Bajaj Project

UNIVERSITY OF JAMMU
Summer Training Project Report on

The study of strategies and Functioning of sales force
AT
BAJAJ ALLIANZ
Submitted to University of Jammu

In the partial fulfilment of the requirement for the award of degree of
Bachelor of Business Administration
SUBMITTED BY:
DEEPAK KUMAR
Roll No: 8
DEPARTMENT OF MANAGEMENT
TRIKUTA COLLEGE OF COMPUTER SCIENCE & MANAGEMENT
STUDIES
JAMMU
COMPANY GUIDE: PROJECT GUIDE:

Mr. ROHIT RAINA Miss. SWATI JOSHI
Trikuta College of Computer Science and Management Studies Page 1

UNIVERSITY OF JAMMU
DECLARATION
I hereby declare that the project report titled:
THE STUDY OF STRATEGIES AND FUNCTIONING OF SALES FORCE
AT
BAJAJ ALLIANZ

UNIVERSITY OF JAMMU
ACKNOWLEDGEMENT
The making of any report calls for contribution and cooperation from many others
besides the individual alone. It is the result of meticulous effort put in by many
minds that contribute to the final report submission and this work too is not an
exception.
Thus, one of the best parts of writing this report is the opportunity to thank those
who have contributed towards it.
First and foremost, I would like to take the opportunity to express my sincere
gratitude to Ms. Swati Joshi for his valued insights, suggestions and continuous
support, without which this project would not have reached successful completion.
I would like to thank all the respondents who took time out of their busy schedule
to fill out the questionnaires and have interaction with me. All the above, made
considerable contribution to which these few lines can hardly do justice to their
patience and generous support.
Last but not the least, i would like to thank my friends , my family.

UNIVERSITY OF JAMMU
PREFACE
Theoretical knowledge is of no use, until and unless it is applied into some

practical aspect. We must lay stress on the proper implementation of what we have
learned in class at real life incidents to obtain optimum output.
Thus to apply all theoretical knowledge gained so far onto the practical field, The
submission of this project report is the part of the curriculum of BBA course.
This Summer Project has provided me with the full fledged experience about the
business arena of wholesome Insurance sector. It gave me complete training
about practice of marketing strategies in the real life industry and helped me gain
the first hand experience of my future career in marketing.
This project shows the various steps and activities performed in order To Study
Strategies and functions of sales force at Bajaj Allianz"

UNIVERSITY OF JAMMU
EXECUTIVE SUMMARY
My internship at BAJAJ ALLIANZ, Jammu was a great exposure to the industry.

After going through my summer training, I had a first hand experience of how an
industry as well as Marketing department functions.

UNIVERSITY OF JAMMU
INTRODUCTION
Insurance in India is the market for insurance in India which covers both the state
and private sector organisations. It is listed in the Constitution of India on the Union
list in the Seventh Schedule meaning it can only be legislated by the central
government.
The insurance sector has gone through a number of phases by allowing private
companies to solicit insurance and also allowing foreign direct investment of up to
26% (as of 2013 there have been proposals to extend the FDI up to 49% to
strengthen the Insurance Market even further). However, the largest life-insurance
company in India, Life Insurance Corporation of India is still owned by the
government.
Insurance in India started without any regulations in the nineteenth century.

It was a typical story of a colonial era: a few British insurance companies
dominating the
market serving mostly large urban centres. After the independence, the Life
Insurance Company was nationalized in 1956, and then the general insurance
business was nationalized in 1972. Only in 1999 private insurance companies
were allowed back into the business of insurance with a maximum of 26 per cent
of foreign holding (World Bank Economic Review 2000). The entry of the State
Bank of India with its proposal of bank assurance brings a new dynamics in the
game. On July 14, 2000 Insurance Regulatory and Development Authority
bill was passed to protect the interest of the policyholders from private and
foreign players. The following companies are entitled to do insurance

UNIVERSITY OF JAMMU
business in India.
The private insurance joint ventures have collected the premium of Rs.1019.09
crore with the investment of just Rs.3, 000 crore in three years of liberalization.
The private insurance players have significantly improving their market share
when compared to 50 years Old Corporation (i.e. LIC). As per the figures
compiled by IRDA, the Life Insurance Industry recorded a total premium
underwritten of Rs. 10,707.96 crore for the period under review. Of this, private
players contributed to Rs.1, 019.09 crore, accounting for 10 percent. Life
Insurance Corporation of India (LIC), the public sector giant, continued to lead
with a premium collection of Rs.9,688.87 crore, translating into a market share
of 90 percent. In terms of number of policies and schemes sold, private sector
accounted for only 3.77per cent as compared to 96.23 per cent share of LIC
A marketing strategy is a process that can allow an organization to concentrate its
(always limited) resources on the greatest opportunities to increase sales and
achieve a sustainable competitive advantage.
The ICICI Prudential topped among the private players in terms of premium
collection. It recorded a premium of Rs. 364.9 crore and a market share of 25 per
cent, followed by Birla Sun Life with a premium underwritten Rs.170 crore
and a market share of 15 percent, HDFC Standard with 132.7 crore and Max
New York Life with Rs.76.8 crore with a market share of approximately 15
per cent each. Unlike their counterpart in the life insurance business, private
non-life insurance companies have not yet started addressing the retail market.
All is set to change in the coming years. Like in the banking sector, non-life
insurance companies will soon have no choice but to focus on individual

UNIVERSITY OF JAMMU
buyers.
In case of private non-life insurance players, that their market share rose
to 14.13 per cent, recording a growth of 70.75 per cent on an annual basis,
while the market share of public sector stood at 85.87 per cent, registering a
marginal growth of 6.34 per cent. The overall market has recorded a growth
of 12.32 per cent by the end of January 2004. Among the private non-life
insurance players, ICICI Lombard topped the list with a premium collection
of Rs.403.62 crore in one year period with a market share of 3.05 per cent
and with an annual 131.6 per cent, followed by Bajaj Allianz with a
premium of Rs.385.02 crore and 2.91 per cent market share and Tata AIG
with 300.49 crore premium and 2.27 per cent market share with an annual
growth rate of 62.60 per cent.
Among the public sector players, New India garnered a market share of 24.38 per
cent, Rs.3,229.49 crore premium and an annual growth rate of 0.38 per cent,
followed by National with a market share of 21.43 per cent, Rs.2,839.11 crore
premium and an annual growth rate of 19.88 per cent, United India with a market
share of 19.47 per cent (Rs.2,578.83 crore premium) and Oriental with a market
share of 18.25 per cent, Rs.2,417.17 crore premium and an annual growth rate of
1.86 per cent. It is significant to note that HDFC Chubb and Cholamandalam
have registered annual growth rates of 4030.26 per cent and 1101.20 percent
respectively.

UNIVERSITY OF JAMMU
BRIEF HISTORY OF INSURANCE
In India, insurance has a deep-rooted history. Insurance in various forms has been
mentioned in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra)
and Kautilya (Arthashastra). The fundamental basis of the historical reference to
insurance in these ancient Indian texts is the same i.e. pooling of resources that
could be re-distributed in times of calamities such as fire, floods, epidemics and
famine. The early references to Insurance in these texts have reference to marine
trade loans and carriers' contracts.
Insurance in its current form has its history dating back until 1818, when Oriental
Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the
needs of European community. The pre-independence era in India saw
discrimination between the lives of foreigners (English) and Indians with higher
premiums being charged for the latter. In 1870, Bombay Mutual Life Assurance
Society became the first Indian insurer.
At the dawn of the twentieth century, many insurance companies were founded. In
the year 1912, the Life Insurance Companies Act and the Provident Fund Act were
passed to regulate the insurance business. The Life Insurance Companies Act, 1912
made it necessary that the premium-rate tables and periodical valuations of
companies should be certified by an actuary. However, the disparity still existed as
discrimination between Indian and foreign companies. The oldest existing
insurance company in India is the National Insurance Company, which was
founded in 1906, and is still in business.
The Government of India issued an Ordinance on 19 January 1956 nationalising

the Life Insurance sector and Life Insurance Corporation came into existence in the

UNIVERSITY OF JAMMU
same year. The Life Insurance Corporation (LIC) absorbed 154 Indian, 16 non-
Indian insurers as also 75 provident societies245 Indian and foreign insurers in
all. In 1972 with the General Insurance Business (Nationalisation) Act was passed
by the Indian Parliament, and consequently, General Insurance business was
nationalized with effect from 1 January 1973. 107 insurers were amalgamated and
grouped into four companies, namely National Insurance Company Ltd., the New
India Assurance Company Ltd., the Oriental Insurance Company Ltd and the
United India Insurance Company Ltd. The General Insurance Corporation of India
was incorporated as a company in 1971 and it commence business on January 1,
1973.
The LIC had monopoly till the late 90s when the Insurance sector was reopened to
the private sector. Before that, the industry consisted of only two state insurers:
Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers
(General Insurance Corporation of India, GIC). GIC had four subsidiary
companies. With effect from December 2000, these subsidiaries have been de-
linked from the parent company and were set up as independent insurance
companies: Oriental Insurance Company Limited, New India Assurance Company
Limited, National Insurance Company Limited and United India Insurance
Company Limited.

UNIVERSITY OF JAMMU
INSURANCE NEED
Why is insurance necessary? The question contains the answer within itself. After
all, life is fraught with tensions and apprehensions regarding the future and what it
holds for the individual. Despite all the planning and preparation one might make,
no one can accurately guarantee or predict how or when death might result and the
circumstances that might ensue in its aftermath.
We are not saying that life and existence are constantly fraught with danger and
uncertainty. But then it is essential that you plan for the future. The chances for a
fatality or an injury to occur to the average individual may not be particularly high
but then no one can really afford to completely disregard his or her future and
what it holds.
People generally regard insurance as a scheme when and where you have to lose a
lot to gain a little. Nevertheless, insurance is still the most reliable tool an
individual can use to plan for his future.
AN OVERVIEW
Insurance business is divided into four classes:
1) Life Insurance business
2) Fire
3) Marine
4) Miscellaneous Insurance.
Life Insurers transact life insurance business; the rest is transacted by General
Insurers. No composites are permitted as per law.
The business of Insurance essentially means defraying risks attached to any
activity over time (including life) and sharing the risks between various entities,
UNIVERSITY OF JAMMU
both persons and organizations. Insurance companies (ICs) are important players
in financial markets as they collect and invest large amounts of premium

UNIVERSITY OF JAMMU
INSURANCE MARKET
IN INDIA
NON-LIFE INSURANCE MARKET

In December 2000, the GIC subsidiaries were restructured as independent
insurance companies. At the same time, GIC was converted into a national re-
insurer. In July 2002, Parliamant passed a bill, delinking the four subsidiaries
from GIC.
Presently there are 12 general insurance companies with 4 public sector
companies and 8 private insurers. Although the public sector companies still
dominate the general insurance business, the private players are slowly
gaining a foothold. According to estimates, private insurance companies
have a 10 percent share of the market, up from 4 percent in 2001. In the first
half of 2002, the private companies booked premiums worth Rs 6.34 billion.
Most of the new entrants reported losses in the first year of their operation in
2001.
With a large capital outlay and long gestation periods, infrastructure projects
are fraught with a multitude of risks throughout the development, construction
and operation stages. These include risks associated with project
implementation, including geological risks, maintenance, commercial and
political risks. Without covering these risks the financial institutions are not
willing to commit funds to the sector, especially because the financing of most
private projects is on a limited or non- recourse basis.
Insurance companies not only provide risk cover to infrastructure projects,
they also contribute long-term funds. In fact, insurance companies are an
ideal source of long term debt and equity for infrastructure projects. With

UNIVERSITY OF JAMMU
long term liability, they get a good asset- liability match by investing their
funds in such projects.
IRDA regulations require insurance companies to invest not less than 15
percent of their funds in infrastructure and social sectors. International
Insurance companies also invest their funds in such projects.
Insurance costs constitute roughly around 1.2- 2 percent of the total project costs.
Under the existing norms, insurance premium payments are treated as part of the
fixed costs. Consequently they are treated as pass-through costs for tariff
calculations.
Premium rates of most general insurance policies come under the purview of the
government appointed Tariff Advisory Commitee. For Projects costing up to
Rs.1Billion, the Tariff Advisory Committee sets the premium rates, for Projects
between Rs 1 billion and Rs 15 billion, the rates are set in keeping with the
committee's guidelines; and projects above Rs 15 billion are subjected to re-
insurance pricing. It is the last segment that has a number of additional products
and competitive pricing.
Insurance, like project finance, is extended by a consortium. Normally one insurer
takes the lead, shouldering about 40-50 per cent of the risk and receiving a
proportionate percentage of the premium. The other companies share the remaining
risk and premium. The policies are renewed usually on an annual basis through the
invitation of bids.

UNIVERSITY OF JAMMU
RE-INSURANCE
Insurance companies retain only a part of the risk (less than 10 per cent)
assumed by them, which can be safely borne from their own funds. The
balance risk is re-insured with other insurers. In effect, therefore, re-
insurance is insurer's insurance. It forms the backbone of the insurance
business. It helps to provide a better spread of risk in the international
market, allows primary insurers to accept risks beyond their capacity,
settle accumulated losses arising from catastrophic events and still
maintain their financial stability.
While GIC's subsidiaries look after general insurance, GIC itself has been the
major reinsurer. Currently, all insurance companies have to give 20 per cent of
their reinsurance business to GIC. The aim is to ensure that GIC's role as the
national reinsurer remains unhindered. However, GIC reinsures the amount
further with international companies such as Swissre (Switzerland), Munichre
(Germany), and Royale (UK). Reinsurance premiums have seen an exorbitant
increase in recent years, following the rise in threat perceptions globally.
LIFE INSURANCE MARKET

The Life Insurance market in India is an underdeveloped market that was only
tapped by the state owned LIC till the entry of private insurers. The
penetration of life insurance products was 19 percent of the total 400 million
of the insurable population. The state owned LIC sold insurance as a tax
instrument, not as a product giving protection. Most customers were under-
insured with no flexibility or transparency in the products. With the entry of
the private insurers the rules of the game have changed.
The 12 private insurers in the life insurance market have already grabbed

UNIVERSITY OF JAMMU
nearly 9 percent of the market in terms of premium income. The new business
premiums of the 12 private players has tripled to Rs 1000 crore in 2002- 03
over last year. Meanwhile, state owned LIC's new premium business has
fallen.
Innovative products, smart marketing and aggressive distribution. That's the
triple whammy combination that has enabled fledgling private insurance
companies to sign up Indian customers faster than anyone ever expected.
Indians, who have always seen life insurance as a tax saving device, are now
suddenly turning to the private sector and snapping up the new innovative
products on offer.
The growing popularity of the private insurers shows in other ways. They are
coining money in new niches that they have introduced. The state owned
companies still dominate segments like endowments and money back policies.
But in the annuity or pension products business, the private insurers have
already wrested over 33 percent of the market.
The private insurers also seem to be scoring big in other ways- they are persuading
people to take out bigger policies. For instance, the average size of a life insurance
policy before privatisation was around Rs 50,000. That has risen to about Rs
80,000. But the private insurers are ahead in this game and the average size of their
policies is around Rs 1.1 lakh to Rs 1.2 lakh- way bigger than the industry average.
Buoyed by their quicker than expected success, nearly all private insurers are
fast-forwarding the second phase of their expansion plans. No doubt the
aggressive stance of private insurers is already paying rich dividends. But a
rejuvenated LIC is also trying to fight back to woo new customers.
UNIVERSITY OF JAMMU
THE INSURANCE SECTOR- AN OVERVIEW
MARKET SHARE
An overview of the insurance sector in India, representing the market shares

allotted to each company.

UNIVERSITY OF JAMMU
MARKET SHARES UNDER PRIVATE PLAYERS
Presently Bajaj Allianz is one of the leading insurance company amoung private
sector having shares about 14% in the Market. The main competitor in the
market amoung private players are ICICI Prudential & SBI life.

UNIVERSITY OF JAMMU
BAJAJ ALLIANZ LIFE

INSURANCE
Bajaj Allianz Life Insurance Company

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading
conglomerates- , Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in
the world and Allianz AG, one of the world's largest insurance companies.
Bajaj Allianz Life Insurance
Is the fastest growing private life insurance company in India.

Currently has over 3,00,000 satisfied customers
We have customer care centers in 155 cities with 28000 Insurance
Consultant providing the finest customer service.
One of India's leading private life insurance companies
Bajaj Allianz General Insurance Company

Limited
Bajaj Allianz General Insurance Company Limited is a joint venture
between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a
reputation of expertise, stability and strength.
Bajaj Allianz General Insurance received the Insurance Regulatory and
Development Authority (IRDA) certificate of Registration (R3) on May2nd
2001 to conduct General Insurance business (including Health Insurance
business) in India. The Company has an authorized and paid up capital of
Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by
Allianz, AG, Germany.

UNIVERSITY OF JAMMU
ALLIANZ GROUP
Allianz Group is one of the world's leading insurers and financial services
providers.
Founded in 1890 in Berlin, Allianz is now present in over 70 countries with a
lmost 174,000 employees. At the top of the international group is the holding
company, Allianz AG, 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.
Allianz ag- a global finanecial powerhouse
Worldwide 2nd by Gross Written Premiums - Rs.4,46,654 cr.
3rd largest Assets Under Management (AUM) & largest amongst

Insurance cos. - AUM of Rs.51,96,959 cr.
12th largest corporation in the world
49.8 % of global business from Life Insurance
Established in 1890, 110 yrs of Insurance expertise

UNIVERSITY OF JAMMU
BAJAJ GROUP
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the
largest manufacturer of two-wheelers and three-wheelers in India and one of the
largest in the world.
A household name in India, Bajaj Auto has a strong brand image & brand
loyalty synonymous with quality & customer focus.
A STRONG INDIAN BRAND- HAMARA BAJAJ
One of the largest 2 & 3 wheeler manufacturer in the world
21 million+ vehicles on the roads across the globe
Managing funds of over Rs 4000 cr.
Bajaj Auto finance one of the largest auto finance cos. in India
Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03
It has joined hands with Allianz to provide the Indian consumers with a
distinct option in terms of life insurance products.
As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the
following to offer
-
Financial strength and stability to support the Insurance Business.
A strong brand-equity.
A good market reputation as a world class organization.
An extensive distribution network.
Adequate experience of running a large organization.

UNIVERSITY OF JAMMU
PRODUCT
Allianz AG with over 110 years of experience in over 70 countries and Bajaj Auto,
trusted for over 55 years in the Indian market, together are committed to offering
you financial solutions that provide all the security you need for your family and
yourself.
PROCESS OF SELLING OF INSURANCE POLICIES BY

ADVISORS
An insurance sales agent's job role and responsibilities would fall under two
categories:
New Client acquisition
o Seeking out new clients and develop clientele by networking to find
new customers and generate lists of prospective clients.
Understanding the prospective client's insurance needs and suggesting
suitable policies, explaining features, advantages and disadvantages.
o Ensuring that policy requirements are fulfilled, including any
necessary medical examinations and the completion of appropriate
forms. Inspecting property, examining its general condition, age, and
other characteristics, to decide if it should be insured.
o Calculating premiums and establishing payment method. Performing
administrative tasks, such as maintaining records and handling policy
renewals. Contacting underwriter and submitting forms to obtain
binder coverage.
Client Management

UNIVERSITY OF JAMMU
o Providing consultative service to policyholders by providing

information and assistance, suggesting additions or changes to policy
through future follow-up visits and evaluations of needs.
o Monitoring insurance claims to ensure they are settled equitably for
both the client and the insurer. Helping clients make and settle claims.
INSURANCE FOR NRI

UNIVERSITY OF JAMMU
All Indians have an underlying need to feel secure, to care for the loved ones and
to provide for old age. The need is felt more when you are away from your
Homeland. But being away from India doesn't mean you have to compromise on
the safety and security of your loved ones.
In fact, you can now easily steer your savings from overseas to
conveniently meet your family's needs - now and in the future.
Bajaj Allianz understand your need. The need to do something fruitful for your
loved ones.. The urge to let them know that you care. That's why Bajaj Allianz
introduced the NRI Insurance services. Now, you can invest your hard earned
money in India and in the bargain ensure your family's future.
InvestGain - 'With Profits
Endowment Plan'.
CashGain - 'With Profits Money Back Plan'.
Child Gain - 'With Profits Money Back Plan' for children.
Lifetime Care - 'With Profits Whole

of Life Plan'.
Swarna Vishranti - 'With Profits Differed

Annuity Plan'.
UnitGain - 'Unit Linked Whole of Life Plan'.
MARKETING STRETAGY

UNIVERSITY OF JAMMU
A marketing strategy is a process that can allow an organization to concentrate its

(always limited) resources on the greatest opportunities to increase sales and
achieve a sustainable competitive advantage.
Marketing strategy as a key part of the general corporate strategy marketing

strategy is most effective when it is an integral component of corporate strategy,
defining how the organization will engage customers, prospects and competitors in
the market arena for success. It is partially derived from broader corporate
strategies, corporate missions, and corporate goals. They should flow from the
firm's mission statement. They are also influenced by a range of micro
environmental factors.
Marketing strategy and sectarian tactics and actions:

A marketing strategy also serves as the foundation of a marketing plan. A
marketing plan contains a set of specific actions required to successfully

UNIVERSITY OF JAMMU
implement a marketing strategy. For example: "Use a low cost product to attract
consumers. Once our organization, via our low cost product, has established a
relationship with consumers, our organization will sell additional, higherMargin
products and services that enhance the consumer's interaction with the low-cost
product or service."
A strategy consists of well thought out series of tactics. While it is possible to

write a tactical marketing plan without a sound, well-considered strategy, it is not
recommended. Without a sound marketing strategy, a marketing plan has no
foundation. Marketing strategies serve as the fundamental underpinning of
Marketing plans designed to fill market needs and reach marketing objectives. It is
important that these objectives have measurable results. A good marketing strategy
should integrate an organization's marketing goals, policies, and action sequences
(tactics) into a cohesive whole. Many companies cascade a strategy throughout an
organization, by creating strategy tactics that then become strategy goals for the
next level or group. Each group is expected to take that strategy goal and develop a
set of tactics to achieve that goal. This is why it is important to make each strategy
goal measurable. Marketing strategies are dynamic and interactive. They are
partially planned and partially unplanned.
Types of marketing strategies
Every marketing strategy is unique, but if we abstract from the individualizing
Details each can be reduced into a generic marketing strategy. There are a
number of ways of categorizing these generic strategies. A brief description of
the most common categorizing schemes is presented below:
Strategies based on market dominance - In this scheme, firms are

classified based on their market share or dominance of an industry.

UNIVERSITY OF JAMMU
Typically there are three types of market dominance strategies:

Leader
Challenger
Follower
Innovation strategies - This deals with the firm's rate of the new product
development and business model innovation. It asks whether the company is on
the cutting edge of technology and business innovation. There are three types:
Pioneers
Close followers
Late followers
Growth strategies - In this scheme we ask the question, How should

the firm grow? There are a number of different ways of answering
that question, but the most common gives four answers:
Diversification
Horizontal integration
Intensification
Vertical integration
FORMULATING THE MARKETING STRATEGY-

UNIVERSITY OF JAMMU
Formulating the marketing strategy consists of two main steps-
1- Selecting the target market-
It does not fully bring out the import of the inseparable linkage between the
two. When the selection of the target market is over an important part of the
marketing strategy of the firm is already determined, defined and expressed.
2-Assembling the marketing mix-
Assembling the marketing mix means assembling the four Ps of marketing in

the right combination.
The firm has to find out how it can generate the best sales and profit. It plans
different marketing mixes with varying levels of expenditure on each element
and tries to figure out the effectiveness of each combination in terms of the
possible sales and profit.
STRATEGIES USED
Direct Marketing
Cold calling
Through friends, and the reference given by the company
Advertisement
Promotion & distribution
DIRECT MARKETING
Direct marketing is a channel-agnostic form of advertising that allows businesses

and nonprofits organizations to communicate straight to the customer, with
advertising techniques that can include Cell Phone Text messaging, email,

UNIVERSITY OF JAMMU
interactive consumer websites, online display ads, fliers, catalog distribution,

promotional letters, and outdoor advertising.
Direct marketing messages emphasize a focus on the customer, data, and

accountability. Characteristics that distinguish direct marketing are:
1. A database of names (prospects, customers, businesses, etc.), often with

certain other relevant information such as contact number/address,
demographic information, purchase habits/history, company history, etc., is
used to develop a list of targeted entities with some existing common
interests, traits or characteristics.
2. Marketing messages are addressed directly to this list of customer and/or
prospects. Direct marketing relies on being able to address the members of a
target market. Addressability comes in a variety of forms including email
addresses, phone numbers, Web browser cookies, fax numbers and postal
addresses.

UNIVERSITY OF JAMMU
3. Direct marketing seeks to drive a specific "call to action." For example, an

advertisement may ask the prospect to call a free phone number, mail in a
response or order, or click on a link to a website.
4. Direct marketing emphasizes trackable, measurable responses, results and
costs from prospects and/or customers regardless of medium.
COLD CALLING
Cold calling is the marketing process of approaching prospective customers or

clients-typically via telephone, by email or through making a connection on a
social network-who were not expecting such an interaction. The word "cold" is
used because the person receiving the call is not expecting a call or has not
specifically asked to be contacted by a sales person. A cold call is usually the start
of a sales process generally known as telemarketing.

UNIVERSITY OF JAMMU
Cold calling is one of the least liked tasks in sales. It's emotionally demanding
because receiving a cold sales call can bring out the worst in people, so salespeople
launching into a round of cold calls can expect verbal abuse, prospects who hang
up on them, and even occasional threats. The best approach is to remind yourself
that they are not rejecting you, they are simply reacting to the situation. Just let any
hostility roll off and move on to the next name on the list.
ADVERTISEMENT
Advertising or advertizing is a form of communication for marketing and used to
encourage, persuade, or manipulate an audience (viewers, readers or listeners;
sometimes a specific group) to continue or take some new action. Most commonly,
the desired result is to drive consumer behavior with respect to a commercial
offering, although political and ideological advertising is also common. This type
of work belongs to a category called affective labor.

UNIVERSITY OF JAMMU
Advertising is at the front of delivering the proper message to customers and

prospective customers. The purpose of advertising is to convince customers that
the company products are the best, enhance the image of the company, point out
and create a need for products or services, demonstrate new uses for established
products, announce new products and programs, reinforce the salespeople's
individual messages, draw customers to the business, and to hold existing
customers.

UNIVERSITY OF JAMMU
OBJECTIVES OF THE STUDY
To study the sales Strategy of field force of Bajaj Allianz Life Insurance.
To study the process of selling of Insurance Policies by Advisors.

UNIVERSITY OF JAMMU
RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the research problem.
Research methodology constitutes of research methods, selection criterion of
research methods, used in context of research study and explanation of using
of a particular method or technique so that research results are capable of
being evaluated either by researcher himself or by others. Why a research
study has been undertaken, how the research problem has been formulated,
why data have been collected and what particular technique of analyzing data
has been used and a best of similar other question are usually answered when
we talk of Research methodology concerning a research problem or study.
The main aim of research is to find out the truth which is hidden and
which has not been discovered as yet.

The five characteristics of research are:
Systematic problem solving which identifies variables and tests relationships

between them
Logical, so procedures can be duplicated or understood by others
Empirical, so decisions are based on data collected
Reductive, so it investigates a small sample which can be generalized to a
larger population
Replicable, so others may test the findings by repeating it
RESEARCH SITE:
The area of the study related with getting correct information of life
insurance policies of different peoples in the region of Jammu.

UNIVERSITY OF JAMMU
RESEARCH DESIGN :
The research design which has been used in the project report is descriptive in
nature.
SAMPLE DESIGN:
A sample design is a definite plan for obtaining a sample from a given

population. It refers to the techniques or the procedure the researcher would
adopt in selecting items for the sample. Sample design may as well be drawn
from the population to be included in the sample i.e. the size of the sample.
Sample design is determined before data are collected.
SAMPLING UNIT :
A decision has to be taken concerning a sample unit before selecting the number of
samples. It may be geographical as well as individual. Here Jammu region has
been taken as a geographical unit and retailers as an individual unit.
SIZE OF SAMPLE:
This refers the number of items (Outlets) to be selected from the finite universe to
constitute a sample size. The survey was conducted owith 50 insurance care
consultant.
DATA COLLECTION
PRIMARY DATA SOURCES

Through interaction with insurance care consultant
Through questionnaires filled from the insurance care consultant.
SECONDARY DATA SOURCES:

UNIVERSITY OF JAMMU
Through internet, various official sites of the companies.
Through pamphlets and brochures of the companies.
Journals & Magazine
LIMITATIONS OF THE STUDY
Following limitations were faced during the
1. While designing the questionnaire it was kept in mind to gather more and
more information from each target person. For the neither present nor
descriptive questions could have served the purpose. Therefore the
questionnaire contained in the open-ended questions.
2. The study was conducted in Bajaj Allianz in Bhopal city, which has
127 to 170 insurance care consultants only. The sample size was of
50 insurance care consultants only so that accuracy of data so
collected could be absurd covered by circulation of questionnaire.
3. The accuracy of indications given by the respondents may not be
consider adequate as whether the language used in the questionnaire
is understood by the respondent cannot be taken for granted.
4. The study is based on the information gathered from the insurance care
consultants. Therefore in such case it is possible that the information
supplied might be biased because the insurance care consultant might
have shown partiality towards their insurance policies.
5. Since the survey was limited to 50 insurance care consultants it is rather
difficult to give a precise conclusion but I have tried to the best of my
capability to give the conclusion on a comprehensive manner.

UNIVERSITY OF JAMMU
DATA ANALYSIS AND INTERPRETATION
Q.1 Which technique of sales promotion you prefer?
Options: Response in %
a) Display 40%
b) Door to Door 14%
c) Exhibition 16%
d) Catalogue 20%
e) Price off 10%
Sample size: 50
Display Door to Door Exhibition Catalouge Price off
10%
20% 40%
16%
14%
Interpretation:
According to the study 40% insurance care consultants prefer display technique
,20% insurance care consultants prefer catalogues, 16% to the exhibition, 14% to
the door to door demo and 10% insurance care consultants prefer price off
technique.

UNIVERSITY OF JAMMU
Q2. Which technique is giving good response from customer?
a) Display 20%
b) Door to Door 30%
c) Exhibition 20%
d) Catalouge 18%
e) Price off 12%
12% 20%
18%
30%
20%
Interpretation:
According to the study 36% insurance care consultants say door to door demo
techniques giving good response, 18% insurance care consultants say to the
display & exhibition, 16% to the catalogues & 12% say to the price off
technique.

UNIVERSITY OF JAMMU
Q.3 Which technique is economically beneficial?
a) Display 10%
b) Door to Door 22%
c) Exhibition 10%
d) Catalouge 46%
e) Price off 12%
50%
45%
40%
35%
30%
25% Series 1
20%
15%
10%
5%
0%
Interpretation:
According to the 46% insurance care consultants, catalogue technique is
economically beneficial. 22% to the door-to-door demo and 12% insurance care
consultants prefer price off technique.10% to the exhibition & display technique.

UNIVERSITY OF JAMMU
Q4. Which technique requires less time in sales promotion?

a) Display 22%
b) Door to Door demo 38%
c) Exhibition 10%
d) Catalouge 16%
e) Price off 14%
30%
25%
20%
15% Series 1
10%
5%
0%
Display Door to Door Exhibition Price off Catalouge
Interpretation:
According to the study 38% insurance care consultants say display technique
requires less time in sales promotion. 22% to the display technique, 16% insurance
care consultants vote to the catalogues, 14% insurance care consultants vote to the
10% to the exhibition.

UNIVERSITY OF JAMMU
Q5. Which technique is easily manageable?
a) Display 18%
c) Exhibition 10%
d) Catalouge 34%
e) Price off 8%
Display Door toDoor Exhibition Catalouge Price off
8%
18%
34%
30%
10%
Interpretation:
According to the study 34% insurance care consultants say that the catalogues is easily
manageable, 30% to the door to door demo,18% insurance care consultants prefer display
technique 10% to the exhibition, and 8% insurance care consultants say to the price off
technique.

UNIVERSITY OF JAMMU
Q6. Which technique requires less knowledge to execute?

a) Display 14%
c) Exhibition 12%
d) Catalouge 22%
e) Price off 40%
14%
40% 12%
12%
22%
Interpretation:
According to the study 40% insurance care consultants vote to the price off
technique is require less knowledge to execute.22% insurance care consultants
prefer catalogues, 14% to the display and 12% to the exhibition & door to door.

UNIVERSITY OF JAMMU
Q7. Which technique requires more knowledge to execute?
a) Display 20%
c) Exhibition 24%
d) Catalouge 10%
e) Price off 4%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Interpretation:
According to the study 42% insurance care consultants vote to the door-to-door
technique that it requires more knowledge to execute than others. 24% to the
exhibition, 20% to the display technique, 10% insurance care consultants give vote
to the catalogues and 4% insurance care consultants prefer price off technique.

UNIVERSITY OF JAMMU
Q8. Price off are necessary for sales promotion?
a) Yes 46%
b) No 40%
c) Cant Say 14%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Yes No Can't Say
Interpretation:
According to the study 46% insurance care consultants say yes that the price off
are necessary for sales promotion. 40% say no and 14% say cant say.

UNIVERSITY OF JAMMU
Q9. Do you think that sales promotion program that is presently undertaken by
Bajaj Allianz are satisfactory?
a) Yes 34%
b) No 46%
c) Cant Say 20%
Yes No Can't Say
20% 34%
46%
Interpretation :
According to the study 46% insurance care consultants say No that the sales
promotion program that is presently undertaken by Bajaj Allianz are satisfactorily
36% say Yes and 20% say cant say.

UNIVERSITY OF JAMMU
Q10. Should Bajaj Allianz take up new sales promotion program?
a) Yes 72%
b) No 22%
c) Cant Say 6%
Yes No Can't Say
6%
22%
72%
Interpretation :
According to the study 72% insurance care consultants say yes installment offers
are 22% say no and 6% say cant say.

UNIVERSITY OF JAMMU
OBSERVATIONS
&
FINDINGS

UNIVERSITY OF JAMMU
OBSERVATIONS & FINDINGS
This sales promotion process was very much satisfying for me not only
practically and academically but it also helped me in developing my
communication skill and enriched my knowledge also.
I have come to know about the importance of marketing especially with
regard to Sales Promotion on the most renowned organization like Bajaj
Allianz. Especially because of emergence of many competitor with
excellence in services & competitive product. The base of this chapter
conclusion is on the data analysis or what we say findings.
I have finding from the insurance care consultants of the Bajaj Allianz. and
their insurance policies on my topic.
When the insurance care consultant is asked why they are dealing in this
particular insurance policies (product) they mostly stressed on companys
image. They also said that all income and age group of customers are
attracted towards their product but buyers are mainly from higher and
middle-income group.
Insurance care consultants said that their sale is very much increased in the
last years because of an excellent performance of the product. Insurance care
consultants said that the customer are very much satisfied after getting
insurance policies because of its features related with risks of life and also
because of quality of service provide by their company is very good.

UNIVERSITY OF JAMMU
SUGGESTIONS
Here are some suggestions, which may help to strengthen the firm further:
Many of the insurance care consultants of the Bajaj Allianz. Has the lack of
good communication skills and training. So training should be easy.
Bajaj Allianz. Should use new techniques of sales promotion.
Customer services should be more comfortable than others.
People must be made aware of the benefits of the policies of Bajaj Allianz.
The company should give personal attention to each customer.
Proper assistance should be provided to the customer at the time of claim
settlement.
All the details about the company should be given to the customers.
Regular advertisement of the company should be given TV and Newspaper.
The company must try to find new markets especially in the rural areas.
The company should do frequent analysis of the competitors.

UNIVERSITY OF JAMMU
BIBLIOGRAPHY
Books:
Kothari C.R., (1999) Research Methodology, Wishwa Prakashan

Kotler P. and Armstrong G., (2005) Principles of Marketing New Delhi,
Prentice Hall of India
Kotler P., (1999)Marketing Management Analysis, Planning,
Implementation and Control, New Delhi, Prentice Hall of India
Saxena Rajan, (1999) Marketing Management, Tata McGraw Hill
Websites:
www.bajajallianz.com
www.quickmba.com
www.indiainfoline.com
Magazines
Business World (Issue 04-10 Dec, 2011)

A & M (Issue Jan 2008)
Business India (Issue 11-17 Dec, 2012)

UNIVERSITY OF JAMMU
QUESTIONNAIRE
Name : _____________________________________
Address : _____________________________________
Q1. To which technique of sales promotion you prefer?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q2. which technique is giving good response from customers?
E) Price-off
Q.3 Which technique is economically beneficial?
E) Price-off
Q.4 Which technique requires less time in sales promotion?
E) Price-off

UNIVERSITY OF JAMMU
Q.5 Which technique is easily manageable?
E) Price-off
Q.6 Which technique requires less knowledge to execute?
E) Price-off
Q.7 Which technique requires more knowledge to execute?
E) Price-off
Q.8 Price off and installment offers are necessary for sales promotion?
A) Yes B) No
C) Cant say
Q.9 Do you think that sales promotion program that is presently undertaken by
Bajaj Allianz. are satisfactory?
A) Yes B) No
C) Cant say

UNIVERSITY OF JAMMU
Q.10 Should Bajaj Allianz. take up new sales promotion program?
A) Yes B) No
C) Cant say

Bajaj Project

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Bajaj Project

Uploaded by

Copyright:

Available Formats

UNIVERSITY OF JAMMU

Summer Training Project Report on

Submitted to University of Jammu

COMPANY GUIDE: PROJECT GUIDE:

Trikuta College of Computer Science and Management Studies Page 1

I hereby declare that the project report titled:

THE STUDY OF STRATEGIES AND FUNCTIONING OF SALES FORCE

Trikuta College of Computer Science and Management Studies Page 2

Trikuta College of Computer Science and Management Studies Page 3

Theoretical knowledge is of no use, until and unless it is applied into some

Trikuta College of Computer Science and Management Studies Page 4

My internship at BAJAJ ALLIANZ, Jammu was a great exposure to the industry.

Trikuta College of Computer Science and Management Studies Page 5

Insurance in India started without any regulations in the nineteenth century.

foreign players. The following companies are entitled to do insurance

Trikuta College of Computer Science and Management Studies Page 6

Trikuta College of Computer Science and Management Studies Page 7

growth rate of 62.60 per cent.

Trikuta College of Computer Science and Management Studies Page 8

BRIEF HISTORY OF INSURANCE

The Government of India issued an Ordinance on 19 January 1956 nationalising

Trikuta College of Computer Science and Management Studies Page 9

Trikuta College of Computer Science and Management Studies Page 10

individual can use to plan for his future.

Trikuta College of Computer Science and Management Studies Page 12

NON-LIFE INSURANCE MARKET

Trikuta College of Computer Science and Management Studies Page 13

Trikuta College of Computer Science and Management Studies Page 14

LIFE INSURANCE MARKET

Trikuta College of Computer Science and Management Studies Page 15

THE INSURANCE SECTOR- AN OVERVIEW

An overview of the insurance sector in India, representing the market shares

Trikuta College of Computer Science and Management Studies Page 17

MARKET SHARES UNDER PRIVATE PLAYERS

Trikuta College of Computer Science and Management Studies Page 18

BAJAJ ALLIANZ LIFE

Bajaj Allianz Life Insurance Company

Bajaj Allianz Life Insurance

Is the fastest growing private life insurance company in India.

Bajaj Allianz General Insurance Company

Trikuta College of Computer Science and Management Studies Page 19

Life and Health Insurance,

Asset Management and Banking.

Allianz ag- a global finanecial powerhouse

Worldwide 2nd by Gross Written Premiums - Rs.4,46,654 cr.

3rd largest Assets Under Management (AUM) & largest amongst

49.8 % of global business from Life Insurance

Established in 1890, 110 yrs of Insurance expertise

Trikuta College of Computer Science and Management Studies Page 20

A STRONG INDIAN BRAND- HAMARA BAJAJ

One of the largest 2 & 3 wheeler manufacturer in the world

21 million+ vehicles on the roads across the globe

Managing funds of over Rs 4000 cr.

Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03

A good market reputation as a world class organization.

An extensive distribution network.

Adequate experience of running a large organization.

Trikuta College of Computer Science and Management Studies Page 21

PROCESS OF SELLING OF INSURANCE POLICIES BY

Trikuta College of Computer Science and Management Studies Page 22

o Providing consultative service to policyholders by providing

INSURANCE FOR NRI

CashGain - 'With Profits Money Back Plan'.