17 years to catch up ?

17 years after it got introduced in US / UK , IRDAI { Insurance Regulatory and Development Authority of India } is considering introduction of Telematic Insurance for vehicles ( see news report below )

  

Some 6 months back , I wrote :

=================================

I expect that , over the next 5 years , all of these will converge into an

Internetof Vehicles ( IoV ), 

https://myblogepage.blogspot.com/2017/03/internet-of-vehicles-iov.html

when :

       Prepaid RFID chips ( linked to Aadhar / Bank Accounts  ? ) for Road Taxes / Insurance Premiums / Toll charges / Fines / Carbon Credits ( through DBT )

How many years will it take us to implement ,

UrbanTransport Policy

https://myblogepage.blogspot.com/2017/06/urban-transport-policy.html

( Source : Times of India / 07 Aug )

IRDAI plans norms for pay-as-you-drive cover

Can driving fast result in a higher insurance premium for your vehicle?

Can your family find out the accident location and send help in case you become unconscious ?

The Insurance Regulatory and Development Authority of India (IRDAI) had put out a draft report on telematics on August 3, asking insurers to send their views on implementing technology and revisiting the pricing methodology.

The insurance regulator has also told insurers to look at alternatives to conventional telematics devices like smartphones with mobile apps, dongles, black boxes, Bluetooth, etc.

Some of the challenges in implementation the regulator pointed out are that "a good driver might still have to pay more premium if he clocks up many miles of driving.

Also, if a policyholder shifts insurers, then would the new insurer take into account previous driving record ?

Sanjay Datta, chief underwriter, ICICI Lombard General Insurance, said,

 " For mass adoption of telematics in India, cost of the device has been a problem. Now with the exposure draft, there could be better understanding of how the product design should be, pricing, etc.

We are of course keen on innovation and developing a sustainable product. We've had a couple of pilot telematics projects and it helps as a tool for data analysis to have a better understanding of customers and their driving patterns."

The IRDAI also noted that there could be issues surrounding data privacy.

Another challenge would be to get the devices fitted in the vehicle so as not to affect vehicle performance.

When Liberty Videocon General Insurance launched a telematics project in 2013, one of the biggest problems they faced was the reluctance from car service centres.

The regulator said that telematics implementation would involve higher costs, for which the alternative could be using smartphones or a `dongle' on the on-board-diagnostic (OBD) or car socket.

But will insurance policies get cheaper with implementation ?

" I think currently we are not looking at it from just a price standpoint. It is more about a value addition for the customer," said Sourabh Chatterjee, head-IT digital marketing, direct marketing and web sales, Bajaj Allianz General Insurance.

07  Aug  2017

www.hemenparekh.in / blogs

  

In the Eyes of the Beholder ?

Of late , there is a lot of news about Bitcoins

It says , there are Bitcoin miners and Bitcoin traders and Bitcoin exchanges

But , what is a Bitcoin ?

I am a Bit-Confused !

In case , you wish to be a Bit-Confounded , I suggest you study :

·         What is Bitcoin ? 

     https://www.coindesk.com/information/what-is-bitcoin/

Or , go to Google and just search for Bitcoin

But here is my understanding :

·         It is not any 3 dimensional physical thing which you can touch with your hands

It is a “ unique piece of software code “, generated by software geeks , using a very complicated Mathematical Algorithm

This “ Mining “ of a Bitcoin is somewhat like solving a SUDOKU or a CROSS-WORD puzzle, of which , there are only a total of 21 MILLION correct “ Solutions “ - making its supply LIMITED

    

     These geeks are called Miners and it takes many days of working on a computer ,

     to Unearth / Discover / Mine , just ONE Bitcoin

·         Each “ discovery “ ( no matter by whom and from where ), is  recorded / stored and its “ ownership “ established and made known publicly to everyone

·         Obviously , you cannot carry Bitcoin in your wallet like a metal coin of Rs 5

·         Hence , a Bitcoin is of very little day to day “ practical value “ to you / me

·         It is this RARITY ( limited supply ) , that gives its VALUE to the Bitcoin

In this respect , it can be compared with a metal called GOLD ( as opposed to another metal called IRON , which has plenty of SUPPLY , and therefore , a low value )

·         You can also compare a Bitcoin with a painting of Van Gogh / Picasso / Cézanne / Monet / Hussein / Ravi Verma etc

There are just a few / limited number of these available ( SUPPLY )

Their VALUE lies in their RARITY ( - and in the HUMAN GREED ! )

·         Art Connoisseurs buy these paintings at auctions , for millions of dollars ( only to lock up in vaults – no practical value ! )

·         Traders ( auctioneers ) , come out with fancy / expensive brochures and even SELL these brochures ( of course , for a fancy price ), among the potential rich buyers

Now , you get the idea !

Just as the Beauty of a piece of RARE painting lies in the Eyes of the beholder ( and goes on increasing , with time ) ,

The VALUE of a Bitcoin lies in the mind of the buyers and keeps increasing as more and more traders / speculators ,  enter the market !

Yesterday , its value reached $ 3200 per piece !

But if you want to bid – and buy – a rare painting at an auction , you need to have a fat / official bank balance in dollars and must pay for your purchase only through official banking channels , in a transparent manner !

But as a recent Malaware ( WannaCry ) showed , Bitcoins do not form part of official banking channel ( national and international ) and can be used for Ransom / Terrorist activity etc , without any knowledge of governments .

Very difficult to trace who owns , how many , since when and bought from where and at what price

Or worse , generation of tons of BLACK MONEY , through BitCoin hawaala  !

After reading this , it would be understandable , if you are a Bit-Scared  !

07  Aug  2017

www.hemenparekh.in / blogs

From Cradle to Grave ?

5000 BC

Egyptian Pharaoh dies

He gets buried in a large pyramid along with items of his daily usage

But what if he needs “ Services “ during his journey to the nether world ?

His Minister orders that Pharaoh’s servants too get buried alive with him !

Feb 2015

An American dies

 In his last wish, he asks his relatives to bury his Smart Phone ( powered by an ever-lasting battery ) , along with him so that he can continue sending / receiving messages to / from his 400 friends on WhatsApp

The dying man’s last wish was fulfilled

04  Aug  2017

India’s MHA ( Ministry of Home Affairs ) decreed :

“ From Oct 01 , Aadhaar will be required to obtain a death certificate

In case the deceased did not have an Aadhaar, or an enrolment number, the applicant asking for the death certificate will have to give an undertaking, saying that to the best of his / her knowledge, the deceased did not possess the 12 digit Unique Identification Number

Applicants will also have to give their Aadhaar numbers along with those of the deceased’s spouse AND parents

 “

The idea is to ensure that the person claimed to be buried ( or cremated ) , does not continue to receive DBT ( Direct Benefit Transfer ) in his bank account

04  Sept  2017

Police Department issues a circular , saying that :

#  All tomb-stones must be engraved with the Aadhaar Number of the person buried ( - no clarification in respect of the dead who get cremated )

#   Aadhaar Card of the dead must be taped to his forehead ( in a hermetically sealed plastic bag ) , before burying

This will ensure “ Linkage “ of the dead person with the engraved number on his tomb-stone, and ensure correct forensic exam, after exhuming his body ( - if required )

 

05  Oct  2017

Law Ministry issues a directive that every person must mention his / her Aadhaar Number in his / her “ WILL “ , failing which, that “ WILL “ , will have no legal sanctity

And to further ensure that there is no scope for litigation amongst the beneficiaries of the “ WILL “, it must mention the Aadhaar Numbers of each beneficiary mentioned in the “ WILL “

05  Nov  2017

Health Ministry issues an Ordinance prohibiting people from dying if they have not obtained an Aadhaar Number

The observant will not fail to see the logic behind all of these Circulars – Decrees – Ordinances

As of now , only some 123 Services have got linked with Aadhaar Number , but a new service gets added , every day

And who says, “ Use of Aadhaar is limited during one’s life time “ ?

Does not everyone need Services in the AFTER-LIFE ?

Without an Aadhar linkage , on the holy day of " Shradhha ( Pitru-Tarpan ), how will the crows deliver your sweets to your Ancestors , without making a mistake ?

06  Aug  2017

www.hemenparekh.in / blogs  

My Birth-Right : Trying to Influence

  

Over the past 3 weeks , I have exercised , what is every Citizen’s  Birth-Right , viz:

“ Try to Influence the Policy Makers , by airing one’s own VIEWS on matters of national importance , publicly but in a peaceful and democratic manner “

I have sent following E-Mails to :

·         The Supreme Court

·         Central Government Ministers / Secretaries

·         MPs and MLAs

·         Some Chief Ministers of States

·         Leading Economists / News Paper Editors / TV Anchors / Business Leaders

·         FICCI  /  ASSOCHAM  /  CII

=================================

·         Three Got  it  Right ( 02 Aug 2017 )

           https://myblogepage.blogspot.com/2017/08/three-got-it-right.html 

=================================

·         Future  is nearer  ( 31 July 2017 ) 

          https://myblogepage.blogspot.com/2017/07/future-is-nearer.html 

=================================

·         Privacy : not Right  ?  ( 30  July  2017  )

   https://myblogepage.blogspot.com/2017/07/privacy-not-right.html

=================================

·         Can Supreme  Stop  this  ?   (  26  July  2017  )

         https://myblogepage.blogspot.com/2017/07/can-supreme-stop-this.html

=================================

·         Artificial Intelligence : Destroyer of Privacy   ( 25  July  2017  )

      https://myblogepage.blogspot.com/2017/07/artificial-intelligence-destroyer-of.html

=================================

·         “ Seeing AI  “  through “ Google Glass “  (  24  July  2017  )

      https://myblogepage.blogspot.com/2017/07/seeing-ai-through-google-glass.html  

=================================

·         Supreme may  propose : Technology will dispose  (  23  July  2017  )

      https://myblogepage.blogspot.com/2017/07/supreme-may-propose-technology-will.html

=================================

·         Privacy does  not  live  here  (  22  July  2017  )

   https://myblogepage.blogspot.com/2017/07/privacy-does-not-live-here.html

=================================

·         #RighttoPrivacy? Thank you , Your Honors !  (  19  July  2017  )

  https://myblogepage.blogspot.com/2017/07/right-to-privacy-thank-you-your-honours.html

=================================

·         Privacy ? Perishthe thought  !  (  18  July  2017  )

   https://myblogepage.blogspot.com/2017/07/privacy-parish-thought.html

=================================

·         Making Aadhaar  Omnipresent  ?   (  14  July  2017  )

   https://myblogepage.blogspot.com/2017/07/making-aadhar-omnipresent.html

=================================

It is easy to say :

Who listens ?

It is easier to become a cynic and say : 

Things will never change !

It is was very difficult to say : 

I will never give up , even at the age of 84 and even if accused of invading the privacy of these dignitaries by sending to them , unsolicited opinions !

I urge the readers to exercise this – their birth right , which , I learned to exercise  in the streets of Bhavanagar in 1942 , asking the British to “ Quit India “

The ICT / AI technology which is about to bury the “ Right to Privacy “ , has also made it so very easy for every citizen to “ Speak Up “  !

05  Aug  2017

www.hemenparekh.in / blogs