Group Insurance Payment Handling & Policy Maintenance System

Abstract

As this is the 21st century, the world is developing rapidly with the advancements of Information and Communication technology. The ICT industry grows in a rapid span and embraces a wider spectrum of activities with itself. This is affected to all and every sectors in the world becoming computerized with both hardware equipments and software systems to make day-to-day life easy and comfortable. Two types of insurance can be identified and they are life insurance and general insurance. In Sri Lankan context, there is a rapid growing interest about insurance is visible among people not only in Colombo but also in rural areas. The major causes may be large number of accidents, war situation in North-East, increasing complexity of social life and many other reasons. This project is developed to the Group insurance division of Ceylinco Insurance Company Ltd. Here I’m focusing on the Group Insurance, which is a part of the life insurance. Group insurance policies are design only for the group of employees who are employed in various companies and not for the individual customers. There are more benefits in group insurance policy than individual life insurance policy. Comparatively the premium of a group insurance policy is lower than the normal life insurance policy. This project covers the computerization of the group insurance policy maintenance and payment handling part. Currently a major part of the workflow is handled manually and the documentation process is highly time-consuming, hence outcome in delays. There are so many paper works to do and many possibilities to happen human errors. As well as the work is duplicated due to non-availability of a computer system thus creating inefficiencies, inaccuracies, redundancies and wastage of resources. Some of the reports generated by the existing system provide incorrect data. As the final achievement of this project, it has over come all the above mention difficulties and inefficiencies. As we are moving fast to digital economic era, computer based policy maintenance and payment-handling system is more useful to analyze customer insurance requirements and marinating the group insurance policies