ABSTRACT
The insurance business, which involved compensation of indemnity victim for
financial loss suffered, death or when one is ill have many policies.
The researcher seeks to study those that concerned the underwiritng only. It
has different aspect of business and involvement, as it is the area of
underwriting of policies.
The underwriting here means the process of accepting responsibility for an
insurance policy so that you will pay money in case loss or damage happens.
This work will discuss extensively the different types of insurance policies
and how to carry out the insurance business. However, the design was carried
out with the hope of computerizing the system so as to automate the system to
curb most of the problem encountered in the insurance companies.
Finally, when the design is fully operational, there will be improved flow of
information retrieval by means of online direct assess enquiry system, which
will improve client relation due to fewer computational
errors.
ORGANIZATION OF WORK
This work is divided into two main parts. The first part includes the
preliminaries, while the second part is the main body.
The preliminary part, consist of title page, the approval page, dedication,
acknowledgement, table of figures, table of content and the abstract. Then the
bibliography and appendices were after chapter seven.
The main body was divided into seven chapters.
Chapter one outlined the problem, definition, the purpose of the study, what
the work is aiming at, the scope, constraints and assumptions. Chapter two
reviewed the related literature. Chapter three described and analyzed the existing
system, which specified the fact finding method used, the organizational
structured, the objectives of the existing system, the input process and output
analysis, the information flow diagram, problem of the existing system and
justification for the new system.
Chapter four described the designed method of the new system, output
specifications file design, the procedure chart, system flowchart and the
system requirements. Chapter five is the implementation of the designed
system, having the program design and flowchart with it pseudocodes, source
program and text run. Chapter seven gave recommendation and concludes the work.
TABLE OF CONTENT
Title Page
Abstract
Organization of work
Table of figures
Table of content
CHAPTER ONE
INTRODUCTION
1.1
Statement of the problem
1.2
Purpose of study
1.3
Aims and objectives
1.4
Scope of study
1.5
Limitation
1.6
Definition of terms
CHAPTER TWO
Literature Review
CHAPTER THREE
DESCRIPTION AND ANALYSIS
OF THE EXISTING SYSTEM
3.1
fact finding method used
3.2
Organizational structure
3.3
Objectives of the existing system
3.4
Input, process, output analysis
3.5
Information flow diagram
3.6
Problems of existing system
3.7
Justification for the new system
CHAPTER FOUR
DESIGN OF THE NEW SYSTEM
4.1
Output specifications and design
4.2
Input specifications and design
4.3
File design
4.4
Procedure chart
4.5
System flowchart
4.6
System requirements.
CHAPTER FIVE
IMPLEMENTATION
5.1
Program design
5.2
Program flowchart
5.3
Pseudocodes
5.4
Source program
5.5
Test run
CHAPTER SIX
DOCUMENTATION
6.1
System documentation
6.2
Program documentation
6.3
User documentation
CHAPTER SEVEN
CONCLUSION &
RECOMMENDATION
7.1
Conclusion
7.2
Recommendations
Bibliography
CHAPTER ONE
INTRODUCTION
It is being said there “There is nothing as constant as change” in all
sectors of the society, there is always the tendency of a disaster, which takes
many forms and no human is immuned to them. There is no method or ways of
knowing who will have a loss or when loss may happen. This brought about group
of people coming together to bear risks of others thereby ensuring that at
least some of the money problems were met, these people are known as
“Insurance”.
Companies compensate or indemnity the return for the financial loss suffered as
a result of those risks of life. They do not set out to eliminate the loss and
cannot stop the disaster or misfortune from occurring, but rater they suffer
the below in a purely financial sense of offering monetary compensation to the
nation.
This project is developed so that most of the work done manually in the
insurance companies will be carried out using computers with the aims to
achieve efficiency and accuracy in the operation of the business (underwriting)
and also to make the task of insurance managers easier to providing them with
additional information.
In developing countries, insurance companies are the second largest users of
computers, but its use in Nigeria Insurance Companies are comparatively very
low. There are several areas of applications of computers in insurance
companies apart from the ones mentioned above, the use of computers in
insurance companies try to guard themselves against staff shortage in addition
to performing the administrative work associated with customer’s proposal
calculations of premiums and claims when necessary.
1.1
STATEMENT OF THE PROBLEM
The need for proper and accurate information for the underwriting of insurance
policies cannot be over emphasized. But some insurance companies neglect this
resulting poor performance of such company. Accurate information for the
underwriting of insurance policies is very essential especially those policies
that involves human life. In a case where false and inaccurate information
flows in and out, the company is bound to encounter many problems like high
wastage of money on settlement of claims, commissions, premiums of individual
life assurance proposals.
In African-European Insurance Co., the company is still facing the problem of
misfiling many hands handling one file, mis-sorting of files due to processing
file manually.
Since African-European Insurance Co. is a very big company with many
department, each department need to be computerized so as to carry it work
efficiently. For instance, the Actuarial Services Department, which enters on
the computation relating to premiums of individual life assurance proposals,
preparation of accounting and member’s statements for Deposit Administration
Schemes, liaison with consulting actuaries by supplying the necessary data for
carrying out actuarial valuation.
1.2
PURPOSE OF THE STUDY
The research deemed it necessary to carry out this work so as to point out
those areas where the insurance company likes African-European Insurance Co. is
one of every nation pride when we talk of economy. Not only that, it also
involved indemnity.
The purpose of this study therefore is to point out in the necessity for the
computerization of every department in the company. I mean developing software
that will aid for easy and better information.
Also, to emphasize on the benefits to be obtained if one engaged in a business
with an insurance company like African-European Insurance Co. The emphasis is
much laid on the indemnity, the need to ensure promptness in the settlement of
claims.
1.3
AIMS AND OBJECTIVES
The role of the insurer in any polity is of bearer of risks. In other words,
the populace can feel insulted from risk when they take advantage of insurance
to rely on when the unexpected strikes. It is for this reason that
African-European Insurance Co. was rooted into existence.
It is interesting to note that insurance has over the years developed both
positive and negative facets. Positives in its insulate function, negative in
its refusal to perform this function. Such as this negative facet rooted itself
in one psyche that the average Nigeria would probably insure only what is
decreed for him to insure, such as his car.
Based on these, the study wants to achieve the following objectives.
1. To find
out whether there is a computerized insurance underwriting system in the case
study (African-European Insurance Co.)
2. To find
out whether the company is able to carry out all the insurance policies
especially those that involved
underwriting.
3.
To examine the method of information flow in and out of the company.
4. To
identify the various problem encountered by the organization in the management
information services department.
5. To make
useful recommendation of the development of a software which can be used to
solve the existing problems.
1.4 SCOPE OF THE STUDY
The system is designed
to run on IBM Personal Computers and its compatible. Because of the many
aspects in the insurance companies, this system is based on the “underwriting”
aspects, which involved the various insurance policies (life and non-life
policies) carried out by collecting various data such as proposal’s
particulars, calculate premium and claims required.
Department | Computer Science |
Project ID Code | CMS0105 |
Chapters | 7 Chapters |
No of Pages | 56 pages |
Methodology | Null |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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