Design And Implementation Of Software For Automobile Insurance Scheme

Introduction

1.1 Background of the Study

The purpose of insurance is to provide end with greater financial security. We run risk everyday either by accident or loss of valuable property. One of the biggest risk people take is driving a car. There are newspaper, radio and television reports about automobile accidents. There is energy need to handle such risk. Automobile insurance handles it all. Automobile insurance creates for one to share ones losses with here that have the same risk. In this economic risk and shared most effectively when many people are involved. Automobile insurance possible loss among large number of people and sharing the lost among many people reduces financial loss.

Automobile insurance companies are big business both terms of sales and employment as it contributes to our economic system by offering many services as well as jobs. It protects all kinds of perils and is available for all kinds of life, properly and health protection, decision making and right insurance plan and policy are important tasks to the automobile making. As in banking, automobile insurance companies have statistical accounting, requirements and need for vast amount of data storage and information transmission. Over the years, manual methods have been employed in their business operations and activities. A lot of problems is associated with manual methods of data processing and storage, it has had to insurance untimely and unreliable information and report generation. The project researched into how the varying business operations and increasing range of activities of automobile insurance companies are well suited to computer applications. Computers can be widely employed in the wide range of their business activities including billing, collection, underwriting and claims transcribing, premium payments, assembling records and policy value to yield accurate and reliable information.

1.2 Statement of the Problem

Computerization of automobile insurance schemes and policies has not been an easy task and therefore a problem. There is need to get rid of it and find a solution to it. The major concern of this study is to eradicate and take care of the problems encountered by automobile insurance companies. Handle their wide range and complicated activities of underwriting and accounts processing, modify the existing method of carrying out automobile insurance plans and polices. The impacts of software designed to solve the problems completely.

1.3 Aim and Objectives of the Study

The main aim of this study is to design and implement a computerized insurance policy and scheme for an automobile company. To achieve the stated objectives, the following specific objectives were laid out:

Design using web based technology a system which manages the policy, scheme creation and management in the company.

The system should be secured and can only be accessed by authorized users.

System should have an easy to use interface

System should be able to display list of policies, schemes and customers who are assigned to a particular scheme or policy

1.4 Justification of the Study

This study will help automobile insurance companies to address the dilemma of suffering from manual stress and take the advantages of software designed. The study will allow both organization and individual in achieving greater productivity. That is more work and able to be done in a less time while enjoying activities of higher quality and improved productivity.

The software designed in this study will help company in record keeping premium payments calculation, calculating policy values and in underwriting to code rated and issuance of policies. Employment of this study and software designed will create an avenue for rapid access to a variety of information creation and use of it. Information that is more current, more accurate and more accessible will in turn enhance in making better decision.

1.5 Methodology

Agile Software Development Methodology is chosen for the implementation of this work. Agile is the ability to create and respond to change. It is a way of dealing with, and ultimately succeeding in, an uncertain and turbulent environment. This method is chosen due to the sole reason that it responds to changes favorably. There is no need to restart a phase when a change needs to be implemented.

1.6 Significance of the Study

The main aim of using new technology of computer is to reduce unit labors requirements of each business operation and come up with a quality management and successful automation of increasing number of work functions in data processing.

This study will automatically change the information gathering and decision making behaviors of automobile insurance companies. It will assist them in the use of computer in the conversion and processing of data into meaningful information.

This study will help the automobile insurance companies in handling vast quantities of data, performing complex selection organization, manipulation and delivery output in an extremely rapid fashion to enhance faster decision making.

1.7 Scope and Limitation of the Study

The web-based software keeps record of payments calculation, policies, schemes and registered customers. It has an admin interface. The admin can create a policy, scheme and customers. Customers are assigned to a particular policy and scheme and updated at will. With this software, there is a rapid access to a variety of information. Information is current, more accurate and more accessible and in turn enhances decision making
Due to the fact that not all insurance companies are computerized this study is delimited to universal insurance company, limited Enugu.

1.8 Organization of the Study

This study is developed under five chapters. The first chapter introduces the research topic, stating the background of the intended project, statement of the problems, project objectives, its significance to the society and overall scope. The second chapter reviews related literature on sniffing. It analyses previous research works, their limitations and need for the development of better detection and prevention system. The third chapter discusses the methodology used for the project development, the limitations of the currently used detection system and reasons the intended system should be chosen over the current system. It also showcases the design processes of the new system. Chapter four showcases the actual running of the developed system. Here proper tests are done to check the strength of the developed system. The developed system is analyzed to determine its conformation with the stated objectives. Chapter five gives the summary of the project, gives the conclusion and recommends approaches for better system.

1.9 Definition of Terms

Insurance:

A promise of compensation for specific potential future losses in Exchange for a periodic payment. Insurance is designed to protect human lives.

Policy:

Rule that guide certain operation.

Service:

A type of economic activity that is intangible is not stored and does not result in ownership. A service is consumed at the point of sale.

Company:

A voluntary association formed and organized to carry on a business. Types of companies include sole proprietorship, partnership, limited.

Application:

Computer based software used to perform certain functions.

Web Base:

Access only from the internet

Modern:

New age with different approach of doing things

Strategy:

Method applied in doing certain work