DESIGN AND IMPLEMENTATION OF A COMPUTERIZED INSURANCE APPLICATION AND REGISTRATION SYSTEM


DESIGN AND IMPLEMENTATION OF A COMPUTERIZED INSURANCE APPLICATION AND REGISTRATION SYSTEM

CHAPTER ONE

GENERAL INTRODUCTION

1.0    INTRODUCTION

    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 therefrom.

    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 offers   liability 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.

1.1.0    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.

1.2.0    OBJECTIVES OF STUDY   

    This web based application provides the following benefits:

i.    Fully automated insurance application processing.

ii.    Online information and application form for registration.

iii.    Decreased processing time and form errors.

iv.    Displays detailed information about the different types o insurance policies     provided.

v.    Premium rates offered by the insurance policies are displayed to the user.

vi.    Minimize multiple fraudulent claims.

vii.    Provides authentic, qualitative and comprehensive data on insurance for national     policy formulation.

viii.    Provides easy verification of all policies issued.

ix.    Facilitates recovery of stolen vehicles.

x.    Enhances transparency and accountability among stakeholders, thereby restoring confidence in the insuring public.

1.3.0    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.

1.4.0    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 of  all his payments.

    Limitation of this research work is that the system cannot cover or replace the importance of   resources such as loss adjusters who process claims or underwriters who define premium rates.

1.5.0    DEFINITION OF TERMS

DEDUCTABLE: 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 EXCESS.

COMPULSORY:  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.

VOLUNTARY EXCESS: 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.

PREMIUM: is the money to be paid for an insurance policy. It is the amount of money charged by an insurance company for coverage.

INSURED: is a person or an organization covered by insurance.

INSURER: is a person or company that underwriters an insurance risk. He is also the party in an insurance contract undertaking to pay compensation.

INDEMNITY: is pitting back the insured in the condition he was before the loss occurred.

UNDERWRITER: 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.

.

DESIGN AND IMPLEMENTATION OF A COMPUTERIZED INSURANCE APPLICATION AND REGISTRATION SYSTEM



TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.NET

Researchwap.net is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.net guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.net is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.net" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.