What is health insurance?
A policy that pays the entire cost of medical treatments, which is what is offered in other countries that provide universal health insurance, is rare in the United States. Most policies have deductibles, which is the amount the insured must pay up front before the insurance kicks in. There are also co-payments where the cost of routine procedures is split between the insurance company and the insured.
To fully grasp the field of Health Insurance, it helps to start with the most basic of things. Health Insurance is a form of insurance where the insurer pays the medical bills of the person who is insured. At least, the insurer pays the medical bills if the medical treatment is covered by the insurance policy. There are other factors that may have an impact on the responsibility of the insurer to pay. These include deductibles, co-payments, and in-network care providers. There are some countries that consider Health Insurance as a basic right of all citizens and the government provides it at no cost to everyone. The United States has a system of private health insurance where the responsibility for procuring it is up to the individual.
It is estimated that 85% of all Americans are covered by health insurance. Around 60% of this total receives their insurance through their employers and another 29% receive it from some government agency. There are an estimated 42.0 million people in the United States that are not covered by any form of health insurance. The cost of health insurance plans is the most often cited reason for lack of coverage, although some people feel that the current structure of the plans makes them unnecessary for healthy people.
Health Insurance traces its origins back to 1694 when Hugh the Elder Chamberlen first proposed a type of disability insurance in England. Up until the mid 20th century this was the basis for most health insurance policies. They were actually disability insurance policies as the coverage only applied to injuries and medical treatments that could lead to permanent disability. In recent years, the thrust of the policies has been more toward health than disability. Coverage was extended to routine medical treatments, preventive care, emergency room visits, and even prescription drugs.
There are several issues that have forced the cost of health insurance up and led to increased deductibles and co-payments. One is the ever rising cost of medical care. Another has to do with the selection process. Health insurance works on the general principle that a large number of healthy people pay insurance premiums and when one of them becomes ill, the collected money pays his expenses. The problem is that many healthy people are opting out on health insurance, which means the dynamic has changed. Now, a large number of not so healthy people are paying premiums and most of them need the money to pay their expenses. This is one of the reasons that insurance companies have become more willing to pay for routine care and especially preventive medicine.
As the main objective of this to know the Marketing Potential has adopted by the Bajaj Allianz. For the preparation of report I have divided different aspects of information of Marketing Potential based upon its importance in the organization.
COMPANY PROFILE
ORGANIZATION DETIALS
BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED
Joint venture between Allianz SE and Bajaj Auto Limited. Incorporated on 12th March, 2001. Received the Certificate of Registration No.116 from Insurance Regulatory Authority of India on 3rd August 2001.
ALLIANZ SE
Established in 1890. More than 100 Years of Insurance expertise. One of the worlds largest Insurance Company by revenue 700,000 Cr. It is 50% of global business from Life Insurance, close to 60 insured globally. More than 70 countries, 181,000 employees worldwide. Insurance to almost half of the fortune 500 cos.
BAJAJ HOLDINGS & INVESTMENTS LTD (Formerly Bajaj Auto Ltd)
One of the world’s largest 2 & 3 wheeler manufacturer. Bajaj Auto Finance one of the largest auto finance company in India. Total income per year Rs. 100000 million.
Company’s Vision
“To be the BEST Life Insurance Company India. To Buy From, Work for & Invest In”.
Customer Service
CUSTOMER CARE AT BAJAJ ALLIANZ
Well networked Customer Care Centers (CCCs) with state of art IT systems.
Highest standard of customer service and simplified claim process in the industry.
Website to provide all assistance and information on products and services, online buying and online renewals.
Tool free number to answer all queries, accessible from anywhere in the country – Call Now 1800 233 7272 and a strong customer care team.
Decentralized operations to ensure faster and smooth customer service.
Customers receive service from any BALIC Office, irrespective of their own location.
A policy that pays the entire cost of medical treatments, which is what is offered in other countries that provide universal health insurance, is rare in the United States. Most policies have deductibles, which is the amount the insured must pay up front before the insurance kicks in. There are also co-payments where the cost of routine procedures is split between the insurance company and the insured.
To fully grasp the field of Health Insurance, it helps to start with the most basic of things. Health Insurance is a form of insurance where the insurer pays the medical bills of the person who is insured. At least, the insurer pays the medical bills if the medical treatment is covered by the insurance policy. There are other factors that may have an impact on the responsibility of the insurer to pay. These include deductibles, co-payments, and in-network care providers. There are some countries that consider Health Insurance as a basic right of all citizens and the government provides it at no cost to everyone. The United States has a system of private health insurance where the responsibility for procuring it is up to the individual.
It is estimated that 85% of all Americans are covered by health insurance. Around 60% of this total receives their insurance through their employers and another 29% receive it from some government agency. There are an estimated 42.0 million people in the United States that are not covered by any form of health insurance. The cost of health insurance plans is the most often cited reason for lack of coverage, although some people feel that the current structure of the plans makes them unnecessary for healthy people.
Health Insurance traces its origins back to 1694 when Hugh the Elder Chamberlen first proposed a type of disability insurance in England. Up until the mid 20th century this was the basis for most health insurance policies. They were actually disability insurance policies as the coverage only applied to injuries and medical treatments that could lead to permanent disability. In recent years, the thrust of the policies has been more toward health than disability. Coverage was extended to routine medical treatments, preventive care, emergency room visits, and even prescription drugs.
There are several issues that have forced the cost of health insurance up and led to increased deductibles and co-payments. One is the ever rising cost of medical care. Another has to do with the selection process. Health insurance works on the general principle that a large number of healthy people pay insurance premiums and when one of them becomes ill, the collected money pays his expenses. The problem is that many healthy people are opting out on health insurance, which means the dynamic has changed. Now, a large number of not so healthy people are paying premiums and most of them need the money to pay their expenses. This is one of the reasons that insurance companies have become more willing to pay for routine care and especially preventive medicine.
As the main objective of this to know the Marketing Potential has adopted by the Bajaj Allianz. For the preparation of report I have divided different aspects of information of Marketing Potential based upon its importance in the organization.
COMPANY PROFILE
ORGANIZATION DETIALS
BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED
Joint venture between Allianz SE and Bajaj Auto Limited. Incorporated on 12th March, 2001. Received the Certificate of Registration No.116 from Insurance Regulatory Authority of India on 3rd August 2001.
ALLIANZ SE
Established in 1890. More than 100 Years of Insurance expertise. One of the worlds largest Insurance Company by revenue 700,000 Cr. It is 50% of global business from Life Insurance, close to 60 insured globally. More than 70 countries, 181,000 employees worldwide. Insurance to almost half of the fortune 500 cos.
BAJAJ HOLDINGS & INVESTMENTS LTD (Formerly Bajaj Auto Ltd)
One of the world’s largest 2 & 3 wheeler manufacturer. Bajaj Auto Finance one of the largest auto finance company in India. Total income per year Rs. 100000 million.
Company’s Vision
“To be the BEST Life Insurance Company India. To Buy From, Work for & Invest In”.
Customer Service
CUSTOMER CARE AT BAJAJ ALLIANZ
Well networked Customer Care Centers (CCCs) with state of art IT systems.
Highest standard of customer service and simplified claim process in the industry.
Website to provide all assistance and information on products and services, online buying and online renewals.
Tool free number to answer all queries, accessible from anywhere in the country – Call Now 1800 233 7272 and a strong customer care team.
Decentralized operations to ensure faster and smooth customer service.
Customers receive service from any BALIC Office, irrespective of their own location.
Renewal premium possible through:
Online
Any of the BALIC Offices
Bill Junction and Bill Desk
Credit cards or direct debit for Standard chartered customers.
Efficient systems, process and speed of response has end lowest number of complaints from Customers to IRDA.
Distribution Network and Reach
Online
Any of the BALIC Offices
Bill Junction and Bill Desk
Credit cards or direct debit for Standard chartered customers.
Efficient systems, process and speed of response has end lowest number of complaints from Customers to IRDA.
Distribution Network and Reach
ALL OVER INDIA AGENCY DETAILS
Total offices 1059, Area Offices 338, Branch Offices 721.
Total Working Employees in company 15,638, Corporate Agent 402, Franchisees More than 4000, Brokers 183. In our India they have more than 50 company’s are providing the insurance’s in that most trusted company’s 1st is LIC, 2nd Airtel, 3rd State Bank of India and Bajaj Allianz is in 42nd company.
IF YOU HAVE THE BAJAJ ALLIANZ INSURANCE ADVANTAGES & BENEFITS OF THE PRODUCTS
3 Year Health plan providing hospitalization benefits with life cover.
Premiums are guaranteed for 3year during the policy term.
Assured renewability upto the age of 65 years despite change in the clinically condition of the Life insured or adverse claims experience.
Waiting period for most ailments is 30 days only.
All expenses related to hospitilisation including pre and post hospitalization expenses are covered.
Specific Day Care treatment requiring less than 24 hrs. hospitlisation are also covered.
Life Insurance cover in the plan will ensure that the nominee of the policy holder gets the sum assured in the unfortunate event of the policy holders demise.
Existing membership base creates on opportunity to address a vast number of people across the country with health care solution .
First mover advantages in all location (1100) hence the proposal to network India the shortest time.
Distribution network of 2,00,000 ICs will be able to popularize the concept and penetrate the market in shortest possible time
Unique product not yet introduced in the health insurance market
Efficient customer service in healthcare will ensure long term relationship of the customer with the company
Comprehensive Hospitalization Benefits for Medical and Surgical treatment
Pre hospitalization & post hospitalization cover
Day care benefits
Lumpsum payment for specific critical illness
Life cover
Tax benefits
CUSTOMER SERVICE
Our customer care division will provide assistance to policy holders 24x7 and help them by providing information on list of empanelled hospitals, ambulance referrals, doctor referrals, admission procedure and discharge procedures.
Customer Care Executives will serve as a link between BALIC and our customers in recognizing the customer needs and in proper implementation of customer requests vis a vis queries and claim settlements.
We realize that policy holders or their family members interact with the customer care executives at a very vulnerable stage following injuries or sickness. Our Customer Care executives have been trained to show extreme compassion and empathy while dealing with such situations.
STRATEGY OF COMPANY
Telecalling, Fixing appointments, and visit to their places. Convince them and try to convert them into Bajaj Allianz customer.
Be a Insured
can we see such article on the strengths of Reliance Health-wise policy compared to market products.
ReplyDeleteIn the times of rising medical costs Bajaj Allianz health insurance becomes a necessity. Bajaj Health insurance plans are the perfect solutions that give health protection for you and your family. It takes care of the medical treatment costs incurred during hospitalization due to serious accident or illness. Individual Health Guard: An individual Bajaj Allianz mediclaim policy that covers pre and post hospitalization expenses.
ReplyDeleteMediclaimMediclaimindia.co.in helps you to compare Bajaj Allianz health insurance plans from health insurance plans of other companies..
ReplyDeleteI am 22 years old can you please suggested me the best policy
ReplyDelete“Mudrabhandar