Introduction:

Bajaj Allianz General Insurance Company Limited is a joint venture between Allianz SE, the
world’s leading insurer, and Bajaj Finserv Limited. The Company received the certificate of
registration from IRDA on 2nd May 2001 to conduct general insurance business in India. Bajaj
Allianz General Insurance, today, is one of the largest private insurer in the industry with
offices in over 1100 towns and cities. The Company has continuously been expanding its
operations to reach out to its customers.

On May 2nd, 2021 we completed 20 years of care. In our two decades long journey we rose
from a humble start-up to an industry leader. We have gained the trust of close to 11 crore
customers with the help of over 9000 employees, a robust distribution network of more than
80,000 agents, almost 9,000 motor dealer partners and over 240 bank partners. We are also
associated with most brokers, web aggregators and major e-commerce platforms. We have
formed meaningful relationships with our partners, customers and employees in the course of
our journey so far.
The Company recently changed its brand identity to ‘Caringly Yours’ to reposition itself in the
minds of Indian consumers as a brand that protects and cares about customer’s financial worries
around their most prized possessions - their health, home & content, vehicles, businesses etc.
With this, the Company not just aims to take its service to the next level, but also seeks to
provide the best customer experience at every touchpoint and make insurance a pull rather than
a push product.
Bajaj Allianz General Insurance caters to individuals across demographics of the country and
the corporate sector with its wide range of products and services that go beyond insurance. The
Company is not only bringing insurance solutions to the customers’ doorstep but also
improving insurance penetration, with its advanced digital and mobile applications. Today
through its digital offices it has reached out to over 1000 new Tier 2 and 3 towns across India.
The Company has a strong focus on customer centricity and aims at delivering superior value
with an excellent and caring experience for the customer. Today the Company is taking its
relationships with the customers beyond insurance, by offering them a plethora of digitised
customer-centric initiatives.
The Company registered strong financial results for the first quarter of FY 2021-22 by posting
revenue of ₹ 2,494 crores for the period. Company posted a net profit ₹ 362 crore. Bajaj Allianz
General Insurance also reported a healthy Combined Ratio of 103.4% and solvency ratio of
340% for the period.

Vision:
Mission:
As a responsible, customer focused market leader, we will strive to understand the insurance
needs of the consumers and translate it into affordable products that deliver value for money.
A Partnership Based on Synergy
Bajaj Allianz offers technical excellence in all areas of General and Health Insurance, as well
as Risk Management. This partnership successfully combines Bajaj Finserv's in-depth
understanding of the local market and extensive distribution network with the global
experience and technical expertise of the Allianz Group. As a registered Indian Insurance
Company and a capital base of Rs. 110 crores, the company is fully licensed to underwrite all
lines of insurance business including health insurance.

Types of General Insurance:

Imagine heading out for your much-awaited vacation, and the incessant worry about your
home, car and other belongings keeps you worried throughout your trip. It is certainly not a
vacation that you’d enjoy. Instead, the constant worry will leave you in splits whether to check
on your home or be in the moment.
This is where a general insurance plan comes into the picture. Insurance is primarily divided
into two categories - life and non-life. Non-life insurance is also known as general insurance.
This category of insurance covers all types of insurance other than life insurance.

In the above-stated example, all your belongings can be covered using a general insurance
policy. While there are different types of general insurance plans, each asset can be included
using a specific kind of insurance policy.
The primary principle on which an insurance policy works is indemnifying your losses. So
remember, insurance is not a protective layer that will prevent it but instead will compensate
for any damage or loss.

• How does general insurance work?

Akin to life insurance, general insurance as well works on the principle of the risk occurring to
many people at once. Not everyone who suffers from the risk faces the damages. This helps
the general insurance companies honour your claims.
A premium is charged by the insurance company to cover the risk. A similar coverage is
provided to many others willing to insure for the same type of risk. Payouts are then offered
by the insurance companies from this pool of funds when claims are made.
Like life insurance provides your family financial support in your absence, a general insurance
plan ensures you receive the money when the time comes as per the terms of the policy.
What are the types of general insurance policies that you can buy?

In today’s age where almost anything can be insured if you’re willing to pay the price for it,
here are the few main types of general insurance that you can purchase -
1. Health Insurance:
As important is your life, equally important is your health. The adage, ‘health is wealth’, rightly
justifies buying a health cover. With myriad general insurance companies in India, it is only a
matter of choice to select the right plan for you.

Health insurance policies cover for any unexpected hospitalisation up to a specific amount of
sum assured. There are different types of health insurance that you can choose from depending
on your need. While a standalone health insurance plan should be your priority, you can also
purchase family floater plans to include your dependents, children and spouse.

In case you have any ailment that runs in your family, you can get it insured using a critical
illness plan. You must note that not all health policies require you to get hospitalised to extend
their cover. Treatments that do not require hospitalisation are also covered under a health
insurance policy depending on the plan you opt for.

2. Motor Insurance
Buying a motor vehicle is no less than an arduous task, and you wouldn’t want to damage it
for sure. Any case of vandalism, damage, theft, or accident is covered under a motor insurance
policy. Selecting an appropriate motor insurance policy can ensure you have all-round
protection for your car. Your car insurance can be customised by using selective add-ons to
receive wholesome coverage. A car insurance policy not only ensures protection for your own
damage but also third-party costs. Moreover, the Motor Vehicles Act, 2019, makes it
mandatory for every vehicle to have at least third party insurance cover.
3. Home Insurance

Another type of general insurance that protects your home as well as its belongings. Whether
you are a homeowner or live in rented accommodation, there is a home insurance cover for
you. A home cover protects your house against natural as well as human perils and provides
financial security to you.

4. Travel Insurance
Have you ever lost your baggage while travelling far away from home? These misfortunes do
happen, and buying travel insurance, especially for international travel, is of prime importance.
The travel insurance cover ensures any financial loss due to lost baggage, or emergency case
of hospitalisation is covered when you’re away from home. Moreover, domestic travel
insurance also offers similar coverage.

5. Commercial Insurance:
While the above insurance covers all personal aspects of your lives, your business too needs
that extra care. Any unexpected business loss can cause a huge financial setback and can leave
you debt-ridden. To avoid such unexpected losses, buying a commercial insurance policy from
the different general insurance companies in India is the way ahead.
While these are some of the prominent types of general insurance policies that you can buy,
you can also enquire for customised insurance cover from an insurer of your choice. To
conclude, be prudent and stay insured!

Bajaj Allianz General Insurance: Product Information

Consumer Decision Making Process in Bajaj Allianz General Insurance:
Consumer orientation lies at the heart of the marketing concept. As marketers, we are required
to understand our consumers and to build our organization around them. This requirement is
particularly important for insurance services, which in many instances still tend to be
operations dominated rather than customer oriented. Nowadays, it is rather more important to
understand consumers how they choose among choice of services offered to them and how
they evaluated these insurance services once they have received them. To market insurance
services effectively, marketing manager needs to understand the thought process of consumers
during the stages of purchase decision. When buying an insurance policy or services, new or
high premium policy, the consumer decision making process go through following five stages:

• Need recognition
• Search for alternatives
• Evaluation of alternatives
• Purchase decision
• Post purchase evaluation.
Steps involved in Consumer Decision Making Process:

1. Pre Purchase Stage:

A. Stimulus: It has been observed that an individual receives a stimulus that may incite him to
consider a purchase. This stimulus may be commercial cue, social cue or a physical cue.

• Commercial cues are the result of promotional efforts by advertisers. Social cues are
obtained from the individual peer groups or from a significant other e.g. friends are
opting for term insurance or Mutual funds / ULIP / SIP instead of traditional life
insurance plans/ NSC/ KVP/FDR.
• This stimulus may also result in physical cue such as biological cue. E.g. fear to die
from accident, unemployment, Theft of Goods, Travelling Fear etc. which can create
tension or worry about family members. How will they manage the expenses if any
mishap occurred?
B. Problem awareness / Need Recognition: During this phase, the consumer examines
whether they are really facing with an imbalance between actual and desired states that arouses
and activates them to purchase risk coverage.
- Internal stimuli are the occurrences you experience such desire for security / saving for
business, Car, Health for future financial planning.
- External stimuli are the influences from outside source such as someone has recommended
a new investment plan or Suggestion for decreasing risk, whose features, flexibility, benefits,
illustrations, charges, liquidity options, switching options, types of funds, guaranteed returns,
etc. under a brand name mentioned by a friend or colleague or by a family member seems
attractive.

It is the main objective of a marketing manager to recognize the imbalance between present
and preferred status of consumer.

Some of the Events General Insurance can Protect You From:

• Health - Expected or unexpected events. Hospitalization and outpatient treatment.

• Accidents - Damage to person or vehicle
• Theft - You lost certain things due to theft or robbery
• Earthquakes - An unexpected event that can incur substantial losses
• Fire Accidents - Happen now and then due to some reason or the other. Sometime,
damages may be significant.
• Storms, Floods, and Cyclones - Can result in a collapsed building or damaged vehicle
or loss of cattle
• Expenses on legal actions
• Third-party insurance - damage to the third party involved is covered to a certain
extent

Premiums are not very high for the general insurance plans in India. Most of the plans can be
bought for below Rs. 10, 000 and any damage incurred to you would cost more than that. Even
though in most of the cases, the insurance policy may not cover the entire damage or loss, but
it can offset and reduce the burden to your pocket.
C. Information Search: The need recognition stage of a problem demands a solution from the
individual and it usually implies that a potential purchase will ensue. During this phase the
individual will collect information regarding possible alternatives available to satisfy the need.
An information search can be internal or external or both.

- Internal search: with family, friends, funds available and tax bracket, etc.
- External search: it can be market controlled as it seeks information from the outside
environment i.e. Banks, websites of various insurance companies (www.irdaindia.org,
www.policybazaar.com, www.bimaonline.com, www.licindia.com, www.iciciprulife.com,
www.kotaklife.com, etc.)Car, Home, Business, Travelling, Post office savings scheme, etc.
different insurance products (Car, Health, Pet, Travel, Home, Cyber etc.)
Around 67% of web-user’s in India use online review before making purchase decision. Thus
consumer’s information search should yield a group of brands called evoked set. From this set,
the buyer will further evaluate the alternatives and make a choice. Having too many choices
can in fact confuse consumer and cause them to delay the decision to buy or in some instances
not to buy at all.

• When should you buy general insurance?

• From whom should you buy General insurance?
• How do you select an insurance advisor?
• The wimp factor.
• Who should be involved in your meetings?
• When and where should you meet with your insurance advisor?
• What should you expect from your advisor?
How do you select a company? There are almost 33 General insurance companies doing
business in the India. How do you choose one? Where do you get the ratings information?
What do I recommend? What Is Your Philosophy Regarding Life Insurance?
D. Evaluation of Alternatives: After getting information and constructing an evoked set of
alternative products the consumer is ready to make a decision, a consumer will use the
information stored in memory and obtained from outside sources to develop a set of criteria.
The environment internal information and external information help consumers evaluate and
compare alternatives. One may have to begin narrowing the number of choices in the evoked
set to pick a set that don’t have the attribute.

Companies
Factors
A B C D
Technical
Social
Personal
Economical

A final way to narrow the choices is to rank the attributes under consideration in order of
importance and evaluate the products based on how well each performs on the most important
attributes. In a different way consumers can evaluate a product is according to the
categorization process. The evaluation of alternatives depends upon the particular category to
which it is assigned. The attributes identify cover a wide range of concerns related to consumer
multiattribute models as under

• List of alternatives
• List of criteria for purchase
• Importance weight-age attached to each criterion.
• Performance, beliefs connected with a particular firm (in newspaper, articles, etc.)
• Performance, beliefs, connects with other insurance companies or their products
2. The consumption stage: Ultimately, the consumer has to decide whether to buy or not to
buy the General investment plan with insurance company many questions come into mind; it
has to be often a fully planned purchase based upon a lot of information. During this stage, the
consumer may make a decision which is accompanied by a set of expectations about the
service, the activities of buying; using and experiencing are grouped together.
3. Post purchase stage: While purchasing / choosing a service firm the consumers expect
certain outcomes from the purchase. How will these expectations are met determines whether
the consumer is satisfied or dissatisfied with the purchase. During this stage the consumer may
experience varying levels of disturbances called cognitive dissonance (a doubt that the correct
product has been purchased). Marketers, often, attempt to minimize the consumer’s cognitive
dissonance by reassuring the customers that the correct decision has been made. Customer
satisfaction is achieved when consumer’s perceptions met or exceed their expectation.

Strategies to improve customer awareness about benefits of General insurance products:

• Building service aspirations consisting of norms of behaviour or set of values / morals

on the basis of which the employees can make decisions.
• Educating customers to avoid peak demand periods.
• Adrien Payne has enumerated the following evolutionary changes
▪ Emphasize the use of database marketing techniques
▪ Increase profitability through improved customer retention
▪ Integrate marketing initiative
▪ Market planning in more discipline, realistic and focused manner
▪ Shift emphasis towards market oriented culture
• Launch awareness movement through various convenient people-oriented programmes.
• Through media, corporate publicity, rural camps and popular communication channels
including Radio, TV, and Publicity Vans;
• Awareness of products and services though visuals that trigger curiosity and manifest
in terms of desire and later sale-purchase transactions; beyond these stages, to take up
awareness of other aspects such as product, price, quality, service, convenience, status,
pride, joy and ease;
• Campaigns to educate rural and semi urban masses on the need for security that protects
their livelihood, security for produce and belongings and create feel-good feelings;
• Engage NGOs with proven credentials and rural intermediaries.

Conclusion:
Security has been a universal desire right from the earliest civilizations. This quest for security
has led to the concept of insurance. Insurance is a contract between two parties whereby one
party called insurer undertakes, in exchange for a fixed sum called premium to pay the other
party an assured sum of money on the occurrence of a certain event. General insurance protects
against the incident of Theft, Health. Loss, and Accident Etc. A family is generally dependent
for its food, clothing, and shelter on the income brought by the bread earner of the family. So
long as he lives, that family secure but the death of the person may put the family in a very
difficult situation. The consumer decision making process for buying a general insurance
product is hold true as in case of any ordinary product. Hence the same model is equally valid
under all circumstances.

The consumer’s perception towards General Insurance Policies is positive. It developed a

positive mind sets for their investment pattern, in insurance policies. Still some actions are
needed for developing insurance market. The major factors playing the role in developing
consumer’s perception towards General Insurance Policies are Consumer Loyalty, Service
Quality, Ease of Procedures, Satisfaction Level, Company Image, and Company-Client
Relationship. Insurance industry has to go ahead. Hence, we, all have to agree with, Ms Rajni
M Shah (2008) in which she has concluded that “Customer is business, business is people,
and people are customers” “Satisfying a customer is Everybody’s business”.