From now I would like to share some of the future businesses that I think will dominate the respective segment.
1. Small Camera or Close Circuit Camera specially designed for the Cars, Automobiles.
Manufacturer and producers can think of the product from now. The no. of cars and vehicles are increasing day by day. After TATA’s NANO, the no. is certainly going to rise. Motor Insurance is mandatory in these days here in India. So the no. of Insurance policies is also going to rise. So will be the number of claims. Contradiction and disputes are obvious and tug of war might be seen as to who’s insurance company will pay. Close camera could serve the purpose of eye-witness and accordingly cops can file the case.
Car accessories manufacturers could start to produce sophisticated car camera. This particular accessory has good market potential within 2 to 3 years.
On the other hand, Insurance companies can promote the insurance tutorials among the young and general mass as to how one can avoid a lower insurance score. As insurance score in turn determines the cost of insurance for an individual. The more you claim, lower will be the insurance score and higher will be the insurance premium. Through the tutorials, insurance companies can avoid the problem of moral hazard and raise the profitability of their business.