Books review upon insurance management essay

SUBJECTIVE Insurance system automates the management of insurance actions, which involves Understanding Policies, Schemes, Policy Requirements, Policy Stipulations, Policies signups by the clients, Facilitates the Rates Flexi-Pay ways, Policy Bonus in Flexible periods. The Agents are involved in the process of the consumer Policy registration and the Commissions are based on the targets attained by the Brokers. Insurance Program also retains the databases of the Part Managers who deals with the Agents which often deals with the Customers.

Before developing this program all activities done physically, then every one of the activities take more time and also take even more manpower. Commission payment, interests, dues calculate personally, based on this kind of manual issue sometimes compute the wrong Most related information passed 1 branch to a different branch through courier. Sometimes miss the important documents. And so these problems overcome once we will develop the system. This system is extremely helpful to automation of entire Insurance program and also decreases the time and manpower.

1 ) CHAPTER ONE PARTICULAR 1 .

you INTRODUCTION

Insurance is among the most commonly mechanism of taking care of risk. The word risk is identified as the possibility that positive expectations of any goal oriented system will not be fulfilled. Risk is generally labeled into two broad groups: -Speculative Dangers which may pull in speculative deficits or occasionally speculative income as well. -Pure risks which can be fortuitous in nature and can potentially pull in only deficits. Insurance protects only pure risk with an element of doubt about their developing, effective insurance management system aims at optimisation of canopy for cost effective cost and also ensuring accessibility to protection if it is most necessary. An insurance transaction has always been viewed solely in financial conditions i. e. the company having to pay a consideration called premium in addition to return getting a promise being compensated monetarily, for the losses experienced due to procedure of covered by insurance perils. Yet , the concept of insurance management system is significantly wider in scope than the mere economical implications of costs and benefits of an insurance purchase. Background with the study

Insurance Market consists of the customers of insurance and the retailers together with the intermediaries (agents) whom bring the two together. In addition there are also the regulators, agent bodies or organizations, consultants and technological advisers which can be part and parcel from the market. The Buyers

All those who have valid insurable interest i. e., officially recognized relationship with house or pecuniary interest, can insurer their particular interest. The relationship may arise through possession, part-ownership or perhaps responsibility to get goods, or liability to pay injuries or particular benefits. In Nigeria the buyers of insurance could be segmented as follows: ¢Individuals and families

¢Governments (federal, state, local) and their agencies

¢Parastatals

¢Multinationals

¢Conglomerates

¢Manufacturing industrial worries

¢Small and medium scale sectors

¢Banking industry

¢Health corporations

¢Tourist and hospitality industries, resorts

¢Transport industry

¢Other corporate bodies

¢Educational organizations

¢Oil and energy industry

For advertising purposes the buyers can easily further end up being segmented to match the strategy of the insurance company, or the insurer. The Sellers

The sellers or suppliers of insurance would be the insurance companies and the reinsurance firms. At present you will find about 118 registered insurance providers and your five registered reinsurance companies. Most of the insurance companies are incorporated pursuant to Businesses and Germane Matters Action 1990. Regarding 106 of them are private limited liability firms while the others are community companies. Regarding sixty companies underwrite existence assurance organization with five operating while specialist existence offices. The reinsurers present technical security and convenience of the insurance businesses and do not supply insurance directly to the consumers. The Intermediaries (Agents)

The intermediaries are mostly insurance brokerages and insurance agents. You will discover 350 registered insurance broker agents and about 15, 000 insurance agents. The various types of agents had been described previously in part eleven. Nigerian insurance market has been described as brokers industry because presently brokers control over 90 per cent of the superior income, going out of less than 10 per cent pertaining to insurance providers, and even direct marketing route by insurers. However , insurance agents dominate the individual life insurance market. The banking sector has become a powerful channel to get distributing insurance services not necessarily as intermediaries, but by facilitating a form of direct promoting by insurance firms.

Participation by simply banks in addition has thus produced mass merchandizing of those insurance products feasible. To enrich a few of the financial products financial institutions offer specific insurance safeguard as extra benefits. One example is an investor is promised threeor four times the capital volume invested in case of fatality, payment of benefits in the event of car accident, payment of children’s school fees, and insurance cover to get goods bought on credit rating. To meet this sort of obligations, that they apply part of the interest due to the investors to buy insurance with them from insurance agencies. This is nevertheless different from universal banking which in turn implied immediate involvement in insurance broking and underwriting.

STATEMENT IN THE PROBLEM

Seeing that risk while formed an important part of our world today, the need occur for insurance in other to combat this kind of risk inside our society. 4 major concerns arises the moment trying to make a system to handle such risk, they are risk identification, evaluation, control and financing. The multi disciplinary nature of risk management needs input coming from all the arrears of the corporation. Therefore , the work of identifying and considering risks is a problem. Risk control which include avoidance and reduction obviously falls in the ambit of corporate basic safety policy. Protection of real estate and staff through successful risk control measures, presumes great significance, particularly inside the light in the opportunity costs due to event of a risk (i. at the. accident).

Risk financing has developed into a crucial technique of effective risikomanagement, where by costs and benefits associated with various alternatives are examined before arriving at the final decision on what sort of insurance to be used. The present system is the manual program. The manual system is prone to error. Its about time consuming. It is very difficult to get a person to make the survey. There are possibilities for changing the structure report is to do malpractice. This product involves a lot of manual entries while using applications to execute the desired job. Usage of documents in the payment process contributes to less productivity, less accuracy and less efficiency. ¢Increasing costs for documents shuffling and storage.

¢Increasing labours and hence errors.

¢Less control over Amounts.

¢Time hold off between the repayment and its receipt.

¢Persons who are present in different area of the world are not able to transact successfully.

1 . 2

SIGNIFICANCE OF THE PROGRAM

This technique is an online micro insurance Analysis and information management that provides comfortable access of information regarding the people and resources of insurance. This website is not just a static web page but with fantastic dynamic services like search tools pertaining to insurance awareness articles, guidelines, illustrations through images intended for visitors. This great site also supplies several active features. The developed system should allow admin users to register insured persons with their name, date of delivery, residence treat, medical history and also policy specifics. After enrolling all the covered persons, internet site should present management services like erase unwanted persons’ data. And in addition should provide awareness towards the visitors about micro insurance through articles. Objectives of the system

The program would be able to execute two main objectives that happen to be: Functional and qualitative aims. The functional objectives of the system are;

1 . Enable users to pick what kind of risks shall be insured

2 . Expense of such insurance

three or more. Registration of customers

some. Show the great things about using such type of cover

5. Explain what insurance policy in general is available.

The qualitative objective with the system is mainly to establish the corporate insurance philosophy, firsthand knowledge of the chance involved

2 . CHAPTER TWO

2 . 1

2 . 2PROPOSED SOLUTION

PROPOSED SYSTEM

The proposed method is designed to get rid of the drawbacks in the existing program. It is designed by keeping to get rid of the drawbacks in the present program in order to provide an everlasting solution to the problems. The primary aim of the new method is to speedup transactions. The report is definitely prepared pertaining to the techniques and executed by the concerned officials. Because the advent of On the web Insurance services in the Middle Age range Policy Real estate agents andpolicy Holder have utilized paper-based instrument to move funds between Insurance transactions. It is about as not surprising to one that after everything has been converted to computerize.

Already the organization has to global with the arriving of Internet. Today, no more the consumer aims at the local market is as well just a just click of key away. Many companies are in the race to convince market and putting in a bid that a pan of Policy’s awaits individuals who conduct their very own business within the Internet. With this fast race of business and income producing, no nation, no company without individual wish to land back. We all want to lead the group. Consequently, everyone is planning to make the ideal use of Net.

The insurance company provides Group Polices to employees of varied small and medium sized businesses that registered with this. A group plan is 1, which a company provides to its workers. An agent is responsible for getting the client companies establishing a connection with the insurance provider. According to his\her will need, the policyholder can choose from several products available. The insurance business needs to keep track of details of its target firms, agents, customers, their high quality payments plus the various goods that are available with it. Therefore it is below tremendous pressure maintaining their particular day-to-day activities, which is currently being done manually. Entire data have to be up to date timely; even a slight problem could confuse things. It is very difficult to deal with bulk info since human being memory is weaker than electronic countertop part.

Its about time consuming to conclude these details to make the reports. Hence there is need for an automated system, that may efficiently take care of the company’s documents, provides immediate access and the one that improves the productivity. Resulting from this automated system, the activities of the company are performed with in the stipulated time and the trustworthy and useful service can be ensured to its users. The part of the suggested system develop the following 1)Agent Registration form: New Agent gives their very own information like, Name, pass word, Ac not any, bank, operating details, era, sex, addresses, e-mail id. 2)Policy Holder Registration contact form: New Policy Holder gives all their information just like, Name, security password, Ac no, bank, Firm, Occupation, age, sex, treat, e-mail identification. 3)Admin type: Admin have provision to view all Agent, Policy, and Policy Holder information.

First Admin enter all their name and Id in that case only they can access. And also admin have the provision to view, Modify, Delete and insert the Plan, Policy Holder, and Agent. 4)Agent Form: This module is used for agent to view almost all details about their very own policy holder/clients and also look at their own personal details. 5)Policy Holder Form: This component is used to Policy Holders. They can view their particular personal specifics when get access into the Client module.

Fig 2 . 2 . 3 dataflow in the system

installment payments on your 3 FEATURES OF USING THE PROGRAM

¢Mortgage Redemption- The device act as an effective tool to hide mortgages and loans used by the policy holders so that in case of any unforeseen event, the burden of repayment does not fall season on the bereaved family. ¢Risk cover -life is full of uncertainties; in this circumstance the use of the program ensures that one particular enjoys a brand new of lifestyle against any kind of unforeseen celebration. ¢Planning for life stage needs-life insurance gives financial support in the event of untimely death but as well acts as a long-term investment. You may meet aims, be it your children’s education, their relationship, building your dream home or planning a calm retired life, according on your life level and risk appetite. Classic insurance policies we. e. traditional endowment strategies, offer built-in guarantees and defined maturity benefits through variety of merchandise options including money back, guaranteed cash beliefs.

¢Protection against rising health expenses-with the machine available, consumers can choose from a variety of plans that would offer the great things about protection against critical diseases and hospitalization bills. This rewards has thought critical importance given the increasing chance of way of living diseases and escalating medical costs. ¢For safe and profitable long lasting investment-it builds a long-term savings instrument, also ensures that the customers have a good financial savings habit. Insurance is a remarkably regulated sector, the regulatory body, through various rules ensures that the safety of the policyholder’s money is the primary responsibility of all stakeholders. ¢Peace of Mind: When consumers acquire an insurance policy, they can achieve satisfaction.

There is a the reassurance of knowing there exists a certain measure of protection from unforeseen tragedies and losses. ¢Asset Protection: Certaintypes of insurance policies are designed to safeguard assets including homes, cars, boats and also other valuable concrete items. The policies will certainly repair or perhaps replace these things if they are misplaced or destroyed. ¢Physical Safeguard -Some coverage are structured to protect your body. In the event that an individual is injured, incapable or otherwise physically harmed, these products will compensate for those problems. ¢Income Protection-There is coverage available which will protect the ability to earn a living. In the event, for some reason, a worker has ceased to be able to continue with gainful employment, these policies could be structured to change a majority of lost income. ¢Lifestyle Protection-A certain type of insurance is designed to ensure that the lifestyle where a family is becoming accustomed will certainly continue for a certain period if a misfortune occurs plus the major wage earner inside the household is no longer able to generate an income.

installment payments on your 4 DOWN SIDES OF USING THE SYSTEM

The system has the pursuing drawbacks.

¢Every affiliate organization has its own data framework

¢Due to not enough centralized info structure, it is rather difficult to blend the data to assess the statistics ¢Difficult to search for an information

¢Possibility of duplicates, etc

2 . your five CASE STUDY; NIGERIAN INSURANCE INDUSTRY

Insurance Market involves the purchasers of insurance and the vendors together with the intermediaries (agents) who bring the two together. In addition there are also the regulators, agent bodies or perhaps organizations, consultants and specialized advisers which are part and parcel of the market. In Nigeria the buyers of insurance can be segmented the following: ¢Individuals and families

¢Governments (federal, state, local) and their agencies

¢Multinationals

¢Conglomerates

¢Manufacturing industrial concerns

¢Small and medium range industries

¢Banking market

¢Health institutions

¢Tourist and hospitality industrial sectors, hotels

¢Transport market

¢Other corporate physiques

¢Educational institutions

¢Oil and energy industry

The sellers or suppliers of insurance will be the insurance companies plus the reinsurance firms. At present you will find about 118 registered insurance companies and your five registered reinsurance companies. Almost all of the insurance companies happen to be incorporated pursuant to Companies and Allied Matters Act 1990. About 106 of them are private limited liability firms while the relax are open public companies. About sixty companies underwrite your life assurance business with five operating while specialist existence offices. The reinsurers offer technical protection and convenience of the insurance companies and do not source insurance straight to the buyers. The financial industry has turned into a formidable channel for releasing insurance solutions not necessarily because intermediaries, yet by assisting a form of direct marketing simply by insurers.

Participation by banks has also thus made mass merchandizing of these insurance items possible. To enrich some of the financial products banks present certain insurance protection since additional benefits. For example a buyer is guaranteed three or four occasions the capital sum invested in case of death, payment of advantages in the event of crash, payment of children’s college fees, and insurance cover pertaining to goods bought on credit rating. To meet this sort of obligations, they apply portion of the interest due to the investors to purchase insurance on their behalf from insurance firms. This is on the other hand different from widespread banking which in turn implied immediate involvement in insurance broking and underwriting. And most in the activities of insurance involving the individuals and so on companies are performed manually but with the creation of a net based system this could save amount of time in transaction.

several. CHAPTER THREE 3. one particular CONCLUSION

Effective insurance management is based on balancing the expense and benefits associated with insurance, through optimizing the coverage by economical cost and further through conscious and careful retention of risks within the universe, This isprecisely where the On the net Insurance facilitates and improves many of the primary functionality of the insurance organization i. elizabeth. insurance job helps in quick easy monitoring of the reviews that have been automatically generated as and when the admin and policy agent performs deals in the system. Using this sort of a system will help the organization in minimizing time consumed in fulfilling the day-to-day functionality’s and reducing the expenses incurred on a single. It must end up being remembered that insurance is known as a method of shifting the financial impact of risk and the risk alone. Hence the essential responsibility of the system is to act as a guild in risikomanagement.

3. two RECOMMENDATION

With the internet already fashionable, the government will need to allow reduce tariffs on web usage in other for easy interaction with people who need these kinds of systems. With additional technologies around the world there is need for accessibility to such web based technologies and program. Since the system involves risikomanagement there is need for individuals to have got reasons to get their businesses and life insured as this will likely enable all of them use these kinds of insurance management.

REFERENCES

1 . WIKIHOW. COM

2 . WIKIPEDIA. COM

3. Seal off, R. A. “Insurance pertaining to Libraries: Component I.  Conservation Administration News number 19 (1984): 8-9. some. Seal, L. A. “Insurance for Your local library: Part II.  Conservation Administration Reports no . twenty (1985): 10-11, 26. a few. EHOW. COM

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