Home Project-material WEB BASED APPLICATION FOR INSURANCE SERVICES (CASE STUDY OF THE INSURANCE COMPANY)

WEB BASED APPLICATION FOR INSURANCE SERVICES (CASE STUDY OF THE INSURANCE COMPANY)

Dept: COMPUTER SCIENCE File: Word(doc) Chapters: 1-5 Views: 18

Abstract

The present system of the insurance companies is characterized by a very slow operative method as a result serious threat has been posed to the operation of the service and too much workload on the staffs. The insurance company is a company that offers insurances policy either by selling directly to an individual or through another source such as an employee’s benefit plan. An insurance company is usually comprised of multiple insurance agents. With regards to the existing method the insurance computer application for insurance company would be developed this would have the ability to remotely connect insurance brokers in any location for them to carry out their insurance services and also their data would be stored in a secured database. In the software design, to achieve this task I intend to use the Microsoft visual studio platform and SQL programming language as the database to store the information. My motivation for choosing this topic is because of the way incidents do occur

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Insurance is an important area of the business service industry. The U.S insurance industry is one of the largest revenue generators and is the fifth industry sector in the center. Authord, (2010). 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. An insurer, or insurance carrier, is a company selling the insurance, the insured, or policy holder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the PREMIUM. Risk management, the practice of appraising and controlling risk, has evolved as a discrete yield of study and practice. Lamba, (2009). The transaction involves the insured assuming a guaranteed and known relatively promise to compensate (indemnify) the insured in case of a financial (personal) loss. The insured reviews a contract called the insurance policy, which detects the conditions and circumstances under which the insured will be financially compensated. Chiemere, (2012). Insurance involves posting funds from many entities (known as exposures) to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee; with the fee being dependent upon the frequency and severity of event occurring. In order to be insurable, the risk insured against must meet certain characteristics in order to be in insurable risk. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self – insure through saving money for possible future losses. In some sense, we say that insurance appears simultaneously with the appearance of human society. We know of two types of economics in human societies. Natural or non – momentary economics (using barter and trade with no centralized or standardized set of financial instruments) and more modern monetary economics (with markets, currency, financial instruments and so on). The former is more primitive and the insurance in such economics entails agreements of mutual aid. If one family house is destroyed the neighbors are committed to help rebuild. Often informal or formally intrinsic to local religious customs, this type of insurance has survived to the present day in some countries where a modern money economy with its financial instruments is not widespread. The insurance company is a company that offers insurances policy either by selling directly to an individual or through another source such as an employee’s benefit plan. An insurance company is usually comprised of multiple insurance agents. An insurance company can specialize in one type of insurance, such as life insurance, health insurance, auto insurance or offer multiple types of insurance. Encompass into the insurance policies is the insurance service which the insurance company decided to specialize in offering the public. Martins, (2007).

 

Depending upon the researcher information, real time quotes are generated from different companies. This research is intended to provide and manage a good customer relationship for the insurance company.



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