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

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]

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

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