IMPLEMENTATION OF A COMPUTERIZED MANAGEMENT SYSTEM IN INSURANCE INDUSTRY
ABSTRACT
The research looks at the implementation of a computerized management system in the insurance industry. It identifies the imperatives for adopting technology to promote efficient and effective service delivery in the insurance industry as a strategy for insurance companies in Nigeria to achieve their profit maximization objectives. The study is an empirical design that uses structured questionnaire responses from 160 respondents from three insurance companies to investigate the impact of technology adoption on insurance company profitability in Nigeria. This implies that insurance companies’ use of technology improved their efficiency, service quality, and profitability. According to the study, the implementation of a computerized management system has benefited the insurance industries in Nigeria. One of the study’s findings is that there is progress.
table of contents
front page i authentication ii
Devotion III
confirmationiv
Summary VII
Table of contents viii
chapter One
1.0 Introduction 1
1.1 Research Background 1
1.2 Problem 5
1.3 Purpose of the survey
chapter One
Foreword
1.2 Research background
The introduction of computers in the insurance sector has improved every aspect of the industry.
Technology plays a key role in an insurance company’s data management process, providing an error-free service from policy underwriting to document creation to various ratings and data collection. State-of-the-art implementation provides customers with accurate information about various insurers instantly. Insurers regularly spend a portion of their annual premium on cutting-edge technology that improves overall company performance. Insurance technology has helped insurance agents quickly respond to customer requests, and the technology has reduced the organization’s annual costs. The fundamental purpose of insurance technology is to reduce the paperwork of proposals and policies, and respond to customer service more effectively in less time than other traditional methods. Information technology in insurance has also made it easier for customers. With insurance agents available online, customers can complete applications, sign proposals and insurance policies, and receive quotes without having to visit an insurance office in person.
The best thing about technology in insurance is that it can reduce costs by eliminating mailrooms, paper files and data entry staff. The time-consuming lottery data processing and grading is done online and the customer or broker receives her policy document by email in a short time. Advantages of this online. However, it comes at a price. Although the system requires a large initial investment in the early stages, owners are assured of a long-term return on investment backed by excellent service and response times. A variety of innovative technology applications make it easy for insurers to understand risks and opportunities. The modeler examines the loss history and compares it with the risk profile, looking for correlations. This insurance technology allows insurers to charge higher rates for riskier customer bases and lower rates for safer opportunities. There are various insurance technologies on the market. The hardware and insurance software should be chosen according to the insurance agency’s business needs. Various insurance management systems and comparative valuation systems allow the company to reduce the spread of issuance and entry procedures and generate more revenue.
With the availability of smartphones and similar devices, insurance technology has made insurance services mobile. Insurance companies are using these devices to provide faster services such as viewing policies, getting quotes, and reporting claims through live chart applications. Such improvements would not have been possible without the presence of insurance technology in the industry.
1.2 Problem Description
The following issues led to this project.
1. Management of the insurance industry has not improved since the management information system was computerized.
2. The introduction of a computerized management system fell short of its goals.
3. The computer system put some people out of work.
1.3 Purpose of the survey
1. To determine whether the insurance industry’s computerized management systems have improved since they were computerized. 2. Identify areas where computer company management has been under-utilized.
3. Examining some of the speculation that has existed related to computers, this has put some people out of work.
1.4 Research question
1. Has the electronic management system improved the way the insurance industry advertises?
1. Customers are being served more effectively and satisfactorily, but do they want the insurance industry to be computerized?
2. Did computers somehow put people out of work?
3. How profitable have you been so far, and are there any improvements you can make now?
4. What is the application of computerized systems in the insurance industry? 1.5 Importance of research
This research will greatly benefit those who:
1. Students:
Students who delve further into related subjects will find this very helpful. Computer-based systems are new to the insurance industry and you will find the points raised very helpful.
2. Shareholders:
Stakeholders will find this book very helpful. If so, they will implement the recommendations of this work. they help users.
3. Insurance companies:
Companies will have an easier job if the recommendations are implemented.
Four. Countries Total:
If the recommendations are implemented, the country will benefit because corporate profits will improve and the country’s Gross Domestic Product (GDP) will increase.
1.6 Research scope and limitations
range:
The scope of research is limited to the large city of Enugu and its surroundings.
limit:
Problems facing researchers include lack of funds, research materials, and time.
Lack of funding prevented researchers from going outside of Enugu to look for material.
time:
The time allotted for project work is too short in relation to other academic activities. Research material:
Lack of research material is another problem faced by the authors.
Bad respondent reaction:
Many of them fear that they will be harassed by their masters if they divulge information.
1.7 Definition of terms
training:
The process of acquiring the skills necessary to perform a job.
development:
Something that grows gradually, becomes bigger, and continues to grow stronger.
growth:
Gross domestic product (GDP) growth of the economy. Implementation:
The act of implementing a plan, policy, etc.
computer:
An electronic device that stores information and operates according to a set of instructions called a program.
insurance:
An agreement to pay a company money each year to cover the cost if something bad happens, such as an accident. B. Illness or Accident.
technology:
Knowledge of scientific or industrial methods or applications of these methods. Application of modern technology in agriculture. information:
A detailed fact that tells something about a situation, person, event, etc.
Email:
E-mail sent electronically.
client:
A person who pays money for the services or advice of a person or organization.
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