Project Information Group 6

**Title of the Project: EASY INSURANCE

The project we propose is to implement a web based application for insurance services. Insurance services are an important area of business service industry. The US insurance industry is one of the largest revenue generators among other industry if compared with and is the fifth largest industry sector in the country. The industry generated close to $1.4 trillion in revenues in the year 2002 whereas global insurance industry grew by 8% in 2006 to reach $3.7 trillion mainly because of strong economic environment which is characterized by moderate, solid economic growth and strong equity markets. Insurance is basically a legal contract between a Corporation and a person in which the person is assured for the payment of a sum of money due to happening of the event he/she insured against. The clauses inside the contract also states that a person is entitled to some payment at some specified dates, at periodic intervals such as on a quarterly or half yearly basis or on the date of maturity or due to an unfortunate death. The contract between the person and Corporation also requires for the periodically payment of an amount or premium to the Company/Corporation. This payment is made by the person who is insured.

Project Goals and Objectives:

A) Overall Goal and Objectives

The project is modeled to provide and manage good customer relationship between the corporation and the client. Here in the project we deal with several top insurance agencies and with the customers. We provide the rates offered by the different agencies to the customer and also we will recommend the customer among those agencies with the explanation. The corporation would prefer to maintain profitability not just at the expense of its customer but by cost reductions. The profit margins should be set by not increasing the rates or premiums of the policies but by increasing the customer base. Customer base would be increased by friendlier customer policies for example the insurance of house should include not only the house but some of its important belongings. Also there would be a rating policy for the customers, older customer who gave a high policy score getting more benefits such as paying less premium and more insurance coverage. Eliminating delay in back office processing would be a major emphasis. Improving quality of services to the distribution channel also taken care of. Also emphasis would be to process business as fast as possible and backlogs are avoided as much as possible.

B) Specific Objectives (Problem Statement)

The project constitutes of the following features:

1. Fully automated insurance application processing.
2. Online information and application forms for registrations.
3. Decreased processing time and form errors.
4. Displayed detailed information about the different types of insurances which we provide.
5. Displayed Information about different companies with a video.
6. Real-time quotes.
7. Rates offered by different insurance agencies are displayed to the user.
8. User can have preferences among the insurance agencies.
9. Graphical comparison of the rates offered by the rates offered by the different insurance agencies.
10. Finding the nearest agent to the user by entering the user’s zip code.
11. User can be able to recover his password by answering the security question.
12. Administrator features, through which the administrator can add, delete and edit both the agents and the users.
13. Mobile implementation of the project through which the user can be able to get his nearest agent details.
14. Full integration with backend systems.

C) Significance

• Organized Policy making – The policy made by the company would be in an organized manner. Customer satisfaction should be the primary satisfaction of the company.

• Knowledge Gathering – Based on quarterly report generation of the customer’s further decision making can be done. This includes getting result on whether new schemes and policy are on the offering. This will be a future implementation our project.

• User friendly approach – Many web based insurance services applications, off late are being built from the professional users prospective. Although they are effective but many a time these applications insist the user to type more information each time he wants to calculate his various quotes. We plan to have the minimum number of keying in by the old as well as new users. We intend to build an application keeping in mind that it is very much user friendly for a non-professional user as well. This approach would help him fetch details at the cost of only a few key strokes; otherwise he/she would be messed up typing in the information each time. This would result in a better customer satisfaction.

• Mobile Interface – Our project proposed would sophisticate the user with the tool to track the nearest agent of all the insurance companies. He can get the detailed information of the agent with contact details.

**Video link of the Project:

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