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BAJAJ ALLIANZ LIFE INSURANCE & BHARTI AXA LIFE INSURANCE


COMPANYc

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9/12/2010

KAUSTUBH RANE


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The insurance sector in India has completed all the facets of competition ʹfrom
being an open competitive market to being nationalized and then getting back to
the form of a liberalized market once again. The history of the insurance sector in
India reveals that it has witnessed complete dynamism for the past two centuries
approximately.

With the establishment of the Oriental Life Insurance Company in Kolkata, the
business of Indian life insurance started in the year 1818. c

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1912: The Indian Life Assurance Companies Act came into force for regulating the
life insurance business.c

1928: The Indian Insurance Companies Act was enacted for enabling the
government to collect statistical information on both life and non-life insurance
businesses.

1938: The earlier legislation consolidated the Insurance Act with the aim of
safeguarding the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies were taken over by
the central government and they got nationalized. LIC was formed by an Act of
Parliament, viz. LIC Act, 1956. It started off with a capital of Rs. 5 crore and that too
from the Government of India.

The history of general insurance business in India can be traced back to Triton
Insurance Company Ltd. (the first general insurance company) which was formed in
the year 1850 in Kolkata by the British.


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1907: The Indian Mercantile Insurance Ltd. was set up which was the first company
of its type to transact all general insurance business.c

1957: General Insurance Council, an arm of the Insurance Association of India,


framed a code of conduct for guaranteeing fair conduct and sound business
patterns.

1968: The Insurance Act improved for regulating investments and set minimal
solvency levels and the Tariff Advisory Committee was set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the
general insurance business in India. It was with effect from 1st January 1973.

107 insurers integrated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd. and the United India Insurance Company Ltd. GIC was
incorporated as a company.

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IRDA has till now provided registration to 12 private life insurance companies and 9
general insurance companies. If the existing public sector insurance companies are
considered then there are presently 13 insurance companies in the life side and 13
companies functioning in general insurance business. General Insurance
Corporation has been sanctioned as the "Indian reinsurer" for underwriting only
reinsurance business.

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   Alli  Geer l Ir e Comp  Limited

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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.

As on 31st March 2009, Bajaj Allianz General Insurance maintained its premier
position in the industry by achieving growth as well as profitability. The company
garnered a premium income of Rs. 2866 crore, achieving a growth of 11 % over the
last year. Bajaj Allianz has made a profit before tax of Rs. 149.8 crore and has
become the only private insurer to cross the Rs.100 crore mark in profit before tax
in the last three years. The profit after tax was Rs.95 crores, which is also the
highest by any private insurer.

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.


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The locations of every corporate offices of Bajaj Allianz is magnificent. They locate
themselves in a very professional manner. This indicates their corporate approach
towards their work. Work culture is also conducive to such environment.

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Huge advertisements on Television and radios.

Tele-marketing

Promotion in front of corporate offices

Internet Marketing

Hoardings and brochures

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People are the main assets of financial organization because of service factor
attached to it. Here in this case of insurance business, talented and experienced
personnel are required. Bajaj Allianz recruits highly intellectual persons with good
market knowledge. They also provide training to brief them up about Bajaj Allianz
to its new staff members. This is the reason they are No.1 position in General
Insurance among private players. They create an emotional commitment and
strong two-way relationship between the employees and the Company.

To have clear performance expectations and a clear return from the Company
(working environment, development, reward, career opportunities etc), which
helps employees to make a connection between their contribution and the
progress made by the Company.

To inspire and empower people to achieve their best and reward them
competitively for their contribution and provide attractive career opportunities.To
build a learning culture which fosters personal development and professional
mobility and upholds values of professionalism,innovation, pragmatism, team
spirit, integrity.To respect and value individuals, their diversity and support them in
their need to balance professional and personal lives.

  

The prestigious awards itself speaks the smooth functioning of the insurance
activities. They have the highest claims paying ability and a fundamentally strong
position. They want to be the first choice for insurers in the country. So, they
understand the insurance needs of the customers and translate it into affordable
products that deliver value for money. Below case study is a clear evidence of
proof:
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physical attributes to a service, so a consumer tends to rely on material cues. There
are many examples of physical evidence, including some of the following:

a) Business cards

b) Internet / Websites

c) Furnishings

d) Bajaj Allianz Building in Pune

e) Internal Infrastructure

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There is a probability of a spurt in employment opportunities. A number


of web-sites are coming up on insurance, a few financial magazines
exclusively devoted to insurance and also a few training institutes being
set up hurriedly. Many of the universities and management institutes
have already started or are contemplating new courses in insurance. Life
insurance has today become a mainstay of any market economy since it
offers plenty of scope for garnering large sums of money for long periods
of time. A well-regulated life insurance industry which moves with the
times by offering its customers tailor-made products to satisfy their
financial needs is, therefore, essential if we desire to progress towards a
worry-free future.
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