Scribd Logo
Upload

Welcome to Scribd!

  • 18 views

    Aa

    Uploaded by

    Ravi Sharma
    The document discusses Future Generalii Car Insurance and compares it to Bajaj Allianz Car Insurance. Key features of both insurances are outlined. A new product called Raksha Car Insurance is proposed with pay-as-you-drive features.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Aa

    Uploaded by

    Ravi Sharma
    18 views8 pages
    The document discusses Future Generalii Car Insurance and compares it to Bajaj Allianz Car Insurance. Key features of both insurances are outlined. A new product called Raksha Car Insurance is proposed with pay-as-you-drive features.

    Original Title

    aa

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document discusses Future Generalii Car Insurance and compares it to Bajaj Allianz Car Insurance. Key features of both insurances are outlined. A new product called Raksha Car Insurance is proposed with pay-as-you-drive features.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    18 views8 pages

    Aa

    Uploaded by

    Ravi Sharma
    The document discusses Future Generalii Car Insurance and compares it to Bajaj Allianz Car Insurance. Key features of both insurances are outlined. A new product called Raksha Car Insurance is proposed with pay-as-you-drive features.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 8

    ANNEXURE-V-COVER PAGE FOR ACEDEMIC TASK

    Course Code: MKT354 Course Title: Marketing of Financial Services


    Course Instructor: Dr. Suraj Prakash Section: Q4E23
    Academic Task No: 02 Academic Task Title: Assignment
    Date of Allotment: 23-2-2021 Date of submission: 18-03-2021
    Student’s Roll: Student’s Reg.no: 11806896

    Learning Outcomes: Able to know the practical application of concepts learned in the class.

    Student’s Signature: Gourav Hooda

    Evaluator’s Comments (For Instructor’s use only)

    Generalii Observations Suggestions for Improvement Best Part of Assignment

    Evaluator’s Signature and Date:

    Marks Obtained: _______________ Max. Marks: ______________


    Future Generalii Car Insurance

    Introduction-.
    Future Generalii Car Insurance is a simple and effective way to protect your car
    from unforeseen risks such as accidents, thefts, fire, natural disasters, or third-party
    liabilities. To secure your car from various types of damages and losses, Future
    offers two types of car insurance policies namely third-party car insurance policies
    and comprehensive car insurance policies both of which are available at affordable
    premium rates. In addition to these, Future also provides personal accident cover of
    up to Rs. 15 Lakh to compensate permanent disability or death while driving.

    Also you can customise your car insurance plan with several add-on covers offered
    by Future Generalii Insurance to protect your car. These add-ons offer additional
    coverage for extra cost over your base policy while buying or renewing the policy.
    Some add-on covers provided by the insurer are zero depreciation cover, key
    replacement cover, roadside assistance cover, consumables cover, engine
    protection cover, outstation emergency cover, and so on.

    Analysis with Bajaj Allianz car insurance


    Features of Future Generalii Car Insurance-
     Third Party Property Damages of Upto Rs 7.5 Lakhs.
     Personal Accident Cover of upto Rs 15 Lakh.
     3 Day car repair service.
     Coverage for own car damage, loss and theft.
     Offers different Add-on covers for your car,
     Offers zero depreciation on your car.
     Provides 24/7 claim assistance.

    Features of Bajaj Allianz Car Insurance

    Cashless Claim settlement

    24x7 roadside Assistance / Towing facility

    Zero depreciation cover

    Personal Accident cover

    Lock key replacement cover

    Driver cover/passenger Cover

    Comparing Future Generalii Car insurance Against


    Competitors
    Future Generalii has received high praise from their policyholders, as evident by
    their perfect 5-star rating on Insurance Dekho. Consumers are appreciative of their
    fast response times, knowledgeable agents, and the ease of use of their online tools
    and portals.

    The company's 98.8% claim settlement rate is the second-best of any car insurer in


    our study, so you can expect your claims to be settled quickly. However, their
    incurred claims ratio is 129%, which misleadingly sounds optimal because it's
    significantly higher than 100%. Actually, Future's ICR is one of the worst of any
    insurer, and is far outside the optimal range of 75-90%, which indicates a strong
    ability to settle claims against annual premium collection. Such a high ICR
    indicates that a sizable part of the company's annual premiums are used to cover
    risk transfer.

    Similaritites And Difference in Product of Future and Bajaj Allianz-


     Future insurance were founded in 2016 while Bajaj Allianz Generalii
    Insurance were founded in 2001.
     Both are IRDA approved Private Sector Companies.
     According to FY19-20 Claim Settlement Ratio of Future Generalii Car
    Insurance is 97% while it is 98.08% for Bajaj Allianz Generalii insurance.
     Future Generalii Car Insurance offers 1 hour pickup and instant repairs and 3
    days doorstop deleivery while bajaj Allianz took 24 hours for pickup.
     Future offers 6 Add-on plan for car while bajaj Allianz offers 9 add-on
    plans.
     Future does not insure loss for personal baggage while bajaj Allianz offers it
    in their add-on plan.
     Bajaj Allianz also insure consumable expenses like maintenance and service
    cost in their add-on plans while Future does not.
     Incurred claim ratio of Future are 80% which are way lower than the Bajaj
    Allianz with 92%.
     Future Generalii insuarance have manipulated there incurred settlement
    ratio, as on various sites I have found 129% but it is actually in range of 75-
    80% only.
     Bajaj Allianz have 6000 garages across the india while Future have only
    3600 garages which are way lower than the bajaj Allianz.
     Both offers own damage cover and third party cover.
     Both offers Cashless repair service and Zero depreciation plan.
     Both offers personal accident cover of upto Rs. 15 Lakh.
     Both does not protect against damages caused by Driving without a valid
    driving license, Driving under the influence of drugs or alcohol, Speeding,
    racing, motor trade, using a private car for commercial purposes.

    Market Potential and Sales Projection

    Bajaj Allianz car insurance holds 7.1 percent of total market.The growth in Bajaj
    Allianz car insurance is very less, as in the last five years there market share have
    been increased just 0.9%.
    While Future holds only 0.37 percent share of the market but it’s growth rate is
    much more than bajaj Allianz. Future underwrote premium worth ₹41.56 crore in
    the month of September 2020. This is a 6x growth compared ₹6.53 crore worth of
    premium underwritten by Future in the same month last year, according to IRDAI
    data.

    New Product Development

    Product Name-Raksha Car insurance Ltd.

    Features of Raksha Car Insurance:-

     IRDA Approved

     24/7 SUPPORT ASSITANCE

     60 Hours quick car repair service.

     Offers you various Add-on plan according to specification.

     Cashless claim settlement.

     Personal Accident Cover of upto Rs. 15 Lakh.

     Premiums can be paid in Easy Monthly Installments.

     Very Less Documentation work.

     Provides Insurance for used as well as new cars.

     Provides three types of Car insurance policies

     Comprehensive Car Insurance


     Third Party Car Insurance
     Pay As you Drive

    Benefits of Raksha Car insurance Policy:-

    The new feature “Pay as you drive” of Raksha Car Insurance Ltd. will allow you to
    pay the insurance premiums as per the kilometer driven.

    This policy includes comprehensive coverage for own damage and third-party
    liability.

    The insured have to pay the premium only for the kilometers he have driven so that
    you can save a lot amount of money in your premiums.

    The people who have multiple cars need not to buy different policy for every car as
    this policy will insure his every car.

    You can include various add-on plans according to your specifications and
    convenience.

    We offers 3 slabs for distance covered i.e 2500 km, 5000km,7500km so that you
    can choose according to your own convenience.

    You might also like