Assignment on

Bajaj Allianz General Insurance Co. Ltd. TopicSubject- Office Management Submitted tosubmitted by-

Vaisnavi Pandey

Prakhar Mishra BBA (B12)

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of 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.

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. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune.

To be the first choice insurer for customers To be the preferred employer for staff in the insurance industry To be the number one insurer for creating shareholder value As a responsible, customer focused market leader, we will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money.

The gross direct premium income of the entire industry was Rs. 629.3 billion for the year 2012-13. During the year 2012-13, the industry grew by 19.0%. Table 1 gives a snapshot of industry growth during 2012-13.
2011-12 BAJAJ ALLIANZ PRIVATE SECTOR PUBLIC SECTOR TOTAL MARKET 32,866.2 223167.7 307607.7 528774.4 2012-13 40,014.0 279,266.4 350,008.5 629,274.9 GROWTH 21.7 25.1 14.5 19.0

700,000.00 600,000.00 500,000.00 400,000.00 300,000.00 200,000.00 2011-12 2012-13

100,000.00
0.00 BAJAJ ALLIANZ PRIVATE SECTOR PUBLIC SECTOR TOTAL MARKET

GROWTH

BAJAJ ALLIANZ PRIVATE SECTOR PUBLIC SECTOR TOTAL MARKET

Company remains one of the most profitable insurers, which ensures security for the policyholders. In a year that wasnt marred by any big catastrophes and hence generally good for the entire general insurance industry as such, Company still had one of the best combined ratios amongst all companies in the market despite of the impact of losses in the form of transitional liability from the Indian Motor Third Party Insurance Pool (IMTPIP or the Motor Pool) dismantled at the beginning of the year. This can be seen from Table 2 below:

200708
BAJAJ ALLIANZ PRIVATE SECTOR PUBLIC SECTOR MARKET 102% 110% 124% 120%

2008-09
104% 113% 128% 123%

20092010
102% 115% 126% 122%

2010-11
110% 121% 137% 131%

20112012
107% 120% 123% 122%

Source: IRDA website & IRDA Annual Report 2011-12 excludes Specialized Insurers. Combined ratio is calculated as ratio of incurred claims, acquisition cost and management expenses to the Net Earned Premium.

160 140 120 100 2007-08 2008-09

80
60 40 20 0 BAJAJ ALLIANZ PRIVATE SECTOR PUBLIC SECTOR market

2009-10
2010-11 2011-12

Excluding losses from the Indian Motor Third Party Insurance Pool (IMTPIP), Companys combined ratio was 93.4% in the year under review (2011-12, 96.1%) This is considered a significant achievement in a highly competitive market. Even after absorbing the amortized provision for losses from the IMTPIP, your Companys combined ratio was 101.9% in 2012-13 (2011-12, 107.2.%).

Bajaj Allianz. Should use new techniques of sales promotion. Customer services should be more comfortable than others. People must be made aware of the benefits of the policies of Bajaj Allianz. Regular advertisement of the company should be given TV and Newspaper.

The company must try to find new markets especially in the rural areas. The company should do frequent analysis of the competitors.