Research paper on Insurance Payment Through AVMs

Research Paper On Change Required in the Method Of Insurance Payment Through AVMs (Automated Vending Machine) In India

Report Written by: Hitesh D. (Bhardwaj) Suman

(Copyright Reserved under Indian Copyright Act) Email:Deepak.hitesh@gmail.com

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Research paper on Insurance Payment Through AVMs

Contents
Contents........................................................................................2 1.0 Abstract: .................................................................................3

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Research paper on Insurance Payment Through AVMs

!" A#stract$
Our Research paper is based on Intensive Survey o Rura! "i!!ages ro# $aryana State in India% &hich &i!! con ir# the change that &e a!! need to see in the or#at to serve End Customer '(ar!e)* Inc.* 2011+. ,e have tried to eva!uate the ne& uni ied #ethod o pay#ent re-uired i.e. via AVMs (Automated Vending Machine) in co#parison &ith other #ethods* as it #ight change our &ay o serving custo#er in changing &or!d scenario. .here need to be a techno!ogica! change that &i!! he!p us in better a ter sa!es custo#er service% &hich has to be the priority or this business /ode!. Our services need to be ho!istic in the sense that custo#er &ants to have #ore than &hat &e can o er and &e need to be one stop shop or decreasing their cost and ti#e spent on pay#ent o dues. Consu#er o rura! India #ight !oo0 ignorant* but over the period o ti#e they have evo!ved !i0e any urban consu#er. It see#s &hen it co#es to buying any product and services* they a!so &ant va!ue or #oney.

! %iterature Re&ie'$
Insurance1 is a #ethod o $edge* bought against the uture uncertain Ris0 &hich #ay or #ay not arise '2cono#y,atch* 2003+. Insurance can be used to secure one against 4 speci ied Contingent !osses" #eath or #amage against &hich insurer pays a certain su# at regu!ar interva!s &ith guaranteed cover ',i!!ia#s Co!!ins Sons Pvt. 5td.* 2003+.

.here are various types o Insurance: 4 !i e Insurance &hich insures person1s !i e or buying 5i e insurance Certi icate '2cono#y,atch* 2003+. Once provided* Insurance Co#pany re#ains !ega!!y responsib!e to pay inancia! co#pensation to once a#i!y entit!ed in case o death o the person insured '2cono#y,atch* 2003+%'Investopedia 65C* 2011+% '5i eInsure.co#* 2011+.

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Research paper on Insurance Payment Through AVMs

4In India* Insurance sa& its arriva! in 1717* &ith the oundation o Orienta! 5i e Insurance Co#pany* Ca!cutta. .his &ho!e era ti!! Indian Independence o 1389* &as sub:ugated by ;ritish Insurance (ir#s1 'IR<A* 2011+.

/edic!ai# is a!so 0no&n as Medica$ Insurance '2cono#y,atch* 2003+% as one is per#itted to get ris0 coverage a#ount used up on his hea!th or i!!ness or in:ury grounds ro# the Insurance Co#pany or hospita!i=ation or pay the care provider direct!y '2#edic!ai#* 2011+% 'Ria $ea!th Insurance Pvt.5td.* 2011+.

%enera$ Insurance invo!ves a variety o speci ied ris0 coup!ed &ith >enera! 5i e !i0e o Auto#obi!es* ;usiness re!ated* ?atura! Ca!a#ities* Co##ercia! and Residentia! Properties etc. '2cono#y,atch* 2003+ % '$igh;ea#@ Research* Inc.* 2011+ % ';!oo#sbury In or#ation 5td* 2003A 11* 2011+.

4In India* >enera! Insurance ca#e as a !egacy o &ritish 'istory in 17B9 &ith the set up o Triton Insurance Company !td. In 1309* Indian Mercanti$e %enera$ Insurance &as set up &hich dea!t in a!! types o genera! insurance1 'IR<A* 2011+.

4A ter Ma$hotra Committee reco##endation in 1333% introducing IR#A 'insurance regu!atory and <eve!op#ent Authority+ or regu!ating and e)panding Insurance Industry as a >overning body. In Apri! 2000* IR#A &as statutori!y incorporated. In August 2000* IR<A opened up the econo#y or (oreign Investor in !oca! Insurance Co#pany up to 2CD o Paid up capita!1 'IR<A* 2011+.

4Prior to setEup o IR#A governing body and Opening up o Insurance sector or oreign p!ayer% India had Pub!ic Sector (ir#s '/a:ority o

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Research paper on Insurance Payment Through AVMs

>overn#ent O&nership+ a!ong &ith e& o the do#estic Private P!ayer in both 5i e and >enera! Insurance1 'IR<A* 2011+.

,e be!ieve Insurance pay#ent through /achines &ou!d be a ne& thought in the Insurance sector o the &or!d. Automated Vending Machines are the uture or reaching to the #asses in India. 2specia!!y* peop!e !iving in ara&ay p!aces ro# /etro cities in s#a!!er to&ns and bigger vi!!ages #ay need such services.

A 4Vending /achine1 is de ined as a device that se!!s a!! types o

ood and

drin0 and diverse ite#s in &hich you pay so#e change and se!ect &hich ite# you &ish or ',eb(inance* Inc.* 2011+. I &e go by Ans(ers.com* it #eans a coinEoperated #achine to trade products 'Ans&ers Corporation* 2011+.

?ote: .he I#age has been ta0en as an e)a#p!e 5egeard* 2007*p. 87+.

ro# the Artic!e o

4Re-uire#ents .raceabi!ity in the /ode!E;ased .esting Process1 ';ernard F

So ho& does an Automated Vending Machine ,or0sG

4.o buy a drin0 one goes to a <"/ '<rin0 "ending /achine+. Consu#er can se!ect the drin0 through the #achine a ter putting coins into it. Service Person is the one &ho i!!s the tray o <rin0s in the <"/ &hen it gets e#pty1';ernard F 5egeard* 2007*p.87+.

,e be!ieve i one i#agines sa#e unction o pay#ent options in Cash and Cards &hen it co#es to genera! insurance &i!! #a0e a !ot o di erence in

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Research paper on Insurance Payment Through AVMs

the &or!d. Practica!!y* tria! has not been done in any inancia! Sector o the ,or!d. One needs to understand this cyc!e in a bigger picture too.

4Consumer chain cyc$es o vending /achine &i!! #a0e us understand the need or standardi=ed services to a!! consu#ers '<ona!dson et a!.* 200C*p.199+. I a!! Insurance products started to se!! in the sa#e #anner through Auto#ated "ending /achine% then &e can have uni ied #ode! o se!!ing a!! Insurance products as &e!! &ith !o&er retention.

?ote: .he i#age has been ta0en ro# on!ine &ebsite '$irsh* 2011+.

(!" )ignificance * Importance of Research$

One need to understand &hy this research is i#portant* as no one has ever tried to thin0 out o the bo) ti!! no&. ,e have been acting as a s!ave o o!d #ethods o doing things. So* here are the reasons &hy this research beco#es i#portant.

Our Research is #eant to understand a #ethod o )e( Techno$ogica$ Payment *ystem &hich is pre erred by various sections o youth.

.he change in pay#ent #ethod is a!so necessary due to increasing costs and e)penses behind #aintaining di erent channe!s o Agent at a ti#e or various insurance.

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Research paper on Insurance Payment Through AVMs

Indian societa! changes in consu#ption are #ain!y due to Capita!ist 2cono#y as #ost o Cu$tura$ and +eha,ioura$ change have too0 p!ace since opening up o econo#y in 1331 'Hacob* 2010*p.1+.

Targeted In $ation Po$icy o >overn#ent o India has brought a huge un&anted cost and e)pense hi0e in &ho!e econo#y &hich have a ected both &o#en and chi!dren '<ev* 2011* p.2+.

.o see &hether or not it there &ou!d be easib!e to have 4 AVM Payment Mode$ &hi!e co#paring &ith other 4 Methods o Payment *ystems across various insurance co#panies* as they have their o&n pros and cons.

+!" Introduction$
,e be!ieve hu#an being has tried to secured #ost o va!uab!e resources via insuring the# or a raction o its origina! va!ue. It #a0es a possibi!ity or us the uture restoration o sa#e product or ite#. ,e a!! 0no& any !oss o !iving being &hether hu#an or non hu#an cannot be co#pensated. Iet one has tried to #a0e a va!ue #ethod o eva!uation or Insurance. or it* through the

4I &e !oo0 at #ethod o !i e insurance se!!ing* there is usua!!y one #ethod &hich is -uiet co##on that is via 2#p!oyee 'direct contact+ o Insurance Co#pany. .he other #ethods have been via Agents 'Corporate* Individua!+* ;ro0ers and these peop!e are #ost!y registered as a Co#pany 'Corporate+* 2nterprise and or Association etc. <etai!s o peop!e can be e)tracted through IR<A &ebsite1 '?arayan et a!. 2003E2010+.

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Research paper on Insurance Payment Through AVMs

4Current!y in genera! Insurance* there are B co#panies ro# govern#ent sector inc!uding >enera! Insurance or Reinsurance and rest 13 are ro# private sector inc!uding B &hich are in specia!ised trade o #ost o the part even though :ust e& o genera! Insurance. Iet govern#ent co#panies are ab!e to per or# #uch better in the private co#panies are co# ortab!y operating in high pro its1 '?arayan et a!. 2003E2010+.

4I &e ta0e tota! invest#ents o CC391.32 crores in 2010 then govern#ent sector have B1C79 crores and private sector p!ayers have tota! #ar0et invest#ent o 18C78 crores. In !ast C #onths 'Apri!ESepte#ber 2010+ >ross pre#iu# under&ritten &as B3D Appro) by >overn#ent co#pany and rest by Private sector genera! insurance !ed by ICICI 5o#bard (E-c$uding EC%C" Ma- &hupa" Apo$$o Munich"*tar 'ea$th . A$$ied Insurance) '?arayan et a!. 2003E2010+.

,2 be!ieve in #ost parts o because o

4genera! Insurance govern#ent co#pany

doesn1t have anybody cra&!ing in ront orget about standing. It1s #ost!y irst entrance bene it into this #ar0et. Iet private p!ayers together have a!#ost 1J3 o the #ar0et covered in both 5i e as &e!! as genera! insurance. Sa#e is the situation in case o !i e Insurance as &e!!1 '?arayan et a!. 2003E2010+.

,e be!ieve anyone can easi!y de ine a co#pany1s pay#ent #ethod through charts. I one has to study ho& 5IC &or0s in India in co#parison to others then he or she has to understand the pay#ent #ethod o it '5IC* 2008+.

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Research paper on Insurance Payment Through AVMs

?ote: Chart had been #ade in (reeE/ind So t&are to /ap out the Pay#ent #ethods or pre#iu# o 5IC '5IC* 2008+.

Indian vJs Rest o .he ,or!d 'Insurance <ensity+

Insurance <ensity at ><P o India 'Since 2001E02 On&ards+ '?arayan et a!.* 2003E2010* p.+.

4,ith :ust .CD o ><P popu!ation density under ?onE5i e insurance at a point o ti#e% &e are sti!! behind &or!d average o ?onE5i e insurance1 '?arayan et a!.* 2003E2010* p.+. ,e be!ieve to reach the #asses &e need a #ethod &hich #a0es us visib!e 28K9 &hi!e &e can 0eep ourse!ves in operating #argins too. Auto#ated vending #achines &i!! be the ne)t big thing or increasing the habit o buying a ?onE5i e Insurance in genera! #asses.

,!" Research Methodo-ogy$

Research is a hardE&or0ing* !ogica! autopsy or e)p!oration to

substantiate o!d 0no&!edge and harvest ne& 0no&!edge ';urns F >rove* 1379+. 2ng!ish <ictionary <e ines Research <esign as: A care u! Search 2)p!oration Research to&ards co!!ecting su# o 0no&!edge '(e!!o& F 5iu* 1337+.

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Research paper on Insurance Payment Through AVMs

/.0 Research )trategy1

)aoum de!ineates Research *trategy in &hich the research ob:ectives are probed. .here are t&o di erent types o research strategies such asE Luantitative research Lua!itative research

2uantitati,e Research approaches try to ac-uireJ o!d accurate data and study re!ationships bet&een acts and theories. ,hereas the -ua!itative approaches tried to gainJco#prehend peop!e perception as entities or as co!!ections* because o #ore are *u+3ecti,e in environ#ent '(e!!o&s F 5iu* 2007% ;urns F >rove* 1379+.

In our research* a -uantitative as &e!! as -ua!itative research approach is designated to ound the variab!es and actors that a ect the Consu#ers behaviour or choosing one #ethod o pay#ent over other. It a!so he!ped us or assess#ent and eva!uation o bene its ro# each one o the# in di erent situation across the industry.

/.4 Research .esign1

According to &urns . %ro,e '1339+ Research #esign guides the researcher in i#p!e#enting and designs the study in a &ay that is #ost !i0e!y to achieve the proposed goa!. .he Research #esign is the arrange#ent used to ans&er the research -uestion. 5er,in '1332+ re ers to Research #esign as a p!an or asse#b!ing and ana!ysing data &hich invo!ves se!ection o cases* variab!es and data sources.

It is the Researcher1s :ob to ensure that the design chosen satis y the particu!ar research -uestion. Po$it . 'ung$er '1333+ states that

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Research paper on Insurance Payment Through AVMs

Research #esign invo!ve the deve!op#ent o a p!an or strategy that &i!! !ead in co!!ecting and ana!ysis o data. &urns . %ro,e '1339+ de ines 2ua$itati,e Research as a or#a!* ai# oriented process to obtain nu#erica! data. .his #ethod can be uti!ised to e)p!ain variab!es and conc!ude the re!ationship bet&een variab!es ';urns F >rove* 1339% Mervin* 1332+.

In our research* an 6pen7ended 8uestionnaire is used to asse#b!e data ro# respondents. *tructured 8uestionnaires &ere presented to the peop!e o Rathdhana as &e!! as Sheva in both cities &hether o sa#e Caste or Co##unity a!together to co!!ect the data and identi y the re-uency o the response or repeated Method o payment pre erred and or di erent one1s as &e!!.

;y underta0ing a *ur,ey* it &as possib!e or the researcher to ac-uire data about the practices* condition or vie&s o the participant through -uestionnaires. A *ur,ey he!ps the researcher to c!assi y #ore variab!es at one ti#e than it is possib!e through !aboratory andJor ie!d e)peri#ents &hi!e the data is being co!!ected. ;ut there are 0ey &ea0nesses o a survey such as:E .he point in &hich the survey &as conducted Se!ection criteria o the respondent (ina!!y* the design o the survey itse!

/.9 Research Popu-ation1

.he popu!ation is a set o individua!s 'or ob:ects+ having so#e shared characteristics as de ined by the sa#p!ing criteria estab!ished or the study ';urns F >rove* 1339+. In our research* the target popu!ation are the peop!e o Rathdhana and Sheva ro# 2 di erent cities o

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Research paper on Insurance Payment Through AVMs

$aryana &ho are having insurance products and paying

or the#

through di erent #ethods o pay#ent syste# as per the avai!abi!ity in their cities. ,e are a!so trying to have a better understanding to de ine Method o payment they pre er% &hich have a va!id coEre!ation &ith purpose o our research as &e!! such as:E .o understand "arious Method o Payment used by Rura! Indians indi erent o their Castes* Co##unities and >ender or Research purpose. .o understand the rep$ication o payment method pre erred by any popu!ation &e need to p!ace di erent options as Methods o Payment as &e!!. .o 6nderstand the ;ene its o various Methods o Payment. .o have an understanding o Cost . &ene it Ana$ysis o each one o Method o payment ro# an Insurance Co#panies point o

vie&.

,!, )amp-e )i/e1

&urns and %ro,e de ine sa#p!ing as the process o #a0ing se!ection or the process o se!ecting representative units o peop!e or the study in a research investigation ';urns F >rove* 1339+. Sa#p!e si=e is an i#portant eature in research &or0 because it a ects the cost o data co!!ection* raises -uestions about the accuracy o the indings* conc!usions and on the &ho!e research !egiti#acy 'Mervin* 1332+.

,e be!ieve Sa#p!e si=es are critica!

or conducting research. .he

researcher needs to #a0e sure that the sa#p!e si=e is not too s#a!! in that case he #ight not have a &ide range o participants to see resu!ts and i your sa#p!e si=e is too !arge* the costs* ti#e or your research &i!! be e)cessive.

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Research paper on Insurance Payment Through AVMs

/.: Method of ca-cu-ating )amp-e )i/e1

,e have used )on Pro+a+i$ity samp$ing Method or co!!ection o data. As per the de inition #entioned in Tata Mc%ra( 'i$$* it1s a #ethod in &hich* a Researcher uses a target* or -uota* as a goa! or see0ing peop!e or e!e#ents that it the characteristics o the subgroup% &hen the -uota or each subgroup is #et* data co!!ection is co#p!ete. .he sno&ba!! sa#p!e &hich are part o ;non-probability sample procedures; which #eans that the probabi!ity o se!ecting a particu!ar case is not 0no&n or #ay be =ero '.utesigensi* 2010+.

,!0 1uestionnaire )ur&ey1

A 2uestionnaire *ur,ey &as deve!oped based on suggestions and need that &e thought are necessary or ho!istic eva!uation. 2uestionnaire had so#e -ua!itative aspects as &e!! and it &as #ade in an open ended &ay so that &e can have di erent opinions on the sa#e -uery ro# sa#p!e popu!ation. .his &ay -uestionnaire &ou!d he!p us in understanding the various actors invo!ve in Method o Payment pre erred i.e. ?o o users* Cost o using one #ethod over other in di erent parts and !ocation o India* re-uired age group etc.

,!2 3thica- Permission1

It had been 0ept in #ind that at any ti#e during this Research &or0 Identity o our Respondent has not been !ea0ed out. Rather per#ission had been received in verba! or# &ithout #uch o any e ort to convince #ost o the Sa#p!e popu!ation. In case o <ata co!!ection part or Rathdhana F *he,a "i!!age% &e have been success u! in getting in or#ation through respondent &ithout #uch hindrance.

,!4 %imitation of Research$

<ue to shortage o ti#e and !ac0 o su icient unds or Research &e had 0ept our survey around 100 a#i!ies in each o the "i!!age in cities !i0e

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Research paper on Insurance Payment Through AVMs

Sonipat as &e!! as Panipat. ,hi!e !i#itation o the secondary data* and !ac0 o one pre erred route o pay#ent by di erent Inco#e groups% &e have tried our best to give su icient options. .here &as another issue regarding the /ethod o Se!ection or popu!ation% as &e &ere supposed to se!ect popu!ation based on Luota Sa#p!ing #ethod. <ue to shortage o -uota o Peop!e ro# di erent parts o society re-uired in our Research &or0% &e have used Caste F Co##unity representation ro# e)isting popu!ation o vi!!age in both the cities. 2uestionnaire sur,eys &ere recorded #ost!y &ith ace to ace

interaction% but a e& o the Respondents had to be contacted through Ce!!Ephone as they &ere not avai!ab!e in "i!!age o Rathdhana and Sheva. (or e)a#p!e* Peop!e ro# Agricu!tura! co##unity and >overn#ent sector co#es bac0 ho#e in the evening. So* they had been ca!!ed or providing detai! in or#ation via ce!!Ephone &ith prior consent. ;ut* so#eti#e it #ight be a ha! hearted vie& o the Respondent* i he or she &as in rush at the ti#e o ca!! or inEperson.

5!" Ana-ysis and 3&a-uation of Research$ 5! 3&a-uation for Rathdhana$

30D o the popu!ation have !ess than 2 peop!e insured in their house. On!y ha! o the re#aining 10D peop!e have #ore than 2 peop!e insured. Rest ha! o the# have #ore than B peop!e insured.

/ore than CBD popu!ation have <ebit Cards in that vi!!age.

.here is 12D popu!ation &hich uses socia! net&or0ing sites #ain!y (aceboo0. Rest doesn1t have any speci ic purpose o use internet e)pect or :ob search in govern#ent sector or university &ebsite.

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Research paper on Insurance Payment Through AVMs

/ore than 80D o the popu!ation have eE#ai! id on the internet. ;ut use o internet is not that re-uent.

98D Peop!e o

Rathdhana are ready to use Auto#ated "ending

/achine i it o ers e)tra bene its &ith #ini#u# uss.

C8D o popu!ation pre ers ." Soaps '(a#i!y Oriented Progra#s+. 9CD o the popu!ation have speci ic choice o progra#.

C9D o

popu!ation pre ers regiona! <ia!ect channe!s '$aryanvi

Progra#s+. On!y 10D pre er 2ng!ish as &e!! as Pun:abi channe!s.

92D popu!ation &ants to shi t to ne& #ethod o pay#ent &hich is cost e icient and provides centra!ised services.

5!( 3&a-uation for )he&a$

/ore than 78D popu!ation have !ess than 2 peop!e insured and on!y 1CD popu!ation have 2 or #ore than 2 peop!e insured.

/ore than B8D popu!ation have debit Card in that "i!!age.

.here is 10D popu!ation &hich access internet on day to day basis but on!y (aceboo0. .here are 3CD popu!ation &hich got 2E#ai! id on the internet but they hard!y sur internet.

C7D popu!ation have inc!ination to&ards &atching so#e regiona! dia!ect '$aryanvi+ progra#s &hi!e on!y BD &atches 2ng!ish progra#s too inc!uding so#e Pun:abi channe!s.

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Research paper on Insurance Payment Through AVMs

B7D popu!ation pre ers ." Soaps '(a#i!y Oriented Progra#s+. C3D popu!ation have speci ic choice o progra#s that they &ou!d !i0e to &atch.

97D popu!ation &ants to shi t in to better service provider but &ith again &ith a!! so!utions under one roo &hi!e being cost e ective.

C2D Peop!e o

Sheva are ready to #ove to&ards Auto#ated

"ending /achines but they too &ant services &hich gave the# so#e e)tra bene its besides insurance. .hey &ant syste# &hich he!p the# #ini#ising cost and so#e uni-ue pay#ent syste# or A!! Civi! A#enities.

0!" )uggestions$
So* $o& A"/ Shou!d ,or0 in IndiaG

.he I#age has been created in a (reeE/ind So t&are. .his is a (uture business /ode! or Indian Insurance Industry to serve the custo#er in the &a0e o Consu#eris#. ,e ca!! this ;usiness /ode! the Manohar &harat.

I. .here shou!d be an Auto#ated "ending /achine at every vi!!age &ith #ore than B000 popu!ation in $aryana &hich have atE!east 7 hours o e!ectricity per day 'irrespective o ti#ings+.

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Research paper on Insurance Payment Through AVMs

II. .here need to be at !east 1 and #a)i#u# 2 !oca! agent in that vi!!age &ho can he!p the# guide into buying a hea!th and or genera! insurance.

III.

5oca! &o#en shou!d be active!y invo!ved at ground !eve!. /en o!!o&ing the advice o

in rura! India are #ore inc!ined to&ards

Senior (a#i!y /e#bers and especia!!y ,o#en in case o /aternity issue. (or those (o!0 Songs* 'Ragini+ 2vents and door to door pro#otion is re-uired in these bigger vi!!ages.

I". (or civi! a#enity bi!! pay#ent bene its to rura! Indians* &e need to act as aci!itator or service provider &ho o ers Insurance &ith other services under one 6#bre!!a.

". ,e can a!so use (ranchise route to enter these rura! #ar0et &hich has hard!y been e)p!ored ti!! no&. .here is a big open #ar0et or $ea!th* /otor "ehic!e* Agricu!tura! Anci!!aries* and /icro Insurance etc.

"I..he A"/ shou!d have aci!ity o pay#ent through Cards options besides Cash. One shou!d be ab!e to pay via 2!ectroE#agnetic Cards '<ebit and Credit Cards+ and or S#art Cards. .hey #ust have Sate!!ite Connectivity or better services in these regions.

"II.

A !arge no. o

popu!ation &hich trave!s to cities or other

nearby cities &ou!d pre er the# to be on route to stations or Centra! /ar0et areas 'near #ain Centre o "i!!age+ too.

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Research paper on Insurance Payment Through AVMs

"III.

.here is 20DE2BD popu!ation &hich is e)tre#e!y poor ';P5+

and can sti!! be tapped% i pay#ent #ethod or insurance is charged on Per day cost but insurance is paid on /onth!y and or Luarter!y basis &ith an option or /icroE$ea!th Insurance in it.

IN..he Peop!e ro# ;P5 category have pre erence or so#e Additiona! bene its !i0e (ree /edicina! chec0Eups* /aternity chec0Eup &o#en in genera! too. or

N. Peop!e in both Rathdhana and Sheva "i!!age have so#e co##on behaviour to&ards Insurance co#panies. ;oth o vi!!ages have high inc!ination to&ards >overn#ent co#panies '5IC* >IC* and ?ationa! Insurance etc+. .hey have #ore trust in govern#ent co#pany services than to&ards private sector.

NI..here is hard!y any interest or private sector insurance provider e)cept or ICICI 5o#bard* $<(C Insurance* Mota0 /ahindra Insurance% Peop!e in these vi!!ages don1t have #uch o 0no&!edge about #any Insurance co#panies1 in their regions.

2!" Conc-usion$
So to end this research paper* &e &i!! use e& &ords by Oscar ,i!de 4An idea that is not dangerous is un&orthy o being ca!!ed an idea at a!!1 'India (un (actory* 2011+.

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Research paper on Insurance Payment Through AVMs

,e be!ieve* it is an idea &hich ca#e to our #ind &hi!e I &as in 2ng!and and ,e decided to &or0 on it ro# research point o vie& prior to co#ing bac0 to India. It &ou!d be :ust a thought ti!! it is app!ied practica!!y and &e have no doubt that on!y a Co#pany &ith strategic p!anning and .argeted popu!ation &i!! achieve ;rea0 2ven point.

2ven though cost o setting up auto#ated vending /achine #ight be -uiet high co#paring &ith Agents 'Individua!* Corporate+ and or ;ro0ers o the co#pany. ;ut the cost can be covered via (ranchise /ode! and not to orget this #ode! doesn1t on!y serve Insurance to our 2nd 6ser but Other additiona! bene its as &e!!.

4!" 6i#-iography$
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