open source Mela at IEC, Bangalore
Open Source Mela at IEC,Bangalore was held on 24th , 25th March. Open source mela was so much fun . There was loads of events which includes a.Talks by engineers on different sun technologies, b) Panel Discussion, c)Blogging Contest, d)Business Plan Competition,e)Dtrace Contest,d) Fun Events,e)Open Quiz Contest, Lucky Dip.
To start with , I attended KNR keynote session followed by couple of tech talks.
Now coming the interesting part, I participated in Business Plan competition.
When ever I think of Business plan competition, I feel very nostalgic, It reminds my good old MBA days :D
I and ganesh participated as one team . We submitted our business plan on " ECSTASY - Software Insurance Product" .
Here is the executive summary of our Business plan ::
“If opportunity doesn't knock, build a door ”
Business Plan on ECSTASY – Software Insurance Product.
Executive Summary
There is a evolutionary change in the technology that has revolutionized the entire insurance sector.
Insurance industry is a data-rich industry, and thus, there is a need to use the data for trend analysis and personalization.
With increased competition among insurers, service has become a key issue. Moreover, customers are getting increasingly sophisticated and tech-savvy. People today don’t want to accept the current value propositions, they want personalized interactions and they look for more and more features and add ones and better service.
The insurance companies today must meet the need of the hour for more and more personalized approach for handling the customer. Today managing the customer intelligently is very critical for the insurer especially in the very competitive environment. Companies need to apply different set of rules and treatment strategies to different customer segments. However, to personalize interactions, insurers are required to capture customer information in an integrated system.With the explosion of Website and greater access to direct product or policy information, there is a need to developing better techniques to give customers a truly personalized experience. Personalization helps organizations to reach their customers with more impact and to generate new revenue through cross selling and up selling activities. To ensure that the customers are receiving personalized information, many organizations are incorporating knowledge database-repositories of content that typically include a search engine and lets the customers locate the all document and information related to their queries of request for services. Customers can hereby use the knowledge database to mange their products or the company information and invoices, claim records, and histories of the service inquiry. These products also may be able to learn from the customer’s previous knowledge database and to use their information when determining the relevance to the customers search request.
There is a probability of a spurt in employment opportunities. A number of web-sites are coming up on insurance, a few financial magazines exclusively devoted to insurance and also a few training institutes being set up hurriedly. Many of the universities and management institutes have already started or are contemplating new courses in insurance.
Life insurance has today become a mainstay of any market economy since it offers plenty of scope for garnering large sums of money for long periods of time. A well-regulated life insurance industry which moves with the times by offering its customers tailor-made products to satisfy their financial needs is, therefore, essential if we desire to progress towards a worryfree future.With the inclusion of open source technologies , We will be developing a software insurance product.
Me, Ganesh and Tirthankar at demo stall during opensource Mela.
