Complete Material Cost #3,000
Order for Complete Material now
ABSTRACT
This study entitled “challenges and benefits of information technology on general insurance business in Nigeria” aimed at examine the role played by information technology in general insurance business. Information technology is am electronic mechanism where data, can be manipulated through a processing system and process of analyzing, coding, interpreting and classifying data already collected in order to produce the required information needed by the organization, that is the insurance company. In the past information was a stored using file but with the large number of policies issued by an insurance company. It is impossible to continue using the old filing system. Information is now2 stored on magnetic tapes or discs which is an information storage device for the computer. Using information technology, the insurance companies can perform various asks at just the touch of a button. These tasks include those connected with agency issue of policies, renewals, claims and reinsurance administration. The world is now a global village and insurance companies must be able to responds to the needs of their policy holders in a fast and efficient manner. The work relied on primary and secondary data. The primary data consist of responses from questionnaire distributed to insurance companies. Secondary data were obtained from hooks, magazine journals, monograms and articles. An analysis of the data shows that information technology has a tremendous impact on the operations of insurance companies. The primary documentary relates to the accessibility of computer by the reduction in price to insurance companies and the insuring public so that there can be better appreciation of its benefits.
TABLE OF CONTENTS
TITLE PAGE
DEDICATION ii
CERTIFICATION iii
ACKNOWLEDGEMENT iv
ABSTRACT v
TABLE OF CONTENTS vi
CHAPTER ONE 1
1.0 INTRODUCTION 1
1.1 BACKGROUND OF THE STUDY 2
1.2 STATEMENT OF PROBLEM 3
1.3 PURPOSE AND OBJECTIVE OF THE STUDY 4
1.4 RESEARCH QUESTION 5
1.5 HYPOTHESIS 5
1.6 SCOPE OF THE STUDY 6
1.7 SIGNIFICANCE OF THE STUDY 6
1.8 LIMITATION OF THE STUDY 7
1.9 DEFINITION OF TERMS 8
REFERENCES 10
CHAPTER TWO 11
LITERATURE REVIEW 11
2.0 INTRODUCTION 11
2.1 DEFINITIONS OF INFORMATION TECHNOLOGY AND GENERAL INSURANCE BUSINESS 12
2.2 THE RELATIONSHIP BETWEEN INFORMATION TECHNOLOGY AND GENERAL INSURANCE BUSINESS 14
2.3 THE APPLICATION OF INFORMATION TECHNOLOGY TO GENERAL INSURANCE BUSINESS 16
2.4 THE BENEFIT OF INFORMATION TECHNOLOGY ON GENERAL INSURANCE BUSINESS TO THE INSURER 20
2.5 THE VARIOUS CHALLENGES OF INFORMATION TECHNOLOGY TO GENERAL INSURANCE BUSINESS 23
REFERENCE 25
CHAPTER THREE 26
RESEARCH METHODOLOGY 26
3.1 INTRODUCTION 26
3.2 POPULATION OF THE STUDY 26
3.3 SAMPLE AND SAMPLE TECHNIQUE 27
3.4 INSTRUMENT FOR DATA COLLECTION 28
3.5 VALIDATION AND RELIABILITY OF THE INSTRUMENT 28
3.6 DATA ANALYSIS TECHNIQUES 29
REFERENCE 30
CHAPTER FOUR 31
PRESENTATION AND ANALYSIS 31
4.1 INTRODUCTION 31
4.2 DESCRIPTIVE ANALYSIS 31
4.3 ANALYSIS AND RESEARCH QUESTION TESTING OF HYPOTHESIS 37
REFERENCE 42
CHAPTER FIVE 43
DISCUSSION, CONCLUSION AND RECOMMENDATIONS 43
5.1 DISCUSSION OF FINDING 43
5.2 SUMMARY 44
5.3 CONCLUSION 45
5.4 RECOMMENDATIONS 46
BIBLIOGRAPHY 48
APPENDIX I 49
APPENDIX II 50
CHAPTER ONE
1.0 INTRODUCTION
The concern of this study is the involvement of information technology in general insurance business. In our developing economy, Nigeria stands a good chance to introduce the use of information technology in insurance business. In the bid to reduce these risks, that funcemankind in his daily activities, man enters insurance contract with insurance companies for the protection of his life and property against the insurable risks. Information technology comes into the business of insurance as there are a lot of benefits and challenges that require the use of his technology.
The researcher is looking at what challenges and benefit information technology will have on the performance of general insurance business. Apart from the tact that information technology enables the insurance company to have relevant, accurate, concise, simple, direct and complete work within a shortest possible time, it can also serves, as a way of manipulation to those who are not knowledgeable in the system. But in all information technology has its own good side than its ugly side.
1.1 BACKGROUND OF THE STUDY
The idea of insurance business come as a result of few people who felt that they may suffer one risk or the other, they contributed money in order to create a common fund and inclemently any of them that may fall victim. With this common fund created, insurance therefore, serves as an umbrella that covers these risks insured. In this development. The need for the eventual birth of information technology becomes a welcome development in the general insurance business.
This 21st century of preparation if data for inputs to computer is a centralized function involving transcription of written information to the punched cards, paper tapes or magnetic disks. Apart from the complexities associated with general insurance business, it is imperative for the information data processing to give risk to the current reality of enhancing the insurance industry technologically. In recent times, it has been discovered that our insurance industry cannot function effectively without advances made on information technology, as the success and failure of the insurance business solely depends on the various levels at which information technology is enhanced.
1.2 STATEMENT OF PROBLEM
The business of insurance has become a complex one. The problem of data collection verification, recording, sorting, class, tying, rating, investigating, calculating and equally retrieving among others have necessitated the use of information technology in the day to day activities of the general insurance business. Meanwhile the nature of our technological advancement remains another cardinal problem as little or no fast-growing effort is made towards this area of our society.
The insurance companies could not have thought of redressing and reshaping the insurance sector without adequate networking which will give an insight of happening in the insurance market all over the globe.
With the problem associated with the complexity of insurance business and that of information technology, more and more manpower and experts seen inadequate to actually help toward this development.
1.3 PURPOSE AND OBJECTIVE OF THE STUDY
The purpose behind this research work is to create awareness of the impact which information technology has on general insurance business. In order to make the best out of our insurance business, the use of information technology remains very crucial. The study is specifically aimed at determining the extent at which information technology enhances the growth of general insurance business and how the enhancement will be handled in the face of the complexity of data processing. What is necessary again is to determine at what extent the success will be on general insurance business when a lot is not done in creating the awareness.
The researcher will aim at giving finding and recommendation on the use of information technology in general insurance business having known the current way or method at which information technology operates.
1.4 RESEARCH QUESTION
Investigating the challenges and benefit of information technology on general insurance business poised the researcher to ask these questions.
- Does information technology pose any challenge on general insurance business?
- What kind of challenge does it pose?
- Does information technology be if any benefit on general insurance business?
- What benefit does it has?
- Is there any relationship between information technology and general insurance business?
- How does information technology apply to general insurance business?
- Is this application successful or not?
This study attempts to proffer possible solutions to these questions.
1.5 HYPOTHESIS
The following hypothesis will be tested in the course of this study.
Ho: There are not challenges and benefit of information technology on general insurance business.
Hi: There are challenges and benefits of information technology on general insurance business.
1.6 SCOPE OF THE STUDY
This study is mainly on the various challenges and benefit of information technology on general insurance business. The wider nature and complex dimension of insurance business has made the researcher to concentrate on the general insurance as it relates to information technology in the protection of life and property against the insurable risks.
1.7 SIGNIFICANCE OF THE STUDY
The significance of this study is to educate both he insured and the insurer of the impact of information technology on general insurance business. It is significant because information technology contribute to the grater developmental profit of the insurance business. This aspect of general insurance business definitely will boost and give hope to those in the business of insurance to be more advance in the repositioning of the insurance business to meet with the reality on ground. Information technology will foster development in the industry but this significance role could be very delicate and fragile as it requires scientist approach which has to be pointed out in this research.
More so, the study will provide, and proffer recommendations in areas where little light has hither to been shad.
1.8 LIMITATION OF THE STUDY
Time is the greatest limitation in this research because there is not enough times to source for the material needed for this work. This area of study is a new one and insurance business in relation to information technology is a new concept that has come to stay but the material needed including relevant literatures and books are not within the reach of the researcher.
Finance is also another major constraint which prevented the researcher from making contract with so many people including insurance companies who could have given in.
1.9 DEFINITION OF TERMS
The researcher used these definitions in this research work as it affects the topic under discussion.
CHALLENGES: This according to oxford current English Dictionary is defined “as a call to someone to take to do something difficult” it is a demanding fast or situation.
BOWOFLTS: This is the advantages or profits derived from something.
INFORMATION TECHNOLOGY: Information technology is an electronic mechanism where data can be manipulated through a processing system. Anyate (2003). It is from have that insurance company will have information produced from data to plan, decide and control.
GENERAL INSURANCE BUSINESS: This is known as a pool of risks as many people who feed that they may suffer one risk or the other contribute and to indemnify any of them that may fall victim. With this common fund in form of premium to suffer the risk they. Therefore those that suffer from any of these risks insured will be compensated from the money they and other that did not suffer from any of such risks contributed. Anysele (2003).
INSURER: This is the insurance company that accepts responsibility of the occurrence of a risk insured against.
INSURED: This means the owner of the object which the insurer accepts responsibility of in the event of the occurrence the risk insured against and who pay the premium.
COMPUTER: This may be defined as an electronic device capable of accepting data automatically.
DATA: Data can be described as raw material which produces information.
DATA PROCESSING: Is the process of analyzing coding, interpreting, classifying data already collected in order to produce the required information needed by the organization here is the insurance company.
INFORMATION: This is data that has been manipulated through a processing system.
TECHNOLOGY: This means the application of scientific knowledge for practical purposes.
Complete Material Cost #3,000
Order for Complete Material now