Automation in commerce, what are the insurance has to do with the mobile phone and its a fake question to be honest but lets try an answer to that counter question so has their be any situation in recent past when you suddenly realized your insurance premium is about to laps and you have to make that payment within end of the day and you spent a good part to figure out how you are going to give that check to your agent and try to make sure that it reach and en-cashed that your policy is still exist for you, many of us are gone through the same and how about if that can be done with a click on a button on your mobile phone? Yes that’s the link between insurance and the mobile phone. not only this you can actually do much more like if you have been stuck in an accident you can take a picture and send it to an insurance company for the claims and a whole lot of other things are there.
But How Can it Be Used? Where is it right now and what are the challenges it faces to make it really widespread across India? Basically the acceptance of a mobile as a channel for insurance..
Insurance as a product also involves payment so it can be thought like any solution that eases the payment procedure is attractive and should sound like a music to both consumers and insurers however one has to look after the consumer behavior and would people be really comfortable doing it so there is a effort which is required to make people comfortable or an effort that such products and services amenable to such products mechanisms which can only make the entire thing successful now a days the check clearing system has modernistic into mobile platform and that’s what the imps is all about
What kind of encryption is it that insures that the safety of those transactions is as robust as that on what you would probably do on the internet?
What The RBI has mandated in this respect is that transactions up to 5000 can actually be done through SMS for simpler platforms and the transactions which are larger value that means more than 5000 a technology called USST is used which is nothing but an encryption at both ends and it ensures that it opens a secure passage of communication between this mobile device and the server at the other end so that any traffic that is passing is in the secured corridor only which insures your transaction is not corrupted.
In This Digital ERA Mobile commerce is only going to go one way and that grow exponential upwards financial inclusion is one important aspect of it and the key is the urban front is coming upfront and ensure that how easy it is to utilize it.