Full Project – Web-based application for insurance services

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CHAPTER ONE

1.0 INTRODUCTION

Insurance is an important area of the business service industry. The U.S insurance industry is one of the largest revenue generators and is the fifth industry sector in the centre. The project is based on implementing a web-based application for insurance services 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.

1.1 BACKGROUND

This 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. Encompass into the insurance policies is the insurance service which the insurance company decided to specialize in offering the public.

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.

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. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self – insure through saving money for possible future losses.

In some sense, we say that insurance appears simultaneously with the appearance of human society. We know of two types of economics in human societies. Natural or non – momentary economics (using barter and trade with no centralized or standardized set of financial instruments) and more modern monetary economics (with markets, currency, financial instruments and so on). The former is more primitive and the insurance in such economics entails agreements of mutual aid. If one family is house is destroyed the neighbours are committed to help rebuild. Often informal or formally intrinsic to local religious customs, this type of insurance has survived to the present day in some countries where a modern money economy with its financial instruments is not widespread.

1.2 OBJECTIVE OF STUDY

The study is carried out to fulfill the following objectives.

To ensure effective insurance service communication around the globe from a remote location using the web application.

To promote growth and financial stability of insurance companies and effectively enable policy holders monitor their service around the globe.

To professionalize insurance services and develop insurance consciousness among the general populace.

To establish a sound national insurance market; and also add speed to their data processing and retrieving.

1.3 JUSTIFICATION

The justification for the work is a follows to To allow for effective insurance service monitoring by policy holders over the web without office visitation. To do away with the traditional method of using papers as from to fill insurance of policy holder this could easily be misplaced. To contribute to the enormous change in information technology.

1.4 STATEMENT OF PROBLEM

To design web based application for insurance service.

Web based application for insurance services has been acknowledged as the fourth site technology that could foster communication of insurance service very quickly and efficiently reaching people around the world irrespective of the location.

1.5 SCOPE OF THE STUDY

The scope of the project corers the development of the web application typically involving the logical programming which is capable of providing insurance policy holders the easy access to any kind of service provided by their insurance company from a remote location. Also certain update and customer suggestion would be implemented. Method of data collection, system design and implementation and all other necessary materials under close supervision has been put together to ensure the success of the work.

1.6 SIGNIFICANCE OF THE STUDY

In the modern world, with all the complexities involved in developing an expert system that will certify user’s needs. Management requires well structured and versatile web application that would meet user’s needs at all point irrespective of the location provides the resource such as internet facility is available to ensure remote access.

The survival and continuous growth relies on the management of the insurance service application. The success of a web application for particular organization such as the insurance company service is not primarily determined by technical or layout qualities. But by what? Information system.

Because of high visibility and comparability of web site, technical and layout qualities can be adopted very soon by competitors. Thus, a sustainable competitive advantage can hardly be achieved through those qualities. In contrast, a decisive success factor of a web presence is seen in the link between business and marketing strategy of insurance service on the one hand and web strategy on the other (Lederer et al. 1997). A wed strategy embedded in and aligned with an overall marketing strategy can hardly be imitated on the short run.

DEFINITION OF TERMS/VARIABLE USED

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

QUALITIES: great features of certain entity that differentiate others.

ORGANIZATION: A cooperative society with equal motive and goal.

REMOTE LOCATION: Anywhere around with access to internet

ACCESS: Authorization to gain entrance.

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