Top Questions Asked in a Bajaj Allianz Interview

• A retail partner is a company that collaborates with another company to generate sales of its own products by relying on the other’s resources and customer base. The roles and responsibilities of a retail partner can vary depending on the nature of the partnership and the specific goals of the collaboration. Some common Responsibilities may include:

1. Assisting customers: Retail partners may be responsible for assisting customers with questions, complaints, and returns .
2. Processing payments: Retail partners may be responsible for processing payments from customers, including cash, check, and credit card payments .
3. Arranging merchandise: Retail partners may be responsible for arranging merchandise on shelves and in displays to attract customers and increase sales
4. Providing product information: Retail partners may be responsible for providing customers with detailed product information and recommendations to help them make informed purchasing decisions.
5. Promoting sales: Retail partners may be responsible for advising customers about member benefits, promotions, and sales to encourage them to make purchases.

These are just a few examples of the roles and responsibilities that a retail partner may have. The specific duties will depend on the nature of the partnership and the goals of the collaboration.

• IRDAI stands for Insurance Regulatory and Development Authority of India. It is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India ⁵. The IRDAI is tasked with regulating and licensing the insurance and re-insurance industries in India ⁴. Its headquarters are located in Hyderabad, Telangana ⁴.

• GST stands for Goods and Services Tax, which is a value-added tax levied on most goods and services sold for domestic consumption. The primary GST slabs for any regular taxpayers are presently pegged at 0% (nil-rated), 5%, 12%, 18% & 28%.

• IGMS stands for Integrated Grievance Management System. It is an online consumer complaints registration system created by the Insurance Regulatory and Development Authority of India (IRDAI) 1. IGMS allows policyholders to register complaints online with their insurance company and track the progress of complaint resolution. The IRDAI will monitor the complaints and their progress in real-time through IGMS. It was introduced by IRDAI in 2010 to provide a central repository of industry-wide insurance grievance data.

• GST (Goods and Services Tax) and GDP (Gross Domestic Product) are two different concepts. GST is a value-added tax levied on most goods and services sold for domestic consumption. It is an indirect tax that is collected by businesses on behalf of the government and is ultimately borne by the end consumer.
• On the other hand, GDP is a measure of the total value of all goods and services produced within a country’s borders over a specific period of time, usually a year. It is used as an indicator of the economic health of a country and its standard of living.
• In summary, GST is a tax on consumption while GDP is a measure of economic output. They are related in that taxes such as GST contribute to government revenue, which can be used to invest in the economy and stimulate growth, potentially leading to an increase in GDP.

• Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. The company offers a range of insurance products including life insurance, general insurance, and health insurance 12. Bajaj Allianz has a diversified and innovative product portfolio catering to the needs of various customer segments. It offers cashless claim facilities and 24/7 on-call support for claim assistance

• IGMS means Integrated Grievance Management System

• SKILLS REQUIRED

1. Communication: Effective communication is key to successful leadership. A good team leader should be able to articulate their thoughts and ideas clearly and positively, creating a clear path for the rest of the team to follow .
2. Integrity: Integrity is an important quality for a team leader to possess as people who have it are seen as honest, reliable, and trustworthy .
3. Empathy: Leadership is about people, and a good team leader should be able to understand and share the feelings of their team members.
4. Accountability: Taking ownership of responsibilities and positive and negative outcomes is key to effective leadership. Leaders should be able to take responsibility for their team’s work, as well as their own.
5. Collaboration: Leaders often need to collaborate internally across departments and externally with vendors, third-party companies, and contractors. It’s important that they know how to find common goals and create partnerships for the most successful and mutually beneficial outcome.

• As of September 2022, the Insurance Regulatory and Development Authority of India (IRDAI) has recognized 24 life insurance companies and 31 non-life insurance companies. The IRDAI is a statutory body that regulates and promotes the insurance and reinsurance industries in India. It approves insurance companies to operate in India based on their compliance with regulatory requirements.

• LIC stands for Life Insurance Corporation of India, which is an Indian state-owned insurance group and investment company. It is the largest insurance company in India and offers a range of insurance products including life insurance, health insurance, and pension plans

• GIC stands for General Insurance Corporation of India, which is a state-owned enterprise in India. It was the sole reinsurance company in the Indian insurance market until the insurance market was opened to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France.

• A claim is a formal request made by a policyholder to an insurance company for compensation or coverage for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.

• Surrender value is the amount payable to the policyholder by the life insurer upon cancellation of a life insurance policy before its maturity or before the death of the insured. The surrender value is payable only after three full years of premiums are paid to LIC . The surrender value is calculated based on factors such as the total premiums paid, bonuses accrued, and the surrender value factor declared by LIC.