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 inc
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).
ÂÂÂ
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.