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A HYGIENE PARAMETER STUDY – INSURANCE
CANCELLATION
(A Summer Internship Report)
Under
Submitted in partial fulfillment of the requirements of the course
POST GRADUATE DIPLOMA IN MANAGEMENT
(Session: 2012-2014)
Project Guide
Mr. NITIN NEEMA
Faculty Guide
PROF. ARUN KUMAR
Submitted By
NITESH KUMAR
Roll No.2012095
PGDM (2012-2014)
Plot No. 53, Knowledge Park-V, Greater Noida-201306
Website: www-niilm-cms.edu.in
SUMMER INTERNSHIP COMPLETION CERTIFICATE FROM
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THE INDUSTRY GUIDE
10th July, 2013
This is to certify that Summer project report on “A hygiene parameter study – insurance
cancellation” prepared by “Nitesh Kumar”, Roll No. 2012095 of PGDM 2012-2014 Batch
is his genuine effort under my guidance and supervision. His internship commenced on 11 th
may, 2013 & was completed on 10 th July, 2013.
The student has successfully discharged all duties assigned to him/her during his internship
with the organization. His conduct was found to be good.
Signatures of the Industry Guide
Name of the Industry Guide
Designation of the Industry Guide
INFORMATION SHEET
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1) Name Of The Company
: Bajaj Finserv Lending
2) Address Of The Company
: 4th Floor, 271 Business park, model
Industrial estate, near virwani
industrial
3) Phone No. Of The Company
Estate, off western express highway,
Goregaon (east), Mumbai-400063,
Maharashtra
: + 91 22309 22300
4) Date Of Internship Commencement
: 11th may 2013
5) Date Of Internship Completion
: 10th July 2013
6) Signatures & Name Of The Industry Guide : Mr. Nitin Neema
7) Designation Of The Industry Guide
: Zonal Sales Manager
8) Student’s Name-
: Nitesh Kumar
9) Student’s Roll Number
: 2012095
10) Student’s E-Mail ID
:
11) Student’s Mobile/ Residence Numbers
: 7738262447 / 8376842577
niteshkumar3214@Gmail.Com
SUMMER INTERNSHIP COMPLETION CERTIFICATE FROM
THE FACULTY GUIDE
26th July, 2013
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This is to certify that Summer project report on “A hygiene parameter study – insurance
cancellation” prepared by “Nitesh Kumar”, Roll No. 2012095 of PGDM 2012-2014 Batch
is his genuine effort under my guidance and supervision.
Signature of the Faculty
Signature of the
Student
(Prof. Arun Kumar)
(Nitesh Kumar)
ACKNOWLEDGEMENT
This project is the outcome of sincere efforts, hard work and constant guidance of not only
me but a number of individuals. First and foremost, I would like to thank NIILM-CMS,
GREATER NOIDA, for giving me the platform to work with such an emerging company in
the financial sector. I am thankful to my faculty guide Prof. Arun Kumar, NIILM-CMS for
providing me help and support throughout the internship period.
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I owe a debt of gratitude to my company guide Mr. Nitin neema, Zonal Sales Manager,
Bajaj Finserv lending, who not only gave me valuable inputs about the industry but was a
continuous source of inspiration during these eight weeks, without whom this Project was
never such a great success.
I would also take the opportunity to thank the entire team of Bajaj Finserv lending, which
helped and shared their knowledge about the industry for which I am highly grateful.
Last but not the least I would like to thank all my Faculty members, friends and family
members who have helped me directly or indirectly in the completion of the project.
Nitesh Kumar
PGDM 2012-14
NIILMCMS
INDEX
PART: A
UNDERSTANDING THE CONCEPTS……………………………….8
1.
EXECUTIVE SUMMARY……………………………………………..9
2.
INTERODUCTION……………………………………..........................11
3.
COMPANY PROFILE………………………………………………….14
4.
5.
PRODUCT PROFILE…………………………………..........................20
COMPETITORS PROFILE……………………………………...……..27
6.
WHAT DIFFERENTIATES BAJAJ FINSERV LENDING…………..28
7.
BAJAJ GROUP STRUCTURE…………………………………………30
8.
BAJAJ MANAGEMENT STRUCTURE…………………………….....31
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9.
STRONG DISTRIBUTION REACH…………………………………..32
10.
INSURANCE SERVICES……………………………………………...34
11.
GROWTH OF BAJAJ FINSERV LENDING……………………….....37
12.
CORPORATE SOCIAL RESPONSIBILITY………………………….39
13.
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PART: B
REVIEW OF WORKINGS…………………………………………….41
1.
INTRODUCTION TO TOPIC……………………………………………42
2.
3.
LITERATURE REVIEW…………………………………………………44
RESEARCH METHODOLOGY…………………………………………45
4.
RESEARCH OBJECTIVE……………………………………………….46
5.
RESEARCH DESIGN…...……………………………………………….47
6.
SAMPLING PLAN……………………………………………………….48
7.
DATA ANALYSIS……………………………………………………….49
8.
FINDINGS & LIMITATIONS…………………………………………...61
9.
SUGGESTIONS & RECOMMENDATIONS…………………………...63
10.
LEARNINGS……………………………………………………………..64
11.
CONCLUSION…………………………………………………………...65
12.
BIBLOGRAPHY…………………………………………………………66
13.
QUESTIONARE………………………………………………………….67
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PART: A
UNDERSTANDING THE CONCEPTS
EXECUTIVE SUMMARY
The unique attribute about Retailer Finance is the fact that Bajaj Finserv
Lending is leveraging on its trust relationship with its partners for disbursing the loans.
Mr. Sanjiv Bajaj
(Managing Director of Bajaj Finserv lending)
Bajaj Finserv Lending, one of the most diversified non-banks in the country, has
introduced exclusive finance option for its retail partners in the consumer durable industry. A
leader in 0% interest consumer finance with 14% share in the market, the company launched
the innovative Retailer Finance, which will help its partners avail finance for acquiring
inventory from the manufacturers.
The unique attribute about Retailer Finance is the fact that Bajaj Finserv Lending is
leveraging on its trust relationship with its partners for disbursing the loans. The retailers are
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assigned a pre-approved credit line which they can use any time they want. Thus unlike other
finance options, they don’t have to undergo the cumbersome due-diligence process and get
quick finance without submitting any collaterals or documentation. This is the first time ever
that a non-collateral based financing option has been introduced for the retailers.
“We are uniquely placed in the consumer durable industry where we have been helping
retailers to sell more. Now Retailer Finance will help strengthen our relationship with
manufacturers as this will help them in turn to sell more to the retailers. With this launch, we
complete the entire value chain across the industry thereby increasing our commitment
towards the consumer durable industry”, said Rajeev Jain, CEO Bajaj Finserv Lending.
The company has already tied up with consumer durable leaders LG and Sony to
extend this facility to their direct dealers and going forward will be considering more
partnerships in the space. Owing to the 0% financing offering, Bajaj Finserv Lending already
has relationships with more than 3000 partners in the consumer durable industry across 81
cities in India.
This report, which contains only a part of the actual report is based on the research
work done as a part of the summer internship project at BAJAJ FINSERV LENDING,
MUMBAI. The research involved study of the past literatures about the retail finance sector,
related online research papers and journals. The study also involved survey of all
COUNTER’S OF BAJAJ FINSERV LENDING in the city of MUMBAI through field visits
and online survey. The annual reports and the sector reports published by regulatory bodies,
business associations and major retail finance players facilitated the study, especially in
understanding the size, growth and past trends. Interactions with some of the industry experts
helped in understanding and analyzing the emerging concerns in the retail finance sector and
also to look for some possible solutions.
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Based on the research work, a few major recommendations made in the report include
field supervision of Bajaj finance to check ground realities and the operational efficiency of
Bajaj Allianz. Other initiatives to BFSL for opening branches in unbanked villages, so as to
increase rural penetration. Also BFSL be encouraged to offer complete range of products to
their clients. Transparent pricing and technology implementation to maintain uniformity and
efficiency are among the others which these institutions should adopt.
INTRODUCTION
2.1
INDUSTRY PROFILE
India is undergoing rapid development. This means that there are millions of people
who dream of better home, better infrastructure and a better life. This opens several avenues
of potentially limitless growth in the banking and finance sector. Bajaj Finserv Lending will
help grab this opportunity to grow your business, through lending loans, financing, etc.
2.2
INDIA'S FINANCIAL SERVICES INDUSTRY
An innovative, competitive and thriving financial services industry in any country
plays a vital role in its smooth functioning and development. India's financial services sector
has posited a stable growth curve over the years driven by sound fundamentals, rising
personal incomes corporate restructuring, financial sector liberalization and the growth of a
consumer-oriented, credit-oriented culture. This has led to the increasing demand for
financial products, including consumer loans (especially for cars and homes), as well as for
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insurance and pension products. The soaring demand for financial services offers promising
investment prospects.
According to the Central Statistical Organization (CSO) data, released early this year,
financial services, banking, insurance and real estate sectors rose by 7.4 per cent in 2012-13.
BACKED WITH
o
A favorable demographic profile which supports a higher retail off take - 54% of the
population is in the 15-35 years age group. India consists of a dynamic and a
growing middle-class class which on a purchasing power parity basis is much larger
than the entire population of the US and a consumer credit market that is growing by
more than 40% per annum.
o
Continuous increasing in capital expenditure by the government and private industry.
o
Significant opportunities in the largely untapped SME segment- which accounts for
40% of the industrial output and 35% of India's direct exports
o
India's increasing and consistent growth. As per the CSO, the Indian economy grew
by an estimate of 7.4 per cent in the year 2012-13 and is expected to grow over 8
percent in the coming months.
o
Growing investment avenues across all segments in the banking and financial
services sector.
2.3
GROWING POTENTIAL IN THE INDUSTRY
Demand for banking services is growing significantly, albeit in a country
where less than half of households have a bank account. It is in the retail sector that the
surge in demand is most marked. Housing loans grew by more than 50% and loans to the
retail commercial sector rose by more than 100%. According to the weekly statistical
supplement (WSS) of the Reserve Bank of India (RBI), Indian bank loans represented a rise
of 19.1 per cent as of June 4, 2013 while deposits were up 14.3 per cent from the previous
year. Furthermore, outstanding loans showed an increase from US$ 12.39 billion to US$
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703.5 billion in the two weeks to June 4, 2013. The WSS reflected that bank deposits rose by
US$ 3.24 billion to US$ 975 billion in the two weeks to June 4. In 2009, there were 21 IPOs
that raised US$ 4.18 billion as compared to 36 IPOs in 2008 that raised US$ 3.62 billion.
As per the statistics of RBI, aggregate deposits grew by 3.3% on q-o-q basis in
quarter ended June 10 as against 5.1% during the same period last year; reflecting the
relatively lower rates in term deposits.
2.4
NON-BANKING FINANCIAL COMPANIES
Non-banking financial companies (NBFCs) are fast emerging as an important
segment of the Indian financial system. It is an heterogeneous group of institutions (other
than commercial and co-operative banks) performing financial intermediation in a variety of
ways, like accepting deposits, making loans and advances, leasing, hire purchase, etc. They
raise funds from the public, directly or indirectly, and lend them to ultimate spenders. They
advance loans to the various wholesale and retail traders, small-scale industries and selfemployed persons.
NBFC are present in all competitive fields such as, vehicle financing, housing loans,
leasing, hire purchase and personal loans financing etc. NBFC's are not required to maintain
cash reserve ratio (CRR) and statutory liquid ratio (SLR). Priority sector lending norm of
40% (of total advances) is not applicable to them. While this is at their advantage, they do
not have access to low cost demand deposits. As a result their cost of funds is always high,
resulting in thinner interest spread. But currently with surplus liquidity in the system, the
cost of funds for NBFC's has substantially eased thus improving their margins. Gradually,
they are being recognized as complementary to the banking sector due to their customeroriented services; simplified procedures; attractive rates of return on deposits; flexibility and
timeliness in meeting the credit needs of specified sectors; etc.
On regulatory front, NBFCs have been classified into 3 categories:
o
Those accepting public deposits
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o
Those not accepting public deposits but engaged in financial business
o
Core investment companies with 90 per cent of their total assets as investments in
the securities of their group/ holding/subsidiary companies. The focus of regulatory
attention is on NBFCs accepting public deposits.
COMPANY PROFILE
3.1
INTRODUCTION
“Do whatever you think best, but be best at whatever you do”
– Rahul Bajaj, Chairman- Bajaj Group
What started off as a sugar manufacturing factory in 1931 has grown to become one
of the country’s largest business houses? With activities that encompass a whole range of
industries, spanning automobiles (two-wheelers and three-wheelers), home appliances,
lighting, iron and steel, insurance, travel and finance.
At the turn of the new millennium, this business conglomerate is ranked amongst
one of the largest business family in India by the Centre for Monitoring Indian economy
(CMIE). It has under its umbrella over 25 companies and strength of over 25000 employees.
It’s core strength, however, is the unshakeable foundation based on its tradition of trust.
With the demerger of Bajaj Auto Ltd, following separate corporate entities came
into existence in May’ 2008
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o
Bajaj Finserv Ltd (BFL),
o
Bajaj Auto Ltd (BAL), and
o
Bajaj Holdings and Investment Ltd (BHIL)
Demerger of Bajaj Auto Ltd.
o
Bajaj is present in over 50 countries all over the globe
o
Dominant presence in Africa, Latin America and South Asia with increasing market
share every year
o
Market leader in motorcycles in Colombia, Central America, Sri Lanka, Bangladesh,
Philippines, Nigeria, Uganda and Kenya.
o
891,002 units exported in 2012-13, an increase of over 15 % over the previous year.
o
Largest exporter of three wheeled commercial vehicles in the world: 164,887 units
exported in 2012-13, a rise of 19% over 2011-12.
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3.2
Bajaj-- Project Report-- Nitesh Kumar Intern-bajaj Finserv Mumbai--niilm-cms Greater Noida
ABOUT FINSERV LENDING
Bajaj Finserv Limited is the holding company for the financial services businesses
of the Bajaj Group. Its insurance joint ventures with Allianz SE, Germany namely Bajaj
Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance
Company Limited are engaged in life and general insurance business respectively. Its
subsidiary Bajaj Finance Limited is a Non-Banking Finance Company engaged in consumer
finance, SME finance and commercial lending. Bajaj Financial Solutions Limited, a wholly
owned subsidiary of Bajaj Finserv Limited is engaged in wealth advisory business.
Bajaj Finserv Lending is one of the leading financiers in the market offering: 0%
interest on lifestyle product and consumer durable product finance on EMI.
An easily avail on a loan for products like LCD, LED, Color TV, Refrigerator,
Washing Machine, Air Conditioner, Music System, Microwave amongst a host of other
products.
Bajaj Finserv Lending consumer durable loan comes with 0% financing and with a
small fee. One can apply online on their website and get an instant approval or visit a
dealership to easily avail a loan. It provides on the spot approval with minimum
documentation & fast processing.
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back of significant investments made in distribution, technology and process automation.
“We have invested deep in technology and process innovations to create long term
sustainable advantages. This has allowed us to create win-win propositions for all members
in the ecosystem”, says Rajeev Jain CEO Bajaj Finserv Lending.
3.31
VISION
To attain world class Excellency by demonstrating value added
o
products to customers.
To attain brand value by learning, innovation, perfection and
o
transparency.
o
To ensure proactivity, to create the future through innovation.
o
To set new standards and reach near to perfection.
o
To convey clear conviction and characterize themselves.
3.32
MISSION
o
Focus on value based lending.
o
Fostering team work and enhancing the capability of team.
o
Continual Improvement.
o
Total elimination of fraud practices.
o
Ensuring easy and quick accessibility to customers.
3.33
OBJECTIVE
o
Bajaj Finserv Lending is one of the most diversified NBFCs in the
market catering to more than 5 million customers across the country .Apart from being
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a well-recognized organization; they pride ourselves for holding the highest credit
rating of FAAA/Stable for any NBFC in the country today to cater products.
To the customers changing financial requirements based on customer
o
feedback and improvising the existing products.
3.34
GOALS
To catapult Bajaj Finserv as the country’s largest financial lending
o
firm.
3.35
VALUES
I.
Empowerment
o
We respect the opinions and decisions of others.
o
We encourage and back people to do their best.
II.
Flexibility
We are ever willing to learn and adapt to the environment, our
o
partners and customers evolving needs.
III.
Entrepreneurship
o
We always strive to change the status quo.
o
We innovate with new ideas and energies with a strong passion and
entrepreneurial skills.
IV. Transparency
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We believe we must work with honesty, truth and the inmate desire to
o
do well.
V. Impact
We are driven by the desire to create a meaningful difference in
o
society.
PRODUCT PROFILE
4.1
PRODUCT PORTFOLIO SUMMARY
Bajaj Finserv Limited is the most diversified non-bank in the country, the largest
financier of consumer durables in India and one of the most profitable firms in the category.
Hereunder are summary details of our portfolio of businesses, with a brief
description on each:-
Consumer Finance
Consumer Durables Finance
Lifestyle Finance
EMI Card
Extended warranty
Personal Loans Cross Sell
Co-branded Credit Cards
Two and three wheeler Finance
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Salaried Personal Loans
SME Finance
Mortgage
Commercial Lending
Business Loans
Construction Equipment Finance
Infrastructure Finance
Vendor Financing
4.2
CONSUMER FINANCE
4.21
CONSUMER DURABLE FINANCING
Present in the top 79 cities of the country, we are now the largest Consumer
Durables Financier in India. We financed over 10% of all consumer electronics sold in the
country in the last year. We finance one out of every four LCD and Plasma televisions sold
in the country. Last year, we acquired more than 1.45 million new customers, through our
over 2,500 points of sale across the country.
PRODUCTS COVERED
0% interest Consumer Durables Finance is available on a wide range of products
and in over 80 cities across India. Hereunder is an indicative list of products covered:-
•
LED/LCD/CTV
•
Washing Machines
•
Microwave Ovens
•
Refrigerators,
•
Cameras/Camcorders
•
Dishwashers
•
Generators
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•
Cooking Range products
•
Dryers
•
Laptops (Select)
•
Air purifiers / Water Purifiers / R.O.
•
Music Systems
•
Inverters
•
Air conditioners
4.22
LIFESTYLE FINANCE
0% interest Lifestyle Finance is available on a wide range of lifestyle products.
Hereunder is an indicative list:
4.23
•
Home improvements and furniture
•
Modular kitchens
•
Jacuzzi & bathroom fittings
•
Kitchen equipment’s
•
Home furnishings
•
Luxury watches
•
Digital lifestyle products
•
Tablet PCs
•
Smart-phones
EMI CARDS
EMI card for durable and lifestyle purchases, Hereunder is an indicative list:
FEATURES AND BENEFITS
Hereunder are a host of unique features and benefits that you enjoy with EMI Cards
from Bajaj Finserv Lending. Read on to know more:
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
PRE-APPROVED ELIGIBILITY
The EMI card carries a pre-approved loan in your wallet. You can avail of your loan
facility to purchase any consumer durable & lifestyle product of your choice.

INSTANT APPROVAL
Simply Swipe, Sign and Buy with your EMI card. The moment you swipe your card,
you get instant approval, subject to the amount pre-approved for you.

MINIMUM DOCUMENTATION
For using your EMI card, you don't need to give any documents. Your EMI card
carries all the necessary information required.

PREAPPROVED OFFERS
As an existing customer, you get exclusive preapproved offers from time to time
across a host of our partner retailers and manufacturers.
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
ONLINE ACCOUNT ACCESS
Get all information about your loan like repayment track, interest certificate, payment
schedule etc. through our digital customer portal. Just log in with your loan account number
and access whatever information you want about your loan.
4.24
EXTENDED WARRANTY
Now, with all your consumer durables purchases, you can opt for an additional one
year warranty, over and above the manufacturer’s warranty. What’s more, you can pay for
the Extended Warranty through our convenient 0% interest EMI options.
PRODUCT COVERED
Extended Warranty covers the cost of repair/ replacement of the consumer durable
appliance (i.e. insured asset) arising out of unforeseen defects in material or workmanship
within the Policy Period. Wherein Policy Period is defined as 12 months, commencing after
expiry of manufacturer’s product warranty period.
Sum Insured of the insured asset is equal to the Invoice price and Maximum claim
payment under the policy is equal to the Sum Insured.
4.25
PERSONAL LOAN CROSS SELL
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Through this business, we offer existing customers with good repayment history
various pre-approved personal loan offers. While maintaining focus on the balance between
business growth and the risk-reward equation, deployments under this category grew by
53% to Rs. 586 crore. The company financed over 86,000 new customers in the current year.
As well as through cross-selling we also sale insurance product to customer , i.e.
Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv
Limited and Allianz SE. Both enjoy a reputation of expertise, stability and strength. Bajaj
Allianz today has a countrywide network connected through the latest technology for quick
communication and response in over 200 towns spread across the length and breadth of the
country. Bajaj Allianz Life Insurance Corporation (BALIC) uses its in-house call center to
cross sell to its existing customer base through regular tele-calling done by its staff.
4.26
CO-BRANDED CREDIT CARDS
We have entered into a strategic partnership with Standard
Chartered Bank and has launched co-branded credit cards (‘Platinum’
and ‘World Card’) for customers with a good repayment track record.
4.27
TWO AND THREE WHEELER FINANCE
In FY2012, we emerged as one of the largest two-wheeler financier in India.
Despite an increase in competitive activity throughout the year with some banks
aggressively promoting two-wheeler and three-wheeler loans, we financed over 650,000
new customers, operating through 571 Bajaj Auto dealerships as well as over 1,700 of its
sub-dealers across the country.
4.28
SALARIED PERSONAL LOANS
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To diversify our offerings in the Consumer Finance business, the
company launched Salaried Personal Loans business. This business
focuses on the financial needs of salaried employees. The business
targets affluent salaried employees above a threshold salary range
employed with leading companies.
4.3
4.31
SME FINANCE
MORTGAGE
Under this business, we focus on financial needs of affluent and high net worth
small business and self-employed customers, offering loans against the mortgage of retail,
residential and commercial premises. We were the first financial services company in the
country to introduce the policy of NIL foreclosure charges and Prompt Prepayment Benefit
program.
Recently, the company introduced another industry first - flexi saver. This product
offers customers the flexibility to ‘draw when they want’ and ‘pay when they want’ without
any extra charges - the first of its kind in this space.
4.32
BUSINESS LOAN
Through this business, we offer our affluent SME customers unsecured loans for
their varied business needs. We are the only financial services provider to offer up to Rs. 50
lacs unsecured loan for SMEs. This business is present in the top 31 cities across India.
Recently we introduced a special lending program for Doctors.
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4.4
COMMERCIAL LENDING
4.41
CONSTRUCTION EQUIPMENT FINANCE
Construction Equipment Finance portfolio is designed to meet the financial needs of
businesses engaged in the infrastructure sector. Through this business, we finance the
construction equipment needs of these businesses. Currently, we serve customers in over 23
cities in India.
4.42
INFRASTRUCTURE FINANCE
We commenced this business a little over year ago. This business focuses on Project
Finance, Corporate Finance and Mezzanine Debt to infrastructure companies/projects. We
believe Infrastructure Finance is a critical input to continue to keep the pace on our
infrastructure development. However, given the high interest rate scenario and uncertainty in
government policy in key areas, we continue to be selective in lending in this sector, and
offer is a core need of the country.
4.43
VENDOR FINANCE
This business focuses on short and medium term lending needs of vendors of large
auto manufacturers. This is a three year old business and has been growing steadily
COMPETITORS PROFILE
5.1
KEY COMPETITORS
company
Last Price
Market Cap.
Sales
(Rs. cr.)
Turnover
Net Profit
Total Assets
L&T Finance
78.7
13,511.55
171.98
311.33
3,353.66
Bajaj Finserv
642.5
10,223.61
141.47
50.84
2,410.16
804.45
8,953.01
743.68
663.33
5,186.75
Bajaj Holdings
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Reliance Capital
336.85
8,291.90
3,828.00
662
25,362.00
Religare Enterprise
319.45
4,772.63
120.97
-760.95
2,978.57
Muthoot Finance
103
3,828.64
5,358.90
1,004.24
18,406.05
Responsive Ind
90.3
2,410.22
1,518.85
28.42
897.58
415.95
2,291.69
205.83
167.14
1,920.92
27.3
2,051.91
53.67
44.81
1,638.01
390.15
1,582.45
219.04
70.45
803.53
9.25
1,458.03
357.7
-11.45
1,564.37
274.9
802.35
564.97
11.93
135.5
21.1
440.79
101.08
42.44
93.97
355.55
394.65
29.4
21.68
691.22
2,463.15
379.14
-
-
-
23.9
322.67
165.3
21.05
3,744.84
10.65
246.13
108.09
55.84
257.6
Tata Inv Corp
JM Financial
SE Investments
Future Ventures
Signet Ind
ILandFS
JSW Holdings
HDFC Gold ETF
PNB Gilts
India bulls Securities
As you can see in the above chart, L&T FINANCE, RELIANCE CAPITAL,
RELIGARE ENTERPRISE AND CAPITAL FIRST is the major competitors of Bajaj
Finserv lending.
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WHAT DIFFERENTIATES BAJAJ FINSERV LENDING
6.1
WHAT DIFFERENTIATE BAJAJ FINSERV FROM HIS COMPETITORS?
.
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BAJAJ GROUP STRUCTURE
7.1
BAJAJ GROUP STRUCTURE
MANAGEMENT STRUCTURE
8.1
BAJAJ FINSERV LENDING MANAGEMENT STRUCTURE
STRONG DISTRIBUTION REACH
9.1
DISTRIBUTION CENTRES IN INDIA
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9.2
Bajaj-- Project Report-- Nitesh Kumar Intern-bajaj Finserv Mumbai--niilm-cms Greater Noida
OUR FOOT PRINTS
Over 4500 durable retail outlets where you can discover the delight of instant
conversion of window-shopping to shopping, with 0% interest Durable Finance. Over 70 of
our own branches where you can delight yourself to a new pace of getting any of your
dreams financed. Over 400 Lifestyle retail outlets where you can take home your indulgence
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without pinching your savings. Over 500 direct sales agent locations where you can walk in
with a requirement and walk out with a guaranteed time to money-in-your account.
INSURANCE SERVICES
10.1
JOINT VENTURE WITH ALLIANZ SE
Bajaj Allianz Insurance Company Limited is a joint venture between Bajaj
Finserv limited (recently emerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a
reputation of expertise, stability and strength.
Bajaj Allianz Insurance received the Insurance Regulatory and Development
Authority (IRDA) certificate of the Registration on 2nd may, 2001 to conduct general
insurance business (including health insurance business) in India. The company has an
authorized and paid up capital of Rs. 110 crores. Bajaj Finserv Limited holds 74% and the
remaining 26% is held by Allianz, SE.
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As on 31st march 2012, Bajaj Allianz Life Insurance co.’s shareholders' profit after
tax rose 24% to Rs 13.11 billion in the fiscal year ended March 31, 2012, as compared to Rs
10.57 billion in the same period a year ago.
Bajaj Allianz today has a country wide network connected through the latest
technology for quick communication and response 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.
10.2
ALLIANZ SE BUSINESS LINE
Bajaj Allianz offers a wide range of life insurance plans through which customers
can secure their lives as well as their family’s financial well-being.
An overview of their life insurance products:
o
Term Plans – Bajaj Allianz offers basic term life insurance plans through which
customers can insure their lives for a high sum assured.
o
ULIPs – The Company also offers various Unit Linked Insurance Plans which
combine the best of insurance and investment to provide security for one’s family.
These plans come with the aim of helping the customer plan for various long-term
objectives, such as retirement, children’s education and marriage, etc.
o
Traditional Plans – Bajaj Allianz’s money-back plans are geared towards the needs of
those customers who are looking for both life insurance and savings for the future.
These plans combine traditional life insurance with investment, compounded over
time, to pay out a regular income to the customer once the plan has matured.
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o
Life + Health Insurance Plans – Bajaj Allianz also offers a range of unique
hospitalization-cum-insurance plans that take care of the customers’ hospitalization
bills and provide financial support to their dependents in case of their unfortunate
death.
o
Pension Plans – With the awareness that retirement is one of the largest worries of
the populace, Bajaj Allianz has created a range of plans specifically for generating a
retirement income.
o
Women Insurance Plans – Bajaj Allianz also offers women-specific plans which
provide investment benefits, savings, retirement solutions and medical insurance, all
in one.
o
Additional Rider Benefits – Bajaj Allianz’s life insurance policies are customizable
in a variety of ways. They can be extended to cover additional risks such as
disability, critical illness, loss of ability to work, etc. via the various riders offered by
the company and person as well.
Bajaj Allianz Life Insurance has been rated amongst the 50 top service
brands and ranked as Third Best Life Insurer, as per a survey conducted on 'Most
Trusted Companies' by Brand Equity and AC Nielsen-ORG Marg 2012.
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GROWTH OF BAJAJ FINSERV LENDING
11.1
BFL’S FINANCIAL PERFORMANCE
BFL’s financial performance for FY2012 vis-à-vis the previous year, and Chart B
plots profit after tax over the last five years.
(` In Crore)
Particulars
Total income
FY2011 1,406 FY2012
2,172 Change 54%
371
746
101%
1,035
1,426
38%
145
190
31%
56
97
73%
47
64
36%
58
205
89
154
53%
-25%
10
12
20%
Other expenses
144
218
51%
Profit before tax (PBT)
370
602
63%
Profit after tax (PAT)
247
406
64%
Earnings per share (EPS)
67.5
110.8
64%
basic
(`) per share (EPS)
Earnings
diluted (`)
Book value per share (`)
67.5
110.3
63%
370.8
492.2
33%
Interest and finance
charges
Net interest income
Salary cost
Marketing and other
commissions
Dealer incentives
Recovery commission
Loan loss and provisions
Depreciation
CHART: A
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11.2
Bajaj-- Project Report-- Nitesh Kumar Intern-bajaj Finserv Mumbai--niilm-cms Greater Noida
GROWTH RATE OF BAJAJ FINSERV LENDING
CHART: B
CORPORATE SOCIAL RESPONSIBILITY (CSR)
12.1
CSR ACTIVITY OF BAJAJ GROUP
The CSR activities of the Bajaj Group are guided by the vision and philosophy of
its Founding Father, Shri Jamnalal Bajaj, who embodied the value of trusteeship in business
and laid the foundation for its ethical and value-based functioning. The core elements of
CSR activities include ethical functioning, respect for all stake-holders, protection of human
rights, and care for the environment.
The Bajaj Group generally implements the above initiatives through its employees,
welfare funds, and Group NGOs/Trusts/Charitable Bodies operating at various locations in
the country. It also enlists the help of non-Group NGOs, local authorities, business
associations and civil society, wherever deemed necessary.
Some of the major initiatives taken up during the year under review are
summarized below:
12.12 THROUGH GROUP TRUSTS:
In 1976, the Jamnalal Bajaj Foundation was established to promote Gandhian
constructive programmes and assist constructive workers devoted to the national cause.
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AWARDS
The Foundation gives four awards annually, each of the value of ` 5 lakh. Of
these, three are given to individuals in India for outstanding contribution in the fields of
constructive work on Gandhian lines, application of science and technology for rural
development, and upliftment and welfare of women and children. The fourth is an
International Award given to individuals other than Indian citizens from foreign countries for
their contribution to the promotion of Gandhian values outside India.
12.21
JANAKIDEVI BAJAJ GRAM VIKAS SANSTHA (JBGVS)
The group continued with its rural development activities through JBGVS in Pune,
Aurangabad and Wardha districts of Maharashtra, and Sikar district of Rajasthan. JBGVS
aims at integrated development of 75 villages, to be carried out by the villagers themselves,
and under their own leadership by forging partnerships with the Government, local
institutions and NGOs.
This year, JBGVS has started working in 90 villages of Wardha district in
association with local NGOs on specific need based projects such as natural farming,
sanitation, etc.
12.221
VARIOUS OTHER CSR ACTIVITIES TAKEN UNDER JBGVS ARE:-
o
PRIMARY EDUCATION
o
PRIMARY HEALTH CARE
o
ENVIRONMENTAL DEVELOPMENT
o
SOCIAL DEVELOPMENT
o
URBAN DEVELOPMENT
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PART: B
REVIEW OF WORKINGS
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INTRODUCTION
1.1
INTRODUCTIONS TO THE PROJECT TOPIC: -
“A HYGIENE PARAMETER STUDY – INSURANCE CANCELLATION”
Bajaj Finserv lending is a financial services company, which finance consumer
durable product and lifestyle product at 0% interest rate at store level. Where he also crosssell his term life insurance product i.e. Bajaj Allianz life insurance company. But this term
insurance product cross-sell to only customer, who had taken finance from Bajaj Finserv
lending.
Bajaj Finserv lending has given me a job “ To find the root cause behind insurance
cancellation of its Bajaj Allianz Life Insurance product” at store level.
So, I have visited 50 counters all over Mumbai city from central line to western line. I
have visited the store such as TATA CROMA, RELIANCE DIGITAL RETAIL PVT.
LT D , V IJ AY S A LE S, S NE H AN J AL I E L EC T RO N IC A ND S OM E O P EN
MARKET STORES LI KE L.G ELECTRONI C, KOHI NOOR ELECTRONI C
etc.
I also have taken feedback from FOS, CUSTOMERS AND DEALERS as well. To
understand cross-sell and reason behind insurance cancellations. And also had a
conversation with at least 2 customers at each counter were I have visited, to find out
whether they want any changes in policy as for benefit concerned as well as service.
1.2
WHAT IS TERM INSURANCE?
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Term insurance is a life insurance which provides coverage for the policy term
decided between the policy holder and insurer at the onset of the policy.
After this policy term expires coverage is no longer valid. If the insured dies during
this term, the death benefit is paid to the nominee.
1.3
KEY BENEFITS
o
Tax Exemption u/s 80C and 10(10D)*
o
Get covered 11 major critical illness diseases at a very lower price.
o
Get the advantage of a level term cover at low cost, especially for larger sum
assured.
o
Benefit of attractive high sum assured rebate.
o
Flexibility to select your policy term of 10, 15, 20, 25 or 30 years depending on
your requirement.
o
Alter your premium payment frequency.
o
Include your spouse at a later date in your existing policy, if you are single at
present.
o
Choose additional rider benefit(s) for enhanced protection.
o
Plan to meet recurring expenses of your loved ones by opting for payment of benefit
in annual installments.
LITERATURE REVIEW
2.1
BRIEF HISTORY OF INSURANCE SECTOR IN INDIA
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The insurance sector in India has come a full circle from being an open competitive
market to nationalization and back to a liberalized market again. Tracing the developments
in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost
190 years.
The business of life insurance in India in its existing form started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
Some of the important milestones in the life insurance business in India are:
1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with
a capital contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.
RESEARCH METHODOLOGY
3.1
BRIEF DESCRIPTION ON RESEARCH METHODOLOGY
Research methodology is considered as the nerve of the project. Without
a proper well-organized research plan, it is impossible to complete the project and reach to
any conclusion. The project was based on the survey plan. The main ob ject iv e of su rvey
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was to collect appropriate data, which work as a base for drawing conclusion and
getting result.
Therefore, Research Methodology is
the way to systematically
solve
the
research problem. Research methodology not only talks of the methods
b u t a l s o l o g i c beh in d th e me th ods use d in th e con te xt of a re se arc h stu dy and
it ex pl ai ns wh y a particular method has been used in the preference of the other methods.
3.2 RESEARCH METHODOLOGY COMPRISES OF:-
•
Research objective
•
Research design
•
Sampling plan
•
Data analysis and result
RESEARCH OBJECTIVE
4.1
THE MAIN OBJECTIVE OF THE PROJECT
The main objective of the project is to understand the root cause behind insurance
cancellation of the Bajaj Allianz life insurance {balic}, at all counters of Bajaj Finserv
lending.
KEY DELIVERABLES OF THE PROJECT
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•
Understand Bajaj Finserv lending selling process and insurance product.
•
Meet f.o.s at 30 counters in Mumbai and understand the process of when and how
they are selling insurance to customers.
•
Understand from 2 Sample Customers at each of these 30 counters
whom the FOS has pitched insurance– what changes they want in
the product.
•
Check with sample 50 cancelled customer what has gone wrong
and why are they not interested in the product.
RESEARCH DESIGN
5.1
GRAPHICAL REPRESENTATION OF BAJAJ FINSERV LENDING
RESEARCH DESIGN
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SAMPALING PLAN
6.1
SAMPLE SIZE
Research of project was done through administration of questionnaire to 45+
consumers, 50+ F.O.S and 50+ dealers in the western line and central line in Mumbai city.
FIELD SURVEY PLAN: - stores which I visited over an internship period.
1. SAMPLE SIZE = 145
2. CONSUMERS = 45
3. FOS = 50
4. DEALERS = 50
TELEPHONIC SURVEY PLAN: - Done calling to the customers, who ve’ cancelled
their insurance.
1.
SA
MPLE SIZE = 234
2.
NO
. OF RESPONDENT = 126
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DATA AND ANALYSIS
7.1
FOS FEEDBACK REPORT
Taken FOS feedback by visiting store such as Tata croma, Reliance digital, Vijay
sales, Snehanjali electronic and open market stores such as L.G Electronic, Kohinoor
Electronic.
FOS was rated on basis of:•
PITCHING AFTER MISTRY CALLING = CODE: 1
•
PITCHING / PRODUCT AWARENESS = CODE: 2
•
COVER NOTE UNDERSTANDING = CODE: 3
•
EDUCATING/ GIVING PROPER INF. TO CUSTOMER = CODE: 4
•
PITCHING OVER THE COUNTER = CODE: 5
BAJAJ
FINSERV
LENDING
INSURAN
CE
FEEDBAC
K
QUESTION
ARE
FOS
FEEDBA
CK
CODE: 1
NAME OF THE
CODE: 2
CODE: 3
CODE: 4
CODE: 5
COUNTER
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F.O.S
PRIYANKA
RAM SINGH
E-ZONE, GOREGAON
EAST
VIJAY SALES, GOREGAON
WEST
RAHUL ELECTRONIC,
GORE. WEST
SNEHANGALI, KANDIVLI
NAVIN KOTIAN
WEST
KOHINOOR ELEC.
AJAY MISHRA
KANDIVLI
SARITA
VIJAY SALES, MIRA ROAD
L.G ELECTRONIC, MIRA
SUNIL
ROAD
RAHUL
SANDEEP
ELECTRONIC,BORIVLI
EAST
ASHISH
VIJAY SALES, BORIVLI
PANDEY
WEST
RELIANCE
WASHIM
DIGITAL,KANDIVLI EAST
VIJAY SALES, OPERA
ANIKET
HOUSE
ARPIT
VIJAY SALES,MAHIM
RAJAPURKA
WEST
VISHAL
PANCHAL
GANESH
ACHARYA
SWAPNIL
GHADE
SWAPNIL
GHADE
SWAPNIL
GHADE
SWAPNIL
GHADE
VIJAY SALES, DADAR
GALA & SONS, MALAD
WEST
RAJ ELECTRONIC,MALAD
WEST
RAJESH ELEC. MALAD
WEST
EETACHI ELEC. MALAD
WEST
TATA CROMA, MALAD
SONAM SONI
WEST
RELIANCE DIGITAL,
NIRAJ SINGH
MALAD WEST
TATA CROMA, KANDIVLI
ASHOK YADAV
WEST
MANISH
L.G ELECTRONIC,
√
√
√
√
√
×
√
√
√
×
√
√
×
√
√
×
√
√
√
×
√
√
√
√
√
×
√
√
√
×
√
√
√
√
×
√
√
√
√
√
×
√
√
√
×
×
√
√
√
×
√
√
√
√
√
√
√
×
√
√
×
√
√
√
×
×
√
√
√
×
×
√
√
√
×
×
√
√
√
×
×
√
√
√
×
√
√
√
√
√
×
√
√
√
×
√
√
√
√
√
√
√
√
√
√
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TIWARI
NITIN RAY
SHURUTI
KADAM
VIJAY
DULAYES
SANDEEP
TRIPATI
KIRAN POPAB
PRASHANT
PRAVIN
JHADESHI
SHASHANK
KANDIVLI EAST
DEVI ELECTRONIC,
BORIVLI EAST
×
√
√
√
×
TATA CROMA, JUHU
√
√
√
√
√
VIJAY SALES, SANTACRUZ
√
√
√
√
√
TATA CROMA,BANDRA
×
√
√
√
×
√
√
√
√
√
×
√
√
√
×
×
√
√
√
×
√
√
√
√
√
TATA CROMA,
BHAYANDER WEST
SNEHANJALI, BHAYANDER
SNEHANJALI,
NALLASOPARA
SNEHANJALI, ANDHERI
7.2
GRAPHICAL REPRESENTATION OF FOS FEEDBACK
7.3
DATA ANALYSIS
Pitching after mystery calling and pitching over the counter is not happening, there is
more numbers of NO that means FOS are not pitching insurance to customers over the
counter. They are generating lead through calling.
7.4
VISITED COUNTERS, WHERE IS LARGE NO. OF CANCELLATION
REPORTS
COUNTER
NAME OF THE F.O.S
VIJAY SONKAR
SNEHANJALI – KALYAN
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7.5
Amna Shaikh
Chandramani
GANESH SAKPAL
Sanjay T. Shukla
sonu kushwaha
Vinit. Suresh Joshi.
Nisha s Hassan
Amrit Sharma
Swati Agarwal
ASHISH KADAM
SUMEDH CHANDANE
SANTOSH CHAVAN
VIJAY SALES – KALYAN
SNEHANJALI – ULHASNAGAR
VIJAY SALES – ULHASNAGAR
J.K ENTERPRISES – DOMBIVLI
S.B ENTERPRISES – DOMBIVLI
RAJDEEP – DOMBIVLI
KOHINOOR VIDEO- DOM- E
VIJAY SALES – DOMBIVLI
SNEHANJALI – DOMBIVL
VIJAY SALES, BORIVALI(W)
TATA CROMA- MULUND
VIJAY SALES- GHATKOPAR
ASHISH HIRALAL BHOITE
DESHMUKH WASIM
UBAIDULLAH KHAN
GANESH ACHARYA
POONAM , ANKIT
NASIR
N. NAIK
VIJAY SALES, MAHIM
RELIANCE DIGITAL-KHANDIVLI
ADITI ELEC. KANDIVLI WEST
VIJAY SALES- DADAR
VIJAY SALES- OPERA HOUSE
SHAH ELEC. - MIRA ROAD
NEELAM ENTER. - MIRA ROAD
DATA ANALYSIS
Above counters has high no. of insurance cancellation: reason behind insurance
cancellation is mostly due to miss- selling of insurance product and customers financial
problems.
7.6
CUSTOMER’S FEEDBACK REPORT
Taken feedback from customers by talking to them at each counters, whether they want
any changes in insurance policy?
CUSTOMER'S FEEDBACK:
WHAT CHANGES THEY
WANT IN THE PRODUCT
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CUSTOMER
NAME
VIKAS
GHODVINDE
SUNIL JADAV
PRAMOD
MAHAJAN
NITIN
BHARIJONKAR
BHASKAR
KIRAN S
MONDKAR
MANISHA S
JADHAV
ROHINI P
SASANE
CHANGES IN POLICY
DON'T WANT ANY CHANGES IN
THE PRODUCT
DON'T
WANT ANY
THE PRODUCT
DON'T WANT ANY
THE PRODUCT
DON'T WANT ANY
THE PRODUCT
DON'T WANT ANY
THE PRODUCT
DON'T WANT ANY
THE PRODUCT
DON'T WANT ANY
CHANGES IN
CHANGES IN
COUNTER ADDRESS
SNEHANJALI, KALYAN WEST
SNEHANJALI, KALYAN WEST
SNEHANJALI, KALYAN WEST
CHANGES IN
VIJAY SALES, KALYAN WEST
CHANGES IN
CHANGES IN
CHANGES IN
THE PRODUCT
WANTED TO HAVE A MATURITY
AMOUNT
DON'T WANT ANY CHANGES IN
PRATIKSHA
THE PRODUCT
SOURAV
DON'T WANT ANY CHANGES IN
AGGARWAL
THE PRODUCT
SATISFY WITH INSURANCE
AMRUTA DONDE POLICY
VIKRAM
SATISFY WITH INSURANCE
AMBALIYA
POLICY
SATISFY WITH INSURANCE
SUMIT MANDAL
POLICY
ANKUSH
WANTED TO HAVE A MATURITY
SOLANKI
AMOUNT
SATISFY WITH INSURANCE
FATIMA
POLICY
BABAN BALMIKI WANTING A FAMILY COVERAGE
SATISFY WITH INSURANCE
JITENDRA DILIP
POLICY
SAJIDA MD.
SATISFY WITH INSURANCE
SHAIKH
POLICY
DON'T WANT ANY CHANGES IN
PRIYANKA
THE PRODUCT
SATISFY WITH INSURANCE
SWAPNIL SHAHU POLICY
PRAFUL
WANTED TO HAVE A MATURITY
MELKAR
AMOUNT
VIJAY SALES, KALYAN WEST
J.K ENTERPRISE, DOMBIVLI
EAST
J.K ENTERPRISE, DOMBIVLI
EAST
J.K ENTERPRISE, DOMBIVLI
EAST
J.K ENTERPRISE, DOMBIVLI
EAST
RAJDEEP ENTERPRISE,
DOMBIVLI EAST
RAJDEEP ENTERPRISE,
DOMBIVLI EAST
RELIANCE DIGITAL,
KANDIVLI EAST
RELIANCE DIGITAL,
KANDIVLI EAST
VIJAY SALES, DADAR
VIJAY SALES, OPERA HOUSE
VIJAY SALES, OPERA HOUSE
SHAH ELECTRONIC, MIRA
ROAD
SHAH ELECTRONIC, MIRA
ROAD
E - ZONE, GOREGAON EAST
E - ZONE, GOREGAON EAST
VIJAY SALES, GOREGAON
WEST
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AJIT HARIDAS
7.7
WANTING A FAMILY COVERAGE
SNEHANJALI, NALLASOPARA
GRAPHICAL PRESENTATION OF CUSTMERS FEEDBACK
7.8 DATA ANALYSIS
Most of the customers are satisfied with the policy, but there are customers’ who
demands for FAMILY COVERAGE AND MATURITY AMOUNT.
7.9
DEALERS FEEDBACK REPORT
Taken a feedback from dealers as well, whether dealers or store managers itself aware
of the insurance product or not?
DEALERS WERE JUDGE ON THE BASIS OF:•
ANY CASES OF INSURANCE CANCELLATION = CODE: 1
•
DEALERS/ STORE MANAGER AWARENESS OF INSURANCE = CODE: 2
•
STAFF PERFORMANCE = CODE: 3
BAJAJ
FINSERV
LENDING
INSURANCE
FEEDBACK
QUESTIONA
RE
NAME
DEALERS
FEEDBACK
CODE: 1
CODE: 2
CODE: 3
COUNTER
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PRIYANKA
RAM SINGH
E-ZONE, GOREGAON
EAST
VIJAY SALES, GOREGAON
WEST
VISHAL
PANCHAL
RAHUL
ELECTRONIC,
GORE. WEST
SNEHANGALI, KANDIVLI
NAVIN KOTIAN
WEST
AJAY KUMAR
KOHINOOR ELEC.
MISHRA
KANDIVLI WEST
SARITA
VIJAY SALES, MIRA ROAD
L.G ELECTRONIC, MIRA
SUNIL
ROAD
RAHUL
SANDEEP
ELECTRONIC,BORIVLI
EAST
VIJAY SALES, BORIVLI
ASHISH PANDEY
WEST
WASHIM
RELIANCE
DESHMUKH
DIGITAL,KANDIVLI EAST
VIJAY SALES, OPERA
ANIKET
HOUSE
ARPIT
VIJAY SALES,MAHIM WEST
RAJAPURKA
GANESH
VIJAY SALES, DADAR
ACHARYA
SWAPNIL
GALA & SONS, MALAD
GHADE
SWAPNIL
GHADE
SWAPNIL
GHADE
SWAPNIL
GHADE
SONAM SONI
NIRAJ SINGH
ASHOK YADAV
MANISH TIWARI
WEST
RAJ ELECTRONIC {MALAD
WEST}
RAJESH ELEC. MALAD
WEST
EETACHI ELEC. MALAD
WEST
TATA CROMA, MALAD
WEST
RELIANCE DIGITAL,
MALAD WEST
TATA CROMA, KANDIVLI
WEST
L.G ELECTRONIC,
KANDIVLI EAST
×
√
√
×
√
√
×
√
√
√
×
×
√
√
√
×
×
√
×
×
√
×
×
√
×
×
√
√
×
√
×
√
√
√
√
√
×
×
√
×
×
√
√
×
√
×
×
√
×
×
√
√
×
√
×
×
√
×
×
√
×
×
√
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NITIN RAY
DEVI ELECTRONIC,
BORIVLI EAST
×
×
√
SHURUTI
KADAM
TATA CROMA, JUHU
×
×
√
VIJAY DULAYES
SANDEEP
TRIPATI
VIJAY SALES, SANTACRUZ
TATA CROMA,BANDRA
√
√
×
×
√
√
×
×
√
×
×
√
×
×
√
×
×
√
KIRAN POPAB
PRASHANT
PRAVIN
JHADESHI
SHASHANK
TATA CROMA,
BHAYANDER WEST
SNEHANJALI, BHAYANDER
SNEHANJALI,
NALLASOPARA
SNEHANJALI, ANDHERI
7.10
GRAPHICAL REPRESENTATION OF DEALERS FEEDBACK
7.11
DATA ANALYSIS
From the above as you can see 26 dealers has said NO, which means they are not
aware of the insurance product?
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7.12
CUSTOMERS CALLING FEEDBACK
Did calling to almost 234 no. of customers, those who have cancelled their insurance
i.e. {balic cancellation cases of April-march, 13} to know the reason behind cancellation.
CONCLUSION:
NUMBE
R
TOTAL CALLING
234
NO. OF CUSTOMER GIVEN FEEDBACK
126
NO. OF CUSTOMER NOT GIVEN FEEDBACK
108
PERCENT
AGE
GIVEN INSURANCE WITHOUT TAKING CUSTOMER CONSENT
56
46%
FINANCIAL PROBLEM
NOT CONVEYED PROPER INFORMATION TO CUSTOMER
19
8
21%
12%
DELAY IN DISPATCHMENT OF DOCUMENT
5
4%
UNDERSTANDING PROBLEM
3
3%
16
14%
OTHERS PROBLEMS
DON'T WANT TO CONTINUE
8
NOT SATISFY WITH POLICY
2
CUSTOMER ALREADY HAVING INSURANCE
4
INSURANCE WAS CANCELLED WITHOUT ASKING CUSTOMER
WANT TO CHANGE THEIR NOMINEE, DOESN'T CHANGE i.e.
CANCELLED
1
7.13
GRAPHICAL PRESENTATION OF CALLING REPORT
7.14
DATA ANALYSIS
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From the above data you can see that 45% of cancellation reason is because of missselling of insurance product i.e.
GIVEN INSURANCE WITHOUT TAKING CUSTOMER
CONSENT and customer financial problem.
FINDINGS AND LIMITATIONS
8.1
KEY FINDINGS
•
The root cause behind insurance cancellation is miss-selling of insurance product
and customer financial problem and customers change of mind {this is because
customers were motivated by its peers or family members}.
•
From the data I have found that f.o.s were not pitching insurance over the counter
they are generating lead through calling to customers, this is one of the cause of
insurance cancellation.
•
Two changes that a customer wants in their insurance policy is maturity amount
and family coverage.
•
While visiting the stores, I also found that dealers are not aware of the insurance
benefits and also not bothered about the sale of insurance product.
•
Majority of selling happen in the evening time between 6 PM to 10 PM.
•
Repeat sale for existing customers is increasing day by day hence this holds a great
scope in future. On the other hand, sale of insurance products will minimize.
8.2
LIMITATIONS
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•
Delay in dispatch of insurance document that is one of the major problems.
•
Most the dealers are unaware of the insurance product they should be consulted at
store level or can be through calling.
.
SUGGESTIONS AND RECOMMENDATIONS
9.1 NECCESARY RECOMMENDATIONS AS FOLLOWS:-
•
FOS should be taught by professional, how to pitch insurance to customers and
when?
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•
My suggestion is that in weekdays there are fewer footfalls in store those days
insurance should be pitch over the counters and in weekends there more rush in
store. On weekends insurance pitching should be done through calling.
•
On Saturday and Sunday, Company can put an extra FOS, at each counter to pitch
the insurance, and this will also help in increasing sales and better customer
satisfaction.
Other recommendations:-
•
•
A promotional campaign must be run, to clarifying the benefits and offerings of
BFSL which will clear the doubts about 0 % finance & 0 processing fees.
Processing fees should not be charged for the EMI card holders in the case of
Consumer Durables as it will create loyalty among customers and will help build a
strong customer base even before the competitors entering the market.
LEARNINGS
10.1
•
LEANINGS FROM THE PROJECTS
Personal learning

Exposure to corporate world.

Study of insurance sector in India.
.
•
Academic learning

Know how to prioritize work.

Team Work
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•
Professional learning

Gain the professional knowledge while working with the company.

Know Business Etiquettes, Business Communication.
CONCLUSION
After working for eight weeks’ in “BAJAJ FINSERV LENDING” I found that
company enjoys a monopoly in this segment i.e retail finance. No other company had a
such huge sales work force, which bajaj finserv lending had built. 0% interest finance of
consumer and lifestyle product has getting a tremendous suceess.
From the finding it can be concluded that “BAJAJ FINSERV LENDING” carries a
good reputation in the mind of the customers. Customer usually prefers to finance its entire
electronic product from Bajaj Finserv lending.
The main objective of the FOS team was to plan a proper scheduled “when to
pitch an insurance product to customers with proper technique” so sales target should be
achieved.
To conclude “BAJAJ FINSERV LENDING” needs to focus on their foot falls,
sales finance team should be well educated about the policy and customer preference
because our major competitor is capital first, that is threat to our counters and new store as
well.
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BIBLOGRAPHY
BOOKS
•
Kotler
Philip,
Marketing
Management,
11th
edition.
Pearson
Education
•
Life Insurance-b.p. Agarwal, Sahitya Bhawan, 2011.
•
Kimball, Bob. 1994. AMA Handbook for Successful Selling.
PRINT MEDIA
•
BUSINESS TODAY
•
ECONOMIC TIMES
WEBSITES
•
www.bajajgroup.com
•
www.bajajfinservlending.in
•
•
www.bajajallianz.com
www.bajafinanceltd.com
•
www.indiainfoline.com
•
www.moneycontrol.com
•
www.google.com
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QUESTIONARE
BAJAJ
FINSERV
LENDING
INSURANCE
FEEDBACK
QUESTIONAR
E
COUNTER
VISIT
FOS
OBSERVATIO
N:1. PITCHING
AFTER
MISTRY
CALLING
2.
PITCHING /
PRODUCT
AWARENESS
3. COVER
NOTE
UNDERSTAN
DING
4.
EDUCATING/
GIVING
PROPER INF.
TO
CUSTOMER
5. PITCHING
OVER THE
COUNTER
DATE OF
VISIT
OBSERVATIO
N'S
YES
NO
PITCHING
AWARENESS
COVER NOTE
EDUCATING
COUNTER
PITCHING
CUSTOMER'S
FEEDBACK:CUSTOMER
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NO. 1
1. WAS
INSURANCE
PITCHED TO
CUSTOMER
2. ANY
REMARK'S
FOR NON
ACCEPTING
3. COVER
NOTE
RECEIVED IF
PURCHASED
CUSTOMER
NO. 2
1. WAS
INSURANCE
PITCHED TO
CUSTOMER
2. ANY
REMARK'S
FOR NON
ACCEPTING
3. COVER
NOTE
RECEIVED IF
PURCHASED
INSURANCE
PITCHED
CUSTOMER
REMARK'S
COVER NOTE
RECEIVED
INSURANCE
PITCHED
CUSTOMER
REMARK'S
COVER NOTE
RECEIVED
DEALER'S
FEEDBACK:1. ANY
COMPLAINT
REGISTER
OF
INSURANCE
SALE
2.
AWARENESS
OF
INSURANCE
PRODUCT
3. SALES
STAFF &
INSURANCE
COMPLAINT
DEALER'S
AWARENESS
STAFF
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FOES
STORE MANAGER NAME:OWNER NAME:S.M
F.O.SNAME:NAME:DEALER SIGN:SELF SIGN:ANY REMARK'S
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