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Research paper on Insurance Payment Through AVM’s
Research Paper
On
Change Required in the Method
Of
Insurance Payment
Through
AVM’s
(Automated Vending Machine)
In India
Report Written by:Hitesh D. (Bhardwaj)
Suman
(Copyright Reserved under Indian Copyright Act)
Email:[email protected]
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Research paper on Insurance Payment Through AVM’s
Contents
Contents......................................................................................................1
1.0 Abstract: ...............................................................................................2
1.1 Literature Review: .............................................................................2
2.0 Significance / Importance of Research:..............................................3
3.0 Introduction:.......................................................................................4
4.0 Research Methodology:......................................................................4
4.1 Research Strategy:.............................................................................5
4.2 Research Design: ...............................................................................5
4.3 Research Population: .........................................................................5
4.4 Sample Size: .....................................................................................6
4.5 Method of calculating Sample Size:....................................................6
4.6 Questionnaire Survey: .......................................................................6
4.7 Ethical Permission: ............................................................................6
4.8 Limitation of Research: ......................................................................6
5.0 Analysis and Evaluation of Research:.................................................6
5.1 Evaluation for Rathdhana:...............................................................6
5.2 Evaluation for Sheva:......................................................................7
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Research paper on Insurance Payment Through AVM’s
6.0 Suggestions:.......................................................................................7
7.0 Conclusion:.........................................................................................8
8.0 Bibliography:......................................................................................8
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Research paper on Insurance Payment Through AVM’s
1.0 Abstract:
Our Research paper is based on Intensive Survey of Rural Villages from
Haryana State in India; which will confirm the change that we all need to
see in the format to serve ‘End Customer’ (Farlex, Inc., 2011). We have
tried to evaluate the new unified method of payment required i.e. via
AVM’s (Automated Vending Machine) in comparison with other
methods, as it might change our way of serving customer in changing
world scenario. There need to be a technological change that will help us
in better after sales customer service; which has to be the priority for this
business Model. Our services need to be holistic in the sense that
customer wants to have more than what we can offer and we need to be
one stop shop for decreasing their cost and time spent on payment of
dues. Consumer of rural India might look ignorant, but over the period of
time they have evolved like any urban consumer. It seems when it comes
to buying any product and services, they also want value for money.
1.1 Literature Review:
‘Insurance’ is a method of Hedge, bought against the future uncertain
Risk which may or may not arise (EconomyWatch, 2009). Insurance can be
used to secure one against ‘specified Contingent Losses, Death or
Damage’ against which insurer pays a certain sum at regular intervals
with guaranteed cover (Williams Collins Sons Pvt. Ltd., 2009).
There are various types of Insurance: ‘Life Insurance’ which insures
person’s life for buying Life insurance Certificate (EconomyWatch, 2009).
Once provided, Insurance Company remains legally responsible to pay
financial compensation to once family entitled in case of death of the
person insured (EconomyWatch, 2009);(Investopedia ULC, 2011);
(LifeInsure.com, 2011).
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Research paper on Insurance Payment Through AVM’s
‘In India, Insurance saw its arrival in 1818, with the foundation of Oriental
Life Insurance Company, Calcutta. This whole era till Indian Independence
of 1947, was subjugated by British Insurance Firms’ (IRDA, 2011).
Mediclaim is also known as ‘Medical Insurance’ (EconomyWatch, 2009);
as one is permitted to get risk coverage amount used up on his health for
illness or injury grounds from the Insurance Company for hospitalization or
pay the care provider directly (Emediclaim, 2011); (Ria Health Insurance
Pvt.Ltd., 2011).
‘General Insurance’ involves a variety of specified risk coupled with
General Life like of Automobiles, Business related, Natural Calamities,
Commercial and Residential Properties etc. (EconomyWatch, 2009) ;
(HighBeam™ Research, Inc., 2011) ; (Bloomsbury Information Ltd, 2009–
11, 2011).
‘In India, General Insurance came as a legacy of British History in 1857
with the set up of Triton Insurance Company Ltd. In 1907, Indian
Mercantile General Insurance was set up which dealt in all types of
general insurance’ (IRDA, 2011).
‘After Malhotra Committee recommendation in 1999; introducing IRDA
(insurance regulatory and Development Authority) for regulating and
expanding Insurance Industry as a Governing body. In April 2000, IRDA
was statutorily incorporated. In August 2000, IRDA opened up the
economy for Foreign Investor in local Insurance Company up to 26% of
Paid up capital’ (IRDA, 2011).
‘Prior to set-up of IRDA governing body and Opening up of Insurance
sector for foreign player; India had Public Sector Firms (Majority of
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Research paper on Insurance Payment Through AVM’s
Government Ownership) along with few of the domestic Private Player in
both Life and General Insurance’ (IRDA, 2011).
We believe Insurance payment through Machines would be a new thought
in the Insurance sector of the world. Automated Vending Machines are
the future for reaching to the masses in India. Especially, people living in
faraway places from Metro cities in smaller towns and bigger villages may
need such services.
A ‘Vending Machine’ is defined as a device that sells all types of food and
drink and diverse items in which you pay some change and select which
item you wish for (WebFinance, Inc., 2011). If we go by Answers.com, it
means a coin-operated machine to trade products (Answers Corporation,
2011).
Note: The Image has been taken as an example from the Article of
‘Requirements Traceability in the Model-Based Testing Process’ (Bernard &
Legeard, 2008,p. 48).
So how does an Automated Vending Machine Works?
‘To buy a drink one goes to a DVM (Drink Vending Machine). Consumer can
select the drink through the machine after putting coins into it. Service
Person is the one who fills the tray of Drinks in the DVM when it gets
empty’(Bernard & Legeard, 2008,p.48).
We believe if one imagines same function of payment options in Cash and
Cards when it comes to general insurance will make a lot of difference in
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the world. Practically, trial has not been done in any financial Sector of the
World. One needs to understand this cycle in a bigger picture too.
‘Consumer chain cycles’ of vending Machine will make us understand
the need for standardized services to all consumers (Donaldson et al.,
2006,p.177). If all Insurance products started to sell in the same manner
through Automated Vending Machine; then we can have unified model of
selling all Insurance products as well with lower retention.
Note: The image has been taken from online website (Hirsh, 2011).
2.0 Significance / Importance of Research:
One need to understand why this research is important, as no one has
ever tried to think out of the box till now. We have been acting as a slave
of old methods of doing things. So, here are the reasons why this research
becomes important.
Our Research is meant to understand a method of New Technological Payment System which is preferred by various sections of youth.
The change in payment method is also necessary due to increasing costs and expenses behind maintaining different channels of Agent at a time for various insurance.
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Indian societal changes in consumption are mainly due to Capitalist Economy as most of Cultural and behavioural change have took place since opening up of economy in 1991 (Jacob, 2010,p.1).
‘Targeted Inflation Policy’ of Government of India has brought a huge unwanted cost and expense hike in whole economy which have affected both women and children (Dev, 2011, p.2).
To see whether or not it there would be feasible to have ‘AVM Payment Model’ while comparing with other ‘Methods of Payment Systems’ across various insurance companies, as they have their own pros and cons.
3.0 Introduction:
We believe human being has tried to secured most of valuable resources
via insuring them for a fraction of its original value. It makes a possibility
for us the future restoration of same product or item. We all know any loss
of living being whether human or non human cannot be compensated. Yet
one has tried to make a value for it, through the method of evaluation for
Insurance.
‘If we look at method of life insurance selling, there is usually one method
which is quiet common that is via Employee (direct contact) of Insurance
Company. The other methods have been via Agents (Corporate,
Individual), Brokers and these people are mostly registered as a Company
(Corporate), Enterprise and or Association etc. Details of people can be
extracted through IRDA website’ (Narayan et al. 2009-2010).
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‘Currently in general Insurance, there are 5 companies from government
sector including General Insurance for Reinsurance and rest 19 are from
private sector including 5 which are in specialised trade of general
Insurance. Yet government companies are able to perform much better in
most of the part even though just few of the private companies are
comfortably operating in high profits’ (Narayan et al. 2009-2010).
‘If we take total investments of 66371.92 crores in 2010 then government
sector have 51687 crores and private sector players have total market
investment of 14684 crores. In last 6 months (April-September 2010)
Gross premium underwritten was 59% Approx by Government company
and rest by Private sector general insurance led by ICICI Lombard
(Excluding ECGC, Max Bhupa, Apollo Munich,Star Health & Allied
Insurance)’ (Narayan et al. 2009-2010).
WE believe in most parts of ‘general Insurance government company
doesn’t have anybody crawling in front forget about standing. It’s mostly
because of first entrance benefit into this market. Yet private players
together have almost 1/3 of the market covered in both Life as well as
general insurance. Same is the situation in case of life Insurance as well’
(Narayan et al. 2009-2010).
We believe anyone can easily define a company’s payment method
through charts. If one has to study how LIC works in India in comparison to
others then he or she has to understand the payment method of it (LIC,
2004).
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Research paper on Insurance Payment Through AVM’s
Note: Chart had been made in Free-Mind Software to Map out the Payment methods for premium of LIC (LIC, 2004).
Indian v/s Rest of The World (Insurance Density)
Insurance Density at GDP of India (Since 2001-02 Onwards) (Narayan et al., 2009-2010, p.).
‘With just .6% of GDP population density under Non-Life insurance at a point of time; we are still behind world average of Non-Life insurance’ (Narayan et al., 2009-2010, p.). We believe to reach the masses we need a method which makes us visible 24*7 while we can keep ourselves in operating margins too. Automated vending machines will be the next big thing for increasing the habit of buying a Non-Life Insurance in general masses.
4.0 Research Methodology:
Research is a hard-working, logical autopsy or exploration to substantiate
old knowledge and harvest new knowledge (Burns & Grove, 1987). English
Dictionary Defines Research Design as:
A careful Search
Exploration
Research towards collecting sum of knowledge (Fellow & Liu, 1998).
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4.1 Research Strategy:
Naoum delineates Research Strategy in which the research objectives
are probed. There are two different types of research strategies such as-
Quantitative research
Qualitative research
Quantitative Research approaches try to acquire/fold accurate data and
study relationships between facts and theories. Whereas the qualitative
approaches tried to gain/comprehend people perception as entities or as
collections, because of more are ‘Subjective’ in environment (Fellows &
Liu, 2008; Burns & Grove, 1987).
In our research, a quantitative as well as qualitative research approach is
designated to found the variables and factors that affect the Consumers
behaviour for choosing one method of payment over other. It also helped
us for assessment and evaluation of benefits from each one of them in
different situation across the industry.
4.2 Research Design:
According to Burns & Grove (1997) ‘Research Design’ guides the
researcher in implementing and designs the study in a way that is most
likely to achieve the proposed goal. The Research Design is the
arrangement used to answer the research question. Kervin (1992) refers
to Research Design as a plan for assembling and analysing data which
involves selection of cases, variables and data sources.
It is the Researcher’s job to ensure that the design chosen satisfy the
particular research question. Polit & Hungler (1999) states that
‘Research Design’ involve the development of a plan or strategy that
will lead in collecting and analysis of data. Burns & Grove (1997) defines
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Qualitative Research as a formal, aim oriented process to obtain
numerical data. This method can be utilised to explain variables and
conclude the relationship between variables (Burns & Grove, 1997; Kervin,
1992).
In our research, an Open-ended questionnaire is used to assemble
data from respondents. Structured questionnaires were presented to
the people of Rathdhana as well as Sheva in both cities whether of same
Caste or Community altogether to collect the data and identify the
frequency of the response for repeated Method of payment preferred
and for different one’s as well.
By undertaking a Survey, it was possible for the researcher to acquire
data about the practices, condition or views of the participant through
questionnaires. A Survey helps the researcher to classify more variables
at one time than it is possible through laboratory and/or field experiments
while the data is being collected. But there are key weaknesses of a
survey such as:-
The point in which the survey was conducted
Selection criteria of the respondent
Finally, the design of the survey itself
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4.3 Research Population:
The population is a set of individuals (or objects) having some shared
characteristics as defined by the sampling criteria established for the
study (Burns & Grove, 1997). In our research, the target population are
the people of Rathdhana and Sheva from 2 different cities of Haryana
who are having insurance products and paying for them through
different methods of payment system as per the availability in their
cities. We are also trying to have a better understanding to define
Method of payment they prefer; which have a valid co-relation with
purpose of our research as well such as:-
To understand Various Method of Payment used by Rural Indians
indifferent of their Castes, Communities and Gender for Research
purpose.
To understand the replication of payment method preferred by
any population we need to place different options as Methods of
Payment as well.
To Understand the Benefits of various Methods of Payment.
To have an understanding of Cost & Benefit Analysis of each one
of Method of payment from an Insurance Companies point of
view.
4.4 Sample Size:
Burns and Grove define sampling as the process of making selection or
the process of selecting representative units of people for the study in a
research investigation (Burns & Grove, 1997). Sample size is an important
feature in research work because it affects the cost of data collection,
raises questions about the accuracy of the findings, conclusions and on
the whole research legitimacy (Kervin, 1992).
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We believe Sample sizes are critical for conducting research. The
researcher needs to make sure that the sample size is not too small in
that case he might not have a wide range of participants to see results
and if your sample size is too large, the costs, time for your research will
be excessive.
4.5 Method of calculating Sample Size:
We have used Non Probability sampling Method for collection of data.
As per the definition mentioned in Tata McGraw Hill, it’s a method in
which, a Researcher uses a target, or quota, as a goal for seeking people
or elements that fit the characteristics of the subgroup; when the quota
for each subgroup is met, data collection is complete. The snowball
sample which are part of “non-probability sample procedures”; which
means that the probability of selecting a particular case is not known or
may be zero (Tutesigensi, 2010).
4.6 Questionnaire Survey:
A Questionnaire Survey was developed based on suggestions and need
that we thought are necessary for holistic evaluation. Questionnaire had
some qualitative aspects as well and it was made in an open ended way
so that we can have different opinions on the same query from sample
population. This way questionnaire would help us in understanding the
various factors involve in Method of Payment preferred i.e. No of
users, Cost of using one method over other in different parts and location
of India, required age group etc.
4.7 Ethical Permission:
It had been kept in mind that at any time during this Research work
Identity of our Respondent has not been leaked out. Rather permission
had been received in verbal form without much of any effort to convince
most of the Sample population. In case of Data collection part for
Rathdhana & Sheva Village; we have been successful in getting
information through respondent without much hindrance.
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4.8 Limitation of Research:
Due to shortage of time and lack of sufficient funds for Research we had
kept our survey around 100 families in each of the Village in cities like
Sonipat as well as Panipat. While limitation of the secondary data, and
lack of one preferred route of payment by different Income groups; we
have tried our best to give sufficient options.
There was another issue regarding the Method of Selection for population;
as we were supposed to select population based on Quota Sampling
method. Due to shortage of quota of People from different parts of society
required in our Research work; we have used Caste & Community
representation from existing population of village in both the cities.
Questionnaire surveys were recorded mostly with face to face
interaction; but a few of the Respondents had to be contacted through
Cell-phone as they were not available in Village of Rathdhana and Sheva.
For example, People from Agricultural community and Government sector
comes back home in the evening. So, they had been called for providing
detail information via cell-phone with prior consent. But, sometime it
might be a half hearted view of the Respondent, if he or she was in rush at
the time of call or in-person.
5.0 Analysis and Evaluation of Research:
5.1 Evaluation for Rathdhana:
90% of the population have less than 2 people insured in their
house. Only half of the remaining 10% people have more than 2
people insured. Rest half of them have more than 5 people insured.
More than 65% population have Debit Cards in that village.
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Research paper on Insurance Payment Through AVM’s
There is 12% population which uses social networking sites mainly
Facebook. Rest doesn’t have any specific purpose of use internet
expect for job search in government sector or university website.
More than 40% of the population have e-mail id on the internet. But
use of internet is not that frequent.
74% People of Rathdhana are ready to use Automated Vending
Machine if it offers extra benefits with minimum fuss.
64% of population prefers TV Soaps (Family Oriented Programs).
76% of the population have specific choice of program.
67% of population prefers regional Dialect channels (Haryanvi
Programs). Only 10% prefer English as well as Punjabi channels.
72% population wants to shift to new method of payment which is
cost efficient and provides centralised services.
5.2 Evaluation for Sheva:
More than 84% population have less than 2 people insured and only
16% population have 2 or more than 2 people insured.
More than 54% population have debit Card in that Village.
There is 10% population which access internet on day to day basis
but only Facebook. There are 36% population which got E-mail id on
the internet but they hardly surf internet.
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Research paper on Insurance Payment Through AVM’s
68% population have inclination towards watching some regional
dialect (Haryanvi) programs while only 5% watches English
programs too including some Punjabi channels.
58% population prefers TV Soaps (Family Oriented Programs). 69%
population have specific choice of programs that they would like to
watch.
78% population wants to shift in to better service provider but with
again with all solutions under one roof while being cost effective.
62% People of Sheva are ready to move towards Automated Vending
Machines but they too want services which gave them some extra
benefits besides insurance. They want system which help them
minimising cost and some unique payment system for All Civil
Amenities.
6.0 Suggestions:
So, How AVM Should Work in India?
The Image has been created in a Free-Mind Software. This is a Future
business Model for Indian Insurance Industry to serve the customer in
the wake of Consumerism. We call this Business Model the ‘Manohar
Bharat’.
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Research paper on Insurance Payment Through AVM’s
I. There should be an Automated Vending Machine at every village
with more than 5000 population in Haryana which have at-least 8
hours of electricity per day (irrespective of timings).
II. There need to be at least 1 and maximum 2 local agent in that
village who can help them guide into buying a health and or general
insurance.
III. Local women should be actively involved at ground level. Men in
rural India are more inclined towards following the advice of Senior
Family Members and especially Women in case of Maternity issue.
For those Folk Songs, (Ragini) Events and door to door promotion is
required in these bigger villages.
IV. For civil amenity bill payment benefits to rural Indians, we need to
act as facilitator or service provider who offers Insurance with other
services under one Umbrella.
V. We can also use Franchise route to enter these rural market which
has hardly been explored till now. There is a big open market for
Health, Motor Vehicle, Agricultural Ancillaries, and Micro Insurance
etc.
VI. The AVM should have facility of payment through Cards options
besides Cash. One should be able to pay via Electro-magnetic Cards
(Debit and Credit Cards) and or Smart Cards. They must have
Satellite Connectivity for better services in these regions.
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Research paper on Insurance Payment Through AVM’s
VII. A large no. of population which travels to cities or other
nearby cities would prefer them to be on route to stations or Central
Market areas (near main Centre of Village) too.
VIII. There is 20%-25% population which is extremely poor (BPL)
and can still be tapped; if payment method for insurance is charged
on Per day cost but insurance is paid on Monthly and or Quarterly
basis with an option for Micro-Health Insurance in it.
IX. The People from BPL category have preference for some Additional
benefits like Free Medicinal check-ups, Maternity check-up for
women in general too.
X. People in both Rathdhana and Sheva Village have some common
behaviour towards Insurance companies. Both of villages have high
inclination towards Government companies (LIC, GIC, and National
Insurance etc). They have more trust in government company
services than towards private sector.
XI. There is hardly any interest for private sector insurance provider
except for ICICI Lombard, HDFC Insurance, Kotak Mahindra
Insurance; People in these villages don’t have much of knowledge
about many Insurance companies’ in their regions.
7.0 Conclusion:
So to end this research paper, we will use few words by Oscar Wilde ‘An
idea that is not dangerous is unworthy of being called an idea at all’ (India
Fun Factory, 2011).
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Research paper on Insurance Payment Through AVM’s
We believe, it is an idea which came to our mind while I was in England
and We decided to work on it from research point of view prior to coming
back to India. It would be just a thought till it is applied practically and we
have no doubt that only a Company with strategic planning and Targeted
population will achieve Break Even point.
Even though cost of setting up automated vending Machine might be
quiet high comparing with Agents (Individual, Corporate) and or Brokers of
the company. But the cost can be covered via Franchise Model and not to
forget this model doesn’t only serve Insurance to our End User but Other
additional benefits as well.
8.0 Bibliography:
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critique and utilization. Missouri: W. B. Saunders Company.
Burns, N., Grove, K. (1997). The practice of nursing research. Elsevier
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Dev, S. (2011). Rising Food Crisis and Financial Crisis in India:Impact on Women and Children and Ways of Tackling the Problem. Indira Gandhi Institute of Development Research (003), 1-47.
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Donaldson, K., Ishii, K., & Sheppard, S. (2006). Customer Value Chain Analysis. Research in Engineering Design , 16 (Springer-Verlag London Limited 2006), 175-177.
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IRDA. (2011). History of Insurance in India, 2011, Insurance Regulatory and Development of India. Retrieved May 27, 2011, from IRDA.gov.in: http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo4&mid=2
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y.html"
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.html > .Tata McGraw Hill. Second Edition. Accessed by [22nd
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LIC. (2004). Payment Chart through Other Spurces. Retrieved May 27, 2011, from www.lic.com: http://www.licindia.in/altpay/alch8002_files/alch8002.htm
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Narayan, J., Murlidharan, C., & Sriniwasan, K. (2009-2010). Annual Report. Insurance Regulatory Authority of India. New Delhi-India: IRDA.
Polit, D., & Hungler, B. (1999). Nursing Research. Principles and Methods,
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Ria Health Insurance Pvt.Ltd. (2011). Introduction to Health Insurance, 2011 Ria Health Insurance Pvt. Ltd. New Delhi India. Retrieved May 27, 2011, from healthinsuranceindia.org: http://www.healthinsuranceindia.org/introduction_health_insurance_india.asp
Tutesigensi, A. (2010, 07 12). Dissertation Design- Research Design.
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