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SUMMER TRAINING PROJECT REPORT

ON

“SALES PROMOTION THROUGH RECRUITMENT”

AT BAJAJ ALLIANZ LIFE INSURANCE CO. LTD. AT DEHRADUN” 

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE MASTER’S DEGREE IN BUSINESS ADMINISTRATION

OF

LOVELY PROFESSIONAL UNIVERSITY

SUBMITTED TO:

INTERNAL GUIDE EXTERNAL GUIDE

NAME: MISS. NIDHI BHARDWAJ NAME: MR.KAPIL

DESIGNATION: LECTURER DESIGNATION:TRAINIG HEAD

LOVELY PROFESSIONAL UNIVERSITY COMPANY: BAJAJ ALLIANZ

PUNJAB DEHRADUN(UTTRAKHAND)

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LOVELY PROFESSIONAL UNIVERSITY, PUNJAB

BATCH 2010-2012

ACKNOWLEDGEMENT

In pursuit of a M.B.A, summer training is a critical component of the entire package. Bajaj allianz Life Insurance Company limited has given me the opportunity to gain invaluable experience under the guidance of Mr. KAPIL SHARMA (TRAINIG HEAD). His continuous support and cooperation along with the valuable in hand experience about the Life Insurance industry provided me with the conceptual understanding and practical approach needed to work efficiently for this project.

I am also indebted to Mr. RAHUL SHARMA ( Ass. Branch Manager) for displaying a keen interest in sharing vital information critical to the accomplishment of the project objectives and for communicating an unambiguous mandate that helped me channelise my efforts in the right direction in pursuance of the project. The constant support rendered not only by these crucial entities, but also by the entire Bajaj Allianz family is praiseworthy.

I hope this report reflecting my learning’s in this training program is as beneficial to the organization as it has been to me.

VIKAS JOSHI

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PREFACE

Life Insurance projects at providing social security and financial safety for its dependants and hence has become a necessity in world of uncertainties. Moreover there are number of impending changes that are likely to make this sector more dynamic; every year there are more people vouching with newer needs, the potential of future growth is phenomenal as a significant portion of the population is in services and the life expectancy has also increased over the years; there is greater awareness on the need for buying insurance. On the demand side, a strong correlation between demand for insurance and per capita income level suggests that high economic growth can spur growth in demand for insurance.

This project involves the detailed profile of Bajaj allianz life insurance and what is the process of agency recruitment in Bajaj allianz Life Insurance Company Ltd. Bajaj allianz life insurance is a customer centric, provides quality circle and superior risk management. They go for investment strategy to offer consistent, stable returns to policyholder.

As an advisor, promoting a world-reputed brand of insurance, the job becomes simpler in communicating this need to the mass, at large. What’s more…. there is no set limit on how much an advisor can achieve. The career of insurance agency is profoundly rewarding one, not merely in terms of money, but in terms of prestige and satisfaction of having done well to others.

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Insurance advisors earn the gratitude of their customers as few others professionals do, this will happen as the advisors keep learning at work.

CONTENTS

Page no.

1. INTRODUCTION…………………………………………..5-15

2. COMPANY PROFILE……………………………………...16-37

3. TARGET.……………………………………………………37-40

4. RESEARCH DESIGN………………………………………40-84

5. RESEARCH METHODOLOGY…………85-88

6.FINDING,ANALYSIS AND LIMITATION…………………89-93

7. CONCLUSION AND RECOMMENDATION……………94-98

8.BIBLOGRAPHY……………………………………….99

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CHAPTER-1

INTRODUCTION

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What is Insurance

Insurance is a means by which a person or company, can transfer insurable risks to an insurance company, against the payment of a premium.

Insurance is not necessarily an investment from which one expects to get one's money back. Nor is it gambling. A gambler takes risks, while insurance offers protection against risks that already exist. Insurance is a way to share risk with others. Since ancient times, communities have pooled some of their resources to help individuals who suffer loss.

"Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event."

“Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected.”

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 For example, in a Life Policy, by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured.. It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is desired to safeguard oneself and one's family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death..

Principles of Life Insurance

 Insurance is a 'risk transfer mechanism' - it transfers the financial risks of everyday life from you to an insurance company. But only in terms of the financial consequences of risk. Without insurance, if your car was damaged, it would cost you a lot of money to fix it or to buy another one. It could cost you even more to pay for compensation to someone else involved in an accident. Insurance protects your financial interests. 

Insurable Interest

Before you can insure anything, you must have a legally recognized financial interest in what you are insuring

Indemnity

This word is used to describe the type of payment you would receive. It means, subject to the terms of the contract, you are entitled to be put back in the same financial position after a loss as you were in before the loss. In terms of a 'new for old' policy the measure of indemnity is agreed at the point of sale rather than the time of claim.

Contribution

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If there is more than one policy in force that you could claim on, you can't get payment from them both that would exceed the value of your loss. So each policy would contribute a portion of the loss. You would receive the full value of the loss but no more and the two policies would only bear part of it each.

Subrogation

This is the right that your insurer has to recover from someone else where you are entitled to do so. For example, if another driver causes damage to your car, and your insurers pay for it, subrogation gives them the legal right to 'stand in your shoes' and reclaim their outlay from the responsible driver.

Utmost Good Faith

“A positive duty to disclose, accurately and fully, all the facts material to the risk being proposed, whether asked for or not.”

History of Insurance

Insurance has been around since ancient times. The Babylonians and Phoenicians had ocean marine insurance to protect a merchant against losses incurred when a ship did not reach its intended destination with its load of goods or did not return with payment. This form of insurance, called respondent, evolved because the goods on board often were used as collateral for a loan. The lender charged the borrower interest on the loan and levied an additional sum, the premium, to cover the cost of the respondent contract. If the ship reached its destination and returned, the merchant received payment for the goods and in turn paid the moneylender. If the ship failed to return, the debt was cancelled. This system was profitable to lenders because many respondent contracts were sold, and debts were paid more often than cancelled.

In ancient Rome, associations had a form of insurance for their members. Each member made regular payments to the association in return for coverage of funeral expenses or for assistance to family members who were injured or ill.

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Insurance also existed in 17th-century in England, which was then one of the world's principal maritime powers. Those seeking marine insurance would post a list of their cargo and voyages in a London coffee house owned by Edward Lloyd. Private investors would examine the list and sign their name by the entries they were willing to guarantee for a fee. These private investors were the first insurance underwriters, and the coffee house became the world center of marine insurance. Today the organization is known as Lloyds of London, and it brings together individuals, most often working in syndicates, who write all types of insurance.

Insurance in the modern form originated in the Mediterranean during 14th century. The earliest references to insurance have been found in Babylonia, the Greeks and the Romans. The use of insurance appeared in the account of North Italian merchant banks who then dominated the international trade in Europe at that time. Marine insurance is the oldest form of insurance followed by life insurance and fire insurance. The patterns that have been used in England followed in other countries also in these kinds of insuranceThe oldest and the earliest records of marine policy relates to a Mediterranean voyage in 1347. In the year 1400, a book written by a merchant of Florence, indicates premium rates charged for the shipments by sea from London to Pisa.

 The early developments of life insurance were closely linked with that of marine insurance. The first insurers of life were the marine insurance underwriters who started issuing life insurance policies on the life of master and crew of the ship, and the merchants. The early insurance contracts took the nature of policies for a short period only. The underwriters issued annuities and pension for a fixed period or for life to provide relief to widows on the death of their husbands. The first life insurance policy was issued on 18 th June 1583, on the life of William Gibbons for a period of 12 months.

The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. Interestingly in those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered more riskier for coverage. The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company was established in 1880. The first general insurance company- Tital Insurance Company Limited was established in 1850. Till the end of nineteenth century insurance business was almost entirely in the hands of overseas companies.

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Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during 20's and 30's sullied insurance business in India. By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and LIC was born. Nationalization was justified on the grounds that it would create much needed funds for rapid industrialization. This was in conformity with the Government's chosen path of State- led planning and development.

The (non-life) insurance business, however, continued to thrive with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. These were subsidiaries of the General Insurance Corporation of India (GIC)

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TYPES   OF     INSURANCE

General insurance

The basis for general insurance is "transfer of risk".

This means that the insurer agrees to compensate you if you suffer a loss. Without the insurance you would have to pay for that loss yourself. Obviously this contract is made on the basis that the insurance company calculates the risk that you, or the total number of people buying insurance, will cost more in payouts than what is received in premiums. This is determined by the use of statistics and the information you disclose on your application for insurance.

This includes:

Home contents. It can either be "defined event" i.e. the policy covers loss or damage from a list of "defined" events, e.g. storm or fire; or "accidental loss or damage" i.e. all accidental loss with some exclusions.

Motor vehicle.

It can either be "comprehensive" i.e. it covers any damage to your car as well as damage to the other car or another person's property; "third party property" i.e. it covers damage caused by your car to another person's property. This type of insurance will not cover you for the cost of repairs to your own car; "third party fire and theft i.e. it covers damage partly for damage caused by your car to another person's property, and restricted cover for damage to your car cause by theft or fire.

Income protection.

With this type of insurance the insurer agrees to pay you a specified amount of money, usually in monthly payments, in the event that you become disabled and unable to work. Along the same lines you a purchase "trauma insurance" to cover a medical trauma such as a heart attack.

  Also in the modern day world a number of utility specific insurance policies are being launched by the various players in the insurance market in an effort to stay one step ahead of their competitors. Hence to make the Definition of General Insurance broader based and inclusive we can say that

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all the policies which do not fall under “Life Insurance “category fall under the General Insurance category.

Life Insurance

Life insurance is insurance that will protect your family and/or specified dependents in the event of the policyholder’s death. In general, it is an essential component in planning.

There are many options with coverage, depending on your situation. And there are three main categories of life insurance: term life, universal life, and whole life insurance.

Term life is the simplest and least expensive type of policy. It's pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whomever you've designated, upon a specific event, your death.

Whole life insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts. Universal life insurance provides permanent protection for your dependents and is more flexible than whole or variable life.

Important milestones in the Indian general insurance business

1907: The Indian Mercantile Insurance Ltd. was set up which was the first company of its type to transact all general insurance business.

1957: General Insurance Council, an arm of the Insurance Association of India, framed a code of conduct for guaranteeing fair conduct and sound business patterns.

1968: The Insurance Act improved for regulating investments and set minimal solvency levels and the Tariff Advisory Committee was set up.

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1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India. It was with effect from 1st January 1973.

107 insurers integrated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC was incorporated as a company.Insurance companies in indiaIRDA has till now provided registration to 12 private life insurance companies and 9 general insurance companies. If the existing public sector insurance companies are considered then there are presently 13 insurance companies in the life side and 13 companies functioning in general insurance business. General Insurance Corporation has been sanctioned as the "Indian reinsurer" for underwriting only reinsurance business.

List of Insurance companies in India

LIFE INSURERS Websites

Public Sector

Life Insurance Corporation of India www.licindia.com

Private Sector

Allianz Bajaj Life Insurance Company Limited

www.allianzbajaj.co.in

Birla Sun-Life Insurance Company Limited

www.birlasunlife.com

HDFC Standard Life Insurance Co. Limited

www.hdfcinsurance.com

ICICI Prudential Life Insurance Co. Limited

www.iciciprulife.com

ING Vysya Life Insurance Company Limited

www.ingvysayalife.com

Max New York Life Insurance Co. Limited

www.maxnewyorklife.com

MetLife Insurance Company Limited www.metlife.com

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Om Kotak Mahindra Life Insurance Co. Ltd.

www.omkotakmahnidra.com

SBI Life Insurance Company Limited www.sbilife.co.in

TATA AIG Life Insurance Company Limited

www.tata-aig.com

AMP Sanmar Assurance Company Limited

www.ampsanmar.com

Dabur CGU Life Insurance Co. Pvt. Limited

www.avivaindia.com

GENERAL INSURERS

Public Sector

National Insurance Company Limitedwww.nationalinsuranceindia.com

New India Assurance Company Limited www.niacl.com

Oriental Insurance Company Limited www.orientalinsurance.nic.in

United India Insurance Company Limited www.uiic.co.in

Private Sector

Bajaj Allianz General Insurance Co. Limited

www.bajajallianz.co.in

ICICI Lombard General Insurance Co. Ltd. www.icicilombard.com

IFFCO-Tokio General Insurance Co. Ltd. www.itgi.co.in

Reliance General Insurance Co. Limited www.ril.com

Royal Sundaram Alliance Insurance Co. Ltd.

www.royalsun.com

TATA AIG General Insurance Co. Limited www.tata-aig.com

Cholamandalam General Insurance Co. Ltd.

www.cholainsurance.com

Export Credit Guarantee Corporation www.ecgcindia.com

HDFC Chubb General Insurance Co. Ltd. ?

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REINSURER

General Insurance Corporation of India www.gicindia.com

NAME OF THE PLAYER MARKET SHARE (%)

Name of the Player Market share (%)

LIFE INSURANCE CORPORATION OF INDIA

82.3

ICICI PRUDENTIAL 5.63

BIRLA SUN LIFE 2.56

BAJAJ ALLIANZ 2.03

SBI LIFE INSURANCE 1.80

HDFC STANDARD 1.36

TATA AIG 1.29

MAX NEW YARK 0.90

AVIVA 0.79

OM KOTAK MAHINDRA 0.51

ING VYSYA 0.37

MET LIFE 0.21

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CHAPTER-2

COMPANY PROFILE

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COMPANY PROFILE

Bajaj -history1964 :- Bajaj Capital sets up its first 'Investment Centre' in New Delhi to guide individual investors on where, when & how to invest. India's first Mutual Fund, Unit Trust(UTI) of India is incorporated in the same year.

1965:- Bajaj Capital is incorporated as a company and in the same year innovates a new financial instrument ‘Companies Fixed Deposits’. EIL Ltd. (Oberoi Hotels, then known as Associated Hotels of India Ltd.) becomes the first company to raise Fixed Deposits.

1966:- Bajaj Capital expands its product range & includes all UTI schemes and Government saving schemes in addition to Company Fixed Deposits.

1969:- Bajaj Capital manages its first Equity issue (through associate company) of Grauer & Weil India Ltd. right from drafting of prospectus to marketing of issue.

1975:- Bajaj Capital starts offering ‘need based’ investment advice to investors which would later be christened as ‘Financial Planning’ in the investment world.

1981:- SAIL becomes the first government company to accept deposits, later followed by IOC, BHEL BPCL, HPCL & others. Thus opening floodgates for growth of retail investment market in India. Bajaj Capital plays an active role in all the schemes as ‘Principal Brokers’.

1986:- Public Sector Undertakings (PSU’s) start making Public issues of Bonds-MTNL, NHPC, IRFC offer a series of Bond Issues. Bajaj Capital

1987:- Launch of Public Sector Mutual Funds in India led by SBI. Bajaj Capital plays a significant role in fund mobilisation for all these players.

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tops ranking in most of them.1991:- SBI issues ‘India Development Bonds’ for NRIs. Bajaj Capital becomes the top mobiliser with collections over US $ 20 million.

1993:- Launch of first Private Sector Mutual Fund- Kothari Pioneer followed by Birla & Alliance in the following years. Bajaj Capital plays an active role and ranked among top mobilisers for all these schemes.

1995:- IDBI & ICICI start issuing their series of Bonds for retail investors. Bajaj Capital is Co-manager in all these offerings & rank constantly among top 5 mobilisers, on all India basis.

1997:- Private sector players lead revival of Mutual Funds in India through Open ended Debt schemes. Bajaj Capital consolidates its position as India’s largest retail Distributor of Mutual funds.

1999:- Bajaj Capital starts marketing Life & General Insurance Products of LIC & GIC (through associate firm) in anticipation of opening up of the Insurance Sector. Bajaj Capital achieves milestone of becoming top ‘Pension Scheme’ seller in India & launches marketing of Health insurance schemes of GIC.

. ABOUT ALLIANZ

Allianz SE (formerly Allianz AG) is a global financial services company headquartered in Munich, Germany. Its core business and focus is insurance.

As of 2010, it was the world's 12th-largest financial services group and 23rd-largest company according to a composite measure by Forbes magazine.

Its Allianz Global Investors division ranks as a top-five global active investment manager, having €1,443 billion of assets under management (AuM), of which €1,131 billion are third-party assets (as of 2010-09-30), with specialized asset managers such as PIMCO (Bond fund), RCM (Equity fund), Degi (Real estate fund), etc.

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Allianz sold Dresdner Bank to Commerzbank in November 2008. As a result of this merger, Allianz gained a 14% controlling stake in the new Commerzbank Group.

HISTORY OF ALLIANZ

Allianz AG was founded in Berlin on 5th February 1890 by Carl von Thieme (a native of Erfurt, whose father was the director of Thuringia) and Wilhelm von Finck (co-owner of the Merck Finck & Co bank). Allianz shifted its headquarters to Munich in 1949. The first step to become an international company started with the opening of a branch office in London in the late 19th century. After World War II, global business activities were gradually resumed. Allianz opened an office in Paris in the late 1950s, and a management office for Italy in the 1960s. These expansions were followed in the 1970s by the establishment of business in Great Britain, the Netherlands, Spain, Brazil and the United States. In 1986, Allianz acquired Cornhill Insurance PLC, London, and the purchase of a stake in Riunione Adriatica di Sicurità (RAS), Milan, strengthened its presence in Western and Southern Europe in the 1980s. Recently, on February 8, 2006, RAS Shareholders approved the mergers with Allianz. In 1990, Allianz started an expansion into eight Eastern European countries with establishing a presence in Hungary. In the same decade, Allianz also acquired Fireman’s Fund, an insurer in the United States, which was followed by the purchase of Assurances Generales de France (AGF), Paris. These acquisitions were followed by the expansion into Asia with several joint ventures and acquisitions in China and South Korea. Around this time Allianz expanded its asset management business as well by purchasing for example asset management companies in California.

In 2001, Allianz acquired Dresdner Bank, a large German bank. Allianz Group and Dresdner Bank combined their asset management activities by forming Allianz Global Investors. In 2002 Michael Diekmann succeeded Henning Schulte-Noelle as CEO of Allianz AG. The Allianz Group was reincorporated under a European Company Statute and, as a result of the cross-border merger with RAS, Allianz converted into a European Company (SE - Societas Europaea) on October 13, 2006.

On 31. August 2008, Allianz announced that it would sell its lossmaking unit Dresdner Bank to Commerzbank for a total of 8.8 Bn Euro. Targeted date for the full sale was 2nd term 2009. After renegotiations it was announced in November 2008 that Commerzbank would acquire the 100% ownership of Dresdner Bank earlier (12 January 2009). The sale price was lowered to 5.5 Bn Euro. Shortly after this transaction completed, Commerzbank had to be

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partially be nationalized by the German government to prevent it from bankruptcy. Allianz is currently keeping around 14% of Commerzbank Shares. The venture into the German banking space is said to have cost the insurance giant about 30-35 Bn Euro.

Allianz is now present in more than 70 countries with over 180,000 employees. At the top of the international group is the holding company, Allianz SE, with its head office in Munich. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of• property and casualty insurance,• life and health insurance,• asset management and banking.

Bajaj Allianz General Insurance Company Limited

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

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Head Office at Pune.

Vision

To be the first choice insurer for customers To be the preferred employer for staff in the insurance industryTo be the number one insurer for creating shareholder value

MissionAs 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 SynergyBajaj Allianz General Insurance offers technical excellence in all areas of General and Health Insurance as well as Risk Management. This partnership successfully combines Bajaj Finserv's in-depth understanding 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.

Our Achievements Bajaj Allianz has received iAAA rating, from ICRA Limited, an associate of Moody's Investors Service, for Claims Paying ability. This rating indicates highest claims paying ability and a fundamentally strong position.

Bajaj Allianz General Insurance has received the prestigious "Business Leader in General Insurance", award by NDTV Profit Business Leadership Awards 2008. The company was one of the top three finalists for the year 2007 and 2008 in the General Insurance Company of the Year award by Asia Insurance Review.

Shareholders & Promoters

Bajaj Finserv LimitedBajaj Finserv Limited has been recently demerged from Bajaj Auto Limited which is the largest manufacturer of two and three-wheelers in India. As a promoter of Bajaj Allianz General Insurance Company Ltd., Bajaj Finserv Ltd; has the following to offer:-

Vast distribution network through its group companies.

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Knowledge of Indian consumers.Financial strength and stability to support the insurance business. Visit Bajaj Allianz Life Insurance Website www.bajajallianz.comVisit Bajaj Finserv Website:

http://www.bajajauto.com/BFL_V2/index.htmlAllianz SE, GermanyAllianz 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 Hong Kong Airport and Channel Tunnel between UK and France), further Allianz insures 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.

Allianz SE has the following to offer Bajaj Allianz General Insurance Company Ltd:-

Set up and running of General insurance operations New and improved international products One of the world's leading insurance companies More than 700 subsidiaries and 2 lac employees in over 70 countries

worldwide Provides insurance to almost half the Fortune 500 companies Technology

Other similar businessesThe promoters have also incorporated a Life insurance Company in India, called Bajaj Allianz Life Insurance Company Limited to provide life insurance solutions. Visit Bajaj Allianz Life Insurance Website www.bajajallianz.com

BOARDS OF DIRECTORS

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MANAGEMENT TEAM OF BAJAJ ALLINAZ Sam Ghosh

Chief Executive Officer,

Rajesh Viswanathan Chief Financial Officer

Anil Singh Chief Actuary

Malay Ghosh Head of Sales

Andrew Wakeling Appointed Actuary

G. B. Laddha Chief Investment Officer

Niraj Kumar Head Alternate Channels

ECJ Augustine Head Strategic Initiatives, Zonal Head Sales (South) & Head Product Lines

Saji George Head Operations & Administration

J. B. Bhaskar Head Information Technology

Sameer Bakshi Company Secretary & Compliance Officer

A.S. Narayanan Head Bancassurance

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Sanjay JainHead of Marketing

Neeraj Jain Head Internal Audit

BAJAJ ALLIANZ HEADLINES FROM PAST FEW YEARS

Bajaj Allianz Life targets Rs 8,000 cr FPIJuly 11, 2008 | PTIKOLKATA : Bajaj Allianz Life Insurance is aiming to earn Rs 8,000 crore as First Premium Income during the current financial year against last year's Rs 6,500 crore, a company official said. Head of sales, Bajaj Allianz Life, ECJ Augustine said the company's renewal premium during the current fiscal would be Rs 7,000 crore as compared to Rs 4,000 crore in 2007-08. He said the company has a capital base of Rs 1,210 crore. Launching 'Family CareFirst' health insurance scheme here today, Head (Health Insurance)

Bajaj, Allianz tie up for MFs, credit cardsMarch 15, 2007 | TNNNEW DELHI: Bajaj Auto and German financial services provider Allianz on Wednesday announced the setting of a joint venture for distribution of mutual funds, credit cards, personal loans and home loans. Unlike the other two joint ventures between Bajaj and Allianz for their insurance business, the new joint venture is a 50-50 JV between the two companies. The company-Bajaj Allianz Financial Distributors, will have a paid up capital of Rs 2.4 crore and will distribute financial products of different asset management companies, banks and non banking financial companies.

MSCB ties-up with Bajaj AllianzJune 27, 2008 | PTIMUMBAI: Maharashtra State Co-operative Bank (MSCB), on Friday tied-up with insurance service provider, Bajaj Allianz Life Insurance to provide the latter's life insurance solutions through its 50 branches across the state. "We are happy to offer our platform to Bajaj to devlop their customer base through our distribution network," MSCB Chairman, Manikrao Patil, told reporters. The bank had proposals from other insurance players as well, Patil said, adding that "after studying them all, we found Bajaj Allianz the most suitable to do business," Patil said.

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Bajaj, Allianz tie up for MFs, credit cardsMarch 15, 2007 | TNNNEW DELHI: Bajaj Auto and German financial services provider Allianz on Wednesday announced the setting of a joint venture for distribution of mutual funds, credit cards, personal loans and home loans. Unlike the other two joint ventures between Bajaj and Allianz for their insurance business, the new joint venture is a 50-50 JV between the two companies. The company-Bajaj Allianz Financial Distributors, will have a paid up capital of Rs 2.4 crore and will distribute financial products of different asset management companies, banks and non banking financial companies.

Syndicate Bank ties up with United India InsuranceMay 5, 2004 | TNNBANGALORE: Syndicate Bank has announced a tie up with United India Insurance to retail non-life insurance products. United India, which has already an agreement with Andhra Bank, expects about Rs 100 crore of incremental insurance premium from this deal. In the initial phase, the insurance major would be training around 150 of the bank's staff. The majority of the products which would be sold are expected to be personal lines like mediclaim, householder policies etc. Senior officials of United India said the idea of the tie-up was to lever-age on the 2,000 odd pan-India network of Syndicate Bank.

Unit-linked plans give Bajaj Allianz a big boost in Q1August 4, 2004 | TNNMUMBAI: Bajaj Allianz Life Insurance has moved up the rankings ladder in the first quarter to the number three position among private life insurers. The growth has come largely from sales of unit-linked plans and top-ups of their existing unit- linked plans by policyholders. During the first quarter, the company has reported a new business premium of Rs 65.8 crore. Of this, Rs 21.2 crore came by way of single premium while the bulk (Rs 44.6 crore) came from individual non-single premium policies.

Bajaj Allianz launches new health insurance productJuly 11, 2008 | PTIMANGALORE : Bajaj Allianz Life Insurance, a leading private insurance company, on Friday announced the launch of its first family medical insurance product called "Family Carefirst". The health insurance product would provide health insurance to the entire family of the customer including parents, in-laws, spouse and children all together in a single plan, T Anjana Murthy, Regional Manager, Bajaj Allianz, told reporters here. This was the first

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scheme in the country that included parents and in-laws, offers guaranteed premium rate, discount on renewals and a no-claim bonus, he said.

Secret of Bajaj Allianz successJuly 16, 2007 | Mayur Shetty , TNNMUMBAI: The secret behind early profits of Bajaj Allianz Life Insurance is out. The company has managed to avoid losses on new unit-linked policies through a product that allows it to front-end charges and show higher first-year allocations at the same time. While nearly all new insurance companies continue to be in the red, Bajaj Allianz Life Insurance has reported a net profit of Rs 63 crore last year, which was followed by a Rs 30-crore profit in Q1 of 2007-08.

Allianz to fund Bajaj's life businessMay 22, 2009 | ET BureauMUMBAI: At a time when Indian business houses and financial conglomerates are looking at ways to fund their cash-guzzling life insurance ventures, the Bajaj group is banking on an innovative deal it had struck with its joint venture partner, Germany-based Allianz, to finance additional investment. An agreement between the two stipulates that Bajaj Allianz Life Insurance will receive all the money it needs from Allianz till regulations allow 74% foreign direct investment in insurance companies.

Bajaj Allianz hits low end with new health planDecember 15, 2005 | TNNMUMBAI: Bajaj Allianz Life Insurance, the second largest private insurer, has upped the ante for a new round of competition in the life insurance industry, bringing in penetrative pricing in health and introducing products which further grey boundaries between mutual funds and insurance schemes. The company is also the first insurer to introduce an ethical fund, Pure Equity Fund, which does not invest in tobacco, liquor, entertainment or gambling businesses, in a bid to target conservative communities.

IRDA, Bajaj want stay against ban on complex Ulips liftedSeptember 21, 2007 | TNNHYDERABADMUMBAI: Insurance Regulatory and Development Authority (IRDA) and Bajaj Allianz Life Insurance will approach the Madras High Court to vacate the stay against the ban on actuarial-funded unit-linked insurance plans (Ulips). Aviva and Bajaj Allianz Life Insurance ? the only life insurers to offer actuarial-funded units ? were asked to withdraw their products last month. In accordance with the directive from the regulator, Bajaj Allianz had informed its agents to stop selling the products.

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Allianz for slower growth of unit-linked insurance plansNovember 20, 2004 | TNNMUMBAI: Europe's largest insurer Allianz AG has expressed caution against the hype around unit linked insurance plans stating that customers should appreciate the downside. Allianz's joint venture Bajaj Allianz Life Insurance is the third largest life insurer among private companies and generates significant premium from unit-linked plans. Speaking to ET, Werner Zedelius, member of the board of management, Allianz AG said that the shift towards unit-linked products in India has been too strong and he would have preferred to see a slower development.

Allianz for slower growth of unit-linked insurance plansNovember 20, 2004 | Mayur Shetty , TNNMUMBAI: Europe's largest insurer Allianz AG has expressed caution against the hype around unit linked insurance plans stating that customers should appreciate the downside. Allianz's joint venture Bajaj Allianz Life Insurance is the third largest life insurer among private companies and generates significant premium from unit-linked plans. Speaking to ET, Werner Zedelius, member of the board of management, Allianz AG said that the shift towards unit-linked products in India has been too strong and he would have preferred to see a slower development.

The long haulSeptember 6, 2004 | Amrita Chauhan Sanyal , TNNBajaj Allianz Life Insurance has recently launched a new product called the 'Lifelong Gain Plan'. This product offers whole life protection with only 10 or 15 years of contributions. The product also offers a guaranteed death benefit and a guaranteed survival benefit that pays 3% of the sum assured every year after the premium payments are over. The premiums are invested in the Lifelong Gain fund and the units are allocated depending on the offer price of the units for the fund.

Unit-linked plans give Bajaj Allianz a big boost in Q1August 4, 2004 | TNNMUMBAI: Bajaj Allianz Life Insurance has moved up the rankings ladder in the first quarter to the number three position among private life insurers. The growth has come largely from sales of unit-linked plans and top-ups of their existing unit- linked plans by policyholders. During the first quarter, the company has reported a new business premium of Rs 65.8 crore. Of this, Rs 21.2 crore came by way of single premium while the bulk (Rs 44.6 crore) came from individual non-single premium policies.

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Bajaj allianz life edges out ICICI pru to top in new policiesFebruary 27, 2006 | TNNMUMBAI: Bajaj Allianz Life Insurance has upstaged ICICI Prudential at the No 1 position by recording the highest collections from new policies up to January '06. A large part of the collections is from single-premium policies and, therefore, non-recurring. If credits for single premiums are annualised (spread over the life of the policy), ICICI Prudential would remain No 1. The total new business premium generated by Bajaj Allianz between April '05 and January '06 is Rs 1,680 crore against Rs 1,660 crore for ICICI Prudential.

Bajaj allianz life edges out ICICI pru to top in new policiesFebruary 27, 2006 | TNNMUMBAI: Bajaj Allianz Life Insurance has upstaged ICICI Prudential at the No 1 position by recording the highest collections from new policies up to January '06. A large part of the collections is from single-premium policies and, therefore, non-recurring. If credits for single premiums are annualised (spread over the life of the policy), ICICI Prudential would remain No 1. The total new business premium generated by Bajaj Allianz between April '05 and January '06 is Rs 1,680 crore against Rs 1,660 crore for ICICI Prudential.

Life's a breezeOctober 31, 2005 | Amit Jain , TNNBajaj Allianz Life Insurance Company, a growing life insurance provider from the private sector has recently come out with a three-year health cover plan. The plan carries an insurance benefit at a small cost for three years. The prime feature of this HealthCare Plan is that during the course of the entire policy, the annual premium charged to the subscriber/his family remains at the same level unlike the conventional mediclaim policy, where the same keeps going up with age every year.

Goyal first Indian for Allianz top jobNovember 16, 2009 | ET BureauMUMBAI: For the first time, an Indian has been appointed to the highest level advisory committee on strategy at Germany's financial services group, Allianz. Kamesh Goyal, CEO of Bajaj Allianz Life Insurance, has become the first Indian to be appointed to the global strategic committee at Europe's biggest insurance group. "Due to the growing importance and contribution of their growth markets, Allianz has nominated new members in its International Executive Committee (IEC)

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Thomas Cook ties up with Bajaj AllianzJune 12, 2008 | PTIMUMBAI: In order to attract more footfalls in its offices across the country, travel solutions provider Thomas Cook (India) on Thursday enterned into an corporate agency agreement with Bajaj Allianz Life Insurance (BALI). "The tie-up will help us to attract more footfalls in our offices. This is also part of our effort to widen product basket for our customers," Thomas Cook (India)'s Managing Director Madhavan Menon said. Thomas Cook (India) has already tie-ups with Tata AIG for selling general insurance products and with ICICI Bank for credit cards.

Bajaj Allianz ties-up with Maharashtra Co-opMay 14, 2008 | PTIMUMBAI: Private sector life insurance company Bajaj Allianz Life Insurance today said it has joined hands with Maharashtra State Co-operative Bank to provide life insurance solutions across the state through the bank's 265 branches. "This tie-up will greatly improve our distribution strength in all Maharashtra and help provide life insurance solutions across the rural and semi-rural customer base of Maharashtra State Co-operative Bank," Bajaj Allianz's Head Business Procurement, Yogesh Gupta, said in a press release

Bajaj Allianz Life launches new planMay 12, 2009 | PTIMUMBAI: Bajaj Allianz Life Insurance said on Tuesday that it has launched a ULIP plan-Protection Bhi, Investment Bhi, offering a balance of protection and investment. "UnitGain Protection Plus will give more benefits if one remains invested with us for a longer term by way of higher allocation on renewal premium and guaranteed additions. Moreover, as the premium size is low, even a small investor can participate in this plan," Bajaj Allianz Life Country Manager and CEO, Kamesh Goyal, said in a statement here.

Bajaj Allianz Life eyes Rs 500 cr from health insuranceJune 11, 2007 | PTIKOLKATA: Private insurer Bajaj Allianz Life Insurance is eyeing a premium income of Rs 500 crore from health insurance products during the current financial year. Head (Health Insurance) of Bajaj Allianz Life Ujjaini Dasgupta said today health insurance was an important vertical for the company. Launching the company's first mediclaim policy 'Care First' here, Dasgupta said Bajaj Allianz was targeting 20 to 30 per cent of premium income from health insurance products.

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Bajaj Allianz clocks Rs 10,000 cr premiumAugust 2, 2007 | PTIMUMBAI: Country's leading private life insurer, Bajaj Allianz Life Insurance company has crossed Rs 10,000 crore premium mark and 40 lakh policies since start of operations in October 2001. "We have been the fastest to sell over 40 lakh policies amongst the private sector," Bajaj Allianz Chief Executive Officer Sam Ghosh said. He said, "In this period we have received over Rs 10,000 crore in premiums (USD 2.5 billion). " Bajaj Allianz was the most profitable private sector life insurance company in FY 2006-07 with a profit of Rs 63 crore, a company release said here today.

Bajaj Allianz plans health foray, eyes Rs 2,000 cr new premiumsNovember 30, 2005 | TNNMUMBAI: Bajaj Allianz Life Insurance will enter the health insurance segment and use the product as a door-opener for its life insurance products. The life insurance company has targeted Rs 2,000 crore of premium from the sale of new policies this year. Sam Ghosh, MD, Bajaj Allianz Life Insurance (BALI), told ET that the company already has a six-in-one health plan that sold more than 7,000 policies in a month. However, this was a defined benefit policy where the policyholder had to get a reimbursement from the insurer.

Bajaj Allianz plans health foray, eyes Rs 2,000 cr new premiumsNovember 30, 2005 | TNNMUMBAI: Bajaj Allianz Life Insurance will enter the health insurance segment and use the product as a door-opener for its life insurance products. The life insurance company has targeted Rs 2,000 crore of premium from the sale of new policies this year. Sam Ghosh, MD, Bajaj Allianz Life Insurance (BALI), told ET that the company already has a six-in-one health plan that sold more than 7,000 policies in a month. However, this was a defined benefit policy where the policyholder had to get a reimbursement from the insurer.

Brand matters most in insurance business growthApril 21, 2008 | Mayur Shetty , TNNKamesh Goyal CEO Bajaj Allianz Life Insurance Bajaj Allianz Life Insurance is the second largest private life insurer in India. At the helm of Bajaj Allianz is Kamesh Goyal, regional CEO for Allianz Middle-East, North Africa and South Asia Region and CEO Bajaj Allianz Life Insurance. In an interface with ET, Mr Goyal speaks of his strategy for this high growth market. How has '07-08 been in terms of business?

Bajaj Allianz's new Ulip to offer 170% returns in 10 yrsJanuary 11, 2010 | ET Bureau

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Bajaj Allianz Life Insurance has announced the launch of a unit-linked plan that offers a minimum guarantee of 170% at maturity. This Ulip with guaranteed returns will be available for customers from January 11. This is a single-premium life insurance policy, known as Shield Plus, and the term is fixed at 10 years and the minimum premium requirement is Rs 25,000. The returns, which work to around 5.45% on this product, could be compared to that of a bank or a post office deposit.

Secret of Bajaj Allianz successJuly 16, 2007 | TNNMUMBAI: The secret behind early profits of Bajaj Allianz Life Insurance is out. The company has managed to avoid losses on new unit-linked policies through a product that allows it to front-end charges and show higher first-year allocations at the same time. While nearly all new insurance companies continue to be in the red, Bajaj Allianz Life Insurance has reported a net profit of Rs 63 crore last year, which was followed by a Rs 30-crore profit in Q1 of 2007-08.

Bajaj Allianz to infuse Rs 300 crNovember 21, 2008 | ET BureauMUMBAI: Bajaj Allianz Life Insurance plans to invest an additional Rs 300 crore in the business this year. This additional investment by shareholders, Bajaj Financial Services and German insurer Allianz AG, will take the company's paid-up capital to Rs 1,900 crore from Rs 1,600 crore at present. The two partners also plan to go ahead with plans for a mutual fund despite the market turmoil. Speaking to newspersons, Kamesh Goyal, CEO, Bajaj Allianz Life Insurance and country manager India, Allianz, said that although no major expansion was planned for its branch network, the company would require capital for new business growth.

Bajaj Life Insurance crosses 10 lakh policies in FY08September 11, 2007 | PTIMUMBAI: Private life insurer Bajaj Allianz Life Insurance company has crossed 10 lakh individual policies in the current financial year (2007-08). "Bajaj Allianz issued 10 lakh individual policies in the year till date with over 1,500 crore new business premium," a company release said here today. Bajaj Allianz has issued over 45 lakh individual policies since its inception in October, 2001 and received a premium income of over Rs 10,000 crore in total.

Bajaj Allianz to cover doctors, hospital staff in PuneSeptember 7, 2009 | PTI

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MUMBAI: Bajaj Allianz Life Insurance, today said it has offered life insurance cover for 1-year to all the doctors and hospital staff of Pune engaged in treating swine flu patients. The three hospitals in Pune are Dr Naidu Infectious Diseases Hospital, H1NI ward of Sasson Hospital and National Institute of Virology (NIV), the company said in a statement here. There will, in all, be 905 staff including doctors, nurses, attendants or ward boys including support or office staff.

Bajaj Allianz to infuse Rs 132 cr as fresh capitalMarch 28, 2006 | TNNKOLKATA: The promoters of Bajaj Allianz Life Insurance (BALI) have decided to infuse Rs 132 crore into the equity of the company. The latest round of fund infusion will enhance the company's capital to Rs 500 crore. Bajaj Auto holds 74%, while Germany's Allianz AG holding the remaining at 26% in BALI. "First premium income at BALI increased more than 300% to Rs 1,680.53 crore till January '06 against Rs 406 crore in the previous corresponding period. This propelled a requirement for additional fund infusion to adhere to the Insurance Regulatory & Development Authority's solvency margin norms," said BALI officials.

Centurion Bank, Bajaj Allianz in pactAugust 18, 2004 | PTIMUMBAI: Centurion Bank has inked a pact with Bajaj Allianz Life Insurance Company to distribute the latter's bancassurance products through branches in the country as part of plans to grow fee-based income. In the first phase, the private sector bank would rollout bancassurance products at 46 branches and 16 extension counters from October one, its managing director Shaliendra Bhandari told reporters on Wednesday. The distribution set-up would be expanded to 15 more branches and six extension counters in the second phase, he said.

Bajaj Allianz to infuse Rs 50 crFebruary 5, 2005 | TNNMUMBAI: Bajaj Allianz Life Insurance company has said its shareholders will infuse additional equity of Rs 50 crore during the fourth quarter of '04-'05. The capital would be utilised to increase the company's network from 220 cities to 350 cities by September '05. Speaking to ET, Sam Ghosh, CEO Bajaj Allianz Life Insurance said that the company has managed to leapfrog to the third position among life insurance companies from sixth position two years ago despite having a relatively low capital base of Rs 250 crore because of its control on expenses.

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Bajaj Allianz insurance sign MoU with a Kerala-based firmSeptember 11, 2008 | PTIKOCHI: Bajaj Allianz Life Insurance Company, one of the leading private sector life insurance company in India, signed an MoU with Kozhencherry M M Financial Services Private Limited, in Pathanamthitta district, to distribute life insurance to customers in Kerala, here on Thursday. Speaking on the occasion, Yogesh Gupta, Head, Business Procurement, said 'this tie-up will greatly improve our distribution strength in Kerala and help provide life insurance solutions across rural and semi-rural customer base of Kozhencherry M M Financial Services Pvt Ltd'.

Bajaj Allianz promoters invest Rs 60 cr in life JVDecember 6, 2005 | TNNMUMBAI: The promoters of Bajaj Allianz Life Insurance ? Bajaj Auto and German insurer Allianz AG have infused an additional Rs 60 crore in their life insurance JV, taking the paid-up capital of the company to Rs 368 crore. The infusion comes after the company recorded a 247% growth in new business premium enabling the company grab a marketshare of close to 6%, making it the second largest private life insurer. The company has recorded a new business premium of Rs 817 crore until end-October '05, which includes Rs 439 crore of single premium, as against Rs 235 crore of new business premium in the corresponding period last year.

Bajaj Allianz Life ties up with general counterpartMarch 9, 2006 | TNNKOLKATA: Bajaj Allianz Life Insurance (BALI) has decided to tie up with its general insurance counterpart, Bajaj Allianz General Insurance (BAGI), for distributing composite micro-insurance policies targeted at rural masses. Also, Allianz AG, the Germany-based promoter of BALI, has decided to enhance its stake in BALI from 26% to 49% as soon as it is allowed by the government. The promoters have also decided to pump in at least Rs 100 crore into the equity of the company by March '06. Its total capital stands at Rs 368 crore.

Bajaj Allianz Life ties up with general counterpartMarch 9, 2006 | Debjoy Sengupta , TNNKOLKATA: Bajaj Allianz Life Insurance (BALI) has decided to tie up with its general insurance counterpart, Bajaj Allianz General Insurance (BAGI), for distributing composite micro-insurance policies targeted at rural masses. Also, Allianz AG, the Germany-based promoter of BALI, has decided to enhance its stake in BALI from 26% to 49% as soon as it is allowed by the government. The promoters have also decided to pump in at least Rs 100 crore into the equity of the company by March '06. Its total capital stands at Rs 368 crore.

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Bajaj Allianz Life launches new retirement planFebruary 11, 2008 | PTIMUMBAI: Private life insurer, Bajaj Allianz Life Insurance has launched a plan called Future Secure - an unit-linked deferred annuity plan that will give monthly income even after retirement. This new 'future income generator' plan offers life cover along with market-linked returns under the ULIP, the company said in a statement. Bajaj Allianz Life's CEO and Country Manager, Allianz, Kamesh Goyal said "a Rs 500 per month premium option in the new 'future income generator plan' makes retirement income planning affordable for masses too".

Bajaj Allianz Life Insurance net up at Rs 427 croreMay 8, 2010 | PTIMUMBAI: Bajaj Allianz Life Insurance today reported a profit of Rs 427 crore in FY 10 as compared to Rs 41 crore in the previous year. However, in the non-life segment the company posted a lesser profit of Rs 121 crore during FY 10 as against Rs 150 crore in FY 09. "As far as profits, expense control, product-mix, fund performance, bottomline and renewals are concerned, FY 10 was a good year. However, for new business it could have been better.

Still bearish on Indian markets: Bajaj Allianz Life InsuranceJune 27, 2011 | ET NowIn an interview with ET Now , Sashi Krishnan, CIO, Bajaj Allianz Life Insurance , shares his market outlook. Excerpts: ET Now: Last time when we interacted with you on this forum, you were a bit tentative, you were bearish. Have you changed your market outlook? Sashi Krishnan: We have not changed our market outlook completely.

Bajaj Allianz launches 'Bajaj Allianz Fortune Plus'August 18, 2008 | PTIMUMBAI: Private sector life insurance company, Bajaj Allianz Life Insurance, today announced the launch of its wealth-creating ULIP, 'Bajaj Allianz Fortune Plus'. The product would be the first ULIP to offer Zero Surrender Charges and high allocation from day one, a press release issued here said. It would be available at affordable premiums to masses starting at Rs 15,000 per annum only. "This is the best investment plan for the Indian masses”.

Bajaj Allianz Life Insurance launches unit-linked policyJanuary 13, 2004 | PTI

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MUMBAI: Allianz Bajaj Life Insurance Company has launched its first unit-linked policy "UnitGain". The new policy has been launched with a choice of four funds namely equity, debt, balanced and cash funds, a company press release said here on Tuesday. The cash fund comes with the guarantee that the value of units in the fund would not go down, it said.

Markets to remain range-bound for some time: Bajaj Allianz Life InsuranceJune 11, 2011 | ET NowIn an interview with ET Now, Sashi Krishnan, CIO, Bajaj Allianz Life Insurance, talks about the market, portfolios and earning estimates. Excerpts: ET Now: Markets have been stuck in this range. Do you think benchmark indices will stay in a range for an extended period of time? Sashi Krishnan: Yes, I do think they will stay in a range for an extended period of time because what was driving the markets.

Earnings downgrade will continue: Sampath Reddy, Bajaj Allianz Life InsuranceMay 19, 2011Sampath Reddy , CIO - Equity, Bajaj Allianz Life Insurance , in a chat with ET Now, gives his market outlook What is it that you think the market could do in the near term because if you look at the heavyweights, the earnings have been fairly dismal? Would you invest money right now? We have been cautious on the market for quite sometime mainly on the expectation that the earnings are going to be disappointing.

Bajaj Allianz Life raises paid-up capital by Rs 175 crJanuary 2, 2008 | PTINEW DELHI: Private insurer Bajaj Allianz Life Insurance today said it has made fresh capital infusion of Rs 175 crore to accelerate its growth and services. With this, the capital base grows to Rs 875 crore, Bajaj Allianz Life Insurance said in a release. Fresh capital infusion will help sustain the steady growth and strengthen customer services across the country, it said.

Bajaj Allianz ties up with Dena Bank for product distributionMay 10, 2010 | PTINEW DELHI: Private sector insurer Bajaj Allianz Life Insurance today signed an agreement with public sector lender Dena Bank for the distribution of an insurance product. As per the agreement Dena Bank will distribute Bajaj Allianz Life Insurance's group life insurance product 'Sarva Shakti Suraksha' through the branches, a joint statement said.

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Bajaj Allianz Life, Bajaj Allianz Gen post profits in FY '09May 20, 2009 | PTIMUMBAI: Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance both posted profits for FY '09, despite recessionary market conditions. Bajaj Allianz Life Insurance clocked a profit of Rs 45 crore in FY '09 against a loss of Rs 16 crore in the year-ago period, a release here on Wednesdaystated. Bajaj Allianz General Insurance posted a profit before tax of Rs 150 crore and a PAT of Rs 95 crore in FY '09..

Bajaj Allianz to infuse Rs 132 cr as fresh capitalMarch 28, 2006 | TNNKOLKATA: The promoters of Bajaj Allianz Life Insurance (BALI) have decided to infuse Rs 132 crore into the equity of the company. The latest round of fund infusion will enhance the company's capital to Rs 500 crore. Bajaj Auto holds 74%, while Germany's Allianz AG holding the remaining at 26% in BALI. "First premium income at BALI increased more than 300% to Rs 1,680.53 crore till January '06 against Rs 406 crore in the previous corresponding period.

Next Quarter will be a good time for the long term investors to get into the market: Sampath Reddy, Bajaj Allianz Life InsuranceMay 19, 2011Sampath Reddy, CIO - Equity, Bajaj Allianz Life Insurance , in an interview with ET Now, gives his market assessment going forward What's your own assessment of how large caps can perform going forward? Between the large cap and mid caps if one looks at it, mid caps have taken a much bigger beating over the last six months or so.

Margin pressure may drift market to negative side: Sashi Krishnan, Bajaj Allianz Life InsuranceMay 2, 2011In an interview with ET Now, Sashi Krishnan, CIO, Bajaj Allianz Life Insurance, speaks on the market and the change of guard at Infosys. Excerpts: ET Now: Almost towards the fag end of the earnings season, what does the market sentiment look like because up until now, it seems like the fizz is now going out and the market is drifting towards the negative side?

Markets look fairly priced at current valuation: Sashi Krishnan, CIO, Bajaj Allianz Life InsuranceMarch 7, 2011 | ET Now

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In an interview with ET Now, Sashi Krishnan , CIO, Bajaj Allianz Life Insurance , says that post-budget, the Indian markets are reasonably valued at 4.5%, but still look a little expensive compared to other markets in Southeast Asia and Asia. Excerpts: At over 5500 on the Nifty and over 18000 on the index, are Indian markets fairly priced or attractively priced?

CHAPTER-3

TARGETAs i’m doing my summer internship programme with “bajaj Allianz” , so it is all about login in business. Like all other companies we have also got the target on the monthly basis, which is we have to sell the life insurance worth rs.10,000 and portfolio management service(PMS) worth rs.50,000 per week. For this purpose, we have to call the people, get the appointments from the interested people, visit them and tell them about the different available products of the company.We have to also go in the market and find the interested people who want to invest in bajaj Allianz. We have to tell the people about the feature of the company.We have to first understand the product of the company well and then go into the market. We have to keep full knowledge of the company as well as the products.Target and task is under:-Serial number

Month Target assigned

Target achieved

remarks

1 15th june to 15th july

10,000 Achieved(29th

june)(10,000 LI)

(10,000 LIFE INSURANCE)

2 15th july to 30th july

50,000 PMS (under process)

Pinch policy to the customer)

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STRATEGYStrategic business planning should be proactive rather than reactive. There arefew steps which I usd effectively to develop a business plan suitable for the organization which are stated as below:-

Prepare the statement that describes, which business the company is in and what are the companies products that customers need.

State the premises on which the plan is based. Analyze the company past performance. Evaluate the impact of changes taking place in the market. Compare the image of the company with that of the expected image of

the customers. Search the critical success factors of the company and try to add value

to them. Check the performance of the management. Search the ways to enhance the performance of the management.

As I’m doing the personal selling this is the form of selling a product directly to the customers by explaining or demonstrating the features of the product to the customers. Personal selling is highly specific, with regard to target audience. The cost involved are high as the salesperson has to personally meet every potential customer.But in bajaj Allianz we were provided with free calling facility. We used to call atleast 10 people every day and get appointments from them. Then we have to go on the calls to meet the customers from whom we got appointments.

I used “endless chain method” to get references that every person whom I met I tried hard to get atleast five refrences. I also used to get refrences from my friends, and people I know in the city.

Another thing which is to be kept in mind is to identify the target market and its need accurately. While striving To serve those needs according to customer’s expectations will help the company to gain the competitive advantage. Every customer has individual tastes and preferences and can be classified as the distinct target audience.The steps which I followed to get the customers are enumerated the customers are as follows:-

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PROSPECTING AND EVALUATING:- Prospecting is the process of finding and evaluating potential customers. For qualifying a person as potential he should have an immediate need.

PRE- APPROACH:- After having identified the hot leads, the sales person plans and prepares for making a sales call on them. The pre-approach of personal selling process involves further sub-stages such as creation of prospects profile, deciding on the approach and preparing for the presentation.

APPROACH:- Approach is the stage in personal selling process in which the sales person makes the initial contact with the potential customer and tries to find out his need.

PRESENTATION:- The sales presentation is the most important step in the sales process. The aim of the sales presentation is to get the customer’s attention towards the product.

HANDLING OBJECTION:- Sales person needs to clarify any doubts or objection that the customer might have.

CLOSING:- This is the stage in which the sales person ask the customer to buy the product.

CHAPTER-4

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RECRUITMENT

INSURANCE ADVISOR

An advisor is one who acts on behalf of others. An “Advisor” is a person employed to do any act for another or represent another in dealing with a third person. In the insurance industry, the term ‘advisor’ is applied to a person engaged by the insurer to procure new business.

Independent Financial Advisors (IFAs) are very common in overseas markets, but are new in India. IFAs are qualified professionals who can provide invaluable help to the customer in identifying the product that suits his personal requirements. IFAs aid the clients/customers in selection of insurance products. They charge for their services, in contrast to the company paying commissions. Graduates in the age group of 21 to 35 years are preferred.

Role of Advisor

To identify prospective customers by providing them the complete information about the products offered, providing tailor-made solutions to cater their individual needs, conduct regular reviews to keep customers on track, achieve targets and also providing them better services which is most important in life insurance because unlike other savings or investment plans, life insurance is a long term commitment.

Advisor Benefits

A premium product portfolio that caters to wide range of financial needs, excellent backend support, attractive payments and benefits, round the

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clock customer service and extensive training for that edge over their competition.

Advisor Rewards and recognitions

BAJAJ ALLIANZ LIFE INSURANCE advisors are constantly recognized and rewarded for their performance. Numerous contests all year round promote healthy competition amongst advisors and recognition for their efforts. Depending on the level of business the advisor achieves in a year, he or she can become a member of various clubs such as the President’s club, BAJAJ ALLIANZ LIFE INSURANCE Star Intrnational and the BAJAJ ALLIANZ Star India club. Each of these clubs have specific performance criteria for qualification and members of these clubs are entitled to attend seminars held at exotic international and domestic locations each year. Advisors can also qualify for the renowned MDRT (Million Dollar Round Table), an exclusive international insurance advisors club.

Advantages of becoming a financial advisor with BAJAJ ALLIANZ Life Insurance:

Be your own Boss. Work from home or Office. No prior selling skills required. World-class training enhances personal skills. No start up capital required. Work with a flexible working environment. Unlimited earning potential.

What does Advisor Possess?

Confidence Self motivation Persuasion Urge to be financially independent Relationship Skills Recognition programs Foreign trips and Seminars. Club Memberships

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President’s Club Achiever’s Club BAJAJ ALLIANZ LIFE Star Club MDRT Membership

Advisor’s Career

At BAJAJ ALLIANZ LIFE INSURANCE, career development is emphasized upon from the very day the advisor joins the system. Though individual meetings with his or her manager, the advisor can discuss various issues related to business development and career enhancement. Expectations from the organization in terms of chalking a career in the insurance industry are also discussed. Some of the programs offered to the advisors are:

Tiger Team Pinnacle Program Fast Track Pinnacle Program

Career Progression and Future Opportunities

Pinnacle Program

Pinnacle is a meticulously designed program for career progression of advisors as Unit Managers. A full time career resulting in increased monetary benefits and better growth prospects. Subsequently, the advisors have the opportunity to get promoted to an Agency Manager with an earning potential of Rs 10 lacks per annum with eligibility for BAJAJ ALLIANZ LIFE INSURANCE Star membership, overseas conventions. Management Development Programs and other such additional benefits. Another program offered by the company is called “Fast Track Pinnacle program” which provides career progression of advisors to become Unit Managers.

Tiger Team

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A team handpicked with an aim to save off competition with earnestness, excellence and exuberance. The tiger team is a selected cadre of performers belonging to the different levels, leading up to the management level in the organization. Assimilating to the strength of its members, tiger team explores the scope for enhanced learning and development from within and without giving them the dual advantage of career progression and self-development. Currently the organization has enrolled more than 65 aggressive Tiger trainers (on rolls) and 307 part time mobile tigers.

Support and training

At BAJAJ ALLINAZ Life Insurance Company Limited, training is an intrinsic element of the company’s support system for the new advisors. Some of the training initiatives are:

Foundation Program

Independent of their work experience, the foundation program will perfect the advisors knowledge about the insurance industry; equip them with excellent selling skills along with the comprehensive knowledge about the products.

Agency Champion

Through this career program, the company takes the advisor’s business to the next level by giving them the opportunity to increase their reach and earning potential. Developing their own business by recruiting new advisors and building their own team. Presenting them the opportunity to become the agency champions

Instant Recognition

Advisors achievements in the first three months of business will be well acknowledge with the company’s SPRINT and RACE awards. These are the trophies accompanied by the certificate and point rewards given to the advisor for getting off to a flying start.

Business Development Clinic

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After one month of field experience, this programme will give them the practical insights on objections handling and generate ideas to get new customers and big premium policies.

Advance Training Programs

Once the person is accustomed to the insurance industry, the company will continuously upgrade their capability and knowledge through sophisticated training programs on financial products and markets. These advance selling skills seminars will assist them in planning for high net worth and building their business through relationship management.

BAJAJA ALLIANZ LIFE INSURANCE understands the importance of training in a dynamic business environment. Their advisors go through both generic and specific, professional programs that help them remain well informed and knowledgeable about the company’s products in the market. There is a further focus on soft skills such as communication, managing long-term relationships and selling skills, which are very relevant in a service-driven industry like life insurance. 

State of the art infrastructure training facilities coupled with an excellent faculty, guarantee an exceptional learning environment. For advisors who might be occupied with their daily business/professional routines, BAJAJ ALLIANZ LIFE INSURANCE also offers convenient training options such as online and self-learning are also provided by the organization.

A 18-day training schedule covers the mandatory IRDA training requirements and BAJAJ ALLIANZ LIFE product-training module. Revision session ensure that the candidates thoroughly understand the course contents and are well prepared for the licensing examination. Theoretical training is interspersed with practical appointment settings with potential customers, giving advisors a feel of how their business will work from the very first day. All through, the Sales Manager and the management provide continuous support to the advisors in achieving independence towards garnering business.

Procedure of recruiting an Advisor

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Following are some of the steps of recruiting an Advisor for our Company:

Identification of the target market.

Selection of potential customers from the target market. Calling the potential customers and providing them the necessary

information regarding the business opportunity.

If the person is interested, we fix his appointment with our Sales Manager or we meet him personally.

Providing him the complete information regarding the business opportunity and the benefits that he will receive.

Further, if he likes the proposal, and agreed to become the advisor, he has to fill up the forms.

Forms include INSURANCE ADVISOR APPLICATION FORM, AGREEMENT FOR APPOINTMENT OF INSURANCE ADVISOR, and APPLICATION FOR PRE-RECRUITMENT TEST FOR ADVISORS.

Some of the documents required at the time of submitting the forms are: 12th pass certificate/Graduation certificate. Address proof Age proof document Ten photographs A demand draft of Rs 1200 or cash.

Skill Sets← Initiative and Enterprise ← Hard work and Discipline ← Persuasive powers← Perseverance ← Relationship building ← Communication skills ← Do you want a new career? ← Do you want to earn lots of money?← Do you want to see the world?← Do you want the satisfaction of helping others achieve their dreams?

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If the answer is yes, then Bajaj allianz Life insurance is the place for you.

Once the form has been filled and submitted, the person has to undergo a training of 18 days followed by an exam conducted by the IRDA.

`If that person has cleared the exam, he will get the license issued by the IRDA of the advisor for that company.

Area Assigned For identifying an insurance advisor for the company, our first target market was our natural market. This natural market consists of persons to whom we know and to whom we recognize like friends, relatives, and the reference collected from them. The persons that our company wants us to target was-

Doctors Housewives Businessman Lawyers Retired persons Teachers.

Target Assigned

The target given to me during my summer training programe was: Two life insurance policies One portfolio management service.

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RECRUITMENT PROCESS AT BAJAJ ALLIANZ LIFE INSURANCE

RECRUITING – NO 1 JOB

Your most important responsibility is to achieve THE FIRST P or Production Growth It’s what staying in business requires of a BAJAJ ALLIANZ LIFE INSURANCE Manager. Part of this growth is accomplished by improving the productivity of your existing Agency members. However, bringing sufficient numbers of high-quality new producers into your sales organization each year is an absolute must.

During the year of appointment, new Advisors usually account for relatively small proportion of your organization’s total production. This points you to a particularly significant fact, one which causes you to have a natural tendency to neglect the recruiting responsibility. It is simply this – the penalty for not recruiting, or for inadequate recruiting, is a deferred penalty.

Nonetheless, the penalty will be realized in due time. Again your number one job is to achieve consistent production increases. The most promising means of successfully getting this job done is to induct a sufficient number of quality advisors each year.

The most promising means of achieving profitable production growth lies in your sales organization’s capacity to give policy owner good counsel and prompt courteous service to give them value of premiums paid. The guarantee of having that capacity comes from retaining large number of productive advisors. In turn the retention and productivity of advisors in your organization depends largely on the quality and quantity of your recruiting efforts.

Consequently, the development needs of your sales organization call for successful recruiting. It is a necessity. The induction of a sufficient quality quantity of high Potential advisors inevitably results in substantial, steady growth in production. This is why managers who moves to the top of BAJAJ ALLIANZ LIFE INSURANCE Honor Roll and stay there are always found to be labor focused.

Before we move to the “how to” of recruiting, let’s consider some important philosophies relative to recruiting.

THE UNCHANGING QUESTION

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Are you consistently adding your kind of people to your Staff and Agency populations? The kind you can motivate? In theory, the kind you won’t let fail?

An answer to this would be your success story FIVE PERSISTENT CONCERNS

As a BAJAJ ALLIANZ LIFE INSURANCE Manager, you are fully committed to building a high performing, growing Agency. This being true, it follows that five concerns must be constant in your annual planning:

The SEARCH for talent The EVALUATION of potential Advisors The ATTRACTION of Advisors. The RETENTION of Advisors The PRODUCTIVITY of Advisors

Any Manager who attains satisfying results in these five these five key areas will enjoy—

Satisfying sales results Outstanding persistency of business Superior policy owner service capabilities An enviable reputation as a ICICI Prudential Agency builder A momentum which comes from the synergistic benefits of

success

Obviously, the first three concerns Searching, Evaluating and Attracting – are vital. The other two concerns, the Retention and Productivity of Advisors, must be considered together. To attain success in one or the other is not sufficient. Contrived success might be achieved in either area without total or real benefits to the agency, the company or client. There is nothing short-term or temporary about the challenge connected with these recruiting concerns. They are constant. They are eternal.

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Putting simply in a FLOW CHART

SEARCH

Where to look for

EVALUATE

How to evaluate

ATTRACT

How to attract to Insurance

PRODUCTIVITY

RETENTION

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BASICS PRINCIPALS

Let us examine the basic principals involved in getting the recurring job done successfully and consistently. Is it, of course, the one job most not delegated you, and you alone must be and stay accountable for managing the requirement process.

PHILOSOPHY OF HIGH STANDARD

First you must adopt a philosophy of high standard and a success syndrome is the central point of maintaining high standard. The presence of successful, high performing Advisor in our organization attracts more of the same. A recent study revealed that nearly one-half of these individuals chose an insurance career because a successful advisor influenced them. Our experience at BAJAJ ALLIANZ Life Insurance supports this conclusion.

Atmosphere of Success

Ideally, as prospective advisor enter your office, they should find themselves surrounded by an atmosphere of success. They should see evidence of a positively and dynamic environment. They should be aware of high quality men and women high standard of production high standard of office neatness and arrangement high standard of income high standard of business management. They should be made to fell it taste and sense it. It as a result, they will have a natural inclination to become a part of the winning sales organization you are building.

There's no question about it, it’s always easier to recruit successfully in an organization that is on the move. You must contribute to an environment where things are obviously happening one that an atmosphere of success. This is the starting point is you are going to attract high-potential advisor.

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ATTRACTION POWER

Second, work at developing your "attraction power" Strive to be kind of person you want others to be the kind other to want to emulate. You will have taken a giant step towered being an defective recruiter when you do.

Be especially conscientious about your appearance. You con not hedge a book by its cover is a well-worn and accepted adage. They judge you by your overall appearance. Also, work consistently at doing the things, which will cause you to be known for what you know. An active involvement in social and civic organization will assist you in letting your reputation precede you. You will have taken another step toward being an effective recruiter when you do these thins.

DECIDE ON THE PROFILE THE ADVISOR

Next, device upon the profile of the advisor who will fit and grow best in your operation that kind of person you can develop best experience, age markets contacts income requirements and a number of there factor should be considered in answering the big question what kind of an Advisor is best suited for you and your organization.

CONSTANT NEED OF ADVISOR AT BAJAJ ALLIANZ LIFE INSURANCE

Fourth, remember the need for quality advisor never diminishes at BAJAJ ALLINAZ LIFE INSURANCE it continues into the future as far as you can see.

THREAD OF DISCONTENT

Fifth, reminded that there is no large, ready supply of high potential candidates who are discontented with their present jobs. However, things do happen in individual’s jobs, their lives or their family situations which can cause them to become prospects for you sometimes almost overnight. When the "thread of discounter surface be sourer they are thinking of you and the bajaj Allianz Life Insurance credential opportunity.

SUCCESS DETERMINED BY PAST PERFORMANCE

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Sixth, most successful advisor are highly comparative and generally into our business from jobs where their success is determined by the performance. Consistories search for prospective among coaches commission sales people individuals who have been in business for themselves.

BUILD A WEEKLY RECRUITING SUCCESS FORMULA

Finally, build a weekly recruiting success formula. Our static's that to recruit one person, you will probably need at least 30 initial contracts. This will give you seven people who will pass the selection test. This in turn develops two advisors you will appoint. Understanding theses ratios enables you, emotionally and physically to plan and achieve the necessary activity to reach you recruiting goal each year.

Study exhibits, recruiting success formula. Develop your numbers. This strategy will help keep vac used on your number one job recruiting enough of the right king each year.

25 CONTACTS

2 SELECTED

8 FOR INTERVIEW

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Before we move on to searching it is important to know the profile of the advisor The general profile would be:

Age 21-35 year. Smart appearance and sound health. Good market. High IQ and common sense. Ability to work under pressure. Prior sales experience. High energy levels. Integrity and character. Money motivation. Drive and ambition.

SEARCHING FOR HIGH POTENTIAL PROSPECTIVE ADVISOR

Your search for prospective advisor must be continuous and systematic just like prospecting for sales. You must search among several on a regular basis. Sources broadly classified as primary and secondary

PRIMARY SOURCES Historically, advisors who survive and succeed over a period of years come form two primary sources:

PERSONAL OBSERVATIONThis method is uniquely personal. It permits you to apply own slanders and exercise your own judgment.Always be on the alert of prospective advisor in your daily selling activities. Instinctively apprise as prospective advisor those you see meet or sell. Stay in circulation and meet a lot of people than determined whether or not to recruit them.

PRESENT ADVISOR RECOMMENDATIONS

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No one knows more about the kind of person you seek and kind of opportunity you have for the prospective advisor than the present members of your sales organization. Moreover, they have selfish interest in waiting their associates to be the type person who will reflect favourly on their organization. Many successful advisors have an ability to attract promising prospective advisor who can and do succeed.

ATTRACTING THE "KEY ADVISOR"

We have watched many sales organizations go from the bottom to the top of a company honour roll because someone got sold on finding a "Key advisor' then attract and recruiting one. What a difference it will make in your organization! A “Key" advisor is someone who achieves constant result and is someone is an ideal in the agency.

The "Key Advisor” is easy to spot usually difficult to recruit. When recruited, he of she immediately helps attract other high-potential individuals those who are following. The presence of a “key Advisor” enhances the reputation of your operations and attracts others to your organization. As a result recruiting a "key advisor" will help you shortcut tine in building a strife, successful organization.

The "Key Advisor" is well and favourably known. The Advisor is colourful persuasive and generally in the public eye. The "Key Advisor" is a coach who is known for his or her winning record. It's the successfully advisor can be used an example to the team. They are once one naturally easily attracts to follow them because of their success in business.

SECONDARY SOURCES

Secondary sources produce "pop-up" candidates which include.

CLIENT REFERRALS

Clients are a readily accessible source of prospective advisor and referrals.

It is to assume those clients who have relied upon your agency to handle their insurance are pleased with both you and your work. Since you have created a favourable impression, they can picture themselves or others as having the advisor success.

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Therefore, it is mostly a matter of helping them to help you making enquiries and asking question designed to remind them of names of prospective advisors.

COLLEGE CAMPUS

Many high-potential, high-quality young people are being recruited directly form college. Today's college graduate seems to be more interested in a meaningful career than most opportunities offer.

However, some caution should be used in recruiting on campus. The person you seek Form College must have exhibited definite leadership qualities and have a history of success. In addition, most people in the final year are looking for permanent jobs and might use this stopgap opportunity. While targeting collages it might be better to target colleges, which has student, would be increased in pursuing their respective professions.

SEMINARS

Seminars’ recruiting is a resourceful strategy that breaks tradition. It makes it possible for the prospective advisor, as part of a group to obtain information about opportunities in the insurance business. A part of group the prospective, advisor feels comfortable and quickly develops open-mindedness to investigation the possibility of a career in insurance. Seminars include seminars conducted by management associates are one way of reaching out to many people not only by making a presentation to the participants but by also word on mouth since these participants would speak to their families and friends, so also the chain would continue.

CENTERS OF INFLUENCE /NOMINATORS

These are people who, because of your relationship with them and their interest in you, are willing to help you. They are people of influence and prestige.

Develop your list of centers of influence and contact them as part of your planned weekly and monthly activity schedule. A "center" must be cultivated like any other source of referrals. The responsibility for obtaining nominations, information’s and introductions resets with you not with your "center".

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To enable you to proceed with the selection of your centers of influence, here is a list of qualifications that would make an individual- your COI

The center should know you personally must have an interest in you and must be willing to help you.

The center should have contacts with the class of people who you want to deal with.

The center should have confidence in your ability to mange and lead.

The center should have influence with people recommended.

A few examples pf these CIO’s or centers of influence.

Doctors Lawyers Pundits Priest Charted accountants Teachers NGO workers Bankers

The one thing common to all theses people is the contacts that they have and the influence that they have over these contacts.

To ensure a continuous flow of nomination from CIO’s, practice these few basic rules for developing centers of influence.

Keep contacting them on a planned basis. The center who gives you one name will give you more if you keep in touch and ask.

Report to your center. Keep them informed of your result. Eliminate from your list those centers who do not prove to be

cooperative or predicative or who continually give names of people needing jobs.

Maintain visibility keep your name in front of them. Select your centers with an to developing as many market as possible. Show your appreciation. Let your centers know you appreciate their

help.

NEWSPAPER ADVERTISEMENT

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Newspaper advertisement creates considerable activity. It is on of the fastest ways to get names and to talk to people seeking a change in employment. Consider advertising as a "wholesale method" of widening your range of contacts with prospective advisor. Keep in mind that it generally develops "pop-up prospects” that must be screened carefully.

Realize that value time can be wasted interviewing or qualifying respondents who are really only job hunting or who are need of a job right now. Advance planning with a definite interview procedure will keep from into this trap. At bajaj Allianz newspaper advertisement is regular mode.

DIRECT MAIL

Mass mailing is a system used can be a very successful tool. One system is to send out letters with reply cards on a regular basis especially to "Centers of influence". Use lists form club, church and alumni directories. The standard letter should briefly they rewarded of a successful insurance sales Career. In a letter of this, attempt to arouse the interest of the individual who receives it in the hope that he or she will be more respective to your follow-up. You will want to investigate this innovative source for producing names of quality prospective advisors. (Refer to Exhibit 2 sample for letters)

PRE-APPROACH LETTERS TO PROSPECTIVE ADVISORS

Sample one (mass mailer)

Dear (Use the Name)

We at Bajaj Allianz Life insurance have a business opportunity to offer, with a rapidly growing agency force and a business expending by leaps and bounds, I am at additions in my team. This career offers a potential for unlimited earnings and personal growth.

If you are person with high energy levels and is looking for business opportunities to be a successful entrepreneur, here is your chance.

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I would like to talk to you personally about this fantastic offer for you. Please call me on (Tele no.)

Thanks and Regards.ManagerBajaj allianz life insurance company ltd.

Sample two (employees)

Dear :( The Name)

In view of the unusual progress made by Bajaj allianz life Insurance Company, we are planning an expansion in our team sales professionals.

Your name was referring to me as an ideal candidate for this role. I would therefore like to present to you an opportunity of additional income through a business with no capital investment.

I am looking for people who have the drive to achieve vertical financial growth and want to make their dreams come true.

I will be calling you within the next few days to arrange a visit so we can discuss this important matter in greater detail. You can than determine whether there would be a mutual advantage in furthering our talks.

Thanks and Regards.

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Manger Bajaj allianz Life Insurance Company Ltd.

Sample three (CIO Priest)

Dear :Many people call on you for counsel and advice. I am writing you

because some of the problems of theses people relate an employment or business opportunities.

We have an unusual opportunity for people in your community who can meet our standard and who have the desire to get ahead. The type of individual but has can best fit into our organization has had a few years of business experience, but has not yet found a lifework. We want an individual who has the ability to make friend and the ambition make money.

Please list on the enclosed card the names of the people whom you wish to recommend.

Thank you,Respectfully, ManagerBajaj allianz Life Insurance Company Ltd.

Sample 4 (Businessman)

Dear ,

We bajaj allianz the no.1 private insurance company are offering you an opportunity to diversify your business and enter and the field of life insurance. We have crossed 100 crores in terms of our premium and have sold over 100,000 policies.

Your name was referred to me by a yours who was happy with the service levels maintained by you.

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Here is an opportunity for you to earn more using your existent infrastructure and clientele base. This business requires no capital investment but can you high returns.

I would call o you to discus this 'high' return business plan personally.

Thanks & regards,Unit manager Bajaj allianz Life Insurance Company Ltd.

THE TWO SALES FORCES

There are always two sales forces at work.

1. Development sales forces: This continues the agents who are the trainees or in the first three calendar years of their joining.2. The experienced sales force: the trainees move into experienced sales forces after these years. People in the experienced sales force are responsible for 2/3 of the business. These people; will stick and say. It is in this category thatThere will be lesser number of drop puts.

Your role is developing people to the ESF or the experienced sales force.

Eight themes of winners

There are themes of winners. You must be looking for these people:

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1. Look for people who have stamina. People who do not stale mentally and physically.

2. People that win have achievement rive. These people are those who want to succeed and want to do well.

3. Look for people who are high in self esteem. People who have a good self image. These are people who feel good about themselves and are confident about themselves.

4. Look for people who have mental alertness. These are people who instinctively pay attention. They are alert and always heart rather than listen.

5. Look for people who have entrepreneurial skills. These are people who might be engaged and working as employees but have it in to become an entrepreneur.

6. Look for people who will give you consistent production. People who will give you sales quickly.

7. Look for a people with a market. The kind of market that this individual will be operation in successfully.

8. Look for people will use your set selling system. People who will use your mythology.

Remember that you have to be a touch-minded manager. A tough manager is one who say's if you leave unsuccessful it for two reasons either I picked you wrong or managed you poorly.

The people who succeed are those who fit into the culture for the organization. You can get the people who would succeed if your organization. Look for factors like:

Age at entry

Occupation

Earning potential

Marital status etc.

The past history of people help you build the profile of an agent.

The greatest obstacle in this is always those that it are desirable are not available are not always desirable. You need to be the protective recruiter. You need people need to select rather have them select you. A reactive recruiter is one people selecting him.

It's therefore important to be a protective recruiter than a reactive recruiter. There is one strategy that you must have. This is called the reservoir. This reservoir is one that you will build. This is a reservoir of people who are desirable but are not available. You will keep in touch with them regularly

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and will an interest and desire. Build a reservoir of at least 25 people. This is in additions to all the searching attracting and evaluating that you do.

Recruitment is an on going activity and remembers that you need to make three sales when you speak to the prospective agents.

1. You- Sell the people on you and your success.2. TOD- sell the people thread of discontent3. Opportunity- Sell the people on the opportunity that this business and

your company provide.

Remember when the world spins it spins with it thread of discontent. Maintain a reservoir of 25 people. Lightening will strike sometime. Every year there will be at least three people who will get converted into your agents. However, this happens over years.

Evaluate for potential

1. Evaluate history- Go back and study the history of the individual, the past performance of the individual will show you his future potential. Look for self-discipline. This is the most important quality and this is the key to success.

2. Evaluate for sales aptitude- look if the individual is persuasive enough, is the individual convincing enough. Remember if the prospect can sell to you he can sell.

3. Evaluate for market- Evaluate for the quantity and quality of contacts.

4. Staving Power- Look if the individual is one who will stick and stay. Look at history for stability in all that the individual has done and pursued.

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ATTRACT YOUR KIND OF PEOPLE

Use your "Sunday punch" is about you and is divided into three parts:

1. The first part deals with telling them, about you. Tell tem that this is what you have done in this business.

2. Tell them about the people in your team and the success that they have achieved.

3. Tell them about the career path, what they will become after joining you.

Remember that you initially start as a coach and ensure that your people get off to a fast start, then upgrade and become a manager who guides and manages. Finally become a mentor. Your major role is to build independent responsible producers.

RECRUITING ENOUGH OF THE RIGHT KIND-GET IT DONE SUCCESSFULLY YEAR AFTER YEAR TWO PRESENTATION POINTERS

There are a couple of items you should discuss with prospective Advisors. The first is something we refer to as the "law of laws" and the second is their possible response to rejection.

There is a "law of laws" which is indisputable. It tells us that 85 out of every 100 individuals can never function successfully in a job where they must organize their own time and activity. Fifteen percent, only 15 out of 100 have what were refer to as an entrepreneurial flair. These are people who can work for themselves. They can become successful Advisors to help you decide in which category they belong.

Also, you want to make a reference to rejection, every year a certain number of talented Advisors find their way into the life insurance business. Many give it a timid, tentative try and leave the business and its opportunity because of their inability to cope with rejection. Prospective Advisors need to understand they will operate in a negative environment seven out of every ten hours. Early in a career, Learning to respond to

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rejection and maintaining a positive attitude are important qualities to develop in Advisors. In your presentation do not shortcut this important discussion.

ATTRACTING THE "KEY ADVISOR”

We have watch many sales organizations go from the bottom to the top of company Honor Roll because someone got sold on finding a "Key Advisor, " then attracted and recruited one. What a difference it will make in your organization! A “Key" Advisor is someone who achieves constant results and is someone who is and ideal in the agency

The "Key Advisor" is easy to spot but usually difficult to recruit. When recruited, he or she immediately helps attract other high-potential individuals-- those who are operation and attracts others to your organization. As a result, recruiting a "Key Advisor" will help you shortcut time in building a strong, successful organization.

The "Key Advisor" is well and favorably known. The Advisor is colorful, persuasive and generally in the public eye. The "Key Advisor" is a coach who is known for his or her winning record. It's the successful advisor who can be used as an example to the team. They are the ones who naturally and easily attract people to follow them because of their success in business. You are one "Key Advisor" away from greatness. That's reason enough to begin your search today.

BUILD YOUR RESERVOIR

This brings us to a most important procedure-one which you'll want to follow carefully. You'll find it a good investment of your time to set up and maintain an active tickler file for prospective Advisors, much like the one you use to keep track of prospects.

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Most of the high potential people you contact about a carrier opportunity will not be interested at the time of initial contact. They simply will not currently have or be strongly masticated by a "thread of discontent.” Over a period of time, circumstances change and situations develop which may cause the prospective Advisor to develop a strong "thread of discontent." This is one of the reasons it's important for you to keep good records and to have an active Reservoir file.

We refer to this collection of high-potential Advisors as your reservoir. You’ll want to build your reservoir to at least 25 or more quality people as quickly as possible. You will want to stay in touch with these high potential prospective Advisors on a reason to become interested at some time in the future. Sell them on you. Help them discover occupational dissatisfaction. Spoon-feed them on the advantage of the business. Sell them the bajaj Allianz Life insurance opportunity.

Building a reservoir will be helpful to you in developing a quality organization. It separates superior recruiters from those who are marginal. Build a large reservoir quickly and stay in touch with prospective Advisors regularly. This will pay big dividends to you over the years.

VIDEO - RECRUITING ENOUGH OF THE RIGHT KIND - SUMMARY

In this video jack Kinder speaks of the importance of recruiting enough of the right kind. There is a three-way approach of doing this searching talent, evaluating potential and attracting your kind of people.

The job of management is to make good. It is always to achieve the desired results. It is to win. Your role in management is that you are an agency builder. You are responsible for bringing about the desired results. You provide the directional force. Your major job is to achieve profitable production growth consistently. This is an on going process and is eternal in nature. The greatest momentum builder is recruiting enough of the right kind. Right kind means people who you will not let fail. You will do what it takes to make them successful.

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The philosophies to embrace:1. In an organization things are never as good as they ought to be but they

are never as bad as they appear to be. Recruiting one star performer or blue chip agent would be the solution.

2. 50% - 75% of your productivity five years from today will come from people who are not yet in the system.

3. The need for manpower never diminishes.4. The supply of talented people with the thread of discontent (TOD) is

very limited. 5. One key agent makes the big difference in the organization.

Searching: where do we get these successful people from? What are the sources? People who stay and stick in the system generally come from two sources.

♦ Your contacts

♦ Endorsements of your successful agent.

Questions that the prospective advisors will have in their minds

There are five basic questions that advisors have in their mind.

1. What do I sell? Tell me about the product that I sell. 2. How do I learn to sell?

3. How do I get paid for what I sell?

4. How successful am I going to be?

5. How do I make the transition?

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Answering these questions are important at the outset itself is of prime importance.

ATTRACTING THE TALENT

Your presentation is the major thrust of your sales strategy in the recruiting process. You’ll find evidence, which supports conclusively that insurance selling careers have taken a high place among the best paid jobs any ambitious self-disciplined person could pursue.

Sakes are booming as never before. New and improved products are constantly being introduced which are rapidly finding public acceptance. Advisors are becoming more professional as a result of improved selection and training, including the addition of sophisticated, computerized sales support. As evidence of the growth and public acceptance of life insurance, the membership numbers of the Million Dollar Round Table go up each year in spite of escalating MDRT.

For the Advisor who pays the price in terms of time, effort and study, it’s a great business in which to make money and enjoy job satisfaction.

Those who are succeeding in the insurance business today are doing a better job and earning substantially more income. For the right people, Bajaj allianz life insurance offers unlimited opportunity.

The first step is to source out people and the next step is presenting the opportunity of an Agency with bajaj allianz Life insurance as a career.The process begins with what you say on the phone when you call to book appointments. Once the appointment is sought you will sell the career of a Life insurance advisor to the prospect.

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Let’s look at a few examples of telephone scripts.

An important recruiting strategy is to approach, in the role of a sale person, each of the prospective Advisors you contact. By this, we mean you should sell them on you, your philosophy and your success in developing talent. (Use of presenter)

After these important sales are made, you can then function as a “vocational counselor.” Now, you are going to ask those thought provoking questions they should be asking themselves.This is a sure way to arouse interest in the searching process. (Refer to Exhibit 3,Vocational Quiz.)

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Approach Talk (Natural Market) Script

Hello uncle/auntie/friend! How are you?

If you could help me in my business, you would, would not you?

I have recently joined Bajaj allianz Life insurance, which is an exciting company that can help you plan your family’s financial security.

I would like to share some ideas with you. Should I meet you in the morning or afternoon?

Would Wednesday, at 10 am be good for you or would Tuesday, at 4 pm be better?

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Approach Talk (Referral Market) Script

Good morning/afternoon, is this Mr. …………. ………? Mr. …………. My name is ………….. With Bajaj Allianz Life insurance. Do you have a moment to talk?

Recently I had opportunity to talk with your friend Mr. ………….. and he suggested I give you a call to introduce my company and myself.

Bajaj allianz Life insurance is an exciting company that can help you plan your family’s financial security.

I would like to share some ideas with you. Should I meet you in morning or afternoon?

Would Wednesday, at 10 am be good for you or would Tuesday, 4 pm be better?

VOCATIONAL QUIZ

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Be in a business that gets easier and less demanding as you grow older, compared to the mounting pressure encountered in most business?

What business, other than insurance selling, offers you this type of opportunity?

Go into a business of your own with minimum capital?

Have only your clients as your “boss?”

Be paid in exact proportion to your ability and results?

Have unlimited earning potential?

Be allowed to set your own working hours?

Work without having your success pattern depend upon you ability to “butter up” the owner or the people at company headquarters?

Be in a position where there is no jealousy or bitter rivalry between yourself

And the other advisors – where your success cannot in any way impair your Advisors’ progress or vice versa?

Look no further, there is no, other…...... than insurance selling

Using the vocational quiz, you try to develop interest quickly

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DEVELOPING INTEREST QUICKLY

Many of people you approach will not be interested in selling insurance. In fact, many of them will quickly respond, “I’m never going to sell insurance. That’s the last thing I would do,” Some of these individuals may end up becoming your best prospects and later on best advisors.

You may want to say. “Even though you wouldn’t be interested, you may know of someone who would be interested. I would appreciate you courtesy in giving me 15 minutes to tell you about our organization, the kind of people we attract and the success they are enjoying. You may have someone to recommend to us.” Most people will give you a 15 minute “cup of coffee” appointment on this basis.

Most people you talk to aren’t going to show an initial interest in the insurance business. They are content, in a superficial way, with what they are doing now. This is normal. It’s natural. For this reason, you need an illustration to get their attention early. The sample illustration in Exhibit 4) An interest-Arousing Strategy, will only take you a few minutes to develop. It’s quite effective.

This exercise will help you learn a little about your prospective Advisor. It will also help you get the candidate’s interest. At Bajaj allianz Life insurance, we use the recruitment detailer to present insurance and more importantly bajaj allianz Life insurance as a company to join and take up an agency with.

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Businessman

Instruction Dialogue

Good morning May I speak with Mr. Prospect?

I am __________________from bajaj allianz Life Insurance. Is this a convenient time to speak?

Thank you. I am a ………….. With bajaj allianz Life insurance. Mr. ……. who is a client of yours was mentioning to me about how successful your business is.

Prospect:yes, how can I help u? sir, our company have introduced some new plan. For,Which I would require to meet you.

It would take 15-20 minutes of your time. Would Prospect: Well I am busy on both Thursday 2pm or Friday 6 am fine.the days. Would Saturday 6 after work be fine?

Prospect :hmm…sound intrsting. Looking forward to meet u on Saturday sir. forward to

___________(Name the venue). Have a nice day.

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Housewife

Instruction Dialogue

Good morning May I speak with Mrs. Prospect?

I am __________________from bajaj Allianz life insurance company. Can I have two minutes of your time?

Thank you.

I am a ………. with bajaj allianz Life insurance. Mrs. ….. As an ideal candidate for the business opportunity that I have with unlimited earning potential.

What is this business opportunity About? To share this business I would require 15 minutes

Of your time. Would Thursday 4 or Friday 6 be Fine?

Thursday 4 is good. Great looking forward to meeting you on Thursday at your residence. Have a nice day.

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AN INTEREST-AROUSING STRATEGY

Developing interest for a person who has just started a career

INSTRUCTION DIALOGUERohit is a sales person who has just joined a Pvt. Ltd. Company and however is unsatisfied with the working conditions as well as the salary.

“Rohit let me ask you a question. Based on your abilities, energy and ambition do you see yourself in a six-figure income in 5Years? In 10 years?” (The desirable candidates you talk to will answer in the affirmative. Then you move forward.)

Question #1(Here you will get into a discussion of the fact that it’s 1 billion.)

‘Think about this—What is the population of India?”

Question #2 (This discussion will lead you to the conclusion that there are probably approximately 1,800,000 people between the ages of 16 and 70 who are or would like to be actively.)

“Rohit of this population, how many are actively employed in the work force?”

Question #3(Naturally this will lead to a discussion that a very small percent, less than 0.5%are in this category.)

“Of these people actively at work in India how many of them are making RS.100,000a year?”

Question # 4(Most candidates you talk to will answerin the affirmative. Then, you move forward as follows:)

“Rohit, would you like to be in that elite group?”

Rohit, we know there are only five areas you can pursue that will bring you into this affluent earnings groups

“First, you could become an entertainer. This is not a reasonable goal for most of us to pursue, wouldn’t you agree?”“You could become a trained professional –doctor, lawyer, CA, engineer, MBA or such. Do you

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have this type of education, or are you in a position to go back to school and get it?”

Since these people rely on your advice, they would also look at life insurance if suggested by you.

Mr. Shah: it looks good but what will I learn?

Well Mr. Shah here is an opportunity for you to increase your earnings by utilizing your existing clientele base… this requires not investment in terms of money, while the returns will be high. I would want to make a presentation regarding the benefits of this business, when it’s convenient for you. When can we meet?

Developing interest for a housewife

INSTRUCTION DIALOGUE

Mrs. Verma: Yes go ahead

Good morning Mrs. Verma, I am _______From bajaj allianz Life insurance.Thank you for giving me time. Today I am Going to present to you an opportunity of a lifetime, an opportunity to earn your money.

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May I continue?

At this juncture she will say yes.

At bajaj Allianz Life insurance, we have an opportunity for you to take up an agency with us to sell. life insurance solutions, This doesn’t require you to be in office 9-5 rather it requires you to use your spare time and contacts to present our solutions to customers

We have a complete training program that will teach you the basics of Life insurance..

Mrs. Verma: That seems good but how do I learn to sell I have never sold before?

(Use the recruitment presenter)

Mrs. Verma that you can be rest assured. I will be coming out with you to show you and teach how to sell, also in our extensive training program we will teach you techniques of clientele building. Ne3ed analysis and presenting solutions.. Matter of fact the top performing agents today are housewives._________________who is a apart of my team has earned _________ rupees as commission so far.. And madams if she can do it so can you. Madam I would want to make a format presentation to you in detail about the benefits of this opportunity. When can we meet next?

Developing interest for salaried employees

INSTRUCTION DIALOGUE

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Yes you may Good morning Mr.__________________Thank you for giving me some time today. I am _____________ from bajaj Allianz life insurance. I am here to present to you an opportunity that will help you achieve vertical financial growth. May I continue?

( The prospect will agree )

I am sure that you are doing quite well at your place of work, however by taking up an agency with us you can achieve all you dreams much earlier. We all know that getting promotions and a salary raise is not sending our children abroad, going abroad for a vacation, owning a house, ca etc and we want to do this when we have the health and money to enjoy these.

We provide you an opportunity with bajaj allianz Life insurance to earn extra while you are working.

Prospect: Sounds good, but I can’t spare time since I am working

Prospect: Oh that sounds very interesting.

That’s OK you can tap your contacts in office for business and then further get referrals from them. And unlike other businesses this would require no capital investment from you side. Does this sound interesting? You could start off part time and then if you find if viable you could convert to a full time.

We have many like you in our team who are successful like Mr. Borade has till date earned RS 2

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lacs as his income in the past 8 month.I would however want to make a format presentation to you explaining your role and benefits in great details, when can we meet next?

Developing interest of CA

INSTRUCTION DIALOGUE. Shah is a practicing CA and has agreed for an appointment with you and following would be the conversation.

Mr. Shah: Lets see I don’t really have the time.

Good Evening Mr. Shah, How are you? I am _____________ form bajaj allianz life insurance.

(Hands over the card)

Firstly thank you very much for your time.Mr. Shah I will get straight to the point since I know you are a very busy person and will take 15 minutes of your time.(Confirms this with the prospect).

As you are aware that in Life insurance we are the No 1 Pvt. Player and have sold _________ policies so far with a premium worth ____________. We also have an agency force of ______________ agents. Looking at expansions in this city, I was wondering if you would want to take up our agency.

(Waits for a reaction…)

But Mr. Shah you already handle

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quite a few files where you give advice people on taxation and investment, you could use the same for advising on life insurance and

(Most candidates you talk to will answer in the affirmative. Then, you move forward as follows:)

contd….

“you could become a sole proprietor. You could go into business for yourself. However, of all the businesses that starts up every year in India, at the end of 2 full years a good percent of them are no longer around. The reason is lack of capital and lack of management experience\ Mitesh, do you have the capital and /or the experience to set up a business for yourself to become a sole proprietor?”

(Generally the answer here is also, “No.”)

This moves us then to the final career area where you could earn a substantial income. This is in creative sales – stocks and bonds, real estate, computers or the insurance industry. It’s this category that I’d like to explore with you over the next few weeks. “When would be a convenient time for you?”

Reservoir Card

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Name Birth Date

Home Address Telephone

Business Address Telephone

Educational Marital Status

Spouse Name:Age:

Children Name/Age

Occupation

Income Home: Health:Own GoodRent Average

Probable Thread Of Discontent

Loan Repayment:

Family Background

Life Insurance Ownership

Known Successes

Case details

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CHAPTER-5

RESEARCH METHODOLOGY

Methodology of the project

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Methodology of the project referred to the methods use to collect the

required data for the research work.

Research design depends on type of research studies that we are going to

make. My research study is descriptive type. Research methodology is all of

the techniques, methods and procedures adopted in terminology work to carry

out terminology research. It is a way to systematically solve the research

problem. Duty, which is to be done, and secondary data source are already

collected data, with some other objective.

Questionnaire: A formal list of Questions is formulated and asking the

questions from the people who are having the related information. Here the

Questionnaire is structured. Close end Questionnaire with Dichotomous and

Multiple Choice Questions. Main aim is to compare the Customer Attitude

and Loyalty towards UNIT GAIN product of different companies.

Secondary Data Source:

Internal sources: On-Line Information, Report of IRDA (INSURANCE

REGULATORY &DEVELOPMENT AUTHORITY),

External data: Magazines like Business Standard, Books on insurance and

journals .

3. SAMPLING PLAN

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Sampling Unit (Who Is Being Surveyed)

All prospective who are interesting in investment cum insurance?

Sampling Size (How Many People Should Be Surveyed)

60 customers in Dehradun.

Contact Method (How The Subject Should Be Contacted)

Cold calling, Personal Contract, Through Internet

PROCESSING AND ANALYZING THE DATA

Score aggregation method is used for analyzing the data and pictorial

representation of analysis is done through graphs

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QUESIONAAIRE DESIGNING

1. NAME:

2. AGE:

3. QUALIFICATION:

4. OCCUPATION:

5. MARITAL STATUS:

6. ADDRESS:

7. WHAT IS YOUR FAMILY INCOME?

--------------p.a.

8. DO YOU HAVE VEHICAL (TWO WHEELER OR FOUR WHEELER)

IS IT INSURED?

a) Yes b) No

9. HOW MUCH DO YOU EXPECT TO EARN FROM THE INSURANCE PROFESSION?

o RS. 50; 000-2 Lac p.a.o 2-5 Lac p.a.o More than 5 Lac p.a.

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CHAPTER-6

FINDING AND ANALYSIS

Difficulties faced

During my training, I came across many difficulties, some of those difficulties

were:

* The two months summer training was not sufficient for us to explore

our natural market.

From the organization point of view

Not enough training was provided to us; as a result, it was difficult for

us to provide people with the complete information regarding what are

the benefits that they will get from this profession.

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No database was provided which restricted our target market to our

natural market only.

No identity card was issued at all, as a result there was no proof that we

are the representatives of our company, this problem exists when we

have to interact with the professionals like Charted Accountants,

Lawyers and Doctors.

Many people still do not have faith on private insurance companies and

they still support L.I.C. That’s why it was very difficult to convience

them.

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HOW WOULD YOU SPEND YOUR REST TIME APART FROM YOUR PROFESSIONAL

CAREER?

20%

15%

30%

20%

15%

SPORTS

CLUB ACTIVITY

WATCHINGTV/MOVIES

NOTHING SPECIAL

OTHERS

WOULD YOU LIKE TO TAKE AN OPPORTUNITY WHICH DOES NOT REQUIRE ANY CAPITAL INVESTMENT AND

WITH UNLIMITED EARNING?

84%

16%

0%

10%

20%

30%

40%50%

60%

70%

80%

90%

YES NO

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DO YOU WANT TO MAKE YOUR CAREER IN LIFE INSURANCE SECTOR?

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

YES NO

PERSONS OPINION

NO

. O

F P

ER

SO

NS

IN

%

HOW MUCH TIME YOU CAN DEVOT TO YOUR PART TIME EARNING SOURCE?

25%

39%

27%

9%

10 hr. IN A WEEK

20 hr. IN A WEEK

30 hr. IN A WEEK

MORE THAN 30 hr.

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71%

29%

0%10%20%

30%40%50%60%70%80%

NO. OF PERSONS IN %

YES NO

PERSONS OPINION

DO YOU HAVE ANY PREVIOUS WORK EXPERIENCE?

WOULD YOU LIKE TO WORK WITH A RECOGONISED/REPUTED BRAND?

93%

7%

YES

NO

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CHAPTER-7

CONCLUSION AND SUGGESTION

Future Growth Prospects

There has been tremendous change in the Insurance history and with

this there has been continuous growth in this sector both in India a well as in

the world context. From our research we also conclude that though the

awareness and people opting for LIC plans are more as compared to Bajaj

Allianz Life insurance. But the latter are gaining momentum in the market day

by day.

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The Private players in the life insurance business are growing at a

scorching pace. Within three years of their inception, they have seized about

18 percent of the market. The future of BAJAJ ALLIANZ Life Insurance is

looking strong. Since it is the leading private life insurance company in the

country, it is all set to give LIC a tough time in future. With strong brand and

world-class sales force, it offers the advisors an opportunity to boost up their

career, achieve goals and make tremendous progress. India is one of the best

markets to be in. Over 75 per cent of its vast population is without insurance;

as a result of this, insurance advisors have a very huge opportunity of

capturing it. With more than One million policyholders, Bajaj Allianz Life

insurance is all set to increase their market share. The profile of the insurance

advisor too will undergo a transformation, by providing them endless growth

opportunities.

The size of the market has grown and the size of the insurable

population in India is indeed vast and the existing player has managed to

cover about one-fourth of it. The opportunities before the players are therefore

a plenty in terms of target audience. Life insurance has today become a

mainstay of any market economy since it offers plenty of scope for garnering

large sums of money for long periods of time. A well-regulated life insurance

industry which moves with the times by offering its customers tailor-made

products to satisfy their financial needs is, therefore, essential if we desire to

progress towards a worry-free future.

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Suggestions

There are certain flaws existing in this working of the insurance industry.

There are some recommendations to come up with them while doing this

project. After working with bajaj allianz Life Insurance as a summer trainee

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and understanding their whole working scenario, I would suggest the company

to

The need of the hour is to device a comprehensive strategy that will

help the firms to face the challenges of future. The financial services

industries around the world are undergoing a major transformation. It is

very important that trained marketing professionals who are able to

communicate specific features of the policy should sell the policy

Both LIC and bajaj Allianz life insurance are recommended to shed

light on policies and explain their benefits, thus increasing the

awareness. The market players need to explore the untapped potential

through their marketing and sales network.

The returns of the policies must be managed and looked after carefully.

Open up more fields for the summer trainees in their organization apart from

Agency recruitment for their channel development.

Provide the students with the sufficient formal training, so that they can

carry out their task with ease, Provide motivational schemes to the

trainees, so that they can work with confidence and zeal, provide some

sort of database to the trainees.

The lines of distinction between banks insurance companies and

brokerages are getting blurred. The future seems to belong to financial

supermarkets that will offer a host of services and products to the

customer.

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CONCLUSION

The today’s scenario signals that there is a lot of potential for the growth of

insurance sector as the people are becoming more and more concerned about

the safety and security of themselves and their loved ones. The increasing

awareness and concerns about the need for the insurance requires the presence

of expert people who can guide and advice people about insurance and

suggests them the products that fits their needs perfectly.

An Insurance advisor is the one who can take up this responsibility and help

people in this. It will not only be beneficial for the society but it will also give

him an opportunity to grow, to earn & achieve self-satisfaction. And with a

backup of a reputed company like bajaj allianz Life Insurance, there seems no

barrier in achieving this.

In the end, I would like to say that it was an amazing learning experience to be

a part of Bajaj allianz Life Insurance.

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BIBLIOGRAPHY

INTERNET

WWW.BAJAJ ALLIANZ.COM

GOOGLE.CO.IN

GOODINSURANCE.CO.UK

IRDA online.org & other related sites

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