Insurance Agency Management System Project

Insurance Agency Management System Project

In today’s world life is full of risks so everyone want to make himself secure, everyone want to keep them on the safe side policy plays a vital role and provide them insurance about their money security, health security, accidental security etc.

This system has been proposed to maintain the record of the policy holder, agent details, policy detail, payment details. So, this will be developed to manage the insurance of the clients and their relative records.

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The main menu will contain six parts which are as follow:

  • Client Login
  • Admin login
  • Agent Login
  • Policy Scheme
  • About us
  • Contact us

Now, we can see that nearly everything is very much possible to perform on a single click so this system will help you to computerise the system, so that user and client can access the system online.

These are some key features of the system which is as follow:

  • To reduce the data redundancy
  • To reduce the cumbersome job of maintaining several documents
  • It will eliminate the delays in generation of reports.
  • Searching will become more efficient and fast.
  • It will also provide assurance to policy holder about their data privacy
  • Overall it will reduce the cost and time of the client as well as Admin

Existing System Description

In this section, we will discuss the existing system and some of their drawbacks which force us to plan this whole idea of developing online insurance policy management.

Let us takes the few examples

Vehicle Insurance

Initially customer visit to the agent asked him to insure his vehicle, on the request of customer.
Agent will take all the information regarding client and vehicle afterwards agent forward this information to the Company and get different quotation insurance coverages,

then agent will show all the quotation to the Client and ask him to choose one which he can afford, and to make payment then this payment will be send to the company by agent and request for the selected policy then company official will check the vehicle condition to insured that weather the vehicle is in good condition or not, so that they can decide to issue the policy.

After that company will issue the insurance form and commission to the agent which has decided by the company.

Drawbacks of this system

  • This process is so much time consuming
  • There is threat to the record of the client
  • There is no proper way of getting new quotations from the agents there might be possibility that they provide you old quotations.
  • It might be the case that agent can take commission as well as extra charges of transport from client.

So, above this is the whole process of getting vehicle insurance by our system we can make it little bit more simple and fast process of automated it.

We can automate this process by creating the application which will allow you to use these things in a fully functional way and the application will include the following entities (a entity is a real world object).

The automated application help in following way:

  • Client can register himself directly on the application and generate client id.
  • If the client is not aware about policies then agent will make him contact with this application and help him to complete the process.
  • Admin will maintain the record and security by using the encryption in saved records so that no one can access it.
  • Client need not to bother about his/her data and without moving from his place or making so many phone calls he can get the policy.
  • No need of transportation to get policies.
  • Client can check new policies which has been uploaded by the Admin.
  • The whole process of getting work done will become more faster than the conventional way of getting insurance.

Admin of Insurance Agency Management System

Admin will use this application to give the access to the selected agents, even admin will add new policies so that agents can share the information to the clients or they can access it by themselves. Admin will provide form and quotation to the user and client so that they can use it appropriately.

Agent of Insurance Agency Management System

Agent will make the clients to know about the policies which has added by Admin, here agent can also send form to the client so that he/she can fill their necessary information like Name, gender, Occupation, and the type of insurance he/she desire for example vehicle insurance, Health Insurance etc.

Agent will also ask for the salary of the client so that Admin can decide related policies for client, and later agent will submit the form and a record will be created by him and Agent ID with client ID will start to reflect to the Admin.

Client of Insurance Agency Management System

Client will get the most benefit from this application as we mentioned the advantages of this application user can login and create his account to get the access of the application and maintain his record at the application so that agent and Admin can easily access it and provide him insurance according to his need and what he can afford, no need of moving here and there with agent just a click will start you insurance process as well as end in the same way.

You just need to reply and stay in touch with agent or admin to solve your queries.

Now the best way to describe this whole process is a ER-diagram which include the entities and relations with different entities whereas their attributes so, we will design the ER diagram according to the description.

ERD of Insurance Agency Management System

ERD of Insurance Agency Management System

ERD of Insurance Agency Management System

Now we will discuss the whole ER-diagram to make better understanding

Here we have different Entities such as Agent, Policy, Policy Holder, Claimer let looks one by one which is as follow.

Entity one Agent

This entity will interact with the users to provide them different facilities such as inform them about new scheme and provide or notify them with suitable quotation which will suits them. Following are the few attributes which is possess by the Agent entity they are:

  • Agent_ID : This is an unique id which will act as an primary key into table and client as well as Admin will locate the agent by this unique identity.
  • Name: This attribute will store the name of the Agent so if anyone want to get the information they can easily search or directly access the database.
  • Password: This part will contain the password which allow the user to maintain the security in application, this feature will help to get Authorize and Authenticate.
  • Phone: This field will help you to get in contact with the agent and agent can also update his number whenever want, changes will also reflect in the application.
  • Address: Suppose if there is any confusion take place between the client and agent which they were not able to solve on phone then client will move to the agent’s address to clear his confusion regarding any issue.

Entity two Policy

This entity will interact with agent and the relationship will be like agent sell the policy. . Following are the few attributes which is possess by the Agent entity they are:

Policy_key: This attribute will help you to find the unique policy as all the policies will differ by its uniquely identifying key.

Type: This field will help you to know what kind of policy you are interested in such as health insurance, vehicle Insurance, Life insurance.

Time_Period: This attribute will help you in know about the instalment and return policy of the insurance you are interested in also about the time period you need to be involved in particular policy.

Entity three Policy Holder

This entity will connect to the policy entity as policy holder holds the policy and get any one of their choice. Following are the few attributes which is possess by the Agent entity they are:

PH_key: This attribute will contain the unique identity of the user so that we can identify the user who has taken the policy and served them according to their need, so this feature is very important to get the information about the policy holder because the name attribute can be same for many client but their ID will differ.

Name: This attribute will provide the name of the policy holder, this field help in maintaining the quality record of the policy holder. That whenever we need to mention the name of the policy holder we can match it with unique id of the policy holder so that we can get the correct name and use it for better understanding and services for the clients.

Address: This attribute help you in getting the full information about the policy holder his current address and permanent address so that if there is any case of forgery notice in the future we can claim it any track the policy holder.

Age: This attribute provides the complete information about the time period of the insurance by calculating the age factor of the policy holder.

Policy _key: This field will act as an foreign key in this entity table to maintain the unique record of the policy holder with respect to his policy, for example if we want to track the policy holder name having the particular policy we will simply is use the policy key where policy equals to the particular insurance policy.

Entity Four Claimer

This entity has its own importance that placeholder will choose this entity actually this field will get the benefit in case something wrong happens to the policy holder so to get the advantage of the insurance policy holder chose a person who will get the benefit in his absence. . Following are the few attributes which is possess by the Agent entity they are:

PH_key: This attribute will contain the unique identity of the user so that we can identify the user who has taken the policy and served them according to their need, so this feature is very important to get the information about the policy holder because the name attribute can be same for many client but their ID will differ.

Name: This attribute will provide the name of the policy holder, this field help in maintaining the quality record of the policy holder. That whenever we need to mention the name of the policy holder we can match it with unique id of the policy holder so that we can get the correct name and use it for better understanding and services for the clients.

Address: This attribute help you in getting the full information about the policy holder his current address and permanent address so that if there is any case of forgery notice in the future we can claim it any track the policy holder.

Age: This attribute provides the complete information about the time of the insurance by calculating the age factor of the policy holder.

Policy _key: This field will act as a foreign key in this entity table to maintain the unique record of the policy holder with respect to his policy, for example if we want to track the policy holder name having the policy we will simply is use the policy key where policy equals to the particular insurance policy.

Policy Scheme of Insurance Agency Management System

In policy scheme user will get to know about the new policies and insurance scheme so that user can easily get to know which policy will be best for him and which would not suit him, this field will have updated by admin based on market policies after updating the new policies user can get the notifications if he has opted that.

Policy scheme will also allow you to compare the policies in the market which is suitable. Comparing policies in the outer market will give satisfaction to the user so this feature will be like by the user and above all we have tried to make an interaction between agent and client through chatting where client can post their queries and get the response from clients or agent.

So, this feature will really helpful for the user and notification part will add more sweetness to this feature and make application more interactive.

Payment Module

This section of the module help in making the financial transactions so that user can pay it easily. Let’s do the comparison with existing system.

  • Initially we need to move from one place to another to pay the money to the bank or Insurance office to deposit the installments.
  • To deposit money, need to stand in long queue.
  • Agents use to take commission even to deposit the money.
  • It was really a headache to give one working day of the month in depositing the instalments.
  • Sometimes we forgot the deposit dates which cause to pay late fee.

So, changes happened after developing this application, people do not need to stand in long queue to deposit the instalments, no need to take holiday for placing the repayments.

Simply we can deposit our money online through application where you find different options to pay the money options such as, pay by debit card, credit card or through net banking.

In our application, we have designed it in such a way that user will get the notification if there is any pending instillments, prior two to three days so that clients can deposit it without any late charges.

Indirectly this application will maintain all our headache of depositing instalments and remembering the dates of instalments.

Advance Features in Insurance Agency Management System

In this application if you don’t want to make any transactions manually you can simply add the account number of the bank or place or person whom you want to deposit the installment this application simply detects the date and make transaction on that date.

It means, application simply deduct the money from our account and send it to deposit for completing installments and make you free from all this hectic process of depositing money and  remembering the dates of installments.

System Requirements of Insurance Agency Management System

  • User should have appropriate version of windows.
  • System should have up to 2 GB ram minimum requirement for the application.
  • Application should be installed on system.

So, this is the overall process of making the Insurance policy system worked, and user can get the policy without any headache of agent and sometime don not need to provide commission to them.

User Interface

This is one of the main task of the developer to design such an interface that user can use it easily in one word it should be user friendly and for this you should have better understanding of the audience which going to use this application, initially we need to locate the targeting people that what kind of application do they need. After getting all this information we should start to design the application.