Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida

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  • 7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida

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    A HYGIENE PARAMETER STUDY

    INSURANCE CANCELLATION

    UNDER

    BAJAJ FINSERV LENDING

    {MUMBAI}

    THE PROJECT TI TLE:

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    OBJECTIVE OF THE PROJECT

    To understand the root cause behind insurance

    cancellation of the Bajaj Allianz life insurance{BALIC}, at counters of Bajaj Finserv lending.

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    INFORMATION SHEET

    Date Of Internship Commencement : 11th

    may 2013

    Date Of Internship Completion : 10th July 2013

    Name Of The Industry Guide : Mr. Dinesh Naidu

    Designation Of The Industry Guide : Area Sales Manager

    Students Name- : Nitesh Kumar

    Students Roll Number : 2012095

    College Name : NIILM-CMS,DELHI NCR

    Students E-Mail ID : [email protected]

    Students Mobile/ Residence Numbers : 7738262447/8376842577

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    KEY DELIVERABLES OF THE PROJECT

    Understand Bajaj Finserv lending selling process andinsurance product.

    Meet F.O.S at 30 counters in Mumbai and understand the

    process of when and how they are selling insurance tocustomers?

    Understand from 2 Sample Customers at each of these 30

    counters whom the FOS has pitched insurance whatchanges they want in the product?

    Check with sample 50 cancelled customer what has gone

    wrong and why are they not interested in the product?

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    RESEARCH METHODOLOGY

    Research methodology of project was done through

    administration of questionnaire to 105+ consumers,

    50+ F.O.S and 50+ dealers in the western line and

    central line in Mumbai city.

    So, Research methodology is divided into parts:-

    Field survey

    Telephonic survey

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    FIELD SURVEY PLAN

    SAMPLE SIZE = 205

    NO. OF CONSUMERS = 105

    NO. OF F.O.S = 50

    NO. OF DEALERS/STORE =

    50

    The stores which I havevisited such as Tata croma,reliance digital, Vijay sales,

    Snehanjali electronic andopen market stores such asL.G electronic, Kohinoorelectronic.

    TELEPHONIC SURVEY PLAN

    SAMPLE SIZE = 234

    NO. OF RESPONDENT=

    126

    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.

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    PROBLEMS

    The root cause behind insurance cancellation is miss-selling

    of insurance product and customer financial problem andcustomers change of mind {this is because customers weremotivated by its peers or family members}.

    From the data I have found that f.o.s were not pitchinginsurance over the counter they are generating lead throughcalling to customers, this is one of the cause of insurancecancellation.

    Customer wants maturity amount and family coverage ininsurance policy.

    While visiting the stores, I also found that dealers were notaware of the insurance benefits and also not bothered aboutthe sale of insurance product.

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    RECOMMENDATIONS

    FOS should be taught by professional, how to pitchinsurance to customers ?

    My suggestion is that in weekdays there are fewerfootfalls 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 donethrough calling.

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    CONT

    On weekdays (i.e. Saturday and Sunday), company should put

    an extra FOS at each counters to pitch the insurance,

    and this will also help in increasing sales and better

    customer satisfaction.

    Store manager and dealers should be made aware of the

    insurance products and benefits. As they are not

    bothered about the insurance product.

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    OTHER RECOMMENDATIONS

    A promotional campaign must be run, to clarifying thebenefits and offerings of BFSL which will clear the doubtsabout 0 % finance & 0 processing fees.

    Processing fees should not be charged for the EMI cardholders in the case of Consumer Durables as it will createloyalty among customers and will help build a strongcustomer base even before the competitors entering themarket.

    Customers wants changes in insurance products such asmaturity amount and family coverage. If theses benefits wereadded, then it will helps to increase the sale of insurance

    product.

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    QUANTITATIVE INPUTS

    AREA COVERED: Area which covered is western area andcentral area of Mumbai city.

    DEALERS COVERED: No. of counters covered is 50, such as

    Tata croma, reliance digital, Vijay sales, Snehanjali electronicand open market stores such as L.G electronic, Kohinoor

    electronic.

    CUSTOMERS COVERED: No. of customers covered is 45+ atstore level and taken feedback of 234 customers through calling.

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    FACTS AND FIGURE

    FOS FEEDBACK REPORT

    0

    5

    10

    1520

    25

    30

    PITCHING AFTER

    MISTRY CALLING

    PRODUCT

    AWARENESS

    COVER NOTE

    UNDERSTANDING

    EDUCATING TO

    CUSTOMER

    PITCHING OVER THE

    COUNTER

    15

    3028

    30

    1516

    02 0

    16

    YES

    NO

    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.

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    DEALERS / STORE FEEDBACK REPORTS

    0

    5

    10

    15

    20

    25

    30

    REGISTRATION OFANY NEW COMPLAINT DEALERS AWARENESS

    OF INSURANCEPRODUCT

    STAFF PERFORMANCE

    7

    4

    2923 26

    1YES

    NO

    From the above as you can see26 dealers has said NO,which means dealers are not aware of the insurance product?

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    CUSTOMER FEEDBACK REPORT

    05

    10

    15

    20

    25

    30

    35

    40

    45

    SATISFY WITH

    INSURANCE POLICY

    WANTING A

    MATURITY

    AMOUNT

    WANTING A

    FAMILY COVERAGE

    ALREADY HAVING

    AN INSURANCE

    45

    27

    20

    13

    NO. OF CUSTOMERS DEMANDS FOR CHANGE IN POLICY

    Most of the customers are satisfied with the policy, but there are customerswho demands for FAMILY COVERAGE AND MATURITY AMOUNT.

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    CUSTOMER INSURANCE CANCELLATION REPORT

    46%

    21%

    12%

    4%

    3% 14%

    GIVEN INSURANCEWITHOUT TAKING

    CUSTOMER CONSENT

    FINANCIAL PROBLEM

    NOT CONVEYED

    PROPERINFORMATION TOCUSTOMERDELAY INDISPATCHMENT OFDOCUMENT

    UNDERSTANDINGPROBLEM

    OTHERS PROBLEMS

    From the above data you can see that46% of cancellation reason is because ofmiss-selling of insurance product i.e. GIVEN INSURANCE WITHOUT TAKINGCUSTOMER CONSENT and 21% customer financial problem.

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    CONTACT US:

    4th Floor, 271 Business Park,model Industrial estate, near

    virwani industrial Estate, off

    western express highway,

    Goregaon (east), Mumbai-

    400063, Maharashtra

    Phone no: + 91 22309 22300

    Email-id:

    [email protected]

    mailto:[email protected]:[email protected]