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:
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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?
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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?
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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.
7/27/2019 Bajaj Finserv Presentaion-- Nitesh Kumar {Intern-bajaj Finserv, Mumbai}--Niilm-cms, Greater Noida
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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:
mailto:[email protected]:[email protected]