Abstract
The present system of the insurance companies is characterized by the manual
method as a result serious threat has been posed to the operation of the service and
too much workload on the staffs. The manual method involves the marketing staffs
moving from one location to the other to meet up with the requirement of their
broker and also the files and data of their broker are stored in cabinet which are
easily destroyed by rodents. With regards to this 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 Microsoft access 2007 as the database to store the information.
1.0 INTRODUCTION
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 centre. The project is based on implementing a web-based application for
insurance services that shows the rates offered by different insurance agencies. The
main types of insurance dealt in this project are home insurance, auto insurance,
farm insurance, and health insurance. Depending upon the user information, real
time quotes are generated from different companies. This project is intended to
provide and manage a good customer relationship.
1.1 BACKGROUND
This 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.
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
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management, the practice of appraising and controlling risk, has evolved as a
discrete yield of study and practice.
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.
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 is house is destroyed the neighbours 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.
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1.2 OBJECTIVE OF STUDY
The study is carried out to fulfil the following objectives.
To ensure effective insurance service communication around the globe from a
remote location using the web application.
To promote growth and financial stability of insurance companies and
effectively enable policy holders monitor their service around the globe.
To professionalize insurance services and develop insurance
consciousness among the general populace.
To establish a sound national insurance market; and also add speed to their data
processing and retrieving.
1.3 JUSTIFICATION
The justification for the work is a follows to
To allow for effective insurance service monitoring by policy holders over the
web without office visitation.
To do away with the traditional method of using papers as from to fill insurance
of policy holder this could easily be misplaced.
To contribute to the enormous change in information technology.
1.4 STATEMENT OF PROBLEM
To design web based application for insurance service.
Web based application for insurance services has been acknowledged as the fourth
site technology that could foster communication of insurance service very quickly
and efficiently reaching people around the world irrespective of the location.
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1.5 SCOPE OF THE STUDY
The scope of the project corers the development of the web application typically
involving the logical programming which is capable of providing insurance policy
holders the easy access to any kind of service provided by their insurance company
from a remote location. Also certain update and customer suggestion would be
implemented. Method of data collection, system design and implementation and all
other necessary materials under close supervision has been put together to ensure
the success of the work.
1.6 SIGNIFICANCE OF THE STUDY
In the modern world, with all the complexities involved in developing an expert
system that will certify user’s needs. Management requires well structured and
versatile web application that would meet user’s needs at all point irrespective of
the location provides the resource such as internet facility is available to ensure
remote access.
The survival and continuous growth relies on the management of the insurance
service application. The success of a web application for particular organization
such as the insurance company service is not primarily determined by technical or
layout qualities. But by what? Information system.
Because of high visibility and comparability of web site, technical and layout
qualities can be adopted very soon by competitors. Thus, a sustainable competitive
advantage can hardly be achieved through those qualities. In contrast, a decisive
success factor of a web presence is seen in the link between business and
marketing strategy of insurance service on the one hand and web strategy on the
other (Lederer et al. 1997). A wed strategy embedded in and aligned with an
overall marketing strategy can hardly be imitated on the short run.
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ORGANIZATIONAL STRUCTURE
CHIEF EXECUTIVE OFFICER
BUSINESS
SOLUTION
FINANCE INFORMATION
TECHNOLOGY
CLIENT
SERVICES
BUSINESS
INTEGRATION &
RESAERCH
HUMAN
RESOURCES
GLACIER
DISTRIBUTI
ON
INTERNAT
IONAL
CHANNEL
LEGAL
BUSINESS
ANALYSIS
PRODUCT
DEVELOPME
NT
BUSINESS
INTEGRATION
RESEARCH
MARKETING
FIDICIUARY
SERVICE
RISK
MANAGE
MENT
ACCOUNTI
NG
INFRASTRUCT
URE
PROJECT
MANAGEMEN
T
SYSTEM
ANALYSIS &
DEVELOPMEN
T
PROCESSING
COMMUNICA
TION CENTRE
INVESTMENT
ADMINISTOR
ATOR
HR
DEVELOPMENT
INVESTMEN
T CHANNEL
FINANCIAL
PLANNING
NATIONAL
SALES
PRODUCT
AND
INVESTM
ENT
SALES
ADMINIST
RATION
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DEFINITION OF TERMS/VARIABLE USED
INSURANCE: A promise of compensation for specific potential future losses in
exchange for a periodic payment. Insurance is designed to protect human lives.
POLICY: rule that guide certain operation.
SERVICE: A type of economic activity that is intangible is not stored and does
not result in ownership. A service is consumed at the point of sale.
COMPANY: A voluntary association formed and organized to carry on a
business. Types of companies include sole proprietorship, partnership, limited.
APPLICATION: Computer based software used to perform certain functions.
WEB BASE: Access only from the internet
MODERN: new age with different approach of doing things
STRATEGY: Method applied in doing certain work
QUALITIES: great features of certain entity that differentiate others.
ORGANIZATION: A cooperative society with equal motive and goal.
REMOTE LOCATION: Anywhere around with access to internet
ACCESS: Authorization to gain entrance.