IDEA   : INSURING HAPPINESS!!

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss courtesy: Wikipedia.org

ONE OF OUR HAPPINESS IS HAVING FAMILY HOLIDAYS OR VACATION. EVERY FATHER WANTS TO TAKE  HIS SPOUSE AND WARDS FOR A HOLIDAY. IT IS AN EXPECTATION WHICH OFTEN LEADS TO MENTAL HAZARD. MOST COMMON REASON IS THE FINANCIAL POSITION. SOME FAMILIES HAVE TO SAVE FOR YEARS TO PLAN FOR A PROPER VACATION.

IF THEIR HOLIDAY PLAN GETS SATISFIED THEY WILL BE IN A MUCH BETTER POSITION TO MANAGE THEIR WEALTH ON A LONG TERM.

WE CAN INSURE THIS MENTAL BLOCKS FOR MANY PEOPLE

PRODUCT: HOLIDAY COST ASSURED PER PERIOD

TYPES OF PACKAGES CAN BE CUSTOMISED OR OFFERED ACCORDINGLY

EXAMPLE:

MR. X INSURES FOR A PREMIUM OF ZONE A CATEGORY , WHERE THE AVERAGE COST OF 50,000 FOR A 7 DAY STAY.

50,000/12= 4166.66  HE WILL PAY A PREMIUM OF 25000 P.A AND WILL BE ASSURED OF A ZONE A HOLIDAY PER YEAR AFTER STATUTORY OR LOYALTY PERIOD OF 2. BUT THE MAXIMUM NUMBER OF TRIPS SHOULD BE 5

FOR 10 YEARS

MR X WILL PAY 25000*10= 2,50,000

COST OF 5 TRIPS 50,000*5 = 2,50,000

THOUGH PAYBACK IS ASSURED BUT THERE ARE HIDDEN ISSUES WHICH CAN BE OPPORTUNITIES

·         CONSUMERS CAN OVER SPEND – SO GUIDELINES SHOULD BE MADE ACCORDINGLY

·         THIS ALSO OPENS THE DOOR TO TIE-UPS WHO CAN OFFER LOW RATES TO CONSUMER WHO WILL THEN SPEND MORE ON FOOD ,WHICH CAN BE ALSO TAPPED AS POTENTIAL INTERNAL TIE UP

·         THESE INTRA-ORGANISATIONAL TRANSACTIONS CAN BE SOURCE OF REVENUE.

·         BECAUSE OF THE INSURER THE CONSUMERS ARE VISITING TO THEIR PLACE, HENCE THEIR CAN BE VALUE TRANSFER

CATEGORIES OF HOLIDAYS CAN CLASSIFIED ACCORDING TO ATTRIBUTES

·         STATUS OF HOLIDAY DESTINATION

·         COST OF ORGANISATION

·         COST OF LIFESTYLE

·         AREA

·         NUMBER OF DESTINATIONS

PARAMETERS CAN BE MANY BUT SEVERE MARKET AND BUSINESS INTELLIGENCE IS REQUIRED TO GET THE PERFECT MIX OF ATTRIBUTES FOR THE PRODUCT AND THE PRICE.

OPPORTUNITY

LIFESTYLE CHANGING – DOUBLE INCOME FAMILIES HAVE THE ABILITY TO SPEND IN RETURN OF A SECURE HOLIDAY. AS NEW GENRATION PROFFESSIONALS HAVE MORE PPP

URBANISATION – HOLIDAY CULTURE IS CHANGING AND THEY GOING FOR CUSTOMISED HOLIDAYS RATHER TRADITIONAL FIXED SPOTS.

COUNTRY IS DEVELOPING – DEVELOPMENT AND COMMERCIALISATION OF TOURIST SPOT  THROWS MORE OPPORTUNITIES AS THE SAMPLE SPACE INCREASES

A MODERN MIX OF INSURANCE INDUSTRY AND HOSPITALITY & TOURISM INDUSTRY JUST LIKE WHAT HAPPENED IN HEALTH AND AUTO INDUSTRY

PACKAGES CAN BE INTERNATIONAL, DOMESTIC, A BUNDLE OF BOTH LIKE 1 INTERNATIONAL AND 2 DOMESTIC IN THE PERIOD OR DREAM PACKAGE World Cup 2026 Final or Madonna’s Last Public Concert etc

TARGET CONSUMERS –

 1.USUALLY PROFFESIONALS WITH CORPORATE ATTITUTDE NOT NECESSARILY CORPORATE FOR NORMAL PACKAGES

2. BUSINESSMAN OR HIGH MANAGERS FOR PREMIUM HOLIDAYS

3. MOST IMPORTANT YET TO BE RETIRED/SENIOR CITIZENS WHO PREFER A HOLIDAYS WITHOUT FINANCIAL PRESSURES HENCE THEY CAN BE VERY FRUITFUL

IT ALSO OPENS OPPORTUNITY TO ATTRACT THEIR COMPANION, IF  ANY

Eg. Offers like 4 DHAM YATRA WITHIN 10 YEARS OF RETIREMENT.

NOTE: FIRST TWO YEARS IS FREEZED SO IT CAN BE INVESTED FOR RETURNS

*due to limited exposure my views may contain infeasibility. constructive feedback will be appreciated.