19-01-2013, 10:41 AM
MARKET SURVEY & ANALYSIS ABOUT BAJAJ ALLIANZ
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EXECUTIVE SUMMARY
At the present time of cut throat competition in every industry every company want to top the chart and want to show as big as possible figure of profits in its balance sheet. It is quite clear today that at present time the growth of any organization is possible only with the help of hard working and well focused staffs that are the backbone of any organizations.
It was my great pleasure that I did my summer training from Bajaj Allianz Life Insurance Co. where I got to know that in Insurance industry the skills of the man power matters most and increasing number of Insurance Consultants help the organization to increase its issuance of policies which in turn result in growth for the organization. So it is quite clear that Insurance Consultant’s matter most for the Bajaj Allianz Life Insurance Co.
My job was to create the database for the organization to find out that how many customers are satisfied with the services and facilities of the bajaj allianz. My job was to approach the customer why do they like the policy of bajaj allianz and why they do not like the policy which are providing from the other insurance co. for this I visited various areas of Ghaziabad in order to meet different types of people and prepare the questionnaire.
COMPANY PROFILE
BAJAJ ALLIANZ Life Insurance Company Ltd. and BAJAJ ALLIANZ GENERAL Insurance Company Ltd.are joint venture companies, formed from the BAJAJ Group and ALLIANZ, Inc. (AIG). BAJAJ ALLIANZ combines the strength and integrity of the BAJAJ Group with ALLIANZ 'international expertise and financial strength. The BAJAJ Group holds 74 per cent stake in the two insurance ventures while ALLIANZ holds the balance 26 per cent stake.
BAJAJ ALLIANZ Life Insurance Company Ltd. provides insurance solutions to individuals and corporate. BAJAJ ALLIANZ Life offers a broad array of life insurance coverage to both individuals and groups, with various types of add-ons and options available on basic life products to give consumers flexibility and choice. The non-life insurance arm, BAJAJ ALLIANZ General Insurance Company, offers the complete range of insurance for automobile, home, personal accident, travel, energy, marine, property and casualty, as well as several specialized financial lines
THE BAJAJ AUTO LIMITED
Bajaj Auto Limited is the largest manufacturer of two and three-wheelers in India and also one of the largest manufacturers 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:
•Vast distribution network.
• Knowledge of Indian consumers.
• Financial strength and stability to support the insurance business.
• Visit Bajaj Auto's Website www.bajajauto.com
AllianzAG,Germany
Allianz AG 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 between 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 channels.
TOP MANAGEMENT
The top management of Bajaj Allianz General Insurance consists of people having domain knowledge of insurance as well as specialists in their respective field.
Kamesh Goyal is the CEO of Bajaj Allianz General Insurance Company Limited, who was elevated from his earlier position of COO.
Sam Ghosh, who was the CEO of Bajaj Allianz earlier has taken over as Country Manager and is also the CEO of Bajaj Allianz Life Insurance Company Limited.
MERGERS AND ACQUISTIONS
This is an era of mergers and acquisitions. Private companies including MNC’s are amalgamating the world over to get more competitive edge. Currently, the general insurance industry has been opened up. The insurers are doing enough to raise the level of risk awareness or are they merely content to compete in the markets organized and established. The private players in the future would have to turn their attention to working in the unorganized and under served markets. What is likely to happen is that the private players would continue to skim the profitable segments of the already organized business in the urban areas? The time has already come for the government of India to evaluate the performance of private companies.