DEPARTMENT OF MANAGEMENT
Report on Summer Training
BAJAJ ALLIANZ LIFE INSURANCE
Submitted to Lovely Professional University
In partial fulfillment of the
Requirements for the award of Degree of
Master of Business Administration
University Roll No. RR1904B 25
DEPARTMENT OF MANAGEMENT
LOVELY PROFESSIONAL UNIVERSITY
Bajaj Allianz is a joint venture between Allianz AG one of the world’s largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz is into both life insurance and general insurance.
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 almost 174000 employees. Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world.
Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd. 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has authorized and paid up capital of Rs 147 crores. Bajaj Auto holds 74% and the remaining 26%is held by Allianz, AG Germany.
Bajaj Allianz today has a network presence 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 Head Office at Pune.
Today, Bajaj Allianz is one of India’s leading and fastest growing insurance companies. Currently, it has presence in more than 800 locations with over 1.50 lacs insurance Consultants.
Bajaj Allianz General Insurance Company Limited, one of India’s leading private general insurance companies, reported a 50 percent increase in gross premium income to 12,850 million rupees (234 million euros) excluding service tax for its business year 2005-06, ending March 31. Net profit grew 9.8 percent to 516 million rupees (9 million euros). The company issued 3.9 million polices over the twelve-month period, the highest rate among private insurers. Its claim settlement ratio reached 93 percent.
Bajaj Allianz is posted for an accelerated growth in the market and has already become the fastest growing private life insurance company in India. Bajaj Allianz has a pan-India presence of office network in over 500 towns of the country and is aided with a strong and trained Agency network of over 90000 Insurance Consultants with 509 MRDT qualifiers in the calendar year 2005. Bajaj Allianz has also forged strong Bancassurance and Corporate Agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration.
With such high penetration Bajaj Allianz Life Insurance has more than 1 million customers who have put their faith and investment into the fastest growing life insurance growing company in India.
Bajaj Allianz Life wins new business
Bajaj Allianz Life Insurance, meanwhile, reported a 216 percent increase in new business premium to 505 million euros in its business year 2005-06.The company, which is now Indian’s leading life insurance company, said its industry market share grew to 7.6 percent from 3.4 percent in the previous year. It aims to become India’s first profitable life insurance company soon ,by employing an innovative economic model and keeping costs low. It issued 777,492 new policies in fiscal year 2005-06.Bajaj Allianz Life Insurance is now based in 534 towns, compared with 293 towns in 2004-05. It employed 108,155 agents in its last fiscal year, more than doubling than 47,078 agents in the previous...