THE PROJECT TITLE:

A HYGIENE PARAMETER STUDY INSURANCE CANCELLATION

UNDER

BAJAJ FINSERV LENDING

{MUMBAI}

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.

INFORMATION SHEET
Date Of Internship Commencement Date Of Internship Completion Name Of The Industry Guide Designation Of The Industry Guide Students NameStudents Roll Number : 11th may 2013 : 10th July 2013 : Mr. Dinesh Naidu : Area Sales Manager : Nitesh Kumar : 2012095

College Name
Students E-Mail ID

: NIILM-CMS,DELHI NCR
: niteshkumar3214@Gmail.Com : 7738262447/8376842577

Students Mobile/ Residence Numbers

KEY DELIVERABLES OF THE PROJECT

Understand Bajaj Finserv lending selling process and insurance product. Meet F.O.S at 30 counters in Mumbai and understand the process of when and how they are selling insurance to customers? Understand from 2 Sample Customers at each of these 30 counters whom the FOS has pitched insurance what changes they want in the product? Check with sample 50 cancelled customer what has gone wrong and why are they not interested in the product?

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

FIELD SURVEY PLAN

SAMPLE SIZE = 205 NO. OF CONSUMERS = 105 NO. OF F.O.S = 50 NO. OF DEALERS/STORE = 50

TELEPHONIC SURVEY PLAN

SAMPLE SIZE = 234 NO. OF RESPONDENT= 126

The stores which I have visited such as Tata croma, reliance digital, Vijay sales, Snehanjali electronic and open market stores such as L.G electronic, Kohinoor electronic.

Did calling to almost 234 no. of customers, those who have cancelled their insurance i.e. {balic cancellation cases of Aprilmarch, 13} to know the reason behind cancellation.

PROBLEMS
The root cause behind insurance cancellation is miss-selling of insurance product and customer financial problem and customers change of mind {this is because customers were motivated by its peers or family members}. From the data I have found that f.o.s were not pitching insurance over the counter they are generating lead through calling to customers, this is one of the cause of insurance cancellation. Customer wants maturity amount and family coverage in insurance policy. While visiting the stores, I also found that dealers were not aware of the insurance benefits and also not bothered about the sale of insurance product.

RECOMMENDATIONS
FOS should be taught by professional, how to pitch insurance to customers ? My suggestion is that in weekdays there are fewer footfalls 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 done through calling.

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.

OTHER RECOMMENDATIONS
A promotional campaign must be run, to clarifying the benefits and offerings of BFSL which will clear the doubts about 0 % finance & 0 processing fees. Processing fees should not be charged for the EMI card holders in the case of Consumer Durables as it will create loyalty among customers and will help build a strong customer base even before the competitors entering the market. Customers wants changes in insurance products such as maturity amount and family coverage. If theses benefits were added, then it will helps to increase the sale of insurance product.

QUANTITATIVE INPUTS
AREA COVERED: Area which covered is western area and central area of Mumbai city. DEALERS COVERED: No. of counters covered is 50, such as Tata croma, reliance digital, Vijay sales, Snehanjali electronic and open market stores such as L.G electronic, Kohinoor electronic. CUSTOMERS COVERED: No. of customers covered is 45+ at store level and taken feedback of 234 customers through calling.

FACTS AND FIGURE

FOS FEEDBACK REPORT
30
30 25 20 15 10 5 0
PITCHING AFTER MISTRY CALLING PRODUCT AWARENESS

28

30

15 16

15 16 YES
2
COVER NOTE UNDERSTANDING

0
EDUCATING TO CUSTOMER PITCHING OVER THE COUNTER

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.

DEALERS / STORE FEEDBACK REPORTS

30 25

23
7 4

26

29

20
15

10
5 0

1
STAFF PERFORMANCE

YES NO

REGISTRATION OF ANY NEW COMPLAINT DEALERS AWARENESS OF INSURANCE PRODUCT

From the above as you can see 26 dealers has said NO, which means dealers are not aware of the insurance product?

CUSTOMER FEEDBACK REPORT

NO. OF CUSTOMERS DEMANDS FOR CHANGE IN POLICY

45
45 40 35 30 25 20 15 10 5 0
SATISFY WITH INSURANCE POLICY

27 20 13

WANTING A MATURITY AMOUNT

WANTING A FAMILY COVERAGE

ALREADY HAVING AN INSURANCE

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

CUSTOMER INSURANCE CANCELLATION REPORT

GIVEN INSURANCE WITHOUT TAKING CUSTOMER CONSENT

3% 4% 12%

14%

FINANCIAL PROBLEM

46%

21%

NOT CONVEYED PROPER INFORMATION TO CUSTOMER DELAY IN DISPATCHMENT OF DOCUMENT UNDERSTANDING PROBLEM OTHERS PROBLEMS

From the above data you can see that 46% of cancellation reason is because of miss-selling of insurance product i.e. GIVEN INSURANCE WITHOUT TAKING CUSTOMER CONSENT and 21% customer financial problem.

CONTACT US:

4th Floor, 271 Business Park, model Industrial estate, near virwani industrial Estate, off western express highway, Goregaon (east), Mumbai400063, Maharashtra Phone no: + 91 22309 22300 Email-id: wecare@bajajfinserv.in