TABLE OF CONTENT TITLE PAGE i CERTIFICATION PAGE Ii APPROVAL PAGE iii DEDICATION iv ACKNOWLEDGEMENT v TABLE OF CONTENT vi ABSTRACT 1 CHAPTER ONE 1 1.0 INTRODUCTION 1 1.1 BACKGROUND OF STUDY 2 1.2 STATEMENT OF THE PRONBLEM 4 1.3 OBJECTIVE OF THE STUDY 5 1.4 SIGNIFICANCE OF STUDY 5 1.5 SCOPE OF STUDY 7 1.6 LIMITATIONS OF THE STUDY 7 1.7 DIFFINITION OF TERMS 8 1.8 ORGANIZATION OF WORK 10 CHAPTER TWO 12
75
Embed
Project on Web Based Application for Insurance Services
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
TABLE OF CONTENT
TITLE PAGE i
CERTIFICATION PAGE Ii
APPROVAL PAGE iii
DEDICATION iv
ACKNOWLEDGEMENT v
TABLE OF CONTENT vi
ABSTRACT 1
CHAPTER ONE 1
1.0 INTRODUCTION 1
1.1 BACKGROUND OF STUDY 2
1.2 STATEMENT OF THE PRONBLEM 4
1.3 OBJECTIVE OF THE STUDY 5
1.4 SIGNIFICANCE OF STUDY 5
1.5 SCOPE OF STUDY 7
1.6 LIMITATIONS OF THE STUDY 7
1.7 DIFFINITION OF TERMS 8
1.8 ORGANIZATION OF WORK 10
CHAPTER TWO 12
LITERATURE REVIEW 12
2.1 Principles of insurance 12
2.2 Insurability 13
2.3 Legal 16
2.4 Research on the effects of insurance on the society 17
2.5 Claims 18
2.6 Marketing 20
CHAPTER THREE 22
RESEARCH METHODOLOGY AND SYSTEM ANALYSIS 22
3.0 INTRODUCTION 22
3.1 ANALYSIS OF THE PRESENT SYSTEM 23
3.2 INPUT AND OUTPUT DOCUMENTS 24
3.3 ANALYSIS OF THE PROPOSED SYSTEM 25
3.4 DESCRIPTION OF THE NEW SYSTEM 26
3.4.1 DECISION ANALYSIS PHASE 27
3.4.2 DESIGN PHASE 28
3.4.3 CONSTRUCTION PHASE 28
3.4.4 ADVANTAGES OF THE NEW SYSTEM 28
DATA FLOW DIAGRAM 30
3.6 HIGH LEVEL MODEL OF PROPOSED SYSTEM 30
CHAPTER FOUR 32
SYSTEM DESIGN AND IMPLEMENTATION 32
4.0 INTRODUCTION 32
4.1 OBJECTIVE OF THE NEW SYSTEM 32
4.2 MAIN MENU 33
4.3 DATABASE SPECIFICATION 34
4.4 INPUT/OUTPUT FORMAT 35
4.5 THE SYSTEM FLOWCHART 36
4.6 PROGRAM DOCUMENETATION AND IMPLEMENTATION 37
4.7 IMPLEMENTATION LAYOUT 39
4.8 MAINTENANCE AND MANAGEMENT 43
4.9 HARDWARE MAINTENANCE 43
4.10 DATA VALIDATION 43
4.11 LANGUAGE JUSTIFICATION 43
4.12 HARDWARE AND OPERATING SYSTEM REQUIREMENTS 44
4.13 SOFTWARE TESTING 45
CHAPTER FIVE 46
SUMMARY, RECOMMENDATION AND CONCLUSION 46
5.0 SUMMARY 46
5.1 RECOMMENDATION 47
5.2 CONCLUSION 47
ABSTRACT
The insurance industry worldwide is facing the challenges of deregulation,
consolidation and convergence of financial services. There is today a pressing
demand for cutting edge services of insurance business management and
enriched customer experiences at a significantly lower cost.
This software provides five types of Insurance services, which include Life
Insurance, medical Insurance, Motor Insurance, home Insurance and Travel
Insurance. Presently this project follows Internet mode i.e. the details can be
viewed and updated by the officials of the company. In the project, a User can
view the details of various policies and schemes offered by the Insurance
Company. New Users can register with the site so that he can get information
online. An existing policyholder can view his policy details and calculate the
premium. The web site provides information about the new strategies and
subsidiary Schemes of the company, provides loan facility for policy holders
and online payments.
This software is developed in ASP.Net using vb.net as front end and MS access
database as back-end on Windows platform. The project was completed using
the structured system and design methodology (SSADM).
CHAPTER ONE
1.0 INTRODUCTION
Insurance is a contract for payment of a sum of money to the person assured
on the happening of the event insured against. Usually the contract provides
for the payment of an amount on the date of maturity or at specified dates at
periodic intervals or at unfortunate death, if it occurs earlier. Among other
things, the contract also provides for the payment of premium periodically to
the Corporation by the assured. Insurance is universally acknowledged to be an
institution which eliminates `risk', substituting certainty for uncertainty and
comes to the timely aid of the family in the unfortunate event of death of the
breadwinner.
Insurance is a form of risk management primarily used to hedge against the
risk of a contingent, uncertain loss. Insurance is defined as the equitable
transfer of the risk of a loss, from one entity to another, in exchange for
payment. An insurer is a company selling the insurance; the insured, or
policyholder, 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 field of study and practice.
The transaction involves the insured assuming a guaranteed and known
relatively small loss in the form of payment to the insurer in exchange for the
insurer's promise to compensate (indemnify) the insured in the case of a
financial (personal) loss. The insured receives a contract, called the insurance
policy, which details the conditions and circumstances under which the insured
will be financially compensated.
Insurance involves pooling funds from many insured 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 the event occurring. In order to be insurable, the risk
insured against must meet certain characteristics in order to be an 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.
1.1 BACKGROUND OF STUDY
We look back in history at who first felt the need for a guarantee against loss,
and who gave them that guarantee. Way back in Babylonian times, around
2100 B.C.(Frank J. 2008), the Code of Hammurabi was the first basic insurance
policy. This policy was paid by the traders in the form of a loan to guarantee
the safe arrival of their goods by caravan. Of course, caravans faced the same
kind of perils our transportation industry faces today – like robbery, bad
weather and breakdowns.
Now the insurance industry was growing to huge proportions. The companies,
though competitive, worked together to create productive systems that could
be used throughout the industry. They needed to keep up with the
requirements of the increasing amount of laws governing insurance. For
example, the Workmen’s Compensation Act of 1897 in Britain required
employers to insure their employees against industrial mishaps. This also
fostered what we know today as public liability insurance, which came strongly
into play when the automobile arrived on the scene. (Brown RL. (1993).
Brown RL 1993 also said that in the 19th century, many societies were founded
to insure the life and health of their members. Fraternal orders were created
to provide low-cost insurance strictly for their members. Today, many of these
fraternal orders and labor organizations still exist. Most employers offer group
insurance policies for their employees, providing them with life insurance,
sickness and accident benefits, and pensions.
Now insurance was the accepted thing to do. Everybody needed to protect
themselves against the many risks in life. Farmers wanted crop insurance.
People wanted deposit insurance at their banks. Travellers wanted travel
insurance. Everybody turned to insurance companies to give them peace of
mind. And really, isn’t that what insurance is – the paying of a premium to
protect against some form of loss. This project is aimed at automating the
insurance service.
1.2 STATEMENT OF THE PRONBLEM
Tracking a policy and tracking the performance of sales force in insurance
companies have become methodical and almost flawed in the manual system
of tracking and evaluation of sales force performance. Lead distribution and
tracking need to be more systematized on computerized platform of
insurance service application. After studying the insurance company and their
services, I found the following problems:
1. It is hard to centralize the core information of policy holders because the
manual workload high, thus the chances of error is high.
2. The manual system administration does not ensure complete control
over the database thus control over all sorts of fraudulent activities
cannot be ensured.
3. The intra-network and coordination between different departments of
an insurance business is ineffective and time consuming
4. Poor data management and processing.
1.3 OBJECTIVE OF THE STUDY
After analysing the above problem, I noted that the solution will be an online
application that will address the problems mentioned above. Therefore among
the objectives of this study are to provide a system that will:
1. Not only save time and money, but also enable the buyers to compare
the terms and premium amount of different insurance service providers.
2. Ensure speed, accuracy and effective cost control. People can access the
twin benefits of quick accessibility and minimum paper work.
3. Centralize the core information of policy holders and reduces manual
workload, thus minimizes the chances of error
4. Ensure complete control over the database thus controls all sorts of
fraudulent activities
5. Ensure better data management and processing in comparison to
conventional and manual processing.
1.4 SIGNIFICANCE OF STUDY
This project study has several significances that we can attest to. This section
provides insight into the significance of this study. This significance of the
proposed system are:
i. Removal of uncertainties: Insurance Company takes the risks of large but
uncertain losses in exchange for small premium. So it gives a sense of
security, which is real gift to the business man. If all uncertainty could be
removed from business, income would be sure. Insurance removed
many uncertainties and to that extent is profitable.
ii. Stimulant of business enterprise: Insurance facilitates to maintain the
large size commercial and industrial organizations. No large scale
industrial undertaking could function in the modern world without the
transfer of many of its risks to insurer. It safeguards capital and at the
same time it avoids the necessity on the part of industrialists. They are
therefore free to use their capital as may seem best. An online
application helps them to this.
iii. Promotion of saving: Saving is a device of preparing for the bad
consequences of the future. Insurance policy is often very suitable way
of providing for the future. This type of policy is found particularly in life
assurance. It promotes savings by making it compulsory which has a
beneficial effect both for the individual and nation.
iv. Correct distribution of cost: Insurance helps to maintain correct
distribution of cost. Every business man tries to pass on to the consumer
all types of costs including accidental and losses also. In the various
fields of Insurance such losses are correctly estimated keeping in view a
vast number of factors bearing on them. In the absence of insurance
application services, these losses and costs would be assessed and
distributed only by guess work.
1.5 SCOPE OF STUDY
The system was restricted to the following areas during the development. The
system provides only five types of Insurance services, which include Life
Insurance, medical Insurance, motor Insurance, home Insurance and travel
Insurance. There are other types of insurance which it doesn’t support. New
Users can access the site so as to get information online. An existing policy
holder can view his policy details. The web site provides information about the
new strategies and subsidiary Schemes of the company. All other types of
insurance like breast insurance is beyond the scope of this research work.
1.6 LIMITATIONS OF THE STUDY
Some setbacks were encountered during the research. These include:
i. Lack of quality textbooks or materials on online administration and
insurance policy.
ii. Financial difficulties due to the economic situation in Nigeria also posed
a major constraint this research work because there was no enough
fund to carry out a very vast research on other forms of insurance.
iii. Inconsistence power supply in Uli, which hinders the development of
the program.
iv. Limited time for thorough research.
1.7 DIFFINITION OF TERMS
INSURANCE:
This is a financial protection against loss or harm: an arrangement by which a
company gives customers financial protection against loss or harm such as
theft or illness in return for payment premium.
CASUALTY:
Liability or loss resulting from an accident.
LIABILITY: Broadly, any legally enforceable obligation. The term is most
commonly used in a pecuniary sense.
LIABILITY INSURANCE - Insurance that pays and renders service on behalf of an
insured for loss arising out of his responsibility, due to negligence, to others
imposed by law or assumed by contract.
DIVIDEND:
The return of part of the policy's premium for a policy issued on a participating
basis by either a mutual or stock insurer. A portion of the surplus paid to the
stockholders of a corporation.
DEATH BENEFIT:
The limit of insurance or the amount of benefit that will be paid in the event of
the death of a covered person.
INSURANCE QUOTE:
It is an estimate of the cost of your insurance. Depending upon the type of
insurance you are buying the final cost may be higher or lower than the
estimate.
POLICY:
Policy is a course of action: a program of actions adopted by a person, group,
or government, or the set of principles on which they are based. In this
context, it is the set of actions adopted by the insurance firm.
WEB PORTAL:
This is a link page, presents information from diverse sources in a unified way.
SSADM:
Structural system analysis and design methodology.
1.8 ORGANIZATION OF WORK
Chapter one: insurance service. I also provided the problem that led to the
development of the system. The objectives of the study, significance of study,
scope of study, limitation of study.
Chapter two: literature review of insurance service, basically what people have
done on the topic.
Chapter three: the research methodology, the step followed and analysis of
the existing system.
Chapter four: the design and implementation of the system, the data