On The Job Training Report On: Submitted To
On The Job Training Report On: Submitted To
On The Job Training Report On: Submitted To
On
Submitted to
Submitted by:
NIKHIL SHARMA
Roll No. 181561230084
____Nikhil Sharma_______
___181561230084___________
(Roll No.)
Date: __23/03/2020______
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ACKNOWLEDGEMENT
“It is not possible to prepare a project report without the assistance & encouragement of other
people. The one is certainly no exception.”
I would like to sincerely thank all the people who have helped in making this project. Without
their guidance I was unable to make this project.
This Project would not have been completed without the direct & indirect help and guidance of
Prof. Sh. Vijay Kumar Kaushal as he provided us with the necessary resources and healthy
learning and training.
I am using this opportunity to show my gratitude towards everyone who had helped me in this
project. I am Thankful to the extreme support of everyone who just helped me in the making of
this project.
At Last I would like to thank all the members of BAJAJ ALLIANZ and my colleagues who
helped me to finish my project.
Any omission in this brief acknowledgement does not mean lack of gratitude.
Thanking You
NIKHIL SHARMA
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EXECUTIVE SUMMARY
I am currently doing my internship in Bajaj Allianz Life Insurance Co.Ltd. While doing this
Internship, I faced many challenges and got a great experience in the insurance industry and
Corporate industry. The Project was based on the comparative study and performance of
insurance in India.
Especially we got a brighter look and clarity for insurance because we sell insurances. There are
two types of insurance i.e. Life Insurance & General Insurance.
My Project is to understand the various marketing and sales strategies adopted by BAJAJ
ALLIANZ LIFE INSURANCE CO.LTD to increase their market share and to achieve their
targets in order to attain the highest position in the insurance sector.
Insurance is the largest investment and many people purchase insurances to protect their family
from any unforeseen incident. By investing in insurance you will be able to get yourself a life
cover and should be able to save some money for your family to protect them from any
uncertainty.
While working in this company I learned the behavior of the consumers in order to manipulate
the market and gain some more insight of the market. I learned how to create business
opportunities and help in resolving the problems.
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INDEX
I. Introduction to the Company:
Position held
Job description
Key responsibilities
Individual Achievements/awards (From July 2019-Dec. 2019)
V. Conclusion
References and Bibliography (should include the web references, names and detail
of the books, magazines, brochures or any other kind of publication which you have
referred for your presentation)
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ABOUT THE COMPANY
Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited (formerly part
of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE, a European financial
services company.
It is led by Tarun Chugh who is the Managing director and Chief Executive Officer of the
company.
Bajaj Allianz Life Insurance began operations on 12 March 2001 and today has a pan-
India presence of 759 branches. It is headquartered in Pune, India. Bajaj Allianz Life Insurance
received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration
on 3 August 2001 to conduct Life Insurance business in India.
As I am working in Bajaj Allianz Life Insurance Co.Ltd , There are our top executives who are
responsible for the development of the company.
Here are our Top Executives which are responsible for the development and growth of the
company.
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TURNOVER
88 Million And retail & corporate clients in more than 70 countries rely on our knowledge,
global presence, financial strength and solidity. In Fiscal Year 2017 over 140000 employees
worldwide achieved total revenues of 126.1 billion euros and an operating profit of 11.1 billion
euros.
CSR INITIATIVES
There are various steps which has been taken by the company for corporate social responsibility
BUSINESS MODEL
Our business model is that we are working in the PSF channel which is a direct marketing
channel in which a backened team which is known as tele caller team named as
“Eureka” , “Teleaccess” through which appointments are fixed and are given to us.
Appointments are given within Ludhiana but sometimes given out of Ludhiana.
COMPETETIVE ANALYSIS
Besides being a reputed insurance company, Bajaj Allianz Life Insurance has its competitors in
the market.
INTRODUCTION TO OUR BRANCH
I am currently doing my internship in BAJAJ ALLIANZ LIFE INSURANCE CO.LTD at Feroze
Gandhi Market , Ludhiana and in that branch two departments are working i.e. Agency
Department and PSF (Proprietary Sales Force) in which I am currently working.
I am working in PSF Department which is a direct marketing channel. In this channel a backend
team which is known as tele caller team named as “Eureka” , “Teleaccess” through which
appointments are fixed and are given to us. Appointments are given within Ludhiana but
sometimes given out of Ludhiana.
The Catchment Area of our department is sometimes in Ludhiana and sometimes out of
Ludhiana.
BRANCH HIEARCHY
I am working in PSF Department which is a direct marketing channel. In this channel a backend
team which is known as tele caller team named as “Eureka” , “Teleaccess” and some Maturity
Data through which appointments are fixed and are given to our Branch Manager and then
Branch Manager assigns those appointments to us. Appointments are given within Ludhiana but
sometimes given out of Ludhiana.
TARGETS
As there are four campaigns in PSF Department are working i.e. Service , Winback , Service to
Sales (S2S) and Elite Relationship Force (ERF). Every department has its own targets which are
given below:
5.
Service Targets
Winback Targets
S2S TARGETS
ELITE RELATIONSHIP FORCE TARGETS
Our training was held on 4 JANUARY 2020 to 4 MARCH 2020 at New Delhi Jasola Branch and at
Gurgaon. Training was fun as we were taught about different insurance products and we were
taught that how to tackle the customers objections and problems.
Training Focused on our all round development that how to meet and greet the customer , How
to look attractive in front of the customers , how to speak in front of the customers and how to
listen carefully to the customers to understand their problems and analyse their needs and
according to their needs we have to pitch them a perfect plan for investment which should be
able to fulfill the needs of the customer and his/her family.
TEAM MANAGEMENT
Our working is from Monday to Friday from 9:30am to 6:30pm and every morning our Branch
Manager named Mr. Rishav Sharma takes a morning huddle and ask us about the logins of the
day and appointments of the customer. Our branch Head Manages the team by going on calls
with them to make them learn that how to pitch the customer a perfect plan and how to listen
carefully.
And where ever we go to meet the customers, we are liable to click a pic with a customer as a
proof of meeting
PROMOTIONAL ACTIVITY
Till now no promotional activity had been organized by the company but our team conducted a
seminar in various government offices to give knowledge of our products to the govt.
employees .
JOB PROFILE
As there are four campaigns running in the PSF Team that is Service, Winback, Elite
Relationship Force and Service To Sales (S2S). I am Working in the Service department in
which leads are being assigned to me by my branch head and I have to go to the customer’s
house to give them services. I can check my assigned leads in the Ins-Tab app which is the
official app of Bajaj Allianz Life Insurance Co.Ltd. Below given pictures will make you
understand my workings in the company.
This is A traditional policy of Mrs. JANAT which can be considered as fixed policy in which we
cannot do anything we only have to pitch them a new product to invest and maintain the
relationship with our company.
However in Ulip policies we can do fund transfer of customer to another policy which will be
counted in our targets.
POSITION HELD
In this Company I work as a Senior Relationship Manager. Here are some pictures of my visiting
card which I offers to the customers.
KEY RESPONSIBILITIES
Being as a Senior Relationship Manager, I have various responsibilities towards company and
customers.
When the leads are assigned to me by my Branch Manager, We got ample of time to do our
homework for that lead and we can plan accordingly.
When facing the customer, we have to listen the customer carefully to analyse their needs and to
pitch them the investment plan accordingly and then decision is made.
MARKET RESEARCH
While working in this company, I came to know various things about market that how sensex
can affect the purchasing power of the consumers. Besides this there are various funds which are
prevailing in the market in which if a customer invests will give customers the better returns.
Before pitching the product, we need to analyse the behavior of the customer and according to
that we have to give him the right product which should be able to satisfy the needs of the
customer and his family.
There are strategies which has been adopted by BAJAJ ALLIANZ LIFE INSURANCE CO.LTD
for marketing and promotions of their products through celebrity endorsements. 3 months ago
Bajaj Allianz Life Insurance Co.Ltd launched their new ad featuring Varun Mitra Lead actor of
movie Jalebi.
While working in this organization, I came to know about various customer feedback. As there
are 4 campaigns in the PSF Channel. Customers have feedback according to the channel. In
service vertical Some customers don’t have any problem with the company as they got best
returns from the company. But customers those who haven’t received the returns from the
company had given the bad feedback for the company.
Our work is to listen to all the Grievances of the customer and to console and mould them in
such a way so as to make them invest again in the company.
Our work is to tell them about their existing policy and ask about the previous agent who did this
policy and to take a feedback from the customer of that agent and to tell the customer about our
channel and to build a trust and relationship with the customer so as to make them invest more in
our company.
While I was working in the company I faced a critical incident which has given me the learning
regarding Fund Transfer of the customer.
When I visited a customers house , customer name was Mukesh Jain and I picked up 1 Lakh case
from him which was a fund transfer from his existing policy. But when I tried to Transfer the
funds from one policy to other it was not able to execute as from which fund I was trying to
transfer the fund was a pension fund and pension fund cannot be transferred to any other policy
and the I returned all the documents to the customer and tried to pitch him for the new product
but customer denied to invest any further.
This was the critical incident which I faced while I was working in the company which impacted
me with a great learning.
CONCLUSION
Thus from the above study we can say that BAJAJ ALLIANZ LIFE INSURANCE
COMPANY Ltd. Is growing day by day with new banks tie-ups. The working culture in this
company is excellent which ideally makes this company a best place to work with for an
employee.
As from above studies we also came to know that this company is having good market reputation
and had tie ups with most reputed banks and still progressing for more tie ups.
REFERENCES
Some of the information which had been gathered from the internet which helped me in making
my report more efficient.
Links are:
www.youtube.com
www.wikipedia.com
www.indiacsr.in
RECOMMENDATIONS TO THE COMPANY
The company should lower the incentive gate for the store’s target because sometimes we
complete our 100% targets but due to non-completion of target we are not able to get any
incentives
The targets that we have been given is according to the running average like for an
example if the person has the highest numbers in the store is getting the more % (running
average) of doing the store target so sometimes it becomes burden to complete the
individual target.