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SHASHANK JOGANI, 28

INDEX

Sr. No.
1. 2. 3. 4. 5. 6.

TOPIC
ACKNOWLEDGEMENT SUMMARY INTRODUCTION TO INSURANCE BAJAJ ALLIANZ GENERAL INSURANCE CO LTD PRODUCTS AND SERVICES OFFERED COMPARATIVE STUDY BETWEEN INSURANCE INDUSTRY OF INDIA AND U.S.A. CURRENT GROWTH: CURRENT AFFAIRS: CONCLUSION BIBLIOGRAPHY

PAGE NO.
3 4 5 6 7 8

7. 8. 9. 10.

10 12 14 15

ACKNOWLEDGEMENT:
I have taken efforts in this project. However, it would not have been possible without the kind support and help of many individuals and others. I would like to extend my sincere thanks to all of them. I am highly indebted to H.R College and the teaching faculty for their guidance and constant supervision as well as for providing necessary information regarding the project and also for their support in completing the project. I would like to express our gratitude towards my parents, fellow friends and the teacher Ms. Dimpy Gokal for their kind co-operation and encouragement which helped me in completion of this project. My thanks and appreciations also goes to all those who have in some ways helped me in developing the project and people who have willingly helped me out with their abilities.

SUMMARY
In the book report, the sector of insurance has been written about. Also, light has been shed upon one of the emerging private sector companies, Bajaj Allianz General Insurance Co Ltd. The report explains what insurance is. It consists a brief on Bajaj Allianz General Insurance Co Ltd, its products and services and its growth and development over the years. It helps us figure out the share of private insurance companies in the Indian market. Also a comparison has been drawn between the insurance industryin India and the insurance industry in the U.S.A.

WHAT IS INSURANCE?
Meaning: Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type. Definition: Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance. The party bearing the risk is known as the 'insurer' or 'assurer' and the party whose risk is covered is known as the 'insured' or 'assured'.

BAJAJ ALLIANZ GENERAL INSURANCE CO LTD

Incorporated in 2001, Bajaj Allianz is general insurer with headquarters in Pune, India. Bajaj Allianz General Insurance is a 74:26 joint venture between Bajaj Finserv (demerged from Bajaj Auto) - financial service provider and Allianz Group- Germanys integrated financial services provider. Bajaj Allianz has 74% stake while Allianz has the rest 26% stake in the equity venture. Bajaj Allianz has also received iAAA rating from ICRA (rating and grading company) in 2006, 2008. This rating indicates financial ability of a company to meet policyholders obligations. The Company has an authorized and paid up capital of Rs 110 crore

PRODUCTS AND SERVICES OFFERED:

The products offered by Bajaj Allianz General Insurance Co Ltd are: 1. 2. 3. 4. 5. Life Insurance Motor Insurance Travel Insurance Health Insurance Property Insurance

The services offered by Bajaj Allianz General Insurance Co Ltd are: 1. 2. 3. 4. 5. Online Insurance Plans Health Insurance Portability Online Renewal Premium Payment Super Agent Home Visit Online Grievance Centre

COMPARATIVE STUDY BETWEEN INSURANCE INDUSTRY OF INDIA AND U.S.A.:

The following table provides a detailed comparison of the various issues involving insurance products available from companies in the United States of America and India.

India
1. Broker/Agent Overseas travel insurance is mostly sold through travel agents when you buy your airline tickets. Travel agents generally do not go through any formal training in selling insurance, are not regulated by government authorities for insurance. Would you buy home insurance from a builder or car insurance from a car dealer? No. So why would you buy travel insurance from a travel agent? 2. Insurance Companies Private insurance companies are relatively new and have little experience. They may be wellknown names in India because they have been around for years in other industries such as automobile and banking, but not because of their insurance experience. More importantly, most providers in the U.S. do not know about them and that is what matters. Even though some of these private companies collaborate with foreign companies, they are still all Indian companies with a presence only in India. 3. PPO There is no PPO network, and you can go to any doctor. It is easy to say, "Just buy this policy, call this number and everything will be taken care of. There is nothing to worry about." However, the question remains, who is going to accept the insurance? You have to consider what may happen in reality when you really need the insurance. You would first have to ask the hospital or doctor whether they will accept insurance from a company in India, bill the insurance company in India, and deal with claims in India. If they say no, regardless of

U.S.A.
In order to sell insurance in the U.S., the person or the company has to be licensed as an insurance agent/agency. The agent goes through training, takes an extensive exam and is regulated by a department of insurance. The agent is generally well aware of how U.S. health care works.

Most insurance companies have been around for a long time and have a lot of experience in dealing with the U.S. health care system. There are reliable companies with proven track records. Companies are rated A-, A, A+ or A++ by A.M. Best Company.

Most products are connected to a PPO network. PPO stands for Preferred Provider Organization. It is a network of doctors, hospitals and other providers who are contracted with the insurance company. When you go to a provider in the network, they recognize the insurance, generally bill the insurance company directly, and charge the company the network-negotiated fees. Most products have a large nationwide network. You can always go outside the network, too. However, in this scenario, the provider may or

what the agent/insurance company told you, may not be willing to bill the insurance you will have to pay the provider(s) up front company directly, and you will not qualify for and file for reimbursement from the insurance the discounted network-negotiated fees. company later. Also, there are no discounts from network-negotiated fees. 4. Grievances Insurance regulatory authorities in the U.S. will not be able to help you, because they have no jurisdiction over the insurance companies in India.

In the event that an insurance company does not pay appropriately, you can contact the insurance regulatory authorities in the U.S. The insurance industry is one of the most highly regulated industries in the United States and the government rules are very strict. You have a much greater chance of getting the benefits stipulated for in the insurance policy with this support.

5. Cost Although this is an important factor, it should not be a deciding factor in choosing between an American or Indian insurance policy. Often, you get what you pay for. 6. Purchase Process Online purchase is not common for Indian insurance companies. You will have to deal with manual paperwork. A medical exam is also often required with many products, at least for people above a certain age.

You can get instant quotes and make instant purchases with a credit card payment No membership, paperwork or medical exam is required.

CURRENT GROWTH:
The total premium earned for the half year ended September 30, 2010 was Rs 9,292 million. The profit before tax for the same period is Rs 992 million. A total of 220,653 claims were made during the period out of which 146,520 claims were settled and 76,378 were still left pending.

Bajaj Allianz is a part of the top 3 insurance companies with a 16 percent increase in its premium collections from April 2010 to February 2011.

Share in the Insurance sector

The above table shows premium collections in the insurance market in India. All the above figures are in crores.

CURRENT AFFAIRS:

CONCLUSION
The above project helps us to understand the Indian insurance industry and how slowly and gradually private companies have started growing and gaining a foothold in it. Along with that, on drawing a comparison with the American insurance industry, drawbacks of the Indian Insurance industry are pointed out. The report helps us notice that every small thing in this world can be insured and the insurance industry is related to every small and big happening in the world. Insurance, as a field, is vast and there is huge scope for new plans and improvement specially in developing countries like India.

BIBLIOGRAPHY

http://en.wikipedia.org/wiki/Insurance http://www.appuonline.com/insurance/basics.html http://www.bajajallianz.com/Corp/index.jsp http://knowledge.policybazaar.com/health-insurance/item/53-bajaj-allianz-generalinsurance-company.html Sikkim-Earthquake-claims-in-record-time/5284533716

http://www.indiainfoline.com/Markets/News/Bajaj-Allianz-settles-over-85-percent http://articles.economictimes.indiatimes.com/keyword/bajaj-allianz-general-insurance