A

PROJECTREPORT
ON
CUSTOMERSATISFACTION
OF
BAJAJALLIANZGENERALINSURANCE

ProjectReportsubmittedinpartialfulfillmentfor theawardoftheDegreeof

BACHELOROFBUSINESSADMINISTRATION(B.B.A)

To

KAKATIYAUNIVERSITY

By

K.RAGHAVENDRA
(HT.NO:086181828)

Undertheguidanceof

B.RAVINDERNAIK
(MBAinCommerce)
DEPARTMENTOFCOMMERCE&BUSINESSMANAGEMENT
VAAGDEVIDEGREE&P.G.COLLEGE
(AffiliatedtoKakatiyaUniversity)

KISHANPURA,HANAMKONDA,WARANGAL-506001

1
 2017-2020

Date:___________________

CERTIFICATE

Thisistocertifythattheprojectreportentitled“CUSTOMER

SATISFACTIONATBAJAJALLIANZINSURANCE”wascarriedoutbyKATTA

RAGHAVENDRA(HT.NO.086181828)fortheacademicyear2019-20.He/She

hascompletedthisprojectaspertherulesprescribedbytheKakatiyaUniversity

inpartialfulfillmentofawardofthedegreeofBACHELOROFBUSINESS ADMINISTRATION(B.B.A).

Head
PRINCIPAL
Date:________

2
 CERTIFICATE

Thisistocertifythattheprojectreport“CUSTOMERSATISFACTIONAT

BAJAJALLIANZINSURANCEwascarriedoutbyKATTARAGHAVENDRA

(H.T.NO:086181828)fortheacademicyear2017-20.Undermy

guidancehehascompletedthisprojectaspertherulesprescribedby

theKakatiyaUniversityinpartialfulfillmentofawardofthedegreeof

BACHELOROFBUSINESSADMINISTRATION(BBA).

B.RAVINDER NAIK
(Projectguide)
DECLARATION
IherebydeclarethatthisProjectReportentitled“CUSTOMER

SATISFACTIONATBAJAJALLIANZINSURANCEsubmittedfortheawardof

BBAdegreeofKakatiyaUniversity,isabonafideandoriginalworkcarriedoutby

meunderthesupervisionofmyGuideB.RavinderNaik.

3
 ThematterPresentedinthisreportincorporatestheresultsof
independentinvestigationscarriedoutbyme.Ialsodeclarethatthisprojectis
theoutcomeofmyowneffortsandithasnotbeensubmittedtoanyother
universityfortheawardofanyotherdegreeordiploma.

Place: KATTARAGHAVENDRA

Date: HT.NO:086181828
Batch:2017-20

ACKNOWLEDGEMENT

Attheoutset,IwouldliketoexpressmysincerethankstomyProjectGuide

Prof.B.RAVINDERNAIKforguidingmyProjectWorkwithmeticulouscareand patience.

IwouldliketoexpressmygratitudetoBAJAJALLIANZINSURANCEfor

givingmepermissiontotakeuptheProjectWorkon CUSTOMER SATISFACTION.

IexpressmyspecialthankstoDR.A.SHESHACHALAMGARU,PRINCIPAL,

VAAGDEVIDEGREEANDPGCOLLEGE,ANDC.DATTATREYULUGARU,HEAD,

DEPARTMENTOFCOMMERCEANDBUSINESSMANAGEMENTofourcollege

fortheirinspiringguidanceandcooperation.

Finally,IwouldliketothankallthosewhohelpedinthepreparationofmyProject

Work,viz.,StaffoftheOrganisation,Librariansandothers.

4
 KATTARAGHVANDERA

H.T.No:086181828

CONTENT
CHAPTERS TOPICS PAGENO
1.INTRODUCTION
1-9

2.PROFILEOFTHECOMPANY 10-25

3.THEORITICALFRAMEWORK 26-30

4.DATAANALYSIS&INTERPRETATION 31-44

5.FINDINGSANDSUGGESTIONS 45-51
CONCLUSIONS

QUESTIONNAIRE

BIBILIOGRAPHY

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 CHAPTER-1
INTRODUCTION

7
INTRODUCTION

BajajAllianzLifeInsurance isajointventurebetween BajajFinserv Limited

(formerlypartof BajajAuto Limited)ownedbytheBajajGroupofIndia and
AllianzSE,aEuropeanfinancialservicescompany.Beingoneofthe
privateinsurancecompaniesinIndia,itoffers insurance productsfor
financialplanningandsecurity.[3]
ItisledbyTarunChughwhoistheManagingdirectorandChiefExecutive
Officerofthecompany. [4]
BajajAllianzLifeInsurancebeganoperationson12March2001andtoday hasa pan-India
presenceof759branches.[5] Itisheadquarteredin Pune,
India.BajajAllianzLifeInsurancereceivedthe InsuranceRegulatoryand
DevelopmentAuthority (IRDA)certificateofRegistrationon3August2001
toconduct LifeInsurance business inIndia. [6]
Earlier,theIndiansInsuranceIndustrywasmonopolisticandmaintained
onlybythepublicsectorcompanieslikeLifeInsuranceCorporation(LIC).
Later,privatecompanieswerealsoinvitedintotheIndianInsurance
Industries.Presently,companieslikeBajajAllianz,ICICIPrudential,TATA
AIG,andBirlasunlife,SBILife,Sriram,RelianceLifeinsurancerecently
appearedaretheprivatemaintainingprovidingservicesinIndia.
Astimepassedandsituationschanged,therearoseaneedforcosteffectiveandresult-
orientedinsurancesystem.Asthedemandincreased,
thenumberofservicemaintaineralsoincreasedandtheyaretryingto
provideservicewithgoodfeaturesandbetterpolicies.
SCOPEOFTHESTUDY
Thescopeofthestudypertainstoconsumerbehaviorthatisbeing
carriedoutinBajajAllianzGenerallifeInsuranceWarangalTelanganaIndia.
Thepresentstudyisundertakentoelicittheopinionofconsumerbehavior
oftheinsurance.

MEANING:
"Marketingistheprocessofplanningandexecutingthe conception,
pricing,promotion,anddistributionofideas,goods,services,organizations,
andeventstocreateandmaintainrelationshipsthat willsatisfyindividual
andorganizationalobjectives."
TheAmericanMarketingAssociation(AMA)states,"Marketingis an
organizationalfunction and a setofprocesses forcreating,
communicatinganddeliveringvaluetocustomersandformanaging
customerrelationshipsinwaysthatbenefittheorganizationandits stakeholders."
Marketingisanongoingprocessofplanning andexecutingthemarketing
mix(Product,Price,Place,andPromotion)forproducts,servicesorideas
tocreateexchangebetweenindividualsand organizations.
Marketingtendstobeseenasa creativeprocess,whichincludes
advertising,distributionandselling.Itisalsoconcernedwithanticipating
thecustomers'futureneedsand wants,whichareoftendiscovered
throughmarketresearch.Ingeneral,marketingactivitiesareallthose
associatedwithidentifyingtheparticularwantsandneedsofa target
marketofcustomers,andthengoingaboutsatisfyingthosecustomers betterthanthe
competitors.
Thisinvolvesdoingmarketresearchoncustomers,analyzingtheirneeds, and
thenmakingstrategicdecisionsaboutproduct design,pricing,
promotionanddistribution.Essentially,marketingistheprocessof

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creatingordirectinganorganizationtobesuccessfulinsellinga product
orservicethatpeoplenotonlydesire,butarewillingtobuy.
Thereforegoodmarketingmustbeableto createa"proposition"orsetof
benefitsfortheendcustomerthatdeliversvaluethroughproductsor services.Amarket-
focused,orcustomer-focused,organizationfirst
determineswhatitspotentialcustomerandthenbuildsthe productor
service.Marketingtheoryandpracticeisjustifiedinthebeliefthat customersuse
aproductorservicebecausetheyhaveaneed,orbecause
itprovidesaperceivedbenefit.Twomajorfactorsofmarketingarethe
recruitmentofnewcustomers(acquisition)andtheretentionand
expansionofrelationshipswithexistingcustomers(basemanagement).
Onceamarketerhasconvertedthe prospectivebuyer,basemanagement
marketingtakesover.Theprocess forbasemanagementshiftsthe
marketertobuildingarelationship,nurturingthelinks,enhancingthe
benefitsthatsoldthebuyerin thefirstplace,andimprovingthe
product/servicecontinuouslytoprotectthebusinessfromcompetitive
encroachments.Foramarketingplantobesuccessful,themixofthefour
"Ps"mustreflectthewantsanddesiresofthe consumersorShoppersin
thetargetmarket.Tryingtoconvinceamarketsegmenttobuy something
theydon'twantisextremelyexpensiveandseldomsuccessful. Marketersdependon
insightsfrommarketingresearch,bothformaland
informal,todeterminewhatconsumerswantandwhattheyarewillingto pay
for.Marketershopethatthisprocesswillgivethemasustainable
competitiveadvantage.Marketingmanagementisthepracticalapplication
ofthisprocess.Theofferisalsoan importantadditiontothe4P'stheory.
Withinorganizations,thecollection,analysisanddisseminationofthese
datasendamessage abouttheimportanceoftendingtocustomers andens
duringthattheyhaveapositive experiencewiththecompany’sgoods andservicestoo.
Althoughsalesormarketsharecanindicatehow wellafirmisperforming
currently,satisfactionisanindicatorofhowlikelyitis thatthefirm’s
customerswillmakefurther.

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Purchasesinthefuture.Muchresearchhasfocusedonthe relationship
betweencustomersatisfactionandretention.

IMPORTANCEOFCUSTOMERSATISFACTION

Itisatermfrequentlyusedinmarketing,isameasureofhowproductsand
servicessuppliedbyacompanymeetorsurpasscustomerexpectation.
Customersatisfactionisdefinedas"thenumberofcustomers,or percentage of
totalcustomers,whosereportedexperiencewithafirm,its products,or
itsservices(ratings)exceedsspecifiedsatisfactiongoals." Itisseenas
akeyperformanceindicatorwithinbusinessandisoftenpart
ofaBalancedScorecard.Inacompetitivemarketplacewherebusinesses
competeforcustomers,customersatisfactionisseenasa key
differentiatorandincreasinglyhasbecomeakeyelementofbusiness
strategy.Withinorganizations,customersatisfactionratingscanhave
powerfuleffects.Theyfocusemployeesontheimportanceoffulfilling
customer’sexpectations.
Furthermore,whentheseratingsdip,theywarnofproblemsthatcanaffect
salesandprofitability.Thesemetricsquantifyanimportantdynamic.When abrandhas
loyalcustomers,itgainspositiveword-of-mouthmarketing,
whichisbothfreeandhighlyeffective.
Therefore,itisessentialforbusinessestoeffectivelymanagecustomer
satisfaction.Tobeabledothis,firmsneedreliableand reprehensive
measuresofsatisfaction.Inresearchingsatisfaction,firmsgenerallyask customers
whether their product or service has met or exceeded expectations.

Thus,expectationsareakeyfactorbehind satisfaction.Whencustomers
havehighexpectationsandtherealityfallsshort,theywillbedisappointed
andwilllikelyratetheirexperienceaslessthansatisfying.
Theimportanceofcustomersatisfactiondiminisheswhenafirmhas
increasedThereisasubstantialbodyofempiricalliteraturethat
establishesthebenefitsofcustomersatisfactionforfirms.

9
Customersatisfactionprovidesaleadingindicatorofconsumer purchase
intentionsandloyalty.Customersatisfactiondataareamongthe
mostfrequentlycollectedindicatorsofmarketperceptions.Theirprincipal useistwofold
Withinorganizations,thecollection,analysisanddisseminationofthese
datasendamessage abouttheimportanceoftendingtocustomers andens
duringthattheyhaveapositive experiencewiththecompany’sgoods andservices.
Althoughsalesormarketsharecanindicatehow wellafirmisperforming
currently,satisfactionisanindicatorofhowlikelyitis thatthefirm’s
customerswillmakefurtherpurchasesinthefuture.
Muchresearchhasfocusedonthe relationshipbetweencustomer
satisfactionandretention.
Studiesindicatethat theramificationsofsatisfactionaremoststrongly
realizedattheextremes.Willingnesstorecommendisakeymetric
relatingtocustomersatisfaction.

OBJECTIVESOFTHESTUDY:

TostudytheoverallcustomersatisfactiontowardsBajajAllianz
generallifeinsuranceservices.
Toknowthelevelofsatisfactionofcostumersontheoverallrisk
coverageofinsuranceservices.
Toknowtherateofcustomersatisfactiononthegrowthof investments.
Tooffersuggestionsforimprovingthesatisfactionofcustomers.

METHODOLOGY:

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 RESEARCHDESIGN
1.SOURCESOFDATA:
Classificationofdataisveryimportantprocedureinthisconcept.The
collecteddatawillbeintwotypes.
1.Primarydata.
2.Secondarydata. Primarydata:
Forcollectingtheprimarydatathesurveymethodisgoingtobeused,
whichinvolvespredeterminedquestions.Thestructuredquestionnaire
containsalistofquestionsframedsoastogetthefacts. Secondarydata:
Thisdatacanbeobtainingfromthemagazine,annualreportsofthe
organizationspublisheddata.
2.DATACOLLECTIONINSTRUMENT:
Astructuredquestionnaireisadministeredtotherespondentsfor
collectingtheprimarydata.
3.SAMPLEDESIGN:
a)Samplesize:Thesamplesizewillbethenumberofrespondentsis maybe100.
b)Sampleselection:simplerandomsampling.
ThesampleconsistsofthecustomersofBajajAllianzlife insurance.
4.STATISTICALTOOLS:
Thedatacollectedfromthesurveywillbetabulatedand
interpretationswillbemadeusingpercentagesandother
appropriate statisticaltechniques.

LIMITATIONS:

ThesurveyislimitedtoWarangalareaduetolackoftime.
Datacollectionwillnotgiveaccurateresultsbecauseofsizeofthe sample.
Theviewsexpressedbythecustomerarenotbehundredpercent trueorreliable.
Availabilityoflimitedfinancialresources.
CHAPTERISATIONSCHEME:

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Theproposedstudyisorganizedintofourchaptersforthesakeof
convenienceandeaseofreporting.Thedetailsofareasfollows.
1.ThefirstchapterdealswithINTRODUCTION.
2.ThesecondchapterdealswithCOMPANYPROFILE.
3.ThethirdchapterdealswithTHEORETICALFRAMEWORK.
4.ThethirdchapterdealswithDATAANALYSIS&INTERPRETATION
5.ThefourthchapterCONCLUSIONSANDSUGGESTIONS.

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 CHAPTER-II COMPANYPROFILE

16

CompanyProfile
BriefHistoryofInsuranceSectorinIndia
TheinsurancesectorinIndiahasformedafullcirclefrombeinganopen
competitivemarkettonationalizationandbacktoaliberalizedmarketagain.
TracingthedevelopmentsintheIndianinsurancesectorrevealsthe360-degree
turnwitnessedoveraperiodofalmost190years.
ThebusinessoflifeinsuranceinIndiainitsexistingformstartedinIndiainthe
year1818withtheestablishmentoftheOrientalLifeInsuranceCompany inCalcutta.
SomeoftheimportantmilestonesinthelifeinsurancebusinessinIndiaare: 1912-
TheIndianLifeAssuranceCompaniesActenactedasthefirststatuteto
regulatethelifeinsurancebusiness.1928-TheIndianInsuranceCompanies

Actenactedtoenablethegovernmenttocollectstatisticalinformation
aboutbothlifeandnon-lifeinsurancebusinesses.
1938-EarlierlegislationconsolidatedandamendedtobytheInsurance
Actwiththeobjectiveofprotectingtheinterestsoftheinsuringpublic.
1956-245Indianandforeigninsurersandprovidentsocietiestakenover
bythecentralgovernmentandnationalized.LICformedbyanActof
Parliament,viz.LICAct,1956,withacapitalcontributionofRs.5crore
fromtheGovernmentofIndia.
TheGeneralinsurancebusinessinIndia,ontheotherhand,cantraceits
rootstotheTritonInsuranceCompanyLtd.,thefirstgeneralinsurance
companyestablishedintheyear1850inCalcuttabytheBritish.Someof
theimportantmilestonesinthegeneralinsurancebusinessinIndiaare: 1907-
TheIndianMercantileInsuranceLtd.setup,thefirstcompanyto
transactallclassesofgeneralinsurancebusiness.
1957-GeneralInsuranceCouncil,awingoftheInsuranceAssociationof
India,framesacodeofconductforensuringfairconductandsound businesspractices.

1968-TheInsuranceActamendedtoregulateinvestmentsandset
minimumsolvencymarginsandtheTariffAdvisoryCommitteesetup.

1972-TheGeneralInsuranceBusiness(Nationalization)Act,1972
nationalizedthegeneralinsurancebusinessinIndiawitheffectfrom1st January1973.

107insurersamalgamatedandgroupedintofourcompanies’viz.the
NationalInsuranceCompanyLtd.,theNewIndiaAssuranceCompanyLtd.,
theOrientalInsuranceCompanyLtd.andtheUnitedIndiaInsurance
CompanyLtd.GICincorporatedasacompany.

Historyofinsurance
Insomesensewecansaythatinsuranceappearssimultaneouslywiththe
appearanceofhumansociety.Weknowoftwotypesofeconomiesin humansocieties:
Moneyeconomies(withmarkets,money,financialinstrumentsandsoon) andnon-
moneyornaturaleconomies(withoutmoney,markets,financial instrumentsandsoon).
Thesecondtypeisamoreancientformthanthefirst.Insuchaneconomy
andcommunity,wecanseeinsuranceintheformofpeoplehelpingeach
other.Forexample,ifahouseburnsdown,themembersofthecommunity
helpbuildanewone.Shouldthesamethinghappentoone'sneighbor,the
otherneighboursmusthelpOtherwise;neighbourswillnotreceivehelpin
thefuture.Thistypeofinsurancehassurvivedtothepresentdayinsome
countrieswheremodernmoneyeconomywithitsfinancialinstrumentsis
notwidespread(forexamplecountriesintheterritoryoftheformerSoviet Union).
Turningtoinsuranceinthemodernsense(i.e.,insuranceinamodern
moneyeconomy,inwhichinsuranceispartofthefinancialsphere),early
methodsoftransferringordistributingriskwerepracticedbyChineseand
Babyloniantradersaslongagoasthe3rdand2ndmillenniaBC,

14
respectively.Chinesemerchantstravelingtreacherousriverrapidswould
redistributetheirwaresacrossmanyvesselstolimitthelossduetoany
singlevessel'scapsizing.TheBabyloniansdevelopedasystemwhichwas
recordedinthefamousCodeofHammurabi,c.1750BC,andpracticedby
earlyMediterraneansailingmerchants.Ifamerchantreceivedaloanto
fundhisshipment,hewouldpaythelenderanadditionalsuminexchange
forthelender'sguaranteetocanceltheloanshouldtheshipmentbestolen.
Achaemenianmonarchswerethefirsttoinsuretheirpeopleandmadeit
officialbyregisteringtheinsuringprocessingovernmentalnotaryoffices.
TheinsurancetraditionwasperformedeachyearinNorouz(beginningof
theIranianNewYear);theheadsofdifferentethnicgroupsaswellas
otherswillingtotakepart,presentedgiftstothemonarch.Themost
importantgiftwaspresentedduringaspecialceremony.Whenagiftwas
worthmorethan10,000Derrick(Achaemeniangoldcoinweighing8.358.42)theissuewas
registeredinaspecialoffice.Thiswasadvantageous
tothosewhopresentedsuchspecialgifts.Forothers,thepresentswere
fairlyassessedbytheconfidantsofthecourt.Thentheassessmentwas
registeredinspecialoffices.
Thepurposeofregisteringwasthatwheneverthepersonwhopresented
thegiftregisteredbythecourtwasintrouble,themonarchandthecourt
wouldhelphim.Jahez,ahistorianandwriter,writesinoneofhisbookson
ancientIran:"[W]whenevertheownerofthepresentisintroubleorwants
toconstructabuilding,setupafeast,havehischildrenmarried,etc.the
oneinchargeofthisinthecourtwouldchecktheregistration.Ifthe
registeredamountexceeded10,000Derrik,heorshewouldreceivean
amountoftwiceasmuch."
Athousandyearslater,theinhabitantsofRhodesinventedtheconceptof
the'generalaverage'.Merchantswhosegoodswerebeingshipped
togetherwouldpayaproportionallydividedpremiumwhichwouldbeused
toreimburseanymerchantwhosegoodswerejettisonedduringstormor sinkage.

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TheGreeksandRomansintroducedtheoriginsofhealthandlifeinsurance
c.600ADwhentheyorganizedguildscalled"benevolentsocieties"which
caredforthefamiliesandpaidfuneralexpensesofmembersupondeath.
GuildsinthemiddleAgesservedasimilarpurpose.TheTalmuddealswith
severalaspectsofinsuringgoods.Beforeinsurancewasestablishedinthe
late17thcentury,"friendlysocieties"existedinEngland,inwhichpeople
donatedamountsofmoneytoageneralsumthatcouldbeusedfor emergencies.
Separateinsurancecontracts(i.e.,insurancepoliciesnotbundledwith
loansorotherkindsofcontracts)wereinventedinGenoainthe14th
century,aswereinsurancepoolsbackedbypledgesoflandedestates.
Thesenewinsurancecontractsallowedinsurancetobeseparatedfrom
investment,aseparationofrolesthatfirstprovedusefulinmarine
insurance.Insurancebecamefarmoresophisticatedinpost-Renaissance
Europe,andspecializedvarietiesdeveloped.
Towardtheendoftheseventeenthcentury,London'sgrowingimportance
asacentrefortradeincreaseddemandformarineinsurance.Inthelate
1680s,Mr.EdwardLloydopenedacoffeehousethatbecameapopular
hauntofshipowners,merchants,andships’captains,andtherebya
reliablesourceofthelatestshippingnews.Itbecamethemeetingplace
forpartieswishingtoinsurecargoesandships,andthosewillingto
underwritesuchventures.Today,Lloyd'sofLondonremainstheleading
market(notethatitisnotaninsurancecompany)formarineandother
specialisttypesofinsurance,butitworksratherdifferentlythanthemore
familiarkindsofinsurance.
InsuranceasweknowittodaycanbetracedtotheGreatFireofLondon,
whichin1666devoured13,200houses.Intheaftermathofthisdisaster,
NicholasBarbonopenedanofficetoinsurebuildings.In1680,he
establishedEngland'sfirstfireinsurancecompany,"TheFireOffice,"to
insurebrickandframehomes.
ThefirstinsurancecompanyintheUnitedStatesunderwrotefireinsurance
andwasformedinCharlesTown(modern-dayCharleston),SouthCarolina, in1732.

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BenjaminFranklinhelpedtopopularizeandmakestandardthepracticeof
insurance,particularlyagainstfireintheformofperpetualinsurance.In
1752,hefoundedthePhiladelphiaContributionshipfortheInsuranceof
HousesfromLossbyFire.Franklin'scompanywasthefirsttomake
contributionstowardfireprevention.Notonlydidhiscompanywarn
againstcertainfirehazards,itrefusedtoinsurecertainbuildingswherethe
riskoffirewastoogreat,suchasallwoodenhouses.
IntheUnitedStates,regulationoftheinsuranceindustryishighly
Balkanized,withprimaryresponsibilityassumedbyindividualstate
insurancedepartments.Whereasinsurancemarketshavebecome
centralizednationallyandinternationally,stateinsurancecommissioners
operateindividually,thoughattimesinconcertthroughanational
insurancecommissioners'organization.Inrecentyears,somehavecalled
foradualstateandfederalregulatorysystemforinsurancesimilartothat
whichoverseesstatebanksandnationalbanks.
InthestateofNewYork,whichhasuniquelawsinkeepingwithitsstature
asaglobalbusinesscentre,formerNewYorkAttorneyGeneralEliot
Spitzerwasinauniquepositiontograpplewithmajornationalinsurance
brokerages.SpitzerallegedthatMarsh&McLennansteeredbusinessto
insurancecarriersbasedontheamountofcontingentcommissionsthat
couldbeextractedfromcarriers,ratherthanbasingdecisionsonwhether
carriershadthebestdealsforclients.Severalofthelargestcommercial
insurancebrokerageshavesincestoppedacceptingcontingent
commissionsandhaveadoptednewbusinessmodels.

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 TYPESOFINSURANCE

Anyriskthatcanbequantifiedcanpotentiallybeinsured.Specifickindsof
riskthatmaygiverisetoclaimsareknownas"perils".Aninsurancepolicy
willsetoutindetailswhichperilsarecoveredbythepolicyandwhichare. Belowisa(non-
exhaustive)listofthemanydifferenttypesofinsurance
thatexist.Asinglepolicymaycoverrisksinoneormoreofthe
categoriessetforthbelow.Forexample,autoinsurancewouldtypically
coverbothpropertyrisk(coveringtheriskoftheftordamagetothecar)
andliabilityrisk(coveringlegalclaimsfromcausinganaccident).A
homeowner'sinsurancepolicyintheU.S.typicallyincludesproperty
insurancecoveringdamagetothehomeandtheowner'sbelongings,
liabilityinsurancecoveringcertainlegalclaimsagainsttheowner,and
evenasmallamountofhealthinsuranceformedicalexpensesof
guestswhoareinjuredontheowner'sproperty.
Automobileinsurance,knownintheUKasmotorinsurance,is
probablythemostcommonformofinsuranceandmaycoverboth
legalliabilityclaimsagainstthedriverandlossofordamagetothe
insured'svehicleitself.ThroughoutmostoftheUnitedStatesan
autoinsurancepolicyisrequiredtolegallyoperateamotorvehicle
onpublicroads.Insomejurisdictions,bodilyinjurycompensationfor
automobileaccidentvictimshasbeenchangedtoano-faultsystem,
whichreducesoreliminatestheabilitytosueforcompensationbut
providesautomaticeligibilityforbenefits.Creditcardcompanies
insureagainstdamageonrentedcars.

Healthinsurancepolicieswilloftencoverthecostofprivatemedical
treatmentsiftheNationalHealthServiceintheUK(NHS)orother publicly-
fundedhealthprogramsdonotpayforthem.Itwilloften
resultinquickerhealthcarewherebetterfacilitiesareavailable.

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Lifeinsuranceprovidesamonetarybenefittoadecedent'sfamilyor
otherdesignatedbeneficiary,andmayspecificallyprovidefor
incometoaninsuredperson'sfamily,burial,funeralandotherfinal
expenses.Lifeinsurancepoliciesoftenallowtheoptionofhaving
theproceedspaidtothebeneficiaryeitherinalumpsumcash
paymentoranannuity.
Propertyinsuranceprovidesprotectionagainstriskstoproperty,
suchasfire,theftorweatherdamage.Thisincludesspecialized
formsofinsurancesuchasfireinsurance,floodinsurance,
earthquakeinsurance,homeinsurance,inlandmarineinsuranceor
boilerinsurance.

Totalpermanentdisabilityinsuranceprovidesbenefitswhena
personispermanentlydisabledandcannolongerworkintheir
profession,oftentakenasanadjuncttolifeinsurance.

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 COMPANYPROFILE

ABOUTTHECOMPANY
BajajAllianzLifeInsuranceCompanyLimitedisajointventure
betweenBajajAutoLimitedandAllianzSE.Bothenjoyareputationof
expertise,stabilityandstrength.
BajajAllianzInsurancereceivedtheInsuranceRegulatoryand
DevelopmentAuthority(IRDA)certificateofRegistration(R3)onMay2nd,
2001toconductGeneralInsurancebusiness(includingHealthInsurance
business)inIndia.TheCompanyhasanauthorizedandpaidupcapitalof
Rs110crores.BajajAutoholds74%andtheremaining26%isheldby Allianz,SE.
Ason31stMarch2009BajajAllianzInsurancemaintainedits
premierpositionintheindustrybygarneringapremiumincomeofRs.1803
crore.BajajAllianzhasmadeaprofitbeforetaxesofRs.117croreand
emergedasthefirstprivateinsurancecompanytomakeprofitbefore
taxesofmorethanRs.100corers.Thecompanyalsowastheoneofthe
highestprofitableinsureramongprivateinsurancecompaniesandmadea
profitaftertaxofRs.75corers.BajajAllianzistheonlycompanytomake
underwritingprofitsforthelastthreeyearsconsecutively.
BajajAllianztodayhasanetworkpresenceinover200townsspread
acrossthelengthandbreadthofthecountry.FromSurattoSiliguriand
JammutoThiruvananthapuram,alltheofficesareinterconnectedwiththe
HeadOfficeatPune.
Inthefirstquarterofthecurrentfinancialyear,2007-08,BajajAllianz
garneredapremiumincomeofRs.574crores,achievingagrowthof27%
overthelastyearforthesameperiodandNetprofitsrosetoRs.21Crores. Vision
*Tobethefirstchoiceinsurerforcustomers
*Tobethepreferredemployerforstaffintheinsuranceindustry.
*Tobethenumberoneinsurerforcreatingshareholdervalue
Mission

20
 Asaresponsible,customerfocusedmarketleader,wewillstriveto
understandtheinsuranceneedsoftheconsumersandtranslateitinto
affordableproductsthatdelivervalueformoney.

BajajAllianzLifeInsurance

BajajAllianzLifewinsnewbusiness
BajajAllianzLifeInsurance,meanwhile,reporteda216percentincreasein
newbusinesspremiumto505millioneurosinitsbusinessyear2005-06.
Thecompany,whichisnowIndian'sleadinglifeinsurancecompany,said
itsindustrymarketsharegrewto7.6percentfrom3.4percentinthe
previousyear.ItaimstobecomeIndia'sfirstprofitablelifeinsurance
companysoon,byemployinganinnovativeeconomicmodelandkeeping
costslow.Itissued777,492newpoliciesinfiscal2005-06.
BajajAllianzLifeInsuranceisnowbasedin534towns,comparedwith293 townsin2004-
5.Itemployed108,155agentsinitslastfiscalyear,more
thandoublingthan47,078agentsinthepreviousyear.

Growthfollowsthecompany'srefocusoncustomerneeds,aprogram
whichstartedtwoyearsago."Ourbasicpromiseis'JaisiJarooratVaisa Insurance'–
insurancemeetingthecustomers'needs,"saidCEOSam
Ghosh."Wefocusonwhatcustomerswantandnotwhatwewanttosell.
Weletcustomersdecidewhichchanneltheyarecomfortabletobuyfrom."
"Ourendobjectiveistohavesatisfiedcustomersandsatisfiedcustomers
aredriversinthelifeinsurancebusinessmorethananythingelse,"
continuedGhosh."Thisfocushasbroughtussofarsorapidlyandweare
surethisfocuswillhelpupmaintainourleadershipaswell."
Diverserangeofcustomers
Thecompanyhasidentifiedflexibleproductswhicharesuitablefor

21
Indians'needs.Itcatersformorethan290segmentsofconsmers
stemmingfromdiversereligious,culturalandeducationalbackgrounds.

BajajAllianzLifeInsurancerecognizesthatitsaveragecustomersare lookingforlow-
priceproducts,suchasits"6-in-1Healthcare"product,with
apremiumofjust100rupees(1.75euros)permonth.Italsooffersmore
sophisticatedproductsforastuteinvestors,aswellasanethicalfund,
whichtakesintoaccountreligiousguidelinesandenvironmentalconcerns.
Itentitleditsinnovationoftheyear"BajajAllianzBanyanTree".This
expansionmodelreflectshowabranchsetsupsmallsiblingsatellites,
whichinturngrowintobranches,inthesamewaythatbanyantree
branchesstartanothertreewhentheirbranchestouchtheground.

Aswithallcontentpublishedonthissite,thesestatementsaresubjectto
ourForwardLookingStatementdisclaimer,providedontheright.
Lifeinsurance
TieUpsWithBanks
PioneersofBancassuranceinIndia...
Havingpioneeredthephenomenon,Bancassuranceisoneourcore
businessstrategies.ThreeofourstrongBancassurancetie-upsare:
• StandardCharteredBank
• SyndicateBank • COSMOSCo-opBANKLtd.

Wehavedevelopedarangeoflifeinsuranceproductsexclusivelyforour
Bancassurancepartners.Also,Ourproductsarecustomizedtosuit
specificneedsofbanks.

AllianzGroup
AllianzGroupisoneoftheworld'sleadinginsurersandfinancialservices providers.

22
Foundedin1890inBerlin,Allianzisnowpresentinover70countrieswith
almost174,000employees.Atthetopoftheinternationalgroupisthe
holdingcompany,AllianzAG,withitsheadofficeinMunich.
AllianzGroupprovidesitsmorethan60millioncustomersworldwidewith
acomprehensiverangeofservicesintheareasof
 PropertyandCasualtyInsurance,  LifeandHealthInsurance, 
AssetManagementandBanking.
 ALLIANZAG-AGLOBALFINANCIALPOWERHOUSE
 Worldwide2ndbyGrossWrittenPremiums-Rs.4,46,654cr.
 3rdlargestAssetsUnderManagement(AUM)&largestamongst
Insurancecos.-AUMofRs.51,96,959cr.  12thlargestcorporationintheworld
 49.8%ofglobalbusinessfromLifeInsurance
 Establishedin1890,110yrsofInsuranceexpertise
 70countries,173,750employeesworldwide

BAJAJGROUP
BajajAutoLtd,theflagshipcompanyoftheRs.8000croreBajajgroupis
thelargestmanufactureroftwo-wheelersandthree-wheelersinIndiaand
oneofthelargestintheworld.
AhouseholdnameinIndia,BajajAutohasastrongbrandimage&brand
loyaltysynonymouswithquality&customerfocus.
ASTRONGINDIANBRAND-HAMARABAJAJ
 Oneofthelargest2&3wheelermanufacturerintheworld
 21million+vehiclesontheroadsacrosstheglobe 
ManagingfundsofoverRs4000cr.
 BajajAutofinanceoneofthelargestautofinancecos.inIndia

23
  Rs.4,744Cr.Turnover&Profitsof538Cr.in2002-03
 IthasjoinedhandswithAllianztoprovidetheIndian
consumerswithadistinctoptionintermsoflife insuranceproducts.
 AsapromoterofBajajAllianzLifeInsuranceCo.Ltd.,Bajaj
Autohasthefollowingtooffer-
 FinancialstrengthandstabilitytosupporttheInsurance
Business.
 Astrongbrand-equity.
 Agoodmarketreputationasaworldclassorganization.
 Anextensivedistributionnetwork.
 Adequateexperienceofrunningalargeorganization.
WhyBajajAllianzLifeInsurance
FiscalYear Noofpolici2e9ssoldinFY GWPinFY
AnImpeccabletrackrecordacrosstheglobeinprovidingsecurityand
coverforyouandyourfamily...
We,atBajajAllianz,realizethatyouseekaninsurerwhoyoucantrustyour
hardearnedmoneywith
AllianzAGwithover110yearsofexperienceinover70countriesandBajaj
Auto,trustedforover55yearsintheIndianmarket,togetherare
committedtoofferingyoufinancialsolutionsthatprovideallthesecurity
youneedforyourfamilyandyourself.
BajajAllianzbringstoyouseveralinnovativeproducts,thedetailsofwhich
youcanbrowseinthissection
KeyAchievementsinFY2012-13
 No.1PvtLifeInsurerFY2012-13.LeadingbyRs.78Cr.
 No.1PvtLifeInsurerinRetailBusiness.LeadingbyRs.339Cr.
 Whoppinggrowthof216%fortheFY2005-06 
Havesoldover20,00,000policiestosatisfiedcustomers
 Isbackedbyanetworkof900+officesspanningthecountry.
2008-2009(6mths) 21,376 Rs7cr.
2009-2010 1,15,965 Rs69cr.
2010-2011 1,86,443 Rs221cr.
2011-2012 2,88,189 Rs1002cr.
2012-2013 7,81,685 Rs3134cr.
AcceleratedGrowth
•AssetsundermanagementRs3,324cr.
•ShareholdercapitalbaseofRs500cr.
ThefunctionsofInsurancecanbebifurcatedintotwoparts:
1.PrimaryFunctions
2.SecondaryFunctions
3.OtherFunctions
Contributestowardsthedevelopmentoflargerindustries-Insurance
providesdevelopmentopportunitytothoselargerindustrieshavingmore
risksintheirsettingup.Eventhefinancialinstitutionsmaybepreparedto
givecredittosickindustrialunitswhichhaveinsuredtheirassetsincluding
plantandmachinery.

Theotherfunctionsofinsuranceincludethefollowing:
Meansofsavingsandinvestment-Insuranceservesassavingsand
investment,insuranceisacompulsorywayofsavingsanditrestrictsthe
unnecessaryexpensesbytheinsured'sForthepurposeofavailingincometaxexemptions
also,peopleinvestininsurance.
Sourceofearningforeignexchange-Insuranceisaninternational
business.Thecountrycanearnforeignexchangebywayofissueof
marineinsurancepoliciesandvariousotherways.RiskFreetradeInsurancepromotesexp
ortsinsurance,whichmakestheforeigntraderisk
freewiththehelpofdifferenttypesofpoliciesundermarineinsurance cover.

VariousTypesofLifeInsurance
Therearetwoprimarycategoriesoflifeinsurance:termandpermanent.
However,thereareseveraldifferenttypeswithineachcategory.Listed belowareonlythe

25
mostcommontypes.ConsultyourLifeInsuranceProfessionalforamore
detaileddescriptionofthevarioustypesoflifeinsuranceandhowthey
mayapplytoyourspecificsituation.
TermInsurance-Lifeinsuranceunderwhichthebenefitispayableonlyif
theinsureddiesduringaspecifiedperiod.Listedbelowarevarioustypes
ofterminsurance.
• LevelTerm-afixedamountofcoveragewithpremiumsthatare
fixedoveracertainperiodoftime,usuallyin10-yearincrements.
• Increasing/DecreasingTerm-amountofcoverageincreasesor
decreasesthroughouttheterm,premiumsremainlevel.
• RenewableTerm-includesarenewalprovisionthatgivesthepolicy
ownertherighttorenewtheinsurancecoverageattheendofthe
specifiedtermwithoutsubmittingevidenceofinsurability.
• ConvertibleTerm-Givesthepolicyholdertherighttoconvertthe
termpolicytoapermanentpolicy.
• GroupTerm-insurancepurchasedtypicallybyanemployeror
professionalassociationthatisintendedtocoverseveralpeople,
usuallyresultinginreducedpremiums.
PermanentInsurance-Lifeinsurancethatprovidescoveragethroughout
theinsured'slifetimeandmayincludeanelementthatbuildsacashvalue.
TraditionalWholeLife-remainsinforceduringtheinsured'sentirelifetime,
• Providedpremiumsarepaidasspecifiedinthepolicy.Wholelife
insurancemayalsoincludeanelementforaccumulatinggrowth
(calledthecashvalue).
• Universallifeinsurance-characterizedbyitsflexiblepremiums,
flexiblefaceamounts,andunbundledpricingfactors.
• Variablelifeinsurance-aformofwholelifeinsuranceunderwhich
thedeathbenefitandthecashvalueofthepolicyfluctuate
accordingtotheinvestmentperformanceofaseparateaccount
fund.Mostvariablelifeinsurancepoliciesguaranteethatthedeath
benefitwillnotfallbelowaspecifiedminimum.

26
 • Variableuniversallifeinsurance-aformofwholelifeinsurancethat
combinesthepremiumanddeathbenefitflexibilityofuniversallife
insurancewiththeinvestmentflexibilityandriskofvariablelife
insurance.Alsocalledflexiblepremiumvariablelifeinsuranceand
universallifeII.Seealsoinvestment-sensitiveinsurance.
• Lastsurvivorlifeinsurance(alsoknownas"SurvivorLife")-whole
lifeinsurancethatcoverstwopersonsandprovidesforpaymentof
theproceedswhenbothinsurershavedied.Itisgenerallydesigned
topayestatetaxes.Alsoknownassecond-to-dielifeinsurance.
• Single-premiumwholelifeinsurance-wholelifeinsurance
purchasedwithasingle,lump-sumpremium.
TRADITIONALPOLICIES
ThesearepoliciesintroducedbytheLICintheformofitsvarious
planslikeJeevanAnand,KomalJeevanetc.WhentheLifeinsurance
sectorwasopenedforitsprivatizationcompanieslikeICICIprudential,
MaxNewYorkLifeetc.cameintothemarketwiththeirnewpoliciesbuilt
onthetraditionalplatformbeingfollowedbyLIC.
TRADITIONALPLATFORM
Inthisplatformthepolicyholderchooseshissumassuredanddurationof
policyandonthebasisofhisagethepremiumisdetermined.
Thepolicyholderpaysthispremiumforthefixedperiodasperthepolicy
andisabletowithdrawtheproceeds/returnsaftertheexpiryofthe
stipulatedperiodunderthepolicy.
Inthiskindofpolicytheinsuredisgivenareversionarybonusasa
percentageofhissumassuredwhichcanbewithdrawnbyhimonmaturity
ofthepolicyonly.Tillsumtimeagothiswasthelargestsellingkindof
policybutisnowsteadilybeingreplacedbyUnitLinkedInsurancePolicies.

UNITLINKEDPOLICIES

27
 ThesepolicieswereintroducedinIndiabyBirlaSunLifeInsurance
Co.Ltd.andthesepoliciesformamajorshareoftheportfolioofallthe
otherinsurancecompaniesasofdate.
Inthesepoliciestheinsuredchoosesthepremiumhewantstopay,
thedurationforwhichhepaysthesameandtheperiodforwhichhewants
theinsurancecoverage.Consequentlytheinsurancecompanydetermines
thesumassured.
InthesepoliciestheInsurancecompaniestakeacertainpercentage
ofthepremiumpaidtowardsmanagementchargesandmortalitycharges.
Thebalancepremiumisinvestedaccordingtotheinsured’sriskprofileand
unitsareallocatedaccordingtotheunitvalueofthedesiredfund.Every
yearadditionalunitsareallocatedtotheinsuredtakingintoaccountthe
additionalpremiumreceivedandtheinterestincomeearned.Thepolicy
holder’sinvestment/returndependuponthemarketvalueoftheseunits.
Afteradeterminedlockinperiodtheinsuredcanwithdrawanyamount
fromhiscorpusanytimehechoosesto.
Theseflexibilitiesanduserfriendlinessarethereasonsbehindtheunit
linkedpoliciesconstituting75%ofthefreshpoliciessoldintheindustryas ofdate.

PROMOTIONALACTIVITIES
Themostimportantstrategyfollowingbythecompanywasrecruitmentof
insuranceconsultantsforthecompany.
Itisthefirstprivateinsurancecompanyenteredintotheruralmarket.

CHAPTER-III
THEORETICALFRAMEWORK

28
 CUSTOMERSATISFACTION

Customersatisfaction,abusinessterm,isameasureofhowproductsand
servicessuppliedbyacompanymeetorsurpasscustomerexpectation.It
isseenasakeyperformanceindicatorwithinbusinessandispartofthe
fourperspectivesofaBalancedScorecard
, Inacompetitivemarketplacewherebusinessescompeteforcustomers s
customersatisfactionisseenasakeydifferentiatorandincreasinglyha
s s becomeakeyelementofbusinessstrategy. s
Organizationsareincreasinglyinterestedinretainingexistingcustomer
whiletargetingnon-customers;measuringcustomersatisfactionprovide
anindicationofhowsuccessfultheorganizationisatprovidingproduct
and/orservicestothemarketplace.
Customersatisfactionisanambiguousandabstractconceptandth
actualmanifestationofthestateofsatisfactionwillvaryfrompersont
personandproduct/servicetoproduct/service.Thestateofsatisfactio
dependsonanumberofbothpsychologicalandphysicalvariableswhic
correlatewithsatisfactionbehaviorssuchasreturnandrecommendrate
Thelevelofsatisfactioncanalsovarydependingonotheroptionsth
customermayhaveandotherproductsagainstwhichthecustomerca
comparetheorganization'sproducts.
AccordingtoGarbrand,customersatisfactionequalsperceptiono
performancedividedbyexpectationofperformance.
Theusualmeasuresofcustomersatisfactioninvolveasurveywithase
ofstatementsusingaLikertTechniqueorscale.Thecustomerisaskedt
evaluateeachstatementandintermoftheirperceptionandexpectationo
theperformanceoftheorganisationbeingmeasured.

eo
nh

29
 .e

nf

to
f

Berryin2002andknownasthetendomainsofsatisfaction.Theseten
domainsofsatisfactioninclude:Quality,Value,Timeliness,Efficiency,Ease
ofAccess,Environment,Inter-departmentalTeamwork,FrontlineService
Behaviors,CommitmenttotheCustomerandInnovation.Thesefactorsare
emphasizedforcontinuousimprovementandorganizationalchange
measurementandaremostoftenutilizedtodevelopthearchitecturefor
satisfactionmeasurementasanintegratedmodel.
CustomerSatisfactionin7Steps 1.EncourageFace-to-FaceDealings.
2.RespondtoMessagesPromptly&KeepYourClients Informed.
3.BeFriendlyandApproachable.
4.HaveaClearly-DefinedCustomerServicePolicy.
5.AttentiontoDetail.
6.AnticipateYourClient'sNeeds&GoOutOfYourWaytoHelp ThemOut.
7.HonourYourPromises.
1.EncourageFace-to-FaceDealings
Thisisthemostdauntinganddownrightscarypartofinteracting
withacustomer.Ifyou'renotusedtothissortofthingitcanbea prettynerve-
wrackingexperience.Restassured,though,itdoesget
easierovertime.It'simportanttomeetyourcustomersfacetoface
atleastonceoreventwiceduringthecourseofaproject.
Myexperiencehasshownthataclientfindsiteasiertorelatetoand
workwithsomeonethey'veactuallymetinperson,ratherthana
voiceonthephoneorsomeonetypingintoanemailormessenger
program.Whenyoudomeetthem,becalm,confidentandaboveall,

30
 taketimetoaskthemwhattheyneed.Ibelievethatifapotential
clientspendsoverhalfthemeetingdoingthetalking,you'rewellon yourwaytoasale.
2.RespondtoMessagesPromptly&KeepYourClients
Informed
Thisgoeswithoutsayingreally.Weallknowhowannoyingitisto
waitdaysforaresponsetoanemailorphonecall.Itmightnot
alwaysbepracticaltodealwithallcustomers'querieswithinthe
spaceofafewhours,butatleastemailorcallthembackandlet
themknowyou'vereceivedtheirmessageandyou'llcontactthem
aboutitassoonaspossible.Evenifyou'renotabletosolvea
problemrightaway,letthecustomerknowyou'reworkingonit.
3.BeFriendlyandApproachable
AfellowSitePointeroncetoldmethatyoucanhearasmilethrough
thephone.Thisisverytrue.It'sveryimportanttobefriendly,
courteousandtomakeyourclientsfeellikeyou'retheirfriendand
you'retheretohelpthemout.Therewillbetimeswhenyouwantto
beatyourclientsovertheheadrepeatedlywithabluntobject-it
happenstoallofus.It'svitalthatyoukeepaclearhead,respondto
yourclients'wishesasbestyoucan,andatalltimesremainpolite andcourteous.
4.HaveaClearly-DefinedCustomerServicePolicy
Thismaynotbetooimportantwhenyou'rejuststartingout,buta
clearlydefinedcustomerservicepolicyisgoingtosaveyoualotof
timeandeffortinthelongrun.Ifacustomerhasaproblem,what shouldtheydo?
Ifthefirstoptiondoesn'twork,thenwhat?Should
theycontactdifferentpeopleforbillingandtechnicalenquiries?If
they'renotsatisfiedwithanyaspectofyourcustomerservice,who shouldtheytell?
There'snothingmoreannoyingforaclientthanbeingpassedfrom
persontoperson,ornotknowingwhototurnto.Makingsurethey
knowexactlywhattodoateachstageoftheirenquiryshouldbeof
utmostimportance.Somakesureyourcustomerservicepolicyis presentonyoursite--
andanywhereelseitmaybeuseful.

31
5.AttentiontoDetail
HaveyoueverreceivedaHappyBirthdayemailorcardfroma
companyyouwereaclientof?
Haveyoueverhadapersonalisedsignupconfirmationemailforaservicethatyoucouldtell
wastypedfrom scratch?Theselittlenicetiescanbetimeconsumingandaren'talways
costeffective,butremembertodothem.Evenifit'sassmallas
sendingaHappyHolidaysemailtoallyourcustomers,it'ssomething.It
showsyoucare;itshowstherearerealpeopleontheotherendofthat
screenortelephone;andmostimportantly,itmakesthecustomerfeel
welcomed,wantedandvalued.

6.AnticipateYourClient'sNeeds&GoOutOfYourWaytoHelpThemOut
Sometimesthisiseasiersaidthandone!However,achievingthis
supremelevelofunderstandingwithyourclientswilldowondersfor
yourworkingrelationship.
7.HonourYourPromises
It'spossiblethisisthemostimportantpointinthisarticle.Thesimple
message:whenyoupromisesomething,deliver.Themostcommon
examplehereisprojectdeliverydates.Clientsdon'tliketobe
disappointed.Sometimes,somethingmaynotgetdone,oryoumight
missadeadlinethroughnofaultofyourown.Projectscanbelate,
technologycanfailandsub-contractorsdon'talwaysdeliverontime.

CHAPTERIV
DATAANALYSISANDINTERPRETATION
Table:1
PeopleInterestedininsuranceProductontheirage?
S.No: Ageof Noof %of
respondents respondents. respondents.

32
 1. 10–20 09 09
2. 20–30 17 17
3. 30–40 33 33
4. 40–50 21 21
5. 50-60 20 20

Total 100 100

Graph:

Interpretation:
Thisgraphrepresentstheperceptionsofpeopletowardsinsurance
accordingtoagefactor.Peoplebetweentheagegroupof30-40aremore
interestedtoinvestininsurancethanpeopleintheremainingagegroups.
Peoplebetweenagegroupof40-60arealsointerestedbutinlessnumber.
Peoplebetweenagegroup10-20arenotthatmuchinterestedbecause
theydon’tknowtheinsurance.
DATAANALYSIS:
Peoplebetweentheagegroup30-40moreinterestedininvestingininsurance
Tableno.2
RespondentsbytheirQualification.?
S.No. Qualification. No.of %of
respondent. respondents.

33
 1. Degree 40 40

2. Post 25 25
Graduation
3. 35 35
None
Total 100 100

Graph:

Interpretation:

Peoplewithqualificationandnon-qualificationaregoingtoinsure
theirlives.Inthatthebachelordegreeholdersaremorethanthepost graduatesandothers.

DATAANALYSIS:
Qualificationpeoplearemoreinterestedininsuranceservicethanothers.
Tableno.3.
RespondentsbytheirOccupation?
S.No. Occupation. No.of %of
respondents. respondents.

34
 1. 2. Employee 75 75

Non 25 25
employee
Total 100 100

Graph:

Interpretation:
Theabovegraphindicatesthatnotonlytheemployeesareinvesting
intheinsurancebutalsootherthanemployeesarealsoinvestingfor
protectingthemselvesfromfuturerisks.Inthatnonemployeesareof
25%,theremainingisemployees.

DATAANALYSIS:
Employeesaremoreinterestedininsuranceservices.

Tableno.4.
Salariesoftherespondents.?
S.No Salariesof No.of %of
respondents respondents. respondents.

35
 1. Below15000/15000/- 54 54

2. to25000/- 26 26

3. 25000/- 15 15
to50000/50000/-
Above.
4. 05 05

Total 100 100

Graph:

Interpretation:
Theabovegraphshowsthataboutthesalaryofthepeopleinthebelow 15000/-
are54%morethantheothersinordertoprotecttheirlivesfrom
anydisorders.Andthepeopleinthe50000/-incomep.mareless.
DATAANALYSIS:
Therespondentbelow15,000salaryaremoreinterested.
Tableno.5
TypeoftheproductintheLifeInsurance.?
S.No. Typeof No.of %of
product. respondents. respondents.

36
 1. 2. Traditional 44 44

ULIP 56 56
Total 100 100

Graph:

Interpretation:
Thecustomersarechangedtheirmindset,ratherthangoingwith
traditionalpoliciestheyaregoingwithunitlinkedinsuranceplanforgetting
moreadvantage.IntheabovegraphthepercentageofULIplanis56%and
thetraditionalmethodissimultaneouslygrowingwith44%.
DATAANALYSIS:
TherespondentlikeULIPtypearemoreinterestedthantraditional.

Tableno.6
Overallriskcoverage.?
S.No. Satisfactionlevelof No.of %of
respondents. respondents. respondents.

37
 1. Verygood 26 26

2. Good 47 47

3. Sufficient 28 28

4. Insufficient 04 04

Total 100 100

Graph:

Interpretation:
Theabovegraphrepresentsthattheoverallriskcoverageofinvestorsis
inverygoodmanner.Inthistherespondentssaysgoodis47%ofthatpie
diagram,26%peoplesaysverygood,28%peoplesaysthatitissufficient.
DATAANALYSIS:
Thegraphsaysthatoverallriskcoverageofinvestersisgood.Respondentare satisfied.
Table7
ExpectationofrespondentsontheirReturnonInvestment.?
ExpectationonROI. No.of %of
respondents. respondents.

38
Abovemy 22 22
expectation. 67 67
Uptomy 09 09
expectation.
Belowmy 02 02
expectation. Verypoor
expectation.

100 100
Graph:

Interpretation:
Theabovegraphsaysonmysurveyisthatthecustomersare
satisfiedonreturnoninvestment.Inthatthemostofthecustomersare
sayingthattheyaregettinguptotheirexpectationandtheirpercentageis
of67%and22%customersareatabovemyexpectation.
DATAANALYSIS:
Customersaresayingthattheyaregettinguptotheirexpectationsandthey percentageis67%

Tableno.8
Satisfiedwithdifferentvarietyofpolicies?
S.No. Varietyof No.of %of
Policies. respondents respondents.

1. 2. Satisfied 86 86

39
 Notsatisfied 14 14

Total 100 100

Graph:

Interpretation; Inthisgraphofmysurveyofdifferentvarietyofpoliciesthepeopleare
highlysatisfied.Amongthehundredpeoplesamplethesatisfiedlevelis86.
Sowiththiswecanknowthatdifferentvarietiesofpoliciesaregiving satisfactio
DATAANALYSIS:
Peoplearesatisfiedwiththevarietyofpolicesintroducebybajaj.

Tableno.9
Customerrelationshipmanagement?
S.No. Ratingfor No.of %of
CRM respondents respondents

40
 1. Excellent 24 24

2. Good 52 52

3. Satisfaction 17 17

4. Poor 07 07
Total 100 100

Graph:

Interpretation:
Theabovepiediagramofcustomerrelationshipmanagementofmy
surveysaysthat,theinsurancecompanyisgivingmoreprioritytokeepand
maintaincustomerrelationshipformaintaininggoodwillofthecompany.
Solikethattheycanclearallthedoubts.Inthatexcellentandgoodarethe
wordscomefromthecustomer’smouth.
DATAANALYSIS:
CUSTOMERareratingforCMRisgoodinBajajAllianz.

Tableno.10
Employeescourteoustowardscustomer?

41
S.No. Employees No.of %of
interaction respondents respondents

Yes 92 92

1. 2. No 08 08
Total 100 100

Graph:

Interpretation:
Thisconediagramofmysurveyshowsthathowtheemployeesare
courteoustowardscustomer.Withthekeepingofgoodmannerstheyare
gettingmuchgoodwill.Inshowingcourteoustowardscustomertheyare
highlymotivatedtopositiveattitudeandperception.Sothepositive
attitudeshows92%ofsatisfaction.
DATAANALYSIS:
Theemployeecourteousislikebycustomertheyratedasyesonly.

Tableno.11
Designedpoliciesaresatisfyingdifferentkindsofneedsofcustomers.?

42
S.No. Designed No.of %of
Policies. respondents. respondents.

Yes 87 87

1. 2. No 13 13
Total 100 100

Graph:
Interpretation:
Theabovegivenpiediagramofmysurveysaysthattheinsurance
companyisgivingwelldesignedpoliciestosatisfythedifferentkindsof
needsofthecustomers.Sointhatalsothecompanyissatisfyingallthe
customerswiththepercentageof87issayingsatisfied.
DATAANALYSIS:
Thecompanyissatisfyingallthecustomerswithallkindspolices
.customersratedsatisfactionratetoBajajAllianz
Tableno.3.12
Communicationonvariousissue?
S.No. Communicationwith No.of %of
respondents. respondents respondents

1. Excellent 24 24

2. Good 62 62

3. Satisfaction 08 08

4. Nosatisfaction 06 06
Total 100 100
Graph:

43
Interpretation:
Theabovepiediagramofmysurveyisbasedonthecommunication
onvariousissuestobeinteractedwiththecustomersformakingthemto
knowaboutallthepolicieslikewhichareusefultothem.Besideskeeping
communicationasapartitisexcellentthantheothers.
DATAANALYSIS:
BajajAllianzcommunicationgoodthroughthisstudy.

Tableno.13
OverallsatisfactiontowardsBajajAllianzLifeInsuranceCompany?
S.No Overall No.of %of
satisfactionof respondents respondents
respondents

1. Verygood 29 29

2. Good 47 47

3. Satisfaction 24 24
Total 100 100

Graph:

44
Interpretation:
Thepiediagramontheaboveofmysurveyshowsthattheoverall
satisfactionoftheinsurancecompany.Inthatthecustomersarefully
satisfied.Thissaysoutthattheinsurancecompanymakingallthe
customerstofeel100%satisfy.
DATAANALYSIS:
BajajAllianzissatisfyingallthecustomerwithMark.

CHAPTERV
FINDINGS,
CONCLUSIONSAND
SUGGESTIONS

45
 Inmypresentstudyoninsurancecompanysomeofthefindings,
suggestionsandtheconclusionwereinterpretedinthischapter.

FINDINGS:

Manypeoplebetweentheagegroupof25-60yearsare
interestedtoinvestininsurance.
Peopleintheagegroupbelow19yearsandmorethan60yearsare
lessinterestedtoinvestininsurancebecausetheydon’twantto takeanyrisk
Manypeopleareinterestedtoinvestininsurancebecauseofhigh
returns,taxbenefits.
Mostofthebusinesspeople,employeeswhoareworkingin
financialinstitutionshaveawarenessaboutmutualinsurancethan
othercategoryofpeople.Peoplewhoareinthemiddleoftheir
careersaremoreinterestedininvesting.
Toinvestininsurancemostofthepersonspreferatimehorizonof onetothreeyears.
Approximately95%oftheinvestorsopinedthatinvestingin insuranceisgood.
Personswhoearn10,000andmoreinterestedtoinvestininsurance.
MoreMiddleclasspeoplewhohaveawarenessaboutinsuranceare
showinginteresttoinvestassystematicinvestmentplan.
Morepeopleareinterestedtoinvestininsurancewhohavegood pastperformance.

CONCLUSIONS

Bajajallianzlifeinsurancecompanyisthesecondlargestinsurance companyinIndia.

46
Studyalsorevealsthatmisleadingadvertisinghiddenchargesetc,.a
Customerservice,likeanyaspectofbusiness,isapracticedart

thattakestimeandefforttomaster.

Allyouneedtodotoachievethisistostopandswitchroleswith thecustomer.

Whatwouldyouwantfromyourbusinessifyouweretheclient?

Howwouldyouwanttobetreated?

Treatyourcustomerslikeyourfriendsandthey'llalwayscome back.

SUGGESTIONS

Manyofthesuggestionsareamongthecustomeraresayingthat areasfollows:-

47
 Makingthecustomerstoknowaboutpoliciesinaclearcutmanner.
Manyofthecustomerssaythatthereisnopromotionfrequently,
whichisadvertisement,islessthanwhilecomparingtotheother states.

Manyofthemsayingthattoincreasetheadvertisementthrough
electronicmediaandprintmediasothatitcanmakesomeintention
topurchasethepolicy.

Theywanttomakeretainbytheemployeesafterthematurityofthe
policy,becausetheywanttoknowthenewschemestoinvestinit.

Inmysurveyonmarketstudyofcustomersatisfactionofinsurance
companyshowsthatthecustomersaresatisfiedwiththecompany
performanceandtheyaremotivatedwiththepositiveattitudeand
perception.WiththebriefstudyofthecompanyIcametoknowaboutthe
importanceofinsuranceindustry.

QuestionnairetoCustomerSatisfactiontowardsBAJAJALLIANZGenerallife insurance

1.Age:
A.10-20y B.20-30y
C.30-40y D.40-50y E.50-60y

2.Qualification
A.Degree B.P.G C.None
3.Occupation
A.Employee B.Nonemployee

4.Salary(permonth)

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 A.below15000/- B.15000/-to25000/-
(Inrupees) C.25000/-to50000/- D.50000/-above

5.Whattypeofproductyouhaveinlifeinsurance?
A.Traditionalproducts B.ULIPproducts.

6.WhatdoyouthinkontheoverallriskcoveragepolicesofBajajAllianz.

A.Verygood B.Good C.Sufficient D.

Insufficient

7.Howdofeelaboutthegrowthofyourinvestmentorreturnon investmentof

BajajAllianz?

A.Abovemyexpectation.

B.Uptomyexpectation.

C.Belowmyexpectation. D.Verypoorexpectation.

8.Areyousatisfiedwithavailabilityofdifferentvarietyofpoliciesand

schemestotheneedsofdifferentcustomers?

A.Satisfied. B.Notsatisfied.

9.Whatarethevariousmodesofpaymentofinsurancepremium
A.Cash B.OnlineBanking C.ThroughAgent
D.AnyOther
PleaseSpecify
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10.Howdoyouratethecustomerrelationshipmanagement(CRM)of Bajaj
AllianzInsuranceCorporation?
A.Excellent B.Good C.Satisfaction D.Poor.
Ifpoorspecifythereason.
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11.Dotheemployeesfeelcourteouswhenyouinteractwiththem?
A.Yes B.No

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 12.DoyouthinkBajajAllianzhasdesignedpoliciestosatisfythedifferent
kindsofneedsthecustomer?
A.Yes B.No
13.Accordingtoyourrateofsatisfactiononthecommunicationfrom
Bajaj
Allianzinsurancetothecustomeronvariousissues
A.Excellent B.Good
C.Satisfaction D.Nosatisfaction.
14.RateyouroverallsatisfactiontowardsBajajAllianzLifeinsurance
A.Verygood B.Good C.Satisfaction
15.Anysuggestionsforfurtherimprovementofthecompany(fewwords)
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Thankyou.

BIBLIOGRAPHY

1.PhilipKotler,Marketingmanagement,12thEdition,Prenticehall.
2.KothariCR,ResearchMethodology,2ndEdition,JohnWiley&Sons.
3.PhilipKotler,PrinciplesofMarketing,11thEdition,Prenticehall.
4.MichaelR.Soloman,ConsumerBehavior.
5.DavidL.Louden&AlbertJ.DellaBitta,ConsumerBehavior.

WEBSITES:

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www.bajajallianz.co.in. www.google.com.

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