DATA CENTRALIZATION OVER NETWORK APPLICATION FOR INSURANCE SERVICES
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
DATA CENTRALIZATION OVER NETWORK APPLICATION FOR INSURANCE SERVICES
GENERAL INTRODUCTIONS
1.1 Introduction
Insurance is a legal agreement that protects people from the financial consequences of loss of life, illness, lawsuits, or property damage. Insurance allows people to cope with some of the dangers they experience on a daily basis. People purchase insurance contracts, known as policies, from a number of insurance organisations.
Insurance companies, like banks, rely heavily on computers. According to the United States Bureau of Labour Statistics, the insurance sector uses sophisticated computer algorithms to analyse risk.
Automated underwriting systems alter premiums and indicate whether a potential client should accept or decline risk. Insurance firms can utilise the Internet to access information that will help them decide whether or not to accept new clients.
Computers are critical to the way the insurance sector conducts business. This technology allows them to conduct transactions and update accounts in real time. The insurance company’s clients benefit from increased convenience.
Computer technology has also had an impact on the insurance sector through online applications. Clients can use internet tools to pay bills, manage accounts, and transfer insurance claims from their homes.
Furthermore, computers enable users to set up automatic payments from their bank accounts to other entities such as utility companies and insurance organisations.
Since the end of the twentieth century, every organisation has had to use a computer. Today, the deployment of computer systems in many organisations for diverse operations has benefited society as a whole. Since a decade and a half ago
the demand to automate decision-making in all organisational settings has resulted in ever-increasing information technology. Some governmental, non-governmental, and financial institutions (such as insurance) have been automated.
Many organisations now use computers for record keeping, decision making, speedy delivery, and prompt attainment to customers and clients.
This project focuses on the computerization of the motor vehicle insurance department of the Industrial and General Insurance Company Limited in Ilorin.
1.2 Statement of the Problem
The techniques of operation at industrial and general insurance companies are manual, with several reoccurring issues. As a result, the proposed system (Automated-motor vehicle insurance policy) was designed to address the issues and make it easier and more efficient for an insurance business to serve its customers.
1.3 Aim and Objectives
The operations of industrial and general insurance companies have been carried out manually, and the method has a number of recurring issues. As a result of these challenges, the goals and objectives of the suggested system are as follows:
To establish speedier and effective ways of attending to customers with little delay.
To provide the insured with the full value of the services expected from the insurance company.
To address the shortcomings of the existing system.
1.4 Significance of the Study
The extraordinary acceleration in the development and application of information and communication technology in recent years has set in motion a global process of transition from the industrial to the information society.
Indeed, electronic networks and computers are affecting many aspects of life, creating new opportunities and problems for everyone.
Automated Motor Vehicle Insurance Policy, as a part of information and communication technology, deals with allocating policies to insured (clients), calculating premiums, calculating claim settlements for various vehicle owners, and giving a variety of information in the form of reports.
1.5 Methodology
A variety of sources were used to obtain information for the proposed system. The information gathered was properly examined. The investigation resulted in the creation of an automated system that was implemented in the C++ programming language.
1.6 The scope and limitations of the study.
The project’s scope is defined as focusing on the application of Automated Based Motor Vehicle Insurance Policy, which is a subclass of General Insurance and the most frequent type of insurance policy.
There are three basic types of motor vehicle insurance policies, namely:
Comprehensive Insurance Policy
The third-party insurance policy solely provides coverage.
However, Industrial and General Insurance Company Limited provides the three above-mentioned policies: comprehensive and third-party insurance, as well as Act-only coverage.
LIMITATION
The proposed system applies only to the Motor Insurance Policy.
It is not an expert system that can be utilised for general insurance policies.
It is unable to conduct physical inspections on the conditions specified for computing claim due amounts.
Need help with a related project topic or New topic? Send Us Your Topic