02-08-2014, 01:51 PM
Bajaj Allianz General Insurance Co.Ltd
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INTRODUCTION TO THE STUDY
The main objective of my study is to know sales promotional activity of Bajaj Allianz and if any step can be taken for the betterment of the company various promotional steps like product Information, price variation, price competition, etc. are being done to enhance the sales value. The main objective of promotional activities is to influence the customer in such a way that he purchases the product of his own will and then promises the same brand in future too.
• To study the sales Strategy of field force of Bajaj Allianz General Insurance.
• To study the process of selling of Insurance Policies by Advisors.
Scope of the Study
Scope of the study covers a wide range of theoretical application and administration aspect, under which product reaches from the producer to the ultimate consumer. Marketing has a vital role in the successful running of the firm. Our study is related to the Marketing. Hence we can say that the scope of our study has applied to the extent of Marketing.
This may play an important role in improving the overall Marketing strategies and growth of the market share. Application of this study is to reduce the company cost to increase the sales volume and capture the market as larger as possible.
The present study also aims to study the existing practices in market and its competitors and to suggest any modification if required in the promotional strategy so that faulty promotional strategy removed for the benefit of the organization.
Methodology Used
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, 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 general insurance policies of different peoples in the region of Muzaffarpur.
Limitation 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.
2. The study was conducted in Bajaj Allianz in Muzaffarpur 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
Introduction to the Organization
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from 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 (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 paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.
As on 31st March 2010, Bajaj Allianz General Insurance maintained its premier position in the industry by achieving growth as well as profitability. Bajaj Allianz has made a profit before tax of Rs. 180 crores and has become the only private insurer to cross the Rs.100 crore mark in profit before tax in the last four years. The profit after tax was Rs. 121 crores, 27% higher than the previous year.
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.
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
A Theoretical Aspect of Sales Promotion
Sales promotion is the highly specialised function of marketing division of the enterprise. Sales is the life blood of business. The ultimate goal or production is sales of product. Industrial revolution and technical advancement have brought a revolution not only in the field of production but also in the field of sales promotion. Competition has increased the importance of sales promotion. Sales promotion is basically effective communication with the customers. It is job of marketing people that he made available the product at the right at right place. Sales promotion is described by various author by various ways :-
Conclusion and Suggestions
• 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 accident