WEB BASED APPLICATION FOR INSURANCE SERVICES (CASE STUDY OF AN INSURANCE COMPANY
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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 presently and the person or people involved will have no one to claim their properties because of lack of good management in the insurance company. The methodology adopted for this research include the SSADM. Finally the system was successfully created, tested and implemented.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
1.2 Statement of problem
1.5 Significance of the study
1.6 Scope of the study
1.7 Limitation of the study
1.8 Definition of terms
CHAPTER TWO: LITERATURE REVIEW
2.1 Insurance Software Solutions, Policy Management
2.2 Brief History on Web Application
2.3 Management Information System
2.4 Basic Legal Requirement of Insurance Companies
2.5 Effects of Insurance Service in the Society
2.6 Challenges of Web Application for Insurance Services
2.7 Web Application and Insurance Services
2.8 Summary of Literature Review and Knowledge Gap
CHAPTER THREE: METHODOLOGYSYSTEMAND ANALYSIS
- Methodology Adopted(SSADM)
- Method of Data Collection
- Feasibility Study
3.4 Service Level of the Technology
3.5 Total Number of Usage of the Technology
3.6 Average Increase of Users Annually
3.7 Future Modification of the Technology
3.8Analysis of the Existing System
3.9 Weaknesses of the Existing System
3.10 Analysis of the Proposed System
CHAPTER FOUR: SYSTEM DESIGN IMPLEMENTATION
4.1 Objectives of the Design
4.2 The Main Menu (Control Center)
4.4 Input Specification
4.5 Output Specification
4.6 Database Used for the Design
4.7 System Architecture
4.8 Pin which need to be scratched off
4.9 Network Access
4.10 Program Flowchart
4.12 Software Requirements
4.13 Choice of Programming Language
4.14 System Testing
4.15 Unit Testing
4.16 Integration Testing
4.17 Security and Maintenance
4.18 Corrective Maintenance
4.19 Preventive Maintenance
4.20 Advantages of the System
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.3.1 Application Areas
5.3.2 Suggestion for Further Research
1.1Background 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.
1.2 Statement of Problems
Insurance companies such asIgi Company Nigeriaand other companies too have been experiencing difficulties trying to attend to their customers quickly and efficientlywhenever an incident occur, due to lack of adequate documentation of data. 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.
1.3 Purpose of Study
The aim of this research is based on implementing a web-based application for insurance services in other to help insurance companies attend to their customers quickly and efficiently whenever an incident occur.
Specific objectives in which this research is carried out are to:
- Ensure effective insurance service communication around the globe from a remote location using the web application.
- Promote growth and financial stability of insurance companies and effectively enable policy holders monitor their service around the globe.
- Professionalize insurance services and develop insurance consciousness among the general populace.
- Establish a sound national insurance market; and also add speed to their data processing and retrieving.
1.4 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 main significance of this research is to develop a web base application for insurance services to help insurance companies, in managing the services of their companies effectively and efficiently.It will also help the insured (individuals) to make easy contact and make researches on how to reach the insurers if an incident occur. Web base application for insurance services will also be of benefit to the government as it will lead to online management and reduce the government from catering and stressing over some incidents that might occur in the nearest future.
1.5 Scope of the Study
The scope of the project covers 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. The scope of this research also allow for effective insurance service monitoring by policy holders over the web without office visitation, do away with the traditional method of using papers as form to fill insurance of policy holder, this could easily be misplaced and contribute to the enormous change in information technology.
1.6 Limitation of the Study
Owing to the scope of this project as stated above, this project work is limited to web application for insurance service.
It is important to mention here that time was a major constraint in the course of fact finding. It is also wise to mention here that some information I needed to work with was not collected because of the unwillingness of the staff to review such information. Financial constraint also constituted in carrying an in depth study of this project.
1.7 Definition of Terms
Access: Authorization to gain entrance.Authord, (2010).
Application: Computer based software used to perform certain functions.Authord, (2010).
Company: A voluntary association formed and organized to carry on a business. Types of companies include sole proprietorship, partnership, limited. Dim, (2013).
Insurance: A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect human lives. Dim, (2013).
Modern: new age with different approach of doing things. Authord, (2010).
Organization: A cooperative society with equal motive and goal.Authord, (2010).
Policy: rule that guide certain operation.Dim, (2013).
Qualities: great features of certain entity that differentiate others.Authord, (2010).
Remote Location: Anywhere around with access to internet. Authord, (2010).
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.Dim, (2013).
Strategy: Method applied in doing certain work. Authord, (2010).
Web Base: Access only from the internet. Authord, (2010).