ADVANCED COMPUTERS BASED INTEGRATED SYSTEM FOR INSURANCE COMPANY
This chapter tends to introduce the necessary details concerning this research projects, it is categorized in the following other; the theoretical background , the statement of the problem, aims and objective of the study, significance of the study, scope of the study, organization of the research and finally the definition of terms.
1.1 Theoretical Background
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. McCarthy, J. M. (2006).Encompass into the insurance policies is the insurance service which the insurance company decided to specialize in offering the public.
Insurance is an important area of the business service industry. The insurance industry is one of the largest revenue generators and is the fifth industry sector in the centre. The project is based on implementing advanced computer based system for insurance company 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. (Lysons, 2011).
Nevertheless this chapter introduces the advance computer based integrated system for insurance company, which serves as the topic to this research: it is concerned with the theoretical background as well as the statement of the problem, aims and objective of the study, significance of the study, scope of the study, organization of the research and finally the definition of terms. This will bring clarity in regards to the general concept of this research project.
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. Faley, R. H. (2008).
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.
1.2 Statement of the Problems
Traditionally, in most of the insurance company in Nigeria including lead way insurance recording of personnel information are mainly done manually as well the dissemination of new information. This method has resulted to consistent consumption of time in the process, lack of effective database storage mechanism, inconveniences experiences by the insurance personnel and other individual who seeks to get information about their insurance a lot of time, possible loss of office files due to moist and damp conditions. With the manual system, the process will become more difficult for the management to regularly update and manage the records and manually calculate and document of the information of her entire personnel.
- The Purpose Of The Study
- The purpose of the study is as follows:
- To examine the best was of managing insurance and its activities efficiently.
- To provide an effective means of using computers to automate the daily processing of document in Lead way insurance.
- To examine the best way of generating more revenue for the insurance company.
- To improve the work convenience, stress free and efficiency of the staff of Leadway insurance.
1.4 Aim and Objectives of Study
The aim of the research is to develop an advanced computer based integrated system for insurance company (a case study of lead way insurance),
The study is carried out to fulfill the following objectives:
- To professionalize insurance services and develop insurance consciousness among the general populace.
- To develop an efficient and reliable computer based integrated system for documentation of insurance activities.
- To develop a system that will enable insurance services to automate her entire activities.
- To develop a system that will present high storage database mechanism for insurance service.
- To implement a system that will help to relieve the general inconvenience usually experience with the paper or manual form of data storage.
- The Research Questions
The research questions include:
- What are the requirements to being insured by an insurance company?
- What are the types of insurance available for clients?
- Will the new system be user friendly to both the management and staff of Lead way insurance?
- Will the new system be scalable (that is be subject to future changes)?
1.6 Significance of the Project
The findings of this research are significant in the following ways.
- It will help promote the activities of immigration services.
- It will enhance the quick retrieval of records.
- It will save time of the activities of insurance officials
- It will further serve as research materials for both academic researchers and other organization.
1.7 Scope of the study
The scope of this study covers the advance computer based integrated system for insurance company, Leadway insurance in Uyo was used as the case study.
1.8 Organization of research
The organization of this research includes: