When it comes to car insurance and claims, the industry has come a long way from manual assessments and handwritten reports. Due to technological advancements in this field, it is possible to waive off the chances of human errors resulting in quick as well as fair decisions.

Image Source – Car Insurance

Let’s take a look at how these advancements will technology change the Future of Car Insurance

Telematic Systems

A telematics system comprises of a set of devices that can communicate with each other. They work in real-time. These devices can also send reports to the insurer. The driving patterns can reveal the risk profile of a driver. Through this, the insurer can decide the cost of the car insurance policy. In turn, this could help an insured pay the fair price of a policy and not wait for years to provide a proof of being a safe driver through No Claim Bonus. Telematic devices are also helpful in situations like calling emergency services, availing roadside assistance or for the purpose of navigation.

Artificial Intelligence

The applications of Artificial Intelligence or AI are not limited to robots that can interact with human beings. AI holds a prominent place in the future of car insurance as well. The applications of AI are already taking roots in car insurance. Here are the various things powered by AI, which are and will be useful for car insurance:

Chatbots

A simple software to answer user queries can only be helpful to a limited extent. Feed a set of answers into this software and it will be of use only if a user types a corresponding question. However, if this software is powered with Artificial Intelligence, it will not only answer those few limited questions but evolve to display a better answer each time by saving as much data as possible from its previous interactions and new information. With AI, a simple question and answer software turned into a personalized chatbot, efficient enough to solve use queries based on their details. It can answer a range of questions that can be as difficult as solving queries related to renewal of car insurance or something as simple as how to buy online car insurance.

Internet of Things [IoT]

The Internet of Things came into existence with the creation of Internet Protocol version, 6 (IPv6). It became possible to allocate an IP address to every physical thing on the planet.

Detecting Fraud

Internet of Things can be used to detect fraud at the time of car insurance claims. For example, when a car is assessed for damages, a report can be created to differentiate between current and old damage. An insurer will then settle a claim for current payable damages with the help of the report generated by the Internet of Things, thus preventing a possible fraud.

Apart from claims, this technology can be used after buying a car insurance policy to alert emergency services and insurance company in an unfortunate event. If the car meets with an accident, a report can be sent immediately to the insurer about the impact of an accident and consequently the extent of the damage. Meanwhile, emergency services can be notified with the accurate geographical locations. Also, drivers of other vehicles will also be notified about an emergency.

How to buy car insurance?

It is possible to buy car insurance online in a very convenient manner. All you have to do is visit the online website of a car insurance company, submit your details and buy the policy after reading the terms and conditions carefully. This method can also be used at the time of renewal of car insurance policy.

Mumbai is the capital of Maharashtra and the most populous city in India as well. With a large population of 20.5 million, Mumbai stands fourth in the population wise ranking of cities in the world. Also known as the ‘city of dreams’, Mumbai has different contrasts and welcomes everyone with warmth and love.

Image Source – Car Insurance

Mumbai is a union of seven islands, which were held together over a period to build a magnificent and beautiful city. Situated on the Western Coast of India, Mumbai faces the Arabian Sea and hosts one of the most famous harbours in India. Mumbai was first ruled by the Hindu Dynasties, then by the Mughals, and in the end by the Portuguese. Then it was handed over to the East India Company in the year 1668. From there, Mumbai started growing as a mega industrial hub, leaving all another metropolis behind. Mumbai has the highest economy as compared to any city in India. Also, it has the highest GDP rate in South Asia and is listed in the world’s top ten commercial centres concerning global financial flow.

Mumbai is a manufacturing hub of industries like healthcare, diamond polishing, and shipbuilding. It has the largest cotton textile industry and the largest stock exchange in the country. It is also the leading oil and natural Gas provider in India. Mumbai, the entertainment capital of India, is the home to Bollywood, which is one of the most prolific centres of film production in India.

Public transport is considered the best way to go around this megacity. BEST and local trains are the most preferred means of transportation here. Approx 80% of people commute by these means and use them to go to work and come back. Due to the enormous population and poor condition of roads, Mumbai always sees heavy traffic and congestion. However, you will find latest SUV’s, sedan and sports cars in abundance, zooming away on the streets of Mumbai. People are exceptionally affluent in Mumbai, and a significant chunk of crowd owns more than one car for their private use. Hence, it is obvious that you will be surrounded by a wide variety of vehicles and people in Mumbai.

Concerning the recent Motor Vehicle Act amendment by the Indian government, car insurance is now mandatory in India. A comprehensive car insurance policy protects your car against the damages caused due to accidents, natural disaster, theft or burglary. It also protects you from personal liability in case of third-party damages.

At Reliance General Insurance, we offer a comprehensive car insurance policy. You can even buy car insurance online in few easy steps. Avail several benefits like 24*7 roadside assistance, a cashless facility at more than 3800 garages across India, instant policy issuance, and much more.

Here is a list of garages that offer cashless facilities across Mumbai in service of your motor insurance policy

In order to save or borrow money with a bank, it is necessary to have a savings account. Similarly, to invest in the stock market, you may open a dematerialization account.

Image Source – Demat Account

Understanding dematerialization [Demat] account

A dematerialization account, also known as a demat account, holds shares in an electronic format. It holds certificates of financial instruments that you have invested in, such as mutual funds, government securities, shares, and Exchange Traded Funds [ETFs], among others.

Benefits of having a dematerialization [Demat] account

You may open a demat account and enjoy the numerous benefits it has to offer. Following are five major advantages of holding shares in the dematerialized form.

  1. Through such an account, you may hold all your investments in a single account. It, therefore, acts as a common bank for your investments.
  2. Another major benefit is the automatic update facility. Since it is a common account, it eliminates the need to give out your personal details every time you make a transaction. Your personal information will automatically be made available to the companies you are transacting with.
  3. Holding shares in a physical format makes it susceptible to risks such as theft, loss of share certificates, or fake shares. Dematerialization, however, eliminates such risks. Upon approval of your trade, the securities get credited to your online demat account. Your securities are, therefore, safe and free from risks.
  4. Traditionally, it was necessary to pay stamp duty while transferring securities. This cost is eliminated while transacting through your dematerialization account.

You may, therefore, avail of the above-mentioned benefits of a dematerialization account.

Procedure of opening a dematerialization account

Quite contrary to the popular belief that the process of demat account opening is a cumbersome task, the same is not true.

You may follow the below-mentioned steps and open an account easily and quickly.

  1. The first step is to choose a Depository Participant (DP) of your choice.
  2. You may then submit a duly-filled application form in the prescribed format. Along with the application, it is mandated to provide supporting documents such as proof of identity, proof of address, and PAN card copy, among others.
  3. The next step is to sign an agreement on a stamp paper provided by your Depository Participant.
  4. Upon successful opening of a demat account online, you will be allocated a unique beneficial owner identification number. This number is to be used as a reference in all your future transactions.
  5. Once your dematerialization account is opened with the Central Depository Services (India) Ltd [CDSL], you may then trade securities using your unique demat account

A dematerialization account offers numerous benefits to traders who buy and sell securities on a regular basis. You may open such an account or even multiple accounts with the same DP or with different DPs. By doing so, you may execute transactions easily, and have full control over the transaction being executed.

Generally, your investment decisions are based on your personal needs and experiences. Proper planning is crucial for the financial security of you and your family.

Image Source – Finance

There are several investment products to choose from. Making an accurate choice may be difficult and require enough time to conduct adequate research. Here are five financial decisions you must never delay to avoid issues in the future.

  1. Investing a small amount

If you are like most young adults, you would prefer spending your income rather than thinking about savings for the future. You may think that financial goals, such as retirement are far away and planning early for them is not important. However, the consequences of such a delay may be catastrophic.

When you delay your investment decision, you lose out on the opportunity of accumulating a huge corpus through the power of compounding. The amount you invest earns certain returns depending on the type of investing. This income earns additional returns through compounding, thereby helping you accumulate a huge corpus over the long term.

When you are young and at the start of your career, your income may not be high. Therefore, you may not have a huge disposable amount for saving. The smaller amount may discourage you from investing; however, you must remember that through compounding, even a small amount accumulates to a larger sum.

  1. Availing of life cover

A life insurance policy is important to ensure the financial security of your family in your absence. The life cover will pay the policy benefits to your beneficiaries in case of your premature demise. This money is able to ensure they are able to meet their expenses and sustain their lifestyle even in your absence.

It is recommended you avail of a coverage of at least six to seven times your annual income. However, you must not only consider your family’s financial needs but also take into account the outstanding loans while determining the insurance cover. When you consider life cover, consider certain goals, such as children’s education and marriage. A term insurance plan is an excellent way to procure higher coverage at an affordable premium.

You must not delay availing of life coverage because as you grow older, the risk of suffering from ailments increases. As a result, the premium on your policy also increases. It is recommended you compare different plans offered by various insurers to choose the best term insurance plan that suits your requirements.

  1. Appointing nominees

This is a commonly overlooked financial decision that many people put off. However, you must appoint nominees when you invest in financial products, buy an insurance policy or open a bank account. This ensures your family does not have to deal with the stress of distributing your assets in case of your demise at a time when they are already dealing with emotional trauma.

  1. Purchase critical illness coverage

You may be able to meet the fund requirements for a hospitalization or a surgery. However, if you are diagnosed with a critical illness, the treatment may take a long time and may be expensive. Therefore, you must purchase a critical illness cover in addition to your life and health insurance plan.

  1. Estate planning

Life is uncertain, and therefore, it is recommended you make a will to avoid any issues after your demise. You must also list down all your assets, liabilities, and investments. It is recommended you include important information, such as maturity dates, starting date, premium payment dates, and maturity benefits for your various investments. You must keep your family informed about this information, which must be safely stored.

Financial decisions are important to provide security. It is, therefore, crucial that you never delay such decisions to avoid complications in the future.

As the earning member of your family, you understand the importance of having an insurance coverage. There are several types of life insurance policies, such as endowment plans, term plans, and money back plans. Term plans are pure life covers and are available for affordable premiums.

Image Source – Term Insurance

An important question is how much insurance coverage is needed to ensure the financial protection of your family in your absence. Here are seven factors you must consider while determining the insurance coverage.

  1. Your age

If you are young and do not have too many responsibilities, minimum coverage may be adequate. However, if you are married with children, you need higher coverage to provide financial security to your family in the case of your untimely demise. However, it is recommended you purchase term insurance plans when you are young to get the benefit of low premium cost.

  1. Current lifestyle

Your lifestyle depends on your income. As your income rises, your lifestyle is also enhanced. Therefore, your family is habituated to a certain lifestyle. In your absence, your family must be able to sustain their current lifestyles because downgrading is a difficult process. Consider your standard of living while determining the insurance coverage.

  1. Debt obligations

You may have a home loan and other credit facilities, such as a car or personal loans. These are repaid in Equated Monthly Installments [EMIs] over a certain period of time. In case of your demise, you do not want your family to bear the burden of the outstanding EMIs. It is recommended you consider your total debt obligations while looking for term insurance plans.

  1. Financial situation

When you purchase an insurance policy, you need to pay the premiums regularly to avoid discontinuation of the benefits. Although procuring high coverage is a good option, you need to ensure you have no difficulties in paying the premiums in a timely manner. It is advisable to use a term insurance calculator to know the approximate premium for a certain sum assured.

  1. Financial goals

At different stages in your life, you will have various financial goals. When you get married, you may need to buy a home. When you have children, you need to plan for their education and marriage. Another important life goal is financial independence after your retirement. Insurance coverage is an excellent way to plan for these various financial goals where even in your absence, your family will not have to face any financial crunches.

  1. Accumulated assets

Over the years, you build various assets that may be used to meet your financial needs. You must consider your accumulated assets while calculating the insurance coverage that is needed.

  1. Term insurance riders

You may include a number of riders with your term plan. Some of these include premium waiver, accidental death, permanent disability, and much more. It is recommended you include relevant riders to your term policy to enhance the total coverage. However, you need to keep in mind that such riders come at an additional cost. Consider your specific requirements to decide on which riders you must include in your insurance plan.

Some individuals procure life insurance coverage to take advantage of the tax benefits. However, you must remember that insurance is not simply investment tool but is important for the financial protection of your family in case of your untimely demise. The returns, if any on your life insurance plans will be minimal. Nonetheless, including adequate coverage calculated with a term insurance calculator is crucial. Moreover, you must regularly reassess your life stage and increase coverage as and when required.

The oil & gas industry in India sector has been action-packed in a last couple of years. There have been many changes and new declarations by not only the organizations but also by the government. The results were both motivating and disappointing for different companies. Some gained big time while the others went into losses. Many factors were found responsible for creating the volatile market for example exchange rate fluctuations, sanctions on Iran, Euro Zone debt crisis, crude price movements, and many others.

Image Source – Stock Market

As per the market news, the main factors that is going to create a massive effect on the performance of the oil and gas industry in India in the medium term are the following:

  • There have been several Gas supply concerns which were highlighted in the medium term
  • Increased gap in the demand-supply in the domestic gas market
  • Volatility in the crude prices
  • The Depreciating value of the rupee
  • Muted outlook for gross refining margins
  • Diesel, kerosene and LPG prices is still under government control
  • Uncertainty over regulations
  • Subsidy sharing pattern continue to be volatile
  • Controlled gas prices
  • Sustained strong demand for petroleum products in domestic market

These factors have influenced some of the companies. Here we talk about these companies along with our investment take. This will give you a peep into the share prices of some of the companies like Bharat Petroleum Corporation Ltd share price.

Beginning with Cairn India, it is the best proxy on the crude prices with a cheap valuation. Another one that deserves a highlight is the Oil India. Oil India seems to have a robust production growth which plays on reforms and also has a huge cash balance. Next in line is the Oil and Natural Gas Corporation that has an under valuation to international peers relatively that plays on reforms too. Talking about the Bharat Petroleum Corporation Limited, it has a big upstream value and is less sensitive to the vagaries of subsidy sharing. The Petronet LNG whereas has the increasing domestic gas demand with the expectations of weak LNG prices. Also, briefing about the Gujarat State Petronet Limited, it supposedly has long term growth in gas supplies with an attractive valuation.

Coming over to the Reliance Industries, it enjoys our Market Performer rating. Detailing more on the Reliance Industries, it has a basic business of refining & petrochemicals which is still found being in the stress and also its KG-D6 volumes are having a sustained fall. Now comes the GAIL [Gas Authority of India Limited], it has the risk to earnings from the regulations and also has a reduction in the petrochemical lucratively if the gas prices are increased. Talking about the Hindustan Petroleum Corporation Limited, it has an increased risk to earnings from the subsidy sharing mechanism with a high leverage. Lastly, we will talk about the Indian Oil Corporation, it has a limited upside potential. Hope we have given you some insight on the Best oil and gas stocks to buy this year.

Maintaining a physical record of every important piece of paper is exhausting. You have to store them for an infinite period of time, not knowing when you might need to use or refer to them. There is also the constant fear of files getting lost, misplaced, destroyed, or stolen. What’s more, keeping paper records is more time-consuming than simply using a computer. All these cons are amplified even further when the documents in question are as valuable and irreplaceable as shares and securities.

Image Source – Demat Account

In order to sidestep the complication that arises from taking physical possession of certificates, shareholders in India use demat accounts. A demat account allows investors to hold their shares in an electronic format that is achieved through the process of de-materialization. Its functions are similar to those of a savings account – securities are debited or credited as per transactions made and you can check the value of your holdings. An individual can deposit different kinds of investments, including government securities, bonds, mutual funds, and exchange traded funds.

Importance of Demat Account

For investors, this form of paperless trading has become a necessity. This is because a Demat account provides the opportunity to invest in a variety of assets ranging from gold ETFs to commodity futures. And that’s not all. Having a demat account is also important for the following reasons:

1. Safe Repository of Shares

As mentioned earlier, the storage of stocks in their physical form is often difficult. Demat accounts help you maintain a safe and systematic record of all your transactions while eliminating the risk of loss or misplacement. Additionally, they keep you protected from threats like incomplete paperwork, bad deliveries, and fake securities. The numerous layers of protection and regulations attached to a Demat account unquestionably beat paper records.

2. Indispensable for Trading

The biggest disadvantage of not having a demat account is that you can’t trade in the stock market without it. Since stock trading is undertaken electronically, a demat account is indispensable for the purpose of buying and selling shares of companies that are publicly listed. At present, it is mandatory to settle trades made on any stock exchange in demat form.

3. Holds Multiple Securities at Once

It can get confusing for traders to properly organise different kinds of financial products like bonds and mutual funds. A Demat account solves this problem by preserving multiple securities in one place, which makes it easier for you to keep track of everything important. It’s one of the few instances when keeping all your eggs in one basket is actually a good idea.

4. Quick and Convenient

Dealing with physical securities can be a long and tedious process. It would entail you visiting your broker every time you have to make a trade. The delivery time of trading electronically is a fraction of what it would be otherwise, and you also receive your credit much faster after each transaction. Furthermore, you don’t have to be confined to your home or office while trading. You can trade on-the-go on your phone anytime. A demat account makes all of this possible.

When it comes to share market trading, the importance of a demat account cannot be emphasised enough. If you want to experience trading at its simplest and most seamless, then having a demat account should be on your list of priorities. The best part is that the procedure of opening the account is quite fast and straightforward!

According to recent industry reports, 156 million of Indians who comprise the ‘urban mass’ and ‘urban middle’ section representing an annual income of USD 3000 and above have the potential of mass adoption of consumer credit. Of this the ‘urban mass’ constituting approximately 129 million have been mostly deprived of credit due to lack of credit history.

Addressing this major concern, CASHe, India’s leading digital lending company, promoted by serial entrepreneur and private equity investor V. Raman Kumar, announced the launch of India’s first alternate credit rating system – The Social Loan Quotient [SLQ].

India’s first social behaviour-based credit-rating system, SLQ is a fast, unique and a path-breaking real time platform which leverages big data analytics, artificial intelligence and predictive tools. The innovative platform will help score millions of Indians, who otherwise have been left in the lurch for lack of consumer credit in the absence of credit history.

Considering the young urban mass prefer to avail small ticket loans for short term, the existing traditional lending platforms such as banks and NBFCs’ find it unviable to serve the segment. In addition, the lack of credit history further dampens the situation. Here SLQ will play a pivotal role in helping this large untapped population to avail credit on the basis of the score generated by the system. Soon, the platform will also be set open to other institutions [banks, NBFCs’ and credit bureaus] to integrate and avail the system thereby helping them reach out to the masses.

Unlike conventional lending agencies who rely only on an applicant’s past financial transactions, CASHe’s revolutionary approach links multiple online and offline data points like his mobile, social and media footprint, education, remuneration, career and financial history to calculate the borrower’s credit score.

Speaking on the launch of this new credit scoring innovation, the CEO of CASHe, Ketan Patel, said:

Credit is critical for the growth of an economy. It incorporates the element of aspiration and infuses growth to keep the economy up and running. However, the lack of alternative credit models, challenging capital eco-system and an unviable cost structure have kept mass India deprived of quick and reliable credit.

Through SLQ, we are focused on those who may have little or no credit history with traditional lending institutions. We hope this will revolutionize the digital lending space in the country and encourage other credit institutes and agencies to avail ‘SLQ’ as the go-to platform to assess credit worthiness of mass India.

There are millions across the country who have never obtained a bank loan, however, they are internet users who shop on line, have a good social media presence, have a stable residential status and also have been using their mobile phones actively. SLQ will now use these factors or data points into consideration when assessing a customer’s creditworthiness.

The platform will analyze unstructured data from various sources – social media profiles, mobile data, KYC documents – to provide the users with a system that will instantaneously and continuously update a borrower’s credit worthiness and insure sound underwriting.

The scores are generated in Real Time and will enable the customer to know, within a few seconds, if he qualifies for a loan with CASHe or not. Subsequently, on completion of the loan application process, every customer’s personal SLQ score will now be displayed to him. This will provide the user with a reliable tool for accessing his/her creditworthiness.

Srinivas Nidumolu, Chief Technology Officer – CASHe, added

This is a service that is sorely needed by many Indians. SLQ is developed using proprietary deep learning and artificial intelligence technologies that will analyze a wealth of data to find recurring patterns of credit behavior that will indicate an individual’s willingness and ability to pay his financial obligations.

CASHe, over the past two years have built a very large data set of customer information based on their digital footprint and mobile data to spur the financial inclusion of many deserving credit worthy Indians who do not have access to financial services. This allows us to build credit scores even for individuals with little or no formal credit information but who may actually be good candidates to obtain credit.

With more than 2 million downloads, 180,000 customers, 480 crore loan disbursals, 30,000 loans processed in a month, over 1000 loan applications in a day and 75% repeat customers CASHe has amassed a huge wealth of data encompassing rich customer information which can be potentially analyzed for credit behaviour.

About CASHe

CASHe is India’s most preferred digital lending company for young salaried millennials. CASHe provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm based machine learning platform. In April 2016, Aeries Financial Technologies Pvt. Ltd, launched its innovative technology-driven lending platform for the young, urban millennials. CASHe provides almost instantaneous loans on-demand. Its user-friendly digital interface enables faster loan application process and quicker loan disbursal’s. CASHe provides hassle-free loans with its app enabled documentation and loan disbursal/repayment process. For more information, please visit CASHe