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A Hygiene Parameter Study - Insurance Cancellation: The Project Title
A Hygiene Parameter Study - Insurance Cancellation: The Project Title
{MUMBAI}
Faculty Guide
PROF. ARUN KUMAR
{PROF. NIILM-CMS}
Introduction to topic:-
“A hygiene parameter study – insurance cancellation”
Mortgage
SME Finance
Business Loans
Infrastructure Finance
Commercial Lending
Vendor Financing
Cont.
Bajaj Finserv also cross-sell his term life insurance product i.e.
Bajaj Allianz life insurance. But this term insurance product
cross-sell to only customer, who had taken finance from Bajaj
Finserv lending.
Field survey
Telephonic survey
FIELD SURVEY PLAN TELEPHONIC SURVEY PLAN
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.
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.
CONCLUSION
After working for eight weeks’ in “BAJAJ FINSERV
LENDING” I found that company enjoys a monopoly in this
segment i.e. retail finance. No other company had a such huge
sales work force, which Bajaj Finserv lending had built. 0%
interest finance of consumer and lifestyle product has getting a
tremendous success.
25
20
15 16 15 16
15
10 YES
5 2 0 NO
0
0
PITCHING AFTER PRODUCT COVER NOTE EDUCATING TO PITCHING OVER THE
MISTRY CALLING AWARENESS UNDERSTANDING CUSTOMER COUNTER
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
43
45 36
40 39
35
30
25
20 11 YES
15 14
10
7 NO
5
0
REGISTRATION OF
ANY NEW COMPLAINT DEALERS AWARENESS
OF INSURANCE
STAFF PERFORMANCE
PRODUCT
From the above as you can see 36 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
27
25 20
20
13
15
10
5
0
SATISFY WITH WANTING A WANTING A FAMILY ALREADY HAVING
INSURANCE POLICY MATURITY COVERAGE AN INSURANCE
AMOUNT
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
FINANCIAL PROBLEM
3% 14%
4%
46% NOT CONVEYED
PROPER
12% INFORMATION TO
CUSTOMER
DELAY IN
DISPATCHMENT OF
DOCUMENT
21%
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.