Description
This research project is about how DBMS solutions can be useful enough for a Insurance Industry whether it Company, Brokers or Agents.
Project On Database Management Solutions for Insurance Industry
Session 2011-13
Submitted By: Yogesh Joshi MBA Insurance 3rd Semester Roll Number: 362
Submitted To : Dr. Manmeeta Saxena Associate Professor National Law University
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Acknowledgment
This project work would never have been an achievable task, had we not been under the great shelter of guidance of respected Ma’am Dr. Manmeeta Saxena. Her simplified teaching technique based on examples has helped me to gain more understanding of the subject. The very essence of the project work is the linguistic precision which has an impact of conveying more details in least possible words. An ample use of various reference readings has been very frequently made while compiling data for this project. Such rich reading has been made available at hand by the treasure-like well maintained library of the National Law University, Jodhpur. I am very much grateful to the library staff of the university for their unfailing co-operation. I am very much under obligation to mention here, the contributions of my batch mates who have, knowingly or unknowingly, provided me the competitive edge which is the driving force of the whole labor and extra labor put into the project. Finally, I feel very much gratified to the administration of the National Law University, Jodhpur for providing comfortable environment and rich infrastructure which has always been a facilitating stuff…
-Yogesh Joshi
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Objective
An Insurance Industry whether any sole Insurance Company or any Insurance Brokers or any Corporate Agents may have several record types, including: -Customer with fields name and Salary -Premium paid and Due amount at what date -Insurance agent name and salary + Commission -Claim Record including in-process and settled All of the above data is accumulates to a very huge amount and keeping this in form of hard copies or on documents may cost very high not only in way of stationary cost as well as time consuming even a different person to look after this collection and this has to be kept for several years as per the guidelines issued by Authority (IRDA) without any fail. For minimizing such difficulties using the Database Management Solution is the best way This research is extensively done to know how the various database management solutions can be utilized in insurance organization for meeting these difficulties and can benefit the organization to cut the cost because again there is check on expense done by insurance companies by authority. \
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Table of Contents
? ? Acknowledgement Objective
Chapter I
Introduction
Chapter II
Basic Data Models
Chapter III
Need of DBMS in Insurance Industry
Chapter IV
Major DBMS Solution & Providers in Market
Chapter V
DBMS Solution used in Beacon Insurance Brokers
Chapter VI ? ?
Functioning of SAIBA Online in Beacon Insurance Brokers
Conclusion Bibliography
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Introduction to DBMS
Database Management is an important aspect of data processing. It involves, several data models evolving into different DBMS software packages. These packages demand certain knowledge indiscipline and procedures to effectively use them in data processing applications. We need to understand the relevance and scope of Database in the Data processing area. This we do by first understanding the properties and characteristics of data and the nature of data organization. Data structure can be defined as specification of data. Different data structures like array, stack, queue, tree and graph are used to implement data organization in main memory. Several strategies are used to support the organization of data in secondary memory. A database is a collection of related information stored in a manner that it is available to many users for different purposes. The content of a database is obtained by combining data from all the different sources in an organization. So that data are available to all users and redundant data can be eliminated or at least minimized. The DBMS helps create an environment in which end user have better access to more and better managed data than they did before the DBMS become the data management standard. A database can handle business inventory, accounting information in its files to prepare summaries, estimates, and other reports. There can be a database, which stores new paper articles, magazines, books, and comics. There is already a well-defined market for specific information for highly selected group of users on almost all subjects. The database management system is the major software component of a database system. Some commercially available DBMS are INGRES, ORACLE, and Sybase. A database management system, therefore, is a combination of hardware and software that can be used to set up and monitor a database, and can manage the updating and retrieval of database that has been stored in it. Most database management systems have the following facilities/capabilities: ? Creating of a file, addition to data, deletion of data, modification of data; creation, Page addition and deletion of entire files.
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? ?
Retrieving data collectively or selectively. The data stored can be sorted or indexed at the user's discretion and direction.
Various reports can be produced from the system. These may be either standardized report or that may be specifically generated according to specific user definition. Mathematical functions can be performed and the data stored in the database can be manipulated with these functions to perform the desired calculations. ? ? To maintain data integrity and database use. To create an environment for Data warehousing and Data mining
Three Views of Data
DBMS is a collection of interrelated files and a set of programs that allow several users to access and modify these files. A major purpose of a database system is to provide users with an abstract view of the data. However, in order for the system to be usable, data must be retrieved efficiently. The concern for efficiently leads to the design of complex data structure for the representation of data in the database. By defining levels of abstract as which the database may be viewed, there are logical view or external, conceptual view and internal view or physical view. ? External view: This is the highest level of abstraction as seen by a user. This level of abstraction describes only the part of entire database. ? Conceptual view: This is the next higher level of abstraction which is the sum total of Database Management System user's views. In this we consider; what data are actually stored in the database. Conceptual level contains information about entire database in terms of a small number of relatively simple structures. ? Internal level: The lowest level of abstraction at which one describes how the data are physically stored.
EXAMPLE
In an Insurance organization, we may have several such record types, including among others:
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-Premium paid and Due amount at what date
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-Customer with fields name and Salary
-Insurance agent name and salary + Commission. At the internal level, a customer, Premium account, or employee (insurance agent) can be described as a sequence of consecutive bytes. At the conceptual level each such record is described by a type definition, illustrated above and also die interrelation among these record types is defined and describing the rights or privileges assign to individual customer or end-users. Finally at the external level, we define several views of the database. For example, for preparing the Insurance checks of Customer details, only information about them is required; one does not need to access information about customer accounts. Similarly, tellers can access only account information. They cannot access information concerning about the premium paid or amount received.
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Data Models
Data modeling is the analysis of data objects that are used in a business or other context and the identification of the relationships among these data objects. Data modeling is a first step in doing object-oriented programming. As a result of data modeling, you can then define the classes that provide the templates for program objects. A simple approach to creating a data model that allows you to visualize the model is to draw a square (or any other symbol) to represent each individual data item that you know about (for example, a product or a product price) and then to express relationships between each of these data items with words such as "is part of" or "is used by" or "uses" and so forth. From such a total description, you can create a set of classes and subclasses that define all the general relationships. These then become the templates for objects that, when executed as a program, handle the variables of new transactions and other activities in a way that effectively represents the real world. ? Hierarchical Model In a hierarchical model, data is organized into a tree-like structure, implying a single upward link in each record to describe the nesting, and a sort field to keep the records in a particular order in each same-level list. Hierarchical structures were widely used in the early mainframe database management systems, such as the Information Management System (IMS) by IBM, and now describe the structure of XML
documents. This structure allows one 1:N
relationship between two types of data. This
structure is very efficient to describe many
relationships in the real
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world; recipes, table of contents, ordering of paragraphs/verses, any nested and sorted information.
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However, the hierarchical structure is in efficient for certain database operations when a full path (as opposed to upward link and sort field) is not also included for each record. Example: Parent–child relationship: Child may only have one parent but a parent can have multiple children. Parents and children are tied together by links called "pointers". A parent will have a list of pointers to each of their children. ?
Network Model In this model a hierarchical relationship between two record types (representing real-world entities) is established by the set construct. A set consists of circular linked lists where one record type, the set owner or parent, appears once in each circle, and a second record type, the subordinate or child, may appear multiple times in each circle. In this way a hierarchy may be established between any two record types, e.g., type A is the owner of B. At the same time another set may be defined where B is the owner of A. Thus all the sets comprise a general directed graph (ownership defines a direction), or network construct. Access to records is either sequential (usually in each record type) or by navigation in the circular linked lists.
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?
Relational model The relational model is a simple model that provides flexibility. It organizes data based on two-dimensional arrays known as relations, or tables as related to databases. These relations consist of a heading and a set of zero or more tuples in arbitrary order. The heading is an unordered set of zero or more
attributes, or columns of the table. The tuples are a set of unique attributes mapped to values, or the rows of data in the table. Data can be associated across multiple tables with a key. A key is a single, or set of multiple, attribute(s) that is common to both tables. The most common language associated with the relational model is the Structured Query Language (SQL), though it differs in some places ?
Entity Relationship Model Entity – Relationship model (ER model for short) is an abstract way to describe a database. It usually starts with a relational database, which stores data in tables. Some of the data in these tables point to data in other tables - for instance, your entry in the database could point to several entries for each of the phone numbers that are yours. The ER model would say that you are an entity, and each phone
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number is an entity, and the relationship between you and the phone numbers is 'has a phone number'. Diagrams created to design these entities and relationships are called entity–relationship diagrams or ER diagrams.
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NEED OF DBMS IN INSURANCE INDUSTRY
In an insurance company various functions are performed like Underwriting of various risks i.e. Fire, Engineering, Marine, Burglary & Life etc. handling of claims regarding these policies, Providing services at proper point of time with promptly and efficient regard, providing information to clients Etc. All these functions, now days, performed only through IT to get the efficient and effective result along with cutting of cost and by removing errors which were more prompt to errors because of manual work. We can evaluate the importance and need of DBMS solutions for Insurance Industry by relating each function. This can be elaborated as follows:
Success Story of ICICI Prudential
As ICICI Prudential experienced rapid growth, synchronizing customers, business and financial portfolio information across multiple business channels become a major challenge. The company addressed the challenge by creating single source of data by through the deployment of the Sybase ASE transaction database along with Sybase IQ reporting database and by keeping the data transactional and data reporting functions separate, each system performs optimally. This capability, along with new report generation capabilities, allows the company to improve its business function.
Underwriting:
A financial professional that evaluates the risks of insuring a particular person or asset and uses that information to set premium pricing for insurance policies. Insurance underwriters are employed by insurance companies to help price life insurance, health insurance, property/casualty insurance and homeowners insurance, among others.
Underwriters use computer programs and actuarial data to determine the likelihood and magnitude of a payout over the life of the policy. Higher-risk individuals and assets will have to pay more in premiums to receive the same level of protection as a (perceived) lower-risk person or asset.
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Services:
Service is the ultimate indicator on which the quality of the product provided by insurance depends. An insurer’s claim practices are the primary services that the typical individual or business needs. In addition, prompt, courteous responses to inquiries concerning changes in the policy, the availability of other types of insurance, changes of address, and other routine matters are necessary. Another service of major significance that some insurers offer, primarily to commercial clients, is engineering and loss control. Engineering and loss control is concerned with methods of prevention and reduction of loss whenever the efforts required are economically feasible these practices also follows the various information flow from insurer to client and vice versa also and use of various software and techniques.
Claims:
An insurance claim is the actual application for benefits provided by an insurance company. Policy holders must first file an insurance claim before any money can be disbursed to the hospital or repair shop or other contracted service. The insurance company may or may not approve the claim, based on their own assessment of the circumstances In present scenario many insurer uses the technology more for Claims as they provide insured the service of intimating the claim directly on their website. UNIVERSAL SOMPO General Insurance Ltd. provides this facility more efficiently and many more insurers are also.
Research & Development:
Investigative activities that a business chooses to conduct with the intention of making a discovery that can either lead to the development of new products or procedures, or to
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improvement of existing products or procedures. Research and development is one of the
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means by which business can experience future growth by developing new products or processes to improve and expand their operations.
R&D is department which investigates that how various technologies can be used which will ultimately lead to efficiency of organization
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Major DBMS Solutions & Solution Providers Prevailing in Market
Products Offered by CMC Tata Ltd.
? GENISYS Configurator is a 3-tier web-based suite of components that addresses the needs of a comprehensive insurance system covering underwriting, claims, accounts, reports and queries, etc. All the components can be used together as an integrated product or can be used individually to suit specific organizational needs. GENISYS Configurator allows the users to easily and rapidly define new insurance products, make changes to existing products and establish rules that govern the products’ behavior. The greatest strength of the solution lies in its flexibility and scalability. ? GENISYS Configurator Broker Solution is addressed for brokers, travel agents, intermediaries, etc. For Tata Business Support Services, CMC implemented GENISYS Configurator Broker solution. Some general insurance companies (United India Insurance, National Insurance, New India Assurance, Oriental Insurance, ICICI Lombard and Royal Sundaram) in India had outsourced their BPO operations to Tata Business Support Services (TBSS) for underwriting the policies for new cars sold by Tata Motors dealers as well as subsequent renewals. Tata Motors wanted to ensure that dealers underwrite the insurance policies by using the GENISYS Configurator. The insurance companies BPO operation being carried out by TBSS for all policies sold and renewed by Tata Motor Dealers. GENISYS Configurator in TBSS provides insurance functionalities at Tata Motors dealers end. CMC's scope of work is Software Implementation, Post Implementation Software Maintenance and Technical Support Services. ? GENISYS Re is a highly flexible application providing high degree of configuration catering to the entire reinsurance operations
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Products Offered by CAPTERRA ? Terrace ABS Innovative agency management software for insurance agencies, wholesalers, MGAs and carriers. ABS provides end to end capabilities for CRM, policy administration, billing, servicing, claims tracking and premium accounting. The software supports standard and custom 1) lines of business/coverage data, 2) reports, 3) screens and 4) integration. ABS is built on the very latest Microsoft technology. It securely runs on your own in-house servers or on your co-located cloud servers. ? Agent Intelligence Agent Intelligence is a cloud based insurance CRM and complete policy administration solution. Agent Intelligence is available for independent brokers and Agencies. Agent Intelligence offers full reporting including customized reporting, commission tracking, fully integrated Calendar, policy tracking, document storage and client tracking. ? AgencyIntel AgencyIntel is for agency owners. Our unique product is designed to manage all aspects of your business. Our system offers the ability to track policies, manage commissions, agents and documents with easy to use reports and custom analysis is of paramount importance to every well-structured business. One of the most important features with AgencyIntel is personal customizations. Give us your ideas and let us make them a reality.
Products Offered by SYBASE
? SYBASE IQ Sybase IQ is an analytics server designed specifically for advanced analytics , data warehousing, and business intelligence environments. Able to work with
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massive volumes of structured and unstructured data it is ideally suited to Big Data. Distinguished from conventional databases by its column-oriented, gridbased architecture, patented data compression, and advanced query optimizer, Sybase IQ is deployed in a wide variety of settings delivering unmatched performance, flexibility, and economy in even the most challenging reporting and analytics environments.
Sybase IQ has four times more customers than all other column databases combined and wins more new customers in a year than other column databases have in total ?
SYBASE ASE Extreme transaction processing systems must support tens of thousands of concurrent users with ultra-fast, nonstop performance on cost-effective, standards-based platforms. ASE does all that—and more. Powering 24 of the top 25 global banks and 46 of the top 50 top global banks and securities firms, the ASE mission-critical enterprise database management system is known for its rock solid reliability, superior performance and low total cost of ownership.
ASE key features include data encryption to protect from internal and external breaches; partitioning technology for better performance and easier maintenance; and, virtualization and clustering capabilities for continuous availability and efficient use of resources. In-memory database technology provides significant improvements in response time and throughput for high data volume and high concurrent user organizations. And the addition of data compression allows enterprises to reduce storage costs and increase performance on large and growing data sets.
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DBMS solution used in Beacon Insurance Brokers Pvt. Ltd.
In Beacon Insurance Brokers Pvt. Ltd., where I went for summer internship, SAIBA online and desktop versions are used for database management. This enables the company to reduce their administrative cost and time both.
SAIBA Online Version: ? ? ? ? ? ? ? Web based replica of SAIBA Desktop version. Developed in asp.Net Framework 3.5, Database used is Microsoft SQL Server 2005 Reporting through Crystal Report 12.0, which enables users to get versatile reports. Reports can be exported to PDF, MS Word, Excel, or RTF Quotation management system is an added feature in this version. You may also provide access to your customers to view their portfolio and claim status.
Our Insurance Broking Management Software SAIBA is being used by more than 80 Insurance Brokers in India for their back office management needs as well as sales force management needs. Apart from Insurance Brokers there are many Corporate Agents who are using SAIBA.
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This existing software for insurance brokers SAIBA is broadly divided into 5 integrated modules, which are: 1. Customer Acquisition and Relationship Management System (CARM): ? ? ? ? ? ? ? Import customer database from excel file. Tele-calling to customers Marketing executive activity tracking, manage travel expense and manage customer history Performance & costing analysis for branch managers, marketing executive and tele-callers based on targets, salary, expense and business done Leads Management Specific Campaign managements Prospective Business Management
2. Quotations Management System: ? ? ? ? ? ? ? ? ? ? ? Available only in Online Version of SAIBA Preparation of Broker Slip Sending Slips to Insurer for Quotations Receiving Quote from Insurer Comparison up to 5 broking slips based on quotation and insurers credentials. Sending Comparison of Quotes to Customer
3. General Insurance (Non-Life Insurance): Cover note book Management Business Profile Management Commission Reconciliation Renewal Reporting Claims Management IRDA Reporting
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4. Life Insurance ? ? ? ? ? ? ? Business Profile Management Premium Payments Reporting Commission Reconciliation Money Back Reporting IRDA Reporting
5. Office Management: File Management Inward/Outward Document Management
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Functioning of SAIBA Online
Home Page
Above snapshot is of home page of SAIBA online where after login operator can access the functioning and can enter the data and also can retrieve the different data for different purposes. Even on home page operator can set reminders and meetings if scheduled for future.
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Claims Management
Above snapshot is of Claims Management where a report for Non-Life claims is being generated. As we can see that any operator where he is doesn’t matter can access the data from anywhere in world and at any point of time.
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Non-Life Policy Entry Form
Above snapshot is of Non-Life Policy Entry Form is filled by each and every detail of the insured once the policy is issued to insured.
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Claims Management (Intimation) Non-Health Claims
Above snapshot is of claims Management for Non health Claims where claim is entered once it is intimated to Insurer and Broker. This can be entered from anywhere regardless of the location on operator.
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Claims Management (Intimation) Health Claims
Above snapshot is of claims Management for Health Claims where claim is entered once it is intimated to Insurer and Broker. This can be entered from anywhere regardless of the location on operator.
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Conclusion
The whole research can only be concluded by this that in present scenario importance of IT and IT enable solution for database management are only drives which can make the company on the way of success by way of minimizing the cost, wastage of time and error while keeping the data and information. Various database solutions are there in market with high profile providers which enables the Insurance Industry i.e. Insurer, brokers and agents etc.to gain the competitive advantage over other competitor as well as facilitates with ease to various services for clients.
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Bibliography
? ? ? ? ? ? www.google.com www.wikipedia.com www.saibaonline.com www.irda.gov.in www.beacon.co.in www.scribd.com
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doc_402070291.pdf
This research project is about how DBMS solutions can be useful enough for a Insurance Industry whether it Company, Brokers or Agents.
Project On Database Management Solutions for Insurance Industry
Session 2011-13
Submitted By: Yogesh Joshi MBA Insurance 3rd Semester Roll Number: 362
Submitted To : Dr. Manmeeta Saxena Associate Professor National Law University
1
Page
Page
1
Acknowledgment
This project work would never have been an achievable task, had we not been under the great shelter of guidance of respected Ma’am Dr. Manmeeta Saxena. Her simplified teaching technique based on examples has helped me to gain more understanding of the subject. The very essence of the project work is the linguistic precision which has an impact of conveying more details in least possible words. An ample use of various reference readings has been very frequently made while compiling data for this project. Such rich reading has been made available at hand by the treasure-like well maintained library of the National Law University, Jodhpur. I am very much grateful to the library staff of the university for their unfailing co-operation. I am very much under obligation to mention here, the contributions of my batch mates who have, knowingly or unknowingly, provided me the competitive edge which is the driving force of the whole labor and extra labor put into the project. Finally, I feel very much gratified to the administration of the National Law University, Jodhpur for providing comfortable environment and rich infrastructure which has always been a facilitating stuff…
-Yogesh Joshi
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Objective
An Insurance Industry whether any sole Insurance Company or any Insurance Brokers or any Corporate Agents may have several record types, including: -Customer with fields name and Salary -Premium paid and Due amount at what date -Insurance agent name and salary + Commission -Claim Record including in-process and settled All of the above data is accumulates to a very huge amount and keeping this in form of hard copies or on documents may cost very high not only in way of stationary cost as well as time consuming even a different person to look after this collection and this has to be kept for several years as per the guidelines issued by Authority (IRDA) without any fail. For minimizing such difficulties using the Database Management Solution is the best way This research is extensively done to know how the various database management solutions can be utilized in insurance organization for meeting these difficulties and can benefit the organization to cut the cost because again there is check on expense done by insurance companies by authority. \
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Table of Contents
? ? Acknowledgement Objective
Chapter I
Introduction
Chapter II
Basic Data Models
Chapter III
Need of DBMS in Insurance Industry
Chapter IV
Major DBMS Solution & Providers in Market
Chapter V
DBMS Solution used in Beacon Insurance Brokers
Chapter VI ? ?
Functioning of SAIBA Online in Beacon Insurance Brokers
Conclusion Bibliography
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Introduction to DBMS
Database Management is an important aspect of data processing. It involves, several data models evolving into different DBMS software packages. These packages demand certain knowledge indiscipline and procedures to effectively use them in data processing applications. We need to understand the relevance and scope of Database in the Data processing area. This we do by first understanding the properties and characteristics of data and the nature of data organization. Data structure can be defined as specification of data. Different data structures like array, stack, queue, tree and graph are used to implement data organization in main memory. Several strategies are used to support the organization of data in secondary memory. A database is a collection of related information stored in a manner that it is available to many users for different purposes. The content of a database is obtained by combining data from all the different sources in an organization. So that data are available to all users and redundant data can be eliminated or at least minimized. The DBMS helps create an environment in which end user have better access to more and better managed data than they did before the DBMS become the data management standard. A database can handle business inventory, accounting information in its files to prepare summaries, estimates, and other reports. There can be a database, which stores new paper articles, magazines, books, and comics. There is already a well-defined market for specific information for highly selected group of users on almost all subjects. The database management system is the major software component of a database system. Some commercially available DBMS are INGRES, ORACLE, and Sybase. A database management system, therefore, is a combination of hardware and software that can be used to set up and monitor a database, and can manage the updating and retrieval of database that has been stored in it. Most database management systems have the following facilities/capabilities: ? Creating of a file, addition to data, deletion of data, modification of data; creation, Page addition and deletion of entire files.
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? ?
Retrieving data collectively or selectively. The data stored can be sorted or indexed at the user's discretion and direction.
Various reports can be produced from the system. These may be either standardized report or that may be specifically generated according to specific user definition. Mathematical functions can be performed and the data stored in the database can be manipulated with these functions to perform the desired calculations. ? ? To maintain data integrity and database use. To create an environment for Data warehousing and Data mining
Three Views of Data
DBMS is a collection of interrelated files and a set of programs that allow several users to access and modify these files. A major purpose of a database system is to provide users with an abstract view of the data. However, in order for the system to be usable, data must be retrieved efficiently. The concern for efficiently leads to the design of complex data structure for the representation of data in the database. By defining levels of abstract as which the database may be viewed, there are logical view or external, conceptual view and internal view or physical view. ? External view: This is the highest level of abstraction as seen by a user. This level of abstraction describes only the part of entire database. ? Conceptual view: This is the next higher level of abstraction which is the sum total of Database Management System user's views. In this we consider; what data are actually stored in the database. Conceptual level contains information about entire database in terms of a small number of relatively simple structures. ? Internal level: The lowest level of abstraction at which one describes how the data are physically stored.
EXAMPLE
In an Insurance organization, we may have several such record types, including among others:
6
Page
-Premium paid and Due amount at what date
Page
6
-Customer with fields name and Salary
-Insurance agent name and salary + Commission. At the internal level, a customer, Premium account, or employee (insurance agent) can be described as a sequence of consecutive bytes. At the conceptual level each such record is described by a type definition, illustrated above and also die interrelation among these record types is defined and describing the rights or privileges assign to individual customer or end-users. Finally at the external level, we define several views of the database. For example, for preparing the Insurance checks of Customer details, only information about them is required; one does not need to access information about customer accounts. Similarly, tellers can access only account information. They cannot access information concerning about the premium paid or amount received.
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Data Models
Data modeling is the analysis of data objects that are used in a business or other context and the identification of the relationships among these data objects. Data modeling is a first step in doing object-oriented programming. As a result of data modeling, you can then define the classes that provide the templates for program objects. A simple approach to creating a data model that allows you to visualize the model is to draw a square (or any other symbol) to represent each individual data item that you know about (for example, a product or a product price) and then to express relationships between each of these data items with words such as "is part of" or "is used by" or "uses" and so forth. From such a total description, you can create a set of classes and subclasses that define all the general relationships. These then become the templates for objects that, when executed as a program, handle the variables of new transactions and other activities in a way that effectively represents the real world. ? Hierarchical Model In a hierarchical model, data is organized into a tree-like structure, implying a single upward link in each record to describe the nesting, and a sort field to keep the records in a particular order in each same-level list. Hierarchical structures were widely used in the early mainframe database management systems, such as the Information Management System (IMS) by IBM, and now describe the structure of XML
documents. This structure allows one 1:N
relationship between two types of data. This
structure is very efficient to describe many
relationships in the real
8
world; recipes, table of contents, ordering of paragraphs/verses, any nested and sorted information.
Page
Page
8
However, the hierarchical structure is in efficient for certain database operations when a full path (as opposed to upward link and sort field) is not also included for each record. Example: Parent–child relationship: Child may only have one parent but a parent can have multiple children. Parents and children are tied together by links called "pointers". A parent will have a list of pointers to each of their children. ?
Network Model In this model a hierarchical relationship between two record types (representing real-world entities) is established by the set construct. A set consists of circular linked lists where one record type, the set owner or parent, appears once in each circle, and a second record type, the subordinate or child, may appear multiple times in each circle. In this way a hierarchy may be established between any two record types, e.g., type A is the owner of B. At the same time another set may be defined where B is the owner of A. Thus all the sets comprise a general directed graph (ownership defines a direction), or network construct. Access to records is either sequential (usually in each record type) or by navigation in the circular linked lists.
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?
Relational model The relational model is a simple model that provides flexibility. It organizes data based on two-dimensional arrays known as relations, or tables as related to databases. These relations consist of a heading and a set of zero or more tuples in arbitrary order. The heading is an unordered set of zero or more
attributes, or columns of the table. The tuples are a set of unique attributes mapped to values, or the rows of data in the table. Data can be associated across multiple tables with a key. A key is a single, or set of multiple, attribute(s) that is common to both tables. The most common language associated with the relational model is the Structured Query Language (SQL), though it differs in some places ?
Entity Relationship Model Entity – Relationship model (ER model for short) is an abstract way to describe a database. It usually starts with a relational database, which stores data in tables. Some of the data in these tables point to data in other tables - for instance, your entry in the database could point to several entries for each of the phone numbers that are yours. The ER model would say that you are an entity, and each phone
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number is an entity, and the relationship between you and the phone numbers is 'has a phone number'. Diagrams created to design these entities and relationships are called entity–relationship diagrams or ER diagrams.
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NEED OF DBMS IN INSURANCE INDUSTRY
In an insurance company various functions are performed like Underwriting of various risks i.e. Fire, Engineering, Marine, Burglary & Life etc. handling of claims regarding these policies, Providing services at proper point of time with promptly and efficient regard, providing information to clients Etc. All these functions, now days, performed only through IT to get the efficient and effective result along with cutting of cost and by removing errors which were more prompt to errors because of manual work. We can evaluate the importance and need of DBMS solutions for Insurance Industry by relating each function. This can be elaborated as follows:
Success Story of ICICI Prudential
As ICICI Prudential experienced rapid growth, synchronizing customers, business and financial portfolio information across multiple business channels become a major challenge. The company addressed the challenge by creating single source of data by through the deployment of the Sybase ASE transaction database along with Sybase IQ reporting database and by keeping the data transactional and data reporting functions separate, each system performs optimally. This capability, along with new report generation capabilities, allows the company to improve its business function.
Underwriting:
A financial professional that evaluates the risks of insuring a particular person or asset and uses that information to set premium pricing for insurance policies. Insurance underwriters are employed by insurance companies to help price life insurance, health insurance, property/casualty insurance and homeowners insurance, among others.
Underwriters use computer programs and actuarial data to determine the likelihood and magnitude of a payout over the life of the policy. Higher-risk individuals and assets will have to pay more in premiums to receive the same level of protection as a (perceived) lower-risk person or asset.
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Services:
Service is the ultimate indicator on which the quality of the product provided by insurance depends. An insurer’s claim practices are the primary services that the typical individual or business needs. In addition, prompt, courteous responses to inquiries concerning changes in the policy, the availability of other types of insurance, changes of address, and other routine matters are necessary. Another service of major significance that some insurers offer, primarily to commercial clients, is engineering and loss control. Engineering and loss control is concerned with methods of prevention and reduction of loss whenever the efforts required are economically feasible these practices also follows the various information flow from insurer to client and vice versa also and use of various software and techniques.
Claims:
An insurance claim is the actual application for benefits provided by an insurance company. Policy holders must first file an insurance claim before any money can be disbursed to the hospital or repair shop or other contracted service. The insurance company may or may not approve the claim, based on their own assessment of the circumstances In present scenario many insurer uses the technology more for Claims as they provide insured the service of intimating the claim directly on their website. UNIVERSAL SOMPO General Insurance Ltd. provides this facility more efficiently and many more insurers are also.
Research & Development:
Investigative activities that a business chooses to conduct with the intention of making a discovery that can either lead to the development of new products or procedures, or to
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improvement of existing products or procedures. Research and development is one of the
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means by which business can experience future growth by developing new products or processes to improve and expand their operations.
R&D is department which investigates that how various technologies can be used which will ultimately lead to efficiency of organization
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Major DBMS Solutions & Solution Providers Prevailing in Market
Products Offered by CMC Tata Ltd.
? GENISYS Configurator is a 3-tier web-based suite of components that addresses the needs of a comprehensive insurance system covering underwriting, claims, accounts, reports and queries, etc. All the components can be used together as an integrated product or can be used individually to suit specific organizational needs. GENISYS Configurator allows the users to easily and rapidly define new insurance products, make changes to existing products and establish rules that govern the products’ behavior. The greatest strength of the solution lies in its flexibility and scalability. ? GENISYS Configurator Broker Solution is addressed for brokers, travel agents, intermediaries, etc. For Tata Business Support Services, CMC implemented GENISYS Configurator Broker solution. Some general insurance companies (United India Insurance, National Insurance, New India Assurance, Oriental Insurance, ICICI Lombard and Royal Sundaram) in India had outsourced their BPO operations to Tata Business Support Services (TBSS) for underwriting the policies for new cars sold by Tata Motors dealers as well as subsequent renewals. Tata Motors wanted to ensure that dealers underwrite the insurance policies by using the GENISYS Configurator. The insurance companies BPO operation being carried out by TBSS for all policies sold and renewed by Tata Motor Dealers. GENISYS Configurator in TBSS provides insurance functionalities at Tata Motors dealers end. CMC's scope of work is Software Implementation, Post Implementation Software Maintenance and Technical Support Services. ? GENISYS Re is a highly flexible application providing high degree of configuration catering to the entire reinsurance operations
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Products Offered by CAPTERRA ? Terrace ABS Innovative agency management software for insurance agencies, wholesalers, MGAs and carriers. ABS provides end to end capabilities for CRM, policy administration, billing, servicing, claims tracking and premium accounting. The software supports standard and custom 1) lines of business/coverage data, 2) reports, 3) screens and 4) integration. ABS is built on the very latest Microsoft technology. It securely runs on your own in-house servers or on your co-located cloud servers. ? Agent Intelligence Agent Intelligence is a cloud based insurance CRM and complete policy administration solution. Agent Intelligence is available for independent brokers and Agencies. Agent Intelligence offers full reporting including customized reporting, commission tracking, fully integrated Calendar, policy tracking, document storage and client tracking. ? AgencyIntel AgencyIntel is for agency owners. Our unique product is designed to manage all aspects of your business. Our system offers the ability to track policies, manage commissions, agents and documents with easy to use reports and custom analysis is of paramount importance to every well-structured business. One of the most important features with AgencyIntel is personal customizations. Give us your ideas and let us make them a reality.
Products Offered by SYBASE
? SYBASE IQ Sybase IQ is an analytics server designed specifically for advanced analytics , data warehousing, and business intelligence environments. Able to work with
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massive volumes of structured and unstructured data it is ideally suited to Big Data. Distinguished from conventional databases by its column-oriented, gridbased architecture, patented data compression, and advanced query optimizer, Sybase IQ is deployed in a wide variety of settings delivering unmatched performance, flexibility, and economy in even the most challenging reporting and analytics environments.
Sybase IQ has four times more customers than all other column databases combined and wins more new customers in a year than other column databases have in total ?
SYBASE ASE Extreme transaction processing systems must support tens of thousands of concurrent users with ultra-fast, nonstop performance on cost-effective, standards-based platforms. ASE does all that—and more. Powering 24 of the top 25 global banks and 46 of the top 50 top global banks and securities firms, the ASE mission-critical enterprise database management system is known for its rock solid reliability, superior performance and low total cost of ownership.
ASE key features include data encryption to protect from internal and external breaches; partitioning technology for better performance and easier maintenance; and, virtualization and clustering capabilities for continuous availability and efficient use of resources. In-memory database technology provides significant improvements in response time and throughput for high data volume and high concurrent user organizations. And the addition of data compression allows enterprises to reduce storage costs and increase performance on large and growing data sets.
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DBMS solution used in Beacon Insurance Brokers Pvt. Ltd.
In Beacon Insurance Brokers Pvt. Ltd., where I went for summer internship, SAIBA online and desktop versions are used for database management. This enables the company to reduce their administrative cost and time both.
SAIBA Online Version: ? ? ? ? ? ? ? Web based replica of SAIBA Desktop version. Developed in asp.Net Framework 3.5, Database used is Microsoft SQL Server 2005 Reporting through Crystal Report 12.0, which enables users to get versatile reports. Reports can be exported to PDF, MS Word, Excel, or RTF Quotation management system is an added feature in this version. You may also provide access to your customers to view their portfolio and claim status.
Our Insurance Broking Management Software SAIBA is being used by more than 80 Insurance Brokers in India for their back office management needs as well as sales force management needs. Apart from Insurance Brokers there are many Corporate Agents who are using SAIBA.
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This existing software for insurance brokers SAIBA is broadly divided into 5 integrated modules, which are: 1. Customer Acquisition and Relationship Management System (CARM): ? ? ? ? ? ? ? Import customer database from excel file. Tele-calling to customers Marketing executive activity tracking, manage travel expense and manage customer history Performance & costing analysis for branch managers, marketing executive and tele-callers based on targets, salary, expense and business done Leads Management Specific Campaign managements Prospective Business Management
2. Quotations Management System: ? ? ? ? ? ? ? ? ? ? ? Available only in Online Version of SAIBA Preparation of Broker Slip Sending Slips to Insurer for Quotations Receiving Quote from Insurer Comparison up to 5 broking slips based on quotation and insurers credentials. Sending Comparison of Quotes to Customer
3. General Insurance (Non-Life Insurance): Cover note book Management Business Profile Management Commission Reconciliation Renewal Reporting Claims Management IRDA Reporting
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4. Life Insurance ? ? ? ? ? ? ? Business Profile Management Premium Payments Reporting Commission Reconciliation Money Back Reporting IRDA Reporting
5. Office Management: File Management Inward/Outward Document Management
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Functioning of SAIBA Online
Home Page
Above snapshot is of home page of SAIBA online where after login operator can access the functioning and can enter the data and also can retrieve the different data for different purposes. Even on home page operator can set reminders and meetings if scheduled for future.
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Claims Management
Above snapshot is of Claims Management where a report for Non-Life claims is being generated. As we can see that any operator where he is doesn’t matter can access the data from anywhere in world and at any point of time.
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Non-Life Policy Entry Form
Above snapshot is of Non-Life Policy Entry Form is filled by each and every detail of the insured once the policy is issued to insured.
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Claims Management (Intimation) Non-Health Claims
Above snapshot is of claims Management for Non health Claims where claim is entered once it is intimated to Insurer and Broker. This can be entered from anywhere regardless of the location on operator.
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Claims Management (Intimation) Health Claims
Above snapshot is of claims Management for Health Claims where claim is entered once it is intimated to Insurer and Broker. This can be entered from anywhere regardless of the location on operator.
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Conclusion
The whole research can only be concluded by this that in present scenario importance of IT and IT enable solution for database management are only drives which can make the company on the way of success by way of minimizing the cost, wastage of time and error while keeping the data and information. Various database solutions are there in market with high profile providers which enables the Insurance Industry i.e. Insurer, brokers and agents etc.to gain the competitive advantage over other competitor as well as facilitates with ease to various services for clients.
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Bibliography
? ? ? ? ? ? www.google.com www.wikipedia.com www.saibaonline.com www.irda.gov.in www.beacon.co.in www.scribd.com
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doc_402070291.pdf