Professional Documents
Culture Documents
Presented By : Anindya Banerjee (071106) Suman Dutta (071146) Abhinav Sharma (071102) Saptarshi Mitra (071141) Somnath Ghosh (071144
Marketing of Services
> bajajallianz.com
10
08 Claims Loss analysis Moments of Truth Settlement of claims The human touch 07
Insurance Operations
04
Operations Premium receipt 06 Policy issuance 05 Underwriting Reinsurance/ Accounting Understanding the risk D Base Management Coinsurance Risk exposure control Learning about new industries Investments Risk Management Pricing
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Marketing of Services
> bajajallianz.com
Introduction
Its a joint venture between Bajaj Auto
ltd. and Allianz AG.
Marketing of Services
> bajajallianz.com
SWOT Analysis
Brand name Bajaj Allainz All India network Product across all lines Strong IT infrastructure Strong Mktg infrastructure
More and more private players Focus on increasing market share and aggressiveness Increases pressure on profitability
Income reliance on investment portfolios major part of income from small sets of sales force
Untapped potential for expansion De tariffing will allow differential pricing High competition will foster innovation in product pricing
Fore School Of Management
Weakness
Strengths
Opportunities
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Threats
Marketing of Services
> bajajallianz.com
5/16
Marketing of Services
> bajajallianz.com
4. Service Recovery
6/16
January 25, 2014
6
Fore School Of Management
Marketing of Services
> bajajallianz.com
Provider Gap 1
The company scores high on relationship focus. Recently in the month of January 2008, Bajaj Allianz has launched a product named Health Ensure which is a product similar to their existing product Health Guard with a few capping. This is for the customer segment who doesnt want to spend too much money on premiums The company should spend more money in market research The top management gets the response and the general customer expectations through the intermediaries, so efficiency of the latter is crucial
7/16
January 25, 2014 Fore School Of Management
Marketing of Services
> bajajallianz.com
8/16
Marketing of Services
> bajajallianz.com
Provider Gap 2
Lack of very impressive sales brochures and pamphlets has
lowered the scores
Marketing of Services
> bajajallianz.com
8
Fore School Of Management
Marketing of Services
> bajajallianz.com
Provider Gap 3
The company score low on the role fulfillment aspect of the customers and effective human resources policies It is the responsible of the customers to go through the policy brochure in detail during acceptance of the policy, should clear ambiguities if any. In most cases however, it is found that the customer is not aware of the clauses of the policy which creates problems during settlement of the claim procedure Focus should not only be on the policies but also on the competence level of the intermediaries
11/16
January 25, 2014 Fore School Of Management
Marketing of Services
> bajajallianz.com
Marketing of Services
> bajajallianz.com
Provider Gap 4
Print ads, hoardings, billboards etc are the areas where there are scopes for extensive advertising for greater visibility and top of the mind recall The company doesnt have a TPA (Third Party Administrator) team for settlement of claims. But they do have a HAT (Health Administrative Team) do ensure that the claim settlement is done efficiently. This results in enhanced Customer Satisfaction At the same time the company should ensure that if any claim is rejected the customer should be made aware of the reasons of the same
13/16
January 25, 2014 Fore School Of Management
Marketing of Services
> bajajallianz.com
For this purpose, Bajaj Allianz has got its own Health
Administrative Team (HAT). The perceived service quality gets enhanced and the gap gets reduced.
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Marketing of Services
> bajajallianz.com
Environmental Scanning
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The value chain: Secondary The value chain: Primary Activities Activities
Marketing of Services
> bajajallianz.com
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Marketing of Services
> bajajallianz.com
Porters framework
Rivalry among Competitors Barriers Buyer/Customer Suppliers to entry Power Power Threat of Substitutes products Industry Concentration in Life FDI Limited Ceiling Widening Actuaries Product in the Range Market and Non-life Capital Government Reinsurance Large Requirements Corporate Pension Concentration Scheme Clients Low Penetration Insurance Elaborate Tax Cession Saving Sale Distribution of to Instruments Bancassurance the of National Requirements Insurer Regulation Restricts Lock Emerging Dependence -in Price of Buyers Substitutes Sensitive on IT Competition Buyers Providers Multiple Distribution Channels
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Marketing of Services
> bajajallianz.com
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Marketing of Services
> bajajallianz.com
RecommendationsMarketing Mix
PRODUCT
-- Only 5% of the health market tapped -- Young people should be targeted -- Customized products should be offered to the corporates. -- Low premium products in the rural market. -- Agricultural insurance, tractor insurance etc should be focused -- Wedding insurances and film insurances. -- Death of an individual due to terrorist attacks
19/16
January 25, 2014
PRICE
--Company should try to achieve profits from the STAR products like Health and Travel Insurance. -- Motor insurance is now a CASH COW -- Bajaj Allianz should get the customer base from the motor insurance and try to sell them the newer profitable products. -- Discounts should not be offered in their STAR products.
Marketing of Services
> bajajallianz.com
RecommendationsMarketing Mix
PLACE
-- Company recently targeted young students and chemists to serve as intermediaries. -- Company can target boutiques to target the female segments for product selling and recruiting advisors. -- Collaborating with gymnasiums
20/16
January 25, 2014
PROMOTION
-- Heavy advertising in electronic and print media -- Billboards in bus stands, highways etc --Rural market has to be captured by advertising on post offices, banks, etc.
Marketing of Services
> bajajallianz.com
RecommendationsMarketing Mix
PROCESS
--There should be standardization across the same segments of customers. -- New product features should be represented well. -- SERVQUAL scores should be tallied and analyzed using the customer satisfaction surveys.
21/16
January 25, 2014
PEOPLE
-- DSAs and salespersons be trained -- Sales force should be made to understand that customer retention is much more important than meeting sales targets
Marketing of Services
> bajajallianz.com
RecommendationsMarketing Mix
PHYSICAL EVIDENCE
-- The policy papers be drafted properly -- Flashy brochures should be made and circulated using the sales force during product selling.
22/16
Marketing of Services
> bajajallianz.com
Recommendationsto compete
Efficient and hassle claims settlement and disbursement
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should be provided. Reduction in operating expenses and management cost so as to be able to go for competitive pricing. Inculcating the culture of the company among the DSAs and the sales advisors Hiring of the sales advisors should be based on strict parameters Shifting focus from retail customers to large corporate houses Risk hedging mechanisms like re-insurance should be adopted on a larger scale.
January 25, 2014 Fore School Of Management
Marketing of Services
> bajajallianz.com
Recommendationsto compete
Providing more than one kind of insurance in one single
policy. Appropriate reasons to the customers in case of any discrepancies in premiums or rejection of claims. Hiring good agencies so as to develop better promotional campaigns and increase the market visibility. Hiring good actuaries with widespread experience of the industry Collaboration with companies belonging to different industries Increasing awareness about health policy in rural areas
January 25, 2014 Fore School Of Management
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