1.
Topic
: CONSUMER SATISFACTION TOWARDS
BAJAJ ALLIANZ
2. INTRODUCTION
Insurance is not the sale of products, but servicing customers. It is a system, by which the
losses suffered by a few are spread over many, Exposed to similar risks. Insurance is a
protection against financial loss arising on the happening of an unexpected event. Insurance
companies collect premiums to provide for this protection. A loss is paid out of the premiums
collected from the insuring public and the Insurance Companies act as trustees to the amount
collected. The very fundamental principle of spreading of the risk is actually practiced by the
insurance companies by reinsuring the risks that they have insured. The opening up of the
Insurance Sector to Private Companies, has made available more products and world class
service to Indian Customer.
This project has been made with an objective to give an insight into various facts of
General Insurance sector in India. An attempt has been made to explain the apex body of
General Insurance. i.e. General Insurance Corporation of India, its structure, products and
subsidiaries.
Bajaj Allianz Life Insurance Company Limited is a Union between Allianz SE, one of the
world’s largest Life Insurance companies and Bajaj Auto, one of the biggest 2- &- 3 wheeler
manufacturers in the world.
The Bajaj Group is amongst the top 10 business houses in India. Its footprint stretches over a
wide range of industries, spanning automobiles (two-wheelers and three-wheelers), home
appliances, lighting, iron and steel, insurance, travel and finance.
The group’s flagship company, Bajaj Auto, is ranked as the world’s fourth largest two- and
three- wheeler manufacturer and the Bajaj brand is well-known in over a dozen countries in
Europe, Latin America, the US and Asia.
Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers
in the world, managing assets worth over a Trillion Euros (Over R. 55,00,000 crores). Allianz
SE has over 115 years of financial experience in over 70 countries
3. REVIEW OF LITERATURE
CUSTOMER SATISFACTION
It is a term frequently used in marketing, is a measure of how products and services
supplied by a company meet or surpass customer expectation. Customer satisfaction is
defined as "the number of customers, or percentage of total customers, whose reported
experience with a firm, its products, or its services (ratings) exceeds specified satisfaction
goals."
It is seen as a key performance indicator within business and is often part of a
Balanced Scorecard. In a competitive marketplace where businesses compete for customers,
customer satisfaction is seen as a key differentiator and increasingly has become a key
element of business strategy.
Within organizations, customer satisfaction ratings can have powerful effects. They
focus employees on the importance of fulfilling customers’ expectations. Furthermore, when
these ratings dip, they warn of problems that can affect sales and profitability. These metrics
quantify an important dynamic. When a brand has loyal customers, it gains positive word-of-
mouth marketing, which is both free and highly effective.
Therefore, it is essential for businesses to effectively manage customer satisfaction.
To be able do this, firms need reliable and reprehensive measures of satisfaction. In
researching satisfaction, firms generally ask customers whether their product or service has
met or exceeded expectations. Thus, expectations are a key factor behind satisfaction. When
customers have high expectations and the reality falls short, they will be disappointed and
will likely rate their experience as less than satisfying.
4. RESEARCH OBJECTIVE
Primary Objective
To get knowledge on different operations of company.
To know the renewals Process.
To know about reimbursement during claims.
Secondary Objective
To know whether the Customers of Bajaj Allianz are satisfied with the Company.
To identify limitations of customer retention.
SCOPE OF STUDY
I have limited the scope of my study to the analysis of the satisfaction of insurance
products and insurance companies of Bajaj Allianz customers only located in Lucknow .
We can get a sample of respondents from Bajaj Allianz only.
Moreover, we can get the segmented data of customer.
Conducting a survey prevents irritation and resistance from the respondents unlike
those in case of doing a survey in an organization.
5. RESEARCH METHODOLOGY
a) Research design
The present study includes exploratory approach to gather a huge amount of
information before concluding the study. Both descriptive and Causal approaches were
adopted. Bajaj Allianz, being an insurance sector requires a huge data collection, wherein
both primary and secondary data were used to maximum extent. The primary data collection
includes Questionnaires, Personal Interviews etc., to draw information. The main objective
behind was to get a deeper insight regarding the customer’s satisfaction, rather than a
particular way of thinking. As a result, various journals, web sites and books were collected
as a part of secondary data.
Sampling:
It is a process of collecting useful information .The fundamental aspect of sampling is
fixing of sample size i.e., 100, how many people should be surveyed? In order to get more
reliable results, large samples are used rather than small samples.
Sample units: Sample units were the customers of company.
Sample size: Sample size included had covered a set of 100 customers.
b) Defining the universe & Sample design
RESEARCH DESIGN : Descriptive
SAMPLING : Convenience Sampling
SAMPLE SIZE : 100 respondents
SAMPLE AREA : Lucknow
NATURE OF DATA
Primary Data
Secondary Data
SOURCES OF DATA
1. Primary data was collected with the help of close-ended questionnaire.
2. Secondary data was collected by referencing company’s website’s
6. Tentative Chapter Plan:
Chapter 1…………………….. Introduction
Chapter 2…………………….. Literature Review
Chapter 3……………………. Company Profile
Chapter 4……………………. Objective and Research Methodology
Chapter 5……………………. Data analysis
Chapter 6……………………. Finding, Recommendation, Conclusions
7. References:
Books:
• Kotler Philip (Eighth Edition) “Marketing Management”, Prentice Hall of India Ltd.
• T.N.Chhabra (Fourth Edition) “Marketing Management”, Dhanpat Rai & Co.(Pvt.) Ltd.
Magazines:
• Advertising and marketing Magazine
• The Economic Times – “Brand Equity”
• Company Literature
• Business World
• Business Today
Website:
www.wiki.answers.com
Insurance Regulatory & Development Authority- www.irdaindia.org
Bajaj Allianz Insurance Company Limited.- www.bajajallianz.com
Allianz Company Limited- www.Allianz.com
Hindu- www.Hindu.co.in
