Future Generali, the insurance joint venture between India's Future Group and Generali of Italy, has teamed up with Atom Technologies to offer an IVR-based premium payment and renewal facility. The policyholders can make payments over the phone with the help of their credit cards. To avail of this service, policyholders need to contact the insurer's call centre and speak to the customer service representative, who will initiate the three-way conference call between customer, atom and himself. Subsequently, the IVR will prompt the customer to enter credit card details on the phone's keypad, and read out the successful authorisation upon completion of the transaction
What are derivatives? Derivatives are financial instruments, which as the name suggests, derive their value from another asset — called the underlying. What are the typical underlying assets? Any asset, whose price is dynamic, probably has a derivative contract today. The most popular ones being stocks, indices, precious metals, commodities, agro products, currencies, etc. Why were they invented? In an increasingly dynamic world, prices of virtually all assets keep changing, thereby exposing participants to price risks. Hence, derivatives were invented to negate these price fluctuations. For example, a wheat farmer expects to sell his crop at the current price of Rs 10/kg and make profits of Rs 2/kg. But, by the time his crop is ready, the price of wheat may have gone down to Rs 5/kg, making him sell his crop at a loss of Rs 3/kg. In order to avoid this, he may enter into a forward contract, agreeing to sell wheat at Rs 10/ kg, right at the outset. So, even if the price of wheat falls ...
