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.
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