Design And Implementation Of A Computerized Insurance Application And Registration System
The aim of this research is to create a web based application for insurance services in order to bring insurance online and eliminate the tedium of performing monotonous transactions. The software is created to be deployed on the web and is aimed at providing application processing services for an insurance company. The system design consists of various user interfaces and the chapter also explains the system design using UML diagrams. The features of the implementation languages used in this research- PHP and MYSQL will be discussed extensively. The systems testing strategies, the target computer requirements as well as the software maintenance issues that would arise in the system would be discussed also.
1.1 Background of the Study
Insurance is a promise of compensation for specific potential future losses such as damage, illness or death in exchange for a periodic payment. It is designed as a risk management mechanism to protect the financial well being of an individual, company or other entities in the case of unexpected loss.
Some forms of insurance are required by law while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer in exchange for payments from the insured called PREMIUM. The insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss called the DEDUCTIBLE and the insurer pays the rest.
There are different types of insurance such as life insurance, health insurance, auto insurance, property insurance, travel insurance, etc.This project centers on auto or vehicle insurance.
Vehicle insurance is an insurance policy purchased for cars, trucks and other road vehicles. The primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise .
Auto insurance is the most widely purchased type of insurance coverage. It is applicable to all types of automobiles and their drivers. It covers physical damage caused to your vehicle and other vehicles you might come in contact with.It offersliability protection. This means that if you are involved in an accident and another person is injured, your vehicle insurance policy will cover a portion of the person’s medical expenses.
1.2 Statement of Problem
Prior to this period, insurance services involved the physical participation of both the insurer and the insured which is the traditional way of carrying out insurance services. Since work carried out in an insurance company is done manually, clients’ documents may be difficult to store and maintain due to human errors. There is also high risk of fraudulent activities due to freedom of human discretion.
But this research work provides basic insurance services online, thereby reducing the tedium of the traditional method of performing insurance services. It also aids proper storage and maintenance of clients’ documents. Furthermore, it aids structured document representation and eliminates the tedium of performing monotonous transactions.
1.3 Objectives of Study
This web based application provides the following benefits:
- Fully automated insurance application processing.
- Online information and application form for registration.
- Decreased processing time and form errors.
- Displays detailed information about the different types o insurance policies provided.
- Premium rates offered by the insurance policies are displayed to the user.
- Minimize multiple fraudulent claims.
- Provides authentic, qualitative and comprehensive data on insurance for national policy formulation.
- Provides easy verification of all policies issued.
- Facilitates recovery of stolen vehicles.
- Enhances transparency and accountability among stakeholders, thereby restoring confidence in the insuring public.
1.4 Research Methodology
During the course of this research, interviews were conducted with insurance brokers, insurance underwriters and also with those in the department of indemnity and claims. Interview was also conducted with an ICT practitioner (programmer). Information was also gotten online and from major insurance literature.
1.5 Scope and Limitation of Study
The project is to create a web based application for insurance services in order to bring insurance online and eliminate the tedium of performing monotonous transactions. The scope covers the activities involved in acts insurance which are; the insurance policies provided, online registration, premium rates and payment online, laying of claims, ability to views account details of a customer and the history ofall his payments.
Limitation of this research work is that the system cannot cover or replace the importance ofresources such as loss adjusters who process claims or underwriters who define premium rates.
1.6 Definition of Terms
Is a fixed contribution that must be paid each time a car in repaired using an automotive insurance police. It is also referred to as
is a minimum excess payment the insurer will accept on the insurance policy. It varies according to the personal details, driving record and insurance company.
To reduce the insurance premium, the insured may offer to pay a higher excess than the compulsory excess demanded by the insurance company. Hence, the voluntary excess is the extra amount over and above the compulsory excess that has been agreed to be paid in the event of a claim on the policy.
- Is the money to be paid for an insurance policy. It is the amount of money charged by an insurance company for coverage.
- Is a person or an organization covered by insurance.
- Is a person or company that underwriters an insurance risk. He is also the party in an insurance contract undertaking to pay compensation.
- Is pitting back the insured in the condition he was before the loss occurred.
Is a person or firm that assumes financial risk on behalf of another. An underwriter is defined as a person who accesses the risks to be covered by an insurance policy or a person who underwrites a security issue.
Summary, Conclusion and Recommendation
The aim of this research is to create an online insurance policy which makes insurance activities faster and reliable. The existing types of insurance policies were discussed and it was narrowed down to vehicle insurance which is the main thrust of this project. The history of insurance as a whole and vehicle insurance were highlighted. Principles of insurance were outlined. The relevance of online insurance to web-based application was also discussed. The system design was made suitable to the system requirements. Embedded in the system design was use-case diagram which shows the relationship between the user and the system, and activity diagram which shows the activities and actions in the system. The implementation of the software was successful.
Online insurance improves business activities in insurance companies. Hence it is advised that insurance companies in Nigeria should adopt online insurance a a more reliable way to transact insurance businesses.
The resulting software would be of benefit to insurance companies. The software has been able to meet its objectives and will make online insurance activities successful.
The software developed for the implementation of this research can be used by any insurance company other than Gold Links. The following recommendations are proposed:
- Policy holders should ensure to print out payment transactions for future references.
- Policy holders should create passwords with long characters so as to make password hacking difficult.
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