IMPLEMENTATION OF A COMPUTERIZED MANAGEMENT SYSTEM IN INSURANCE INDUSTRY

  • Type: Project
  • Department: Insurance
  • Project ID: INS0068
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 65 Pages
  • Format: Microsoft Word
  • Views: 1.1K
  • Report This work

For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

IMPLEMENTATION OF A COMPUTERIZED MANAGEMENT SYSTEM IN INSURANCE INDUSTRY 

ABSTRACT

The study examines the implementation of computerized management system in insurance industry.  It identifies the imperatives for adoption of technology to promoting efficient and effective service delivery in the insurance industry as a strategy for attainment of profit maximization objectives of insurance company in Nigeria. The study is an empirical design which utilizes responses of structured questionnaire of 160 respondents from 3 insurance companies to explore the impact of technology adoption and insurance companies profitability in Nigeria. This implies that the adoption of technologies by insurance companies enhanced their efficiency, quality of service delivery and profitability. The study included the implementation of a computerized management system has positively effected insurance industries in Nigeria. One of the findings of the research is that there is improvement in the computerized management system in the insurance industry since it was computerized. And one of the recommendations is that physical control should be established for overall security of data centre to prevent physical damage to hardware and software or injury to personnel arising from fire or other hazard and to prevent theft.   

TABLE OF CONTENT

Title page                                                                     i Certification                                                                  ii

Dedication                                                                    iii

Acknowledgement                                                         iv

Abstract                                                                       vii

Table of content                                                            viii

CHAPTER ONE

1.0 Introduction                                                            1

1.1      Background of study                                               1    

1.2      Statement of the problem                                        5    

1.3      Objective of study                                                  6

1.4      Research Question                                                 

1.5      Significance of the study                                                7

1.6      Scope and Limitation of the study                              

1.7      Definition of terms                                                  11

CHAPTER TWO

2.0 LITERATURE REVIEW

2.1      History of computerized management system            

2.1    History of topic of study               

2.3 Information technology and insurance industry.

2.4    Effect of information technology on customers satisfaction in Nigeria financial institutions.

2.5 Impact of technology on insurance industry

2.6 Applications for the insurance industry

2.7 The use of technology in insurance

2.8 Technology and distribution of insurance and advertising of insurance services

2.8 Summary of related review

CHAPTER THREE

3.0      Research Methodology                                               26

3.1      Data Collection                                                26

3.2      Research design                                                     27

3.3      Population of the study                                           29

3.4      Sampling method used                       29

3.5      Instrument for data collection                                         30

3.6      Validity of the Instrument                                        30

3.7      Reliability of Research Instrument                             32

CHAPTER FOUR

4.1      Findings                                                                33

4.2      Discussion of findings                                              45

CHAPTER FIVE

5.1      Conclusion                                                             51

5.2      Recommendations                                                  52

Bibliography                                                           55

Appendix                                                               56

CHAPTER ONE

INTRODUCTION

1.2 BACKGROUND OF THE STUDY

Introduction of computer in the in the insurance sector has improved every aspect of the industry.

Technology plays a major role in data management process at an insurance companies by providing flawless services from underwriting policies, producing documents to collecting various ratings and data. The state of the art implementations offers instantaneous accurate information about different insurance's to the clients. Insurance firms regularly  spend a part of their yearly premiums on morden technology that aids in enhancing the overall performance of the organization. Insurance technologies helps the insurance agents to immediately respond to the requirements of the customers and technology has managed to cut back the annual expenditure of the organizations. The basic purpose of insurance technology is to reduce the paper work of proposals and policies also address the customer service effectively in a shorter time than any other traditional method. Information technology in insurance has made it easier for the customers too. Online availability of insurance agencies allow the client in dealing with application procedures, signing proposals and policies as well as in receiving quotes without even visiting the insurance office in person.

The best part of technology in insurance is that it help the in reducing the cost by eliminating the mail rooms, paper files as well as data entry clerks. The elaborate underwriting data processing and the rating take place online and customers or brokers receive the email policy documents within a short time. This online advantage. However, comes with a price. The system requires a substantial initial investment in it primary stages but the owner certainly gets his returns on investment over the years that has come equipped with superior services and response timing. Various innovative technological applications allows the insurers to recognize the risks and opportunities easily. The modeling device examines the loss histories and compare them with the risk characteristics  while it searches for correlation's. Such insurance technology help the insurance companies to charge higher prices for the higher risk client base and lower price for the safer opportunities. There are a variety of insurance technologies available in the market. The hardware and the insurance software should be chosen depending on the business necessities of the insurance agencies. Different insurance management systems and comparative rating system enables the firm to generate more revenues by decreasing the span of output and input procedures.

Insurance technologies have made insurance services mobile with the availability of smart phones and such devices. Insurance companies use these devices to provide faster services like view policies, obtain quotes, and report claims through live chart application. Such improvement would have been impossible if there were no insurance technology available within the industry.

1.2 STATEMENT OF PROBLEMS

 The problems that led to this project are as follows:

1.  There has been no improvement in management of insurance industry since there has been computerized management information system.

2.  The introduction of management computerized system has failed to achieve the objectives.

3.  The computerized system displaced some people from their job.

1.3 OBJECTIVE OF THE STUDY

1.  To determine whether there is improvement in computerized management system in insurance industry since it has been computerized.

2.  To expose those areas in which management of computerized firm has failed to take advantage.

3.  To examine some presumption that have existed around the computer has displaced some people from their job.

1.4 RESEARCH QUESTIONS

1.    Has the computerization management system improved the method of advert in the insurance industries?

1.  Are customers effectively and satisfactorily served better now wish the computerization of insurance industry?

2.  Has computer in any way displaced people from their job?

3.  Before now, how is their profitability level and at present any improvement?

4.  What are the applications of computerized system for the insurance industry?

1.5 SIGNIFICANCE OF THE STUDY

 This study will be of immense benefit to the under-listed persons: 

1. Students:

Students that will be undergoing further study on the related topics will find this to be very helpful. Computerized system is new in insurance industry and they will find the point raised very useful.

2. Stake holders:

Stake holders will find this book to be very useful. If they is they recommendations of this work is implemented. They will help the users.

3. Insurance company:

If the recommendations are implemented, the companies will find their works easy.

4. Country at large:

The nation will benefit if the recommendations are implemented because, the profits of companies will improve and this will increase the nation's Gross Domestic Product (GDP).

1.6 SCOPE AND LIMITATION OF THE STUDY

Scope:

The scope of the research work is limited to Enugu metropolis and its environs.

Limitations:

The problems faced by the researcher include lack of finance, research materials and time.

Lack of money prevented the researcher from traveling outside Enugu to search for materials.

Time: the time allocated to the project work is too short coupled with other academic activities.

Research materials: lack of research materials is another problem that faced the writer.

Poor response from the respondents: many of them fear that their masters will victimize them if they release informations.

1.7 DEFINITION OF TERMS

TRAINING: The process of learning skills needed to do a job.

DEVELOPMENT: The gradual growth of a thing so that it becomes more advance and stronger.

GROWTH: The growth of gross domestic product (GDP) of any economy.

IMPLEMENTATION: The act of implementing a plan, policy etc.

COMPUTER: An electronic machine that store information and do things with it according to a set of instructions called a programm.

INSURANCE: An arrangement with a company  in which you pay them money each year are they pay the costs if any thing bad happens to you, such as illness or an accident.

TECHNOLOGY: Knowledge about scientific or industrial methods or the use of these methods. The application of modern technologies to agriculture.

INFORMATION: Fact of details that tell you some thing about a situation, person, event etc.

EMAIL: Mails that are transmitted electronically.

CLIENT: Some one who pays for service or advice from a person or organization.

IMPLEMENTATION OF A COMPUTERIZED MANAGEMENT SYSTEM IN INSURANCE INDUSTRY
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

Share This
  • Type: Project
  • Department: Insurance
  • Project ID: INS0068
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 65 Pages
  • Format: Microsoft Word
  • Views: 1.1K
Payment Instruction
Bank payment for Nigerians, Make a payment of ₦ 5,000 to

Bank GTBANK
gtbank
Account Name Obiaks Business Venture
Account Number 0211074565

Bitcoin: Make a payment of 0.0005 to

Bitcoin(Btc)

btc wallet
Copy to clipboard Copy text

500
Leave a comment...

    Details

    Type Project
    Department Insurance
    Project ID INS0068
    Fee ₦5,000 ($14)
    Chapters 5 Chapters
    No of Pages 65 Pages
    Format Microsoft Word

    Related Works

    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... Continue Reading
    CHAPTER ONE GENERAL INTRODUCTION 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.... Continue Reading
    CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF STUDY Fraud is committed in various fields such as insurance (Ormerod et al. 2010; Li et al. 2008; Atwood et al. 2006), credit card (Weston et al. 2008; Dal Pozzolo et al. 2014), telecommunications (Estevez, 2006), and financial communications (Kirkos et al. 2007; Kotsiantis et al. 2006; Holton,... Continue Reading
    ABSTRACT The aim of this project is to give a simplified approach to the procedures involved in the services offered by Insurance Companies. Since the insurance company or industry is an industry whereby the use of computer is most unpopular in the country.  The few computerized, Insurance companies are not totally computerized, but partially... Continue Reading
    ABSTRACT The aim of this project is to give a simplified approach to the procedures involved in the services offered by Insurance Companies. Since the insurance company or industry is an industry whereby the use of computer is most unpopular in the country.  The few computerized, Insurance companies are not totally computerized, but partially... Continue Reading
    (A CASE STUDY OF MODOTEL HOTEL, OKPARA AVENUE ENUGU) ABSTRACT The importance of financial accounting is gradually being recognized as germane to prudent management of any business firm. This has necessitated the need for the computerization of structured... Continue Reading
    CHAPTER ONE INTRODUCTION 1.1       Background to the study Insurance businesses are today much more concerned about the effect of competition than they were a few years ago. They must react to the competitive threats not only from local source but also from regional, national and international source; likewise they must seek to explore all... Continue Reading
    A CRITICAL REVIEW OF ACCOUNTING SYSTEM IN NIGERIA INSURANCE INDUSTRY A CASE STUDY OF INDUSTRIAL AND GENERAL INSURANCE COMPANY LTD ABSTRACT This study will survey a critical review of the accounting system in Nigeria’s insurance industry.This study as a case study is an attempt to review the problems of accounting system in industrial and general... Continue Reading
    ABSTRACT This study will survey a critical review of the accounting system in Nigeria’s insurance industry. This study as a case study is an attempt to review the problems of accounting system in industrial and general insurance company limited. It has become necessary because of proper understanding and correct treatment in various items in the... Continue Reading
    ABSTRACT This study will survey a critical review of the accounting system in Nigeria’s insurance industry. This study as a case study is an attempt to review the problems of accounting system in industrial and general insurance company limited.  It has become necessary because of proper understanding and correct treatment in various items in... Continue Reading
    Call Us
    Get this work
    whatsappWhatsApp Us