Premium Essay

Application of Eis in Insurance Industry

In:

Submitted By nirupam
Words 6614
Pages 27
Research on
Application of EIS in Insurance
Industry

Introduction

Insurance market is a vitally important economic institution where mutually beneficial exchange between consumers - insurance takers and vendors - insurance companies is carried out. Consumers purchase the promise of the insurer to cover the financial consequences of a possible loss, paying the insurance premium for this service. The insurers take the liability to cover the losses in case of a probable harmful event and issue a special document testifying the power of the contract - the insurance policy. Information is crucial for market exchange to occur - consumers have to possess the information about supply and prices, vendors - about demand and paying ability of their clients. Modern economic theory attributes to the market an important innovative function too - the market encourages vendors to create new products and bring them to the market in response to the emerging demand for them.

Security for the future strongly influences the welfare of people by making better the personal well-being and by allowing for more risk taking activities unfolding the entrepreneurial spirit in an environment where insurance against harmful loss is available.

Role of Information Technology in Insurance Sector

The insurance industry has a particular dependence on information technology. Insurance was one of the first industries to apply computers transaction processing -- to handle the vast number of claims, reserve estimates, payments, codes, etc. required. Examples of this data processing commitment began in the 1950's.
Not long into the information revolution, the need to make sense out of this mass of data was recognized. Hence the origins of Management Information Systems (MIS) in the 1970's. The goal of MIS was to consolidate data into meaningful reports. Yet these reporting systems were

Similar Documents

Premium Essay

Cs 682 Assignment 1

...3.4 Outputs from the System 3 2.4 Expert Systems – for BIGHOSP, a major hospital.(4) 3 2.4.1 Purpose 3 2.4.2 System Users 3 2.4.3 Inputs to the System 4 2.4.4 Outputs from the System 4 3. HomeQuotes Solution 4 3.1 Mission 4 3.2 Functional Requirements 4 3.3 System-Level Use Cases 5 3.4 System-Level Constraints 5 4. Appendices 6 5. References 6 Introduction Information System is a judicious mixture of people, data, processes and information technology that collectively gather, process, store and provide the needed information as output, to users that will help support the organization. There are two parts to this assignment. The first part, explains four different types of information system for a given industry. The second part uses the System analysis methodology to implement a solution for HomeQuotes company. Assignment Part 1 Management Information Systems - for WallGray’s pharmacy chain.(1) Purpose The primary purpose of this system will be to collect both product and patient-focused parameters from different locations and use this information to estimate demand, allocate resources and monitor operations in each of these locations....

Words: 1348 - Pages: 6

Premium Essay

Extreme Makeover: Walmart Edition

...2 CHAPTER 2.1 2.2 2.3 Decision Making and Business Processes Why Do I Need To Know This LEARNING OUTCOMES Explain the difference between transactional data and analytical information, and between OLTP and OLAP. Define TPS, DSS, and EIS, and explain how organizations use these types of information systems to make decisions. Understand what AI is and the four types of artificial intelligence systems used by organizations today. Describe how AI differs from TPS, DSS, and EIS. Describe the importance of business process improvement, business process reengineering, business process modelling, and business process management to an organization and how information systems can help in these areas. This chapter describes various types of business information systems found across the enterprise used to run basic business processes and used to facilitate sound and proper decision making. Using information systems to improve decision making and re-engineer business processes can significantly help organizations become more efficient and effective. ? 2.4 2.5 As a business student, you can gain valuable insight into an organization by understanding the types of information systems that exist in and across enterprises. When you understand how to use these systems to improve business processes and decision making, you can vastly improve organizational performance. After reading this chapter, you should have gained an appreciation of the various kinds of information systems employed...

Words: 16302 - Pages: 66

Premium Essay

Title

...http://www.projectscollege.blogspot.com A COMPARATIVE STUDY ON THE PERFORMANCE OF [COMPANY NAME] ALLIANCE INSURANCE COMPANY WITH ITS INDUSTRIAL COMPETITORS By [STUDENT NAME] (Reg. no. ) Of [COLLEGE NAME] A PROJECT REPORT Submitted to the FACULTY OF MANAGEMENT STUDIES In partial fulfillment of the requirements for the award of the degree Of MASTER OF BUSINESS ADMINISTRATION [UNIVERSITY NAME] [PLACE] [YEAR] TABLE OF CONTENTS |S.No |CHAPTERS |PAGE. NO. | | |Abstract |I | | |List of tables |II | | |List of figures |IV | | | | | | |CHAPTER – 1: INTRODUCTION | | |1.1 |Industry Profile |1 | |1.2 |Company Profile ...

Words: 13104 - Pages: 53

Premium Essay

Apple Inc.

...is an US based global organization. The company’s headquarter is located in California. The company designs, sells and advances computers, consumer electronics and software. The famous hardware of Apple is Mac series of computers, the iPod music players, Smartphone and iPad tablet PCs. The famous software are iOS & OS X operating systems, the media browsers of iTunes, the safari web browser and iWork and iLife production and originality suits (Yohe, 2011). The company was founded in the year 1976 by Steve Jobs. It was incorporated as Apple computers Inc. However, later on the word computer was eradicated from its title, since the launch of iPhone Smartphone mobile. Apple has achieved the second position in information technology industry after Samsung Electronics with respect to income. Moreover, the company is the third largest mobile making organization after Nokia and Samsung. The company has been considered as the most regarded firm by Fortune magazines and all over the world. All the credit for these achievements goes to the organizational commitment and management approach at Apple Inc. the management at Apple Inc is most organized with focus on employees and job commitment (Data retrieved from: http://danielsethics.mgt.unm.edu). The organization has well organized systems because of which the organization has achieved the position where it is today. In this paper we will study the organizational behavior at apple Inc with respect to its achievement. Furthermore,...

Words: 3435 - Pages: 14

Premium Essay

Ecommerce

...E-Commerce Term Paper By: Subodh Ghimire BBA 6th semester King’s College Analysis for E-Supply Chain Management of Tesco Abstract As technology improves, people purchase more goods without leaving the house. How can they do this? They can do this via the Internet and can buy anything from different countries. Online purchasing really brings out another shopping market place to society. But not only the selling side, the buying side in e-Commerce can also be maintained using electronic supply chain management (e-SCM). In this project, the supply chain management of Tesco and the ease for suppliers and the company is described. The development of the organization and the revolution and innovation in the e-tailing industry brought forward by Tesco is worth praising. I.INTRODUCTION Tesco is Britain’s leading food retailer and the third largest in the world. Its first store was opened in 1929 in London and by the early 1960s Tesco was a familiar feature of most UK high streets. After joining the eighties trend for large out-of-town supermarkets, in the 1990s the company started pioneering many new innovations. It developed new store concepts such as Tesco Metro, a city centre store meeting the needs of local shoppers, and Tesco Express, the first UK petrol station convenience store. In 1995 the company introduced its Clubcard, the UK’s first customer loyalty card, and two years later formed a joint venture with the Royal Bank of Scotland to offer a range...

Words: 1447 - Pages: 6

Premium Essay

Hdfc

...INTRODUCTION Genesis of Mutual Funds : The goal of security industry is to a nation of shareholding capitalists to make every man and woman a participant in corporate activities. A small investor is unsophisticated as far as corporate investment is concerned, with the limited resources he/she cannot buy share of blue chip companies. He may not in most cases get allotment of the shares applied for in the primary market, on the other hand he will get full allotment of some dud shares. His investment would therefore not be balanced and diversified. He is not thereby able to minimize his risk by spreading his limited funds over different industries. He has limited access to price sensitive information on the stock exchange. He may not know the developments taking place that take place in the equity market and corporate bodies. History of the Indian Mutual Fund Industry The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank the. The history of mutual funds in India can be broadly divided into four distinct phases First Phase – 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory...

Words: 14566 - Pages: 59

Premium Essay

Cga Case 2

...PART 1 Client background and financials This section of the audit case provides the following important information about Brant Animal Hospital Professional Corporation that you will need to complete the 2012 audit:      History of the company History of the audit Prior-year auditor’s report and financial statements Significant accounting policies Client documents Note: Read Part 1, along with the procedures outlined in Part 2, before completing the tasks described in Part 3. History of Brant Animal Hospital Professional Corporation Brant Animal Hospital is a well-respected veterinary practice operating in Burlington Ontario. Brant opened its doors in 1985 as a satellite operation to an established veterinary practice, Tyandaga Animal Clinic in Aldershot. Ross Petersen and Elizabeth Shaw, the two founding veterinarians of Brant, were in partnership with two other veterinarians at Tyandaga Animal Clinic. They saw Brant as an opportunity to establish a new practice without risking their current operation by breaking into a new market, and hoped eventually to be able to practice full time from Brant Animal Hospital and sell their ownership in Tyandaga Animal Clinic. Unfortunately for Petersen and Shaw, their part-time efforts yielded part-time results. After five years, they were still unable to operate Brant Animal Hospital on a full-time basis. The operation could afford to have staff available only in the afternoons, equipment was underutilized, and stock was...

Words: 4765 - Pages: 20

Free Essay

Interpretation of Modeling and Simulation

...Interpretation of Modeling and Simulation Can there be a better fit for a company out there that uses Microsoft Excel to conduct modeling to simulate their business growth other than Microsoft itself? Microsoft has made billions of dollars selling their Microsoft Office Suites and their home computer operating systems around the world. They have become one of the largest and well known companies in the world. The way that I see it, is that Microsoft’s business model, in a nutshell, is to provide goods and services in the form of software and support to paying customers. One question that may be asked in this day an age is with the advances in cloud computing and Google’s “free” gadgets, will the traditional Microsoft’s business model come to an end? What will Microsoft’s business analysts do in order to change their business model? One can only imagine that it will need to be modeled and simulated first to avoid potentially expensive mistakes. I must start off by saying that before I started my Systems Modeling Theory online class through Strayer, I thought that it may just be one of the hardest classes to understand that I’ve ever taken throughout the course of my college career. I can say now after having completed the last nine weeks of class that I was correct. What’s hard, is not understanding the concepts of why businesses would use Excel models for their business growth but rather the actual use of Excel itself. With all of the bells and whistles...

Words: 1781 - Pages: 8

Premium Essay

Case Study

...Course Title Diploma in Business Administration Module Title Management Project Title The Stress of Caring Group Members Nazima Binte Shiek Rahim Jeevasankari D/o Vararaja Felicia Chua Min Yi Kelvin Teo Meng Hwee Derrick Wang Hua Kai Dilini Kanchana Munasinghe Batch No. DBA (AF) 5/13, DBA (HRM) 5/13 Table of Contents Page 1. Introduction 1 2. Purpose of Plan 1 3. Background Information 1 4. Management Environment 1 - 3 5. Managerial Issues 3 - 5 6. Organizational Behaviour 5 - 7 7. Conflict and Stress 7 - 9 8. Recommendations 9 - 10 9. Conclusions 10 10. References 10 - 11 1. Introduction Management is guiding human and human physical resources into dynamic organization units that attain their objective to the satisfaction of those served and with a high degree of morale and sense of attainment on the part of those rendering the service. 2. Purpose of Plan This swot aims to review the management problem faced by Parkway Nursing Care and recommend possible solutions. The objectives of this swot are: * To categorize through various theories the issues faced by the management. * To recommend ways to improve the management system. 3. Background Information Parkway Nursing Care, founded in 1972 in Phoenix, Arizona is a nursing...

Words: 2588 - Pages: 11

Premium Essay

Abcd

...uncapitalized market in the rural sector, the decreasing number of footfalls in bank branches due to inefficient customer and queue management, low acceptance and usage of e-services provided by the banks by their customers. We have started with the explanation of the business process, then the system architecture (which includes Zachman’s architecture). Post this, we have specified the data flow which will occur and the respective characteristics of the data in discussion. We have also worked on the SMAC facet of the MIS application and explained how the social, media, analytics and cloud features relate to the application in discussion, along with the architecture of SMAC. Agile implementation regarding the MIS has also been explained in detail, and we have considered the quality approach we would be taking to make sure that the quality of the system remains intact. External systems have also been discussed which will be linked to the application in...

Words: 1862 - Pages: 8

Premium Essay

Import Performance

...Banking Sector Performance, Regulation and Bank Supervision Chapter-5 32 other hand, PCBs' deposits in 2006 amounted to Taka 955.5 billion or 51.3 percent of the total industry deposit against Taka 731.3 billion or 47.0 percent in 2005. FCBs' deposits in 2006 rose by Taka 38.2 billion or 33.9 percent over the previous year. The DFIs' deposits in 2006 were Taka 100.2 billion against Taka 89.5 billion in 2005 showing an increase of 12.0 percent over the year. Aggregated Balance Sheet 5.4 Assets: Aggregate industry assets in 2006 registered an overall increase by 17.8 percent over 2005. During this period, NCBs' assets increased by 3.1 percent and those of the PCBs' rose by 22.9 percent. Loans and advances played a major role on the uses of fund. Loans and advances amounting to Taka 1543.6 billion out of aggregate assets of Taka 5.2 In 2006 the nationalized commercial banks (NCBs) held 32.7 percent of the total industry assets as against 37.4 percent in 2005. Evidently, NCBs' domination in this area is showing a declining trend, while PCBs' share rose to 47.7 percent in 2006 as against 45.6 percent in 2005. The foreign commercial banks held 11.8 percent of the industry assets in 2006, showing a satisfactory increase by 4.5 percentage points over the previous year. The DFIs' share of assets was 7.8 percent in 2006 against 9.7 percent in 2005. 5.3 Total deposits of the banks in 2006 rose to Taka 1860.6 billion from Taka 1554.7 billion in 2005 showing...

Words: 11212 - Pages: 45

Premium Essay

Human Resoucre

...HR THE INTERNATIONAL UNIVERSITY OF MANAGEMENT WINDHOEK-NAMIBIA STUDY MANUAL INFORMATION MANAGEMENT SYSTEMS CODE: BIS - 3315 TABLE OF CONTENTS CHAPTER PAGE NUMBER 1. WHY INFORMATION SYSTEMS………………………………………….6 2. Strategic role of information systems…………………..21 3. Information systems in organizations…………………..26 4. Computer and information processing…………………42 5. Managing data resources………………………………………..60 6. Networking and information systems…………………..81 7. Systems development…………………………………………………90 8. Implementation of information systems……………….97 9. Managing knowledge……………………………………………….106 10. Decision support systems………………………………………….129 THE STRUCTURE OF THIS STUDY MODULE The Module has margin icons that show the student the objectives, activities, in-text questions, feedback, further reading, key words and terms, stop and reflex signs. Chapter One covers the importance of Information Systems in running today’s organizations. Chapter Two looks at the strategic role played by information systems in today’s organizations. Chapter Three focuses on the impact of Information Systems on the organizational structure and how information systems help managers improve their decision making. Chapter Four looks at the hardware and software requirements for organizations to be able to implement information systems structures Chapter Five looks at the traditional file environments and the rise of the database...

Words: 43854 - Pages: 176

Premium Essay

Tags

...The Ethical and Legal Complexity of Medical Tourism: Questions of International Justice, Economic Redistribution and Health Care Reform Professor Sarah McBride Toro Longe April 18, 2010 M.J. Thesis in Health Law Abstract This is an essay on medical tourism in the United States of America (U.S.). It includes a brief history of the U.S. health care system, examines the social, cultural, ethical, and legal issues that have affected health care changes in America. With the number of Americans going overseas to seek medical care steadily rising, the American insurance industry expanding benefits, and the Joint Commission accrediting facilities for globalization of the health care marketplace, medical tourism should become increasingly important in the health care industry. While there are many reasons for patients seeking health care outside of their own country, one that is particularly easy to overlook is the outsourcing of health care and its effect in U.S. and around the world. The purpose of this paper is to examine the concept of medical tourism, noting the specific medical tourism destinations, presenting reasons for the recent increase in medical tourism, and examining the risks and benefits, as well as wrestling with the challenging ethical and legal issues inherent in medical tourism. The paper will conclude with consideration of the role of the law in medical tourism. Introduction Over the past 100 years, the United States of America (U.S.) has changed greatly...

Words: 17832 - Pages: 72

Premium Essay

Research

...Assessment 1 FNSACC604A Monitor Corporate Governance Activities Question 1 The constitutional basis for the Corporations Act 2001 (Cth) is the provided for the Section 3 itself and also the purpose to make provision in relation to corporations and financial products and services. There are 4 operations of the Act actually based on, first of all in Australia, the operation of the Act in the referring States is based on the legislative powers that the Commonwealth Parliament has under section 51 of the Constitution (other than paragraph 51(xxxvii)) and also the legislative powers that the Commonwealth Parliament has in respect of matters to which this Act relates because the matters are referred to it by the Parliaments of the referring States under paragraph 51(xxxvii) of the Constitution. Besides that, the State referrals fully supplement the Commonwealth Parliament’s other powers by referring the matters to the Commonwealth Parliament to the extent to which they are not otherwise included in the legislative powers of the Commonwealth Parliament. Secondly, the operation of the Act in the Northern Territory and the Capital Territory is based on the legislative powers that the Commonwealth Parliament has under section 122 of the Constitution to make laws for the government of those Territories and the legislative powers that the Commonwealth Parliament has under section 51 of the Constitution. Despite subsection 22(3) of the Acts interpretation Act 1901, this Act as applying...

Words: 6568 - Pages: 27

Free Essay

Nit-Silchar B.Tech Syllabus

...NATIONAL INSTITUTE OF TECHNOLOGY SILCHAR Bachelor of Technology Programmes amï´>r¶ JH$s g§ñWmZ, m¡Úmo{ à VO o pñ Vw dZ m dY r V ‘ ñ Syllabi and Regulations for Undergraduate PROGRAMME OF STUDY (wef 2012 entry batch) Ma {gb Course Structure for B.Tech (4years, 8 Semester Course) Civil Engineering ( to be applicable from 2012 entry batch onwards) Course No CH-1101 /PH-1101 EE-1101 MA-1101 CE-1101 HS-1101 CH-1111 /PH-1111 ME-1111 Course Name Semester-1 Chemistry/Physics Basic Electrical Engineering Mathematics-I Engineering Graphics Communication Skills Chemistry/Physics Laboratory Workshop Physical Training-I NCC/NSO/NSS L 3 3 3 1 3 0 0 0 0 13 T 1 0 1 0 0 0 0 0 0 2 1 1 1 1 0 0 0 0 4 1 1 0 0 0 0 0 0 2 0 0 0 0 P 0 0 0 3 0 2 3 2 2 8 0 0 0 0 0 2 2 2 2 0 0 0 0 0 2 2 2 6 0 0 8 2 C 8 6 8 5 6 2 3 0 0 38 8 8 8 8 6 2 0 0 40 8 8 6 6 6 2 2 2 40 6 6 8 2 Course No EC-1101 CS-1101 MA-1102 ME-1101 PH-1101/ CH-1101 CS-1111 EE-1111 PH-1111/ CH-1111 Course Name Semester-2 Basic Electronics Introduction to Computing Mathematics-II Engineering Mechanics Physics/Chemistry Computing Laboratory Electrical Science Laboratory Physics/Chemistry Laboratory Physical Training –II NCC/NSO/NSS Semester-4 Structural Analysis-I Hydraulics Environmental Engg-I Structural Design-I Managerial Economics Engg. Geology Laboratory Hydraulics Laboratory Physical Training-IV NCC/NSO/NSS Semester-6 Structural Design-II Structural Analysis-III Foundation Engineering Transportation Engineering-II Hydrology &Flood...

Words: 126345 - Pages: 506