BimaWorld is a new online Insurance Community in India. They have useful articles and discussions happening online.
Btw, they also picked me as the winner of the “Question of the month” contest. (Vanity strikes!)
I asked Devanand Agarwal, the Cofounder, Bimaworld about how he’s going to build this community. Here’s the questions and his answers:
Q. 1. a) What prompted you to start your website?
Information is the key to make a wise decision. Websites are very handy in spreading the information. Also masses are not yet conscious about insurance. Like any other subject, insurance need to be talked about, discussed & debated, and website can be a very ideal platform for this. Also absence of an advisor cum expert agent, lack of flow of correct information, wrong selling of policies, poor after-sales service and No-claim Assistance promoted us to start our website.
Q. 1. b) What motivates you to keep on going?
Positive responses from insurance seeking community and insurance industry professionals who are not internet savvy but have years of experience in insurance. They have shown willingness to join bimaworld and help community. Soon we will launch a special expert consultancy section where anyone can communicate with our panel of elite members. Kolkata Blogger’s Meet Aug’2009 was very motivating and reaffirmed us that the decision to start an online community was right. Seeing our website taking practical shape and our teammates filled with innovative thoughts, dedication energizes us to continue further.
Q. 2. Why is it that, generally people avoid or have a fear of financial planning?
Liquidity Crunch, Small Savings, Irregular income, Lack of Knowledge, numerous products to choose, Inability to figure-out phases and needs for life that may arise in future, Insecurity of parting liquidity- Stories of Cheat fund Companies, no- corrective measures from Government agencies, judicial delay and Limitations thereto.
Q. 2. b) What is the fundamental problem?
Lack of knowledge, inability to figure-out phases and needs for future are basic issues.
Q. 3. The aim of your site is to help people make an informed decision about their insurance. But the present information asymmetry between buyers and sellers is huge. Do you see the internet making an impact on reducing the information gap?
Yes, to a large extent.
Information on net are numerous and available in text, blogs, forums, graphic, article, videos forms, the users are also getting more and more friendly to these modes. But explanation in simpler terms and its complete understanding is still a concern for all, alike approachability and shortage of time; which we will make easy and happen for the masses.
Q. 4. What role do you see for offline seminars and workshops rather than online education?
Motive of both Online and Offline system is to sell across the message “to the point”.
Online is getting personalized and also picking-up its momentum but offline workshops and seminars are more powerful & very much acceptable to the masses, a lot of live interaction takes place and thousands of unknown questions are answered at a time.
Q. 5. How would you advise? To have one personal finance consultant who maintains your money or have an insurance consultant, Mutual Fund advisor, Stock Broker separately?
A Personal Financial Advisor can be said “Jack of all but Master of none”, who can give an overall suggestion on investment pattern and help in choosing plans.
But like others, he would be having his limitations depending upon his capabilities, skills and understanding. Separate consultants like insurance consultant would be more advisable because of their specialization with compulsion to answer comparative views on other financial products.
Moreover claims handling, policy servicing and suggesting skills are the areas which gives an edge to the insurance consultant over a personal financial advisor, 90 times out of 100.
Q. 6. Do you visualize a growing use of personal finance software to track and manage money in India?
Yes, people in India are trying to have a system to track their business, money, investment, budgeting pattern etc. further MIS reports are getting more popular among individuals alike Corporate investors.
Q. 7. The Regulators are cracking the whip on Asset Management Companies and Insurers. What’s your wish list from the IRDA?
It is an important job and duty of the regulatory body to perform.
The concern is that for public money, which for all times should be protected.
But they (Regulatory) have their own limitations apart from the political and judicial system being very slow in implementing its decisions and setting an example before all. Wish list –IRDA- none this time
However it still remains a mystery as how less we know about personal finance. The only solution is to share whatever useful stuff you find.
Some readers have come back to me saying that I should facilitate easy sharing of my content. So go ahead share it with your friends and family
Welcome back! Join me on this journey to improving our financial IQ and sharing what we know. Updates at RSS feed or Email. And spread the word please Thank You!
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