householders .

Your home is our most

valued possession , a haven of

safety . But is it really

as safe as we

would like to believe ?

We at Bajaj Allianz

realize your need

to make your home

as secure in reality

as it in

your mind . This is why we

bring to you the House – Holders

Insurance policy designed to

cover various

risk and contingencies faced by householders under a single

policy . It provides

protection for property and interests

of the insured and

his family members

who permanently reside with the insured . A householders

insurance , protects

not just your flat but

also your domestic and

electronic appliances .

Features .

1. Very competitive premium rates .

2. First loss basis option for burglary and jewellery .

3. Flexible rating for personal accident of the insured .

4. No valuation certificate is required for jewellery upto Rs. 2 lacs .

5. Assembled computers can also be covered under EEI .

Benefits .

1. No strains on pockets of insured .

2. Saving on cost .

3. Customized cover can be opted by the insured .

4. Save on time while proposing .

5. Same policy addressing varied needs .

Advantages .


2. Complete coverage at reduced premium .

3. Client needs being addressed .

4. Simple and quick documentation .

5. Related items get covered under respective sections .

2. Shopkeepers Insurance

Shopkeepers Package : Bajaj Allianz shopkeeper package protects your

shops against all risks .

Features .

1. Comprehensive package by a single policy .

2. Uniform rate for money insurance .


4. Coverage for business interruption .

5. Covers for damage to data media , software and cost of recovery

of lost data .

Benefits .

1. All the insurance requirements are addressed by a single policy .

2. Saving on cost .

3. Less time spent in fulfilling procedural requirement .

4. Smoot functioning of the business .

5. One stop shop / solution for the clients business related need .

Advantages .


2. Complete coverage at lower premium .

3. Simple documentation .

4. Covers for unanticipated loss .

5. All needs of the client get addressed in a single policy .

METHODOLOGY

At Bajaj Allianz General Insurance Company Limited recruiting agents is

a month basis process . The recruiting of agent is generally a cumbersome

task but if someone follow the basic rules and regulation it becomes

a child work .

When I was recruiting the agents , I followed the same process .

In agents

recruiting program there are various predefined steps .

After taking interview and judging the potential of the person to become

an advisor / agent the following process will start :

1. Batch Cut Off Date : This is the date from which the training batch

commences given to the persons selected through interview .

2. Agent Comfort Zone : Before starting of each session of a batch

2 to 3 hrs given to interact with each other with a view to

develop their

interactive skill .

3. Training Period : Now after the interactive skill the basic training of

20 days for 100 hrs commences . During this training period each

and

every important and related concepts of insurance are taught and discussed.

4. Bajaj Allianz’s Origin : Under this process we represents the history

and the long pathway of the Bajaj Allianz . It is the most important

section from company point of view . It helps the agents to understand

us deeply and to familiarize with our workings .

5. IRDA Test : There is a common test and interview conduct by the

Insurance Regulatory & Development Authority ( IRDA ) to get the

Agency License to work as an insurance agent a person must have to pass it .

6. Agency Attachment : This is the last step , under this process every

person / agent who has passed the IRDA test now be attached with a

senior employee of the company who guide him / her and also stands

with them for their business advancement . The senior employee always

hone the agents ability and skills at regular intervals . They taught them

the product selling skills and effective communication methods .

This is the whole process or methodology adopted by us for recruiting

agents . Besides this I also sells the company’s product’s at a large volume

but for selling there is no any specific method or formula , so I used my

own skills and methods to do the selling process .

----------------------------------------XXX----------------------------------------

CONCLUSION

In today’s scenario agent’s work

profile is not counted as a prestigious work

.

The nature of life

insurance is a

voluntary . The distribution of insurance

is

taking a new channels like internet , banks , post office’s etc .

The role of the Generation

Next insurance advisor cum financial

consultant ,

today’s agent has a professional outlook , is more techno savvy , is in a

position to satiate the hunger

for custom made policies that were never

heard

of and believe prompt customer service is the

key to success .

Educating the people regarding insurance as a profession is the first step .

And before giving this rewarding career , exact segment of people who is in

requirement of this

career is to be discovered . In

other words , this work of

expanding distribution

channels requires constant evolution

as these agents

are the foundation of an insurance company .

Agents are no

more the undergraduate pert

- timer of yesteryears

that only

aimed at pocketing an

attractive first year commission and gave

scant regard

to customer service

but a thoroughbred

professional , an MBA perhaps . So

recruitment of these educated

people is altogether a challenging job . Initially

this is a commission based job

which further complicates

the things for post

graduate people . Along with monetary gain , rewards and recognition is

another incentive which motivates all group of people to opt for a

particular career .

The insurance sector is

witness to cut throat competition

in the market , and

insurance companies have realized the importance of prompt

customer

service . Insurance agents will no more be able

to afford a laid back

attitude . They will have to be on their toes catering to the growing

customer needs and serving them always , for his future business and

growth . This will help him to tap the untouched market of India .

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iously this project is a

thank you to two of my guides who

were powerful

model . I am deeply grateful & debtful to my respected faculty

guide Professor

Mr. S K Sharma for his impeccable and inexorable guidance and my company

guide Mr. Alok Saini who guided and

helped me from day one and whose

Enthusiasm and energy transformed my effort to this project into reality , who

is icon for his branch . Your commitment and sense of mission moves me.

I express special thanks :

1. To the all staff of Bajaj Allianz General Insurance Co. Ltd. who

graciously helped me in all possible ways .

2. To all the faculty of OJAS Institute of Management , Rohini , Delhi for

their kindness who never hesitate to help me.

And last but not least , I thank my family and friends , who were my steady

Support all the time .

NAVNEET KUMAR

ACKNOWLEDGEMENT

Bajaj allianz general insurance company limited

Education