Sunday, November 30, 2008

Terror insurance - Are you covered by any chance?

I came across this interesting article on 'terror insurance' here. I share with you my thoughts on the same.

Terror insurance currently seems to be a very nascent area with a lot of unexplored (with a few exceptions though) territories. But looking at the frequency and magnitude of terror attacks the world is witnessing today, this surely will take prominence in times to come.

Insurance industry works a lot on using the actuarial data to come up with innovative products and policies to be offered to its customers. The underwriters of an insurance company use this actuarial data to evaluate an application and set suitable premiums for the same. Even though the technology has advanced so much, the insurance industry still has a lot of processes carried out offline. It definitely is time for the industry to the make the most out of the technology they have access to. It's time for the insurers to offer unheard-of products and streamline their policies to address issues that have surfaced of late (like the terror attacks) and have actually begun to affect the lives of the common man more than ever before!!

Keeping this in mind, what challenges do the insurers face while coming up with innovative products that cover people against terror attacks? 
  • The biggest challenge as I see it, would definitely be the lack of actuarial data with the insurers themselves on the number and nature of claims made under this category. Since the claims for losses incurred on grounds of terror attacks in specific, hasn't been so profuse, the insurance companies for sure don't have a lot actuarial data that might help them specialize themselves to offer customer centric products.
  • What makes things even more challenging is the fact that terror strikes are an awfully impossible phenomenon to predict. Almost all the companies in the insurance domain make use of predictive analytics (a prediction based on results that are carried out periodically to study the market trends) to help them come out with policies that address the gap in any segment of the insurance market that they feel can give them an edge over others. The success and accuracy of any predictive analytic model depends on the accuracy with which data (the more accurate data you have, the better it is for you) is interpreted and correlated. If you don't have accurate data in the first place, then your analysis is bound to be unreliable. Given the above fact, it is extremely challenging to devise a predictive model that can accurately predict the frequency of occurrence of a terror attck and the magnitude of the losses incurred due to a terror strike!!
  • If there is one thing that has been haunting the insurance domain for a long time, it undoubtedly is addressing the issue of fraudulent claims. These frauds you see are everywhere. Since this area in insurance is yet to be explored, they would be always people out there 'trying to make the most of this opportunity'. The insurers need to ramp up to fight against any kind of frauds.
Although it is the human life and/ or property that are always subjected to a loss in any terror strike, it would be interesting to see how the insurance industry gears itself up to address the needs of customers, by offering them specific products in this area. 

Any thoughts on this from the readers would be highly appreciated.

~IT's My Life

Digg this

Friday, November 28, 2008

Jaadu hain tera hi...

Niveditha returns to active blogging!! And guess what?? I happened to read her post on a tag that allured me to give it a try.

Here are the rules
1. Put your music player on Shuffle mode
2. For each question, press the next button to get your answer
3. Write the song name no matter what
4. After you’ve answered all of the questions, tag 5 other people and let them know they’ve been tagged.
  1. If someone says “Is this okay”, you say?
    Yuhi kat jayega safar saath chal ne se...
  2. What would best describe your personality?
    Minchagi neenu baralu...
  3. What do you like in a guy/girl?
    Behti nadi ka hain rukh yahan...
  4. How do you feel today?
    Tanha tanha...
  5. What is your life’s purpose?
    Suno suno...
  6. What do your friends think of you?
    Main kahbi batlata nahin...
  7. What do you think of your parents?
    Mera jahan... (TZP again!!!)
  8. What do you think about very often?
    Koi lauta de mera beete hue din ... (I swear i miss them...)
  9. What is 2+2?
    Jaane do naa... (Even Apple knows how good I am at Math!)
  10. What do you think of your best friend?
    Adat... (I couldn't have agreed more on that!)
  11. What do you think of the person you like?
    Main agar kahun... (Couldn't have gotten any more romantic than this...)
  12. What is your life story?
    Mohabbatein lutaunga... (To my love:D)
  13. What do you want to be when you grow up?
    Say na say na... (Nope.... I never told anything.. I just don't wanna grow up!!!)
  14. What do you think of when you see the person you like?
    Gelathi gelathi...
  15. What will you dance to at your wedding?
    Kya yahi pyaar hain... (An absolute treat.. old one though.. But would love to dance..)
  16. What will they play at your funeral?
    kannathil mutthamittal... (It means a peck on the cheeks in tamil!! Gotta know who would love that act the most!!!)
  17. What is your hobby/interest?
    Pehli nazar main kaisa jaadu...
  18. What is your biggest secret?
    Dheere dheere se... (Ashiqui)
  19. What do you think of your friends?
    Ichak dana bheecak dana... (Shree 420 - Can't draw any correlation... spare me on that..)
  20. What should you post this as?
    Jaadu hain tera hi... (Ghulam)
  21. What do you think about this tag?
    Jawani O Diwani... (Kishore da...)

P.S. I thoroughly enjoyed doing this tag! I dunno some of the answers I got seemed so convincing!!

~IT's My Life

Digg this

Tuesday, November 18, 2008

Royally dragged!

It is the second time I am posting a conversation (almost verbatim). This time the other guy ensured he royally dragged me into an uncalled-for discussion...

Him: hi suresh where are you...
Him: busy...
Me: i am at b'lore. (I swear I had no clue who he was...But somehow got convinced that he knew me..)

Me: sorry i can't recall much from ur id ...
go ahead and refresh my memory ..
Him: what are you doing
Me: i can't quite recall ur acquaintance.. ur id isn't revealing much about u either
Him: i didn't understand
Me: i din't get ur full name from the id..
so i can't quite recall who u r ..
Him: my full name is ***
u r name...
Me: (U know it)...

Him: are you employee
Me: of?
Him: where are you working
Me: i am working with XYZ...
Him: where is it..
Me: in b'lore
how abt u?
Him: i am now in (name removed for security reasons!! LOL.. I like secrets!!)
resentley (he meant recently i suppose..) i have completed my mcse in iiht and i am mcp certified
Me: okies.. have we met b4?
Him: your native place???
Me: where exactly..
Him: i want to know your home town
Me: ABC..
Him: where is it
Me: in karnataka :P
where r u from?
Him: i am from *%#$...
Me: hey there seems to be a serious miscommunication here.. i can't even vaguely recall any acquaintance with u...
tell me.. how did u get to know about me??
Him: i will not tell you... only tel
Me: i have no clue boss (I think he wanted me to guess who he was :P)
Him: Do you speak kannada...
Me: yep!!!
Him: what is your mother tongue..
Me: how does it make a diff? (Just wanted to come across as someone linguistically neutral... LOL!!!)
Him: what is diff between yep and yes
(Pause...) are you online....
Me:both of them fortunately mean the same :)
Him: ok
Me: would you mind letting me know how I happen to know u or either way?
Him: can i speak to you?
Me: yeah.. but tell me how u know me..
Him: i dont know.. today only i got your chat id..
Me: i can't take the call... i am at the office (Quite busy with work :P)
Him: ok wen you will recive my call
Me: i have no Internet at home.... (I have gotten it disconnected temporarily..)
Him: ok give me your no i will sms you..
Me: what is it that u want to ask?
Him: your are a Internet friend
Me: okies.. but you can ask me anything over the chat itself right?
Him: ok shell we chat
Me: i am already :P (I wonder if what we had b4 was eligible to be termed chat..)
Him: what about your education
Me: wait.. is this some kinda.. typical interview or what??
Him: i am a student what about you
Me: i work with XYZ.. i think i mentioned it earlier as well
Him: ok sorry... from how many day are you working..
Me: for quite sometime now..
wht can i do for you?? (As if I could do anything for him :P)
i am just cutting the chat shorter..
Him: i want to know
Me: ???
Him: ok... what is your age
Me: hey *** i will chat with u ltr.. if u need anything in specific let me know.. just want cut this thing really short and wanna make it to the point
hope u don't mind...
Him: ok wait...
ok i want to know what the interviewer will ask at first time..
Me: that depends on the kind of interview...
If it is technical, they might want to know ur technical skills
else it will more of soft skills that people look for in an HR interview
Him: do you have any hr interview questions?
Me: u might get a lot of them on the Internet
just google it out ..
Him: in internet i will get more but is there any specific...
Me: nothing specific as such
Him: ok
i have created a blog do you want to see
Me: sure.. (Well everyone blogs these days!!)
Him: there are my trip photos..
Me: okies.

Him: (His blog URL) I don't wanna add it here as it would reveal a lot more than what I need to reveal about him..
Me: i will check it out ltr..
Me: cya. gotta leave..
Him: ok bye...

I have absolutely no issues with such people except that they almost always don't come to the point!! In short I hate to be dragged into any unsolicited conversations.. Plz.. spare me!!!

~IT's My Life

Digg this