3. “An electronic device which is capable
of receiving information (data) in a
particular form and of performing a
sequence of operations in accordance
with a predetermined but variable set
of procedural instructions (program) to
produce a result in the form of
information or signals.”
- According to Oxford Dictionary
4. TYPICAL COMPUTER SYSTEM:
A typical digital computer consists of mainly:
a) A central processing unit (CPU)
b) A memory
c) Input/output (I/0) ports
5.
6. Computer Technologies used in the Insurance Company
1. Tremendous role in the modern
insurance industries
2. Online Insuring
3. To analyze risk
4. Decrease the amount of time needed
to perform complex calculations
5. Increase the efficiency of this
industry
6. Records can be backed up easily
7. Insurance Companies are maintaining a database of all
clients with information showing
• How to continue with policies
• Starting date of the policies
• Next due installment of a policy
• Maturity date
• Interests due
• Survival benefits
• Bonus
8. IT Department of Insurance Company
Department :
IT department is divide in 3 sectors
Software
Hardware
Networking
9. Northern Isurance run Oracle Applications. To improve performance
and ensure compliance, insurers need effective, transparent analytics.
Oracle technologies provide the modern, rules-driven
flexibility insurers need to transform the way they
do business. Oracle helps them to keep pace with
ever-changing markets, simplify their IT
environments, and transform the business into a
21st-century model.
Software
11. Networking
Two types of networking system they used,
1.Internet
2.Intranet
An Intranet provides much high speed than the
Internet. Intranet-based information is more secure than that of
the Internet.
13. A local or restricted communications network, An intranet is a computer
network that uses Internet Protocol technology to share information,
operational systems, or computing services within an organization
Intranet
14. Backup System
Arrow is a backup system that combines hashing, error-correction, and
rsync-like searching to provide a versioned, deduplicating, verifiable,
and safe data backup system.
Arrow backup system
16. Application &
Implementation
Computers have helped to streamline the insurance
industry, making it possible for insurance companies and
the agencies that represent them to take on more clients
and provide them faster service. Computer systems and
software applications help companies manage business
operations efficiently
18. Management information system
• Information about achievements and use of
resources compared with targets and budgets can
be prepared through computer-based systems
maintaining information on various activities of the
organization.
19. Time Saving
• Before using computer in offices, it took
minimum 30-40 minutes to issue a
document. But with the help of computer
and internet it takes a few seconds to issue a
document.
20. Assessing Risk
• The insurance industry relies heavily upon actuarial
science in order to assess risk that clients
or potential clients may
present to the company
Administration
• A large number of
administrative functions
related to insurance
research projects can
be assisted by computers.
21. Financial accounting
• Preparation of financial statements through
processing of revenue and expenditure documents
on a day-to-day basis can be done by computers
Training and Research
• Computer databases and Internet search engines can
help them look up information when they
need to provide
answers to questions
they do not know.
22. Employee payroll
Generation of employee pay-slips and associated
accounting. . Processing of basic salaries, allowances
and recoveries to generate pay-slips would also facilitate
automatic preparation of various statements to be sent
to external agencies like insurance, provident funds and
banks.
24. Planning
In order to be competitive, mega
corporations, large-workforce organizations
and even small and medium businesses need
to do long range corporate planning in a
systematic manner.
26. Problems faced in implementing
computer based working system:
1. Employees’ dissatisfaction.
2. Excessive cost.
3. Lack of skill.
4. Not having realization of the advantage.
5. Lack of training facilities.
6. Unacceptable by some employees.
7. Need for new expert employees.
8. Spending too much time.
9. Uncertainity and dilemma.
10.Software development development.
11.Lack of technical support.
12.Lack of Government support.
27. 1. Employees’ dissatisfaction:
In insurance sector employees were adopted with previous working system.
As computer based working system were not familiar them they were not accepting this kin
system. They were raising issues like, “We are fine with our working system so why we ha
adopt with a new and unfamiliar system?”
28. 2. Excessive cost:
As the insurance companies turned their older system into computer based new
system, they had to make huge costs for implementing this kind of system.
29. 3. Lack of skill :
Most of the employees were not properly skilled in computer. A research proved
that most of the employees were over 40 years. They did not have the desire or
interest in using computer.
30. 4. Not having realization of the
advantage:
As the employees did not have the realization about the advantage of adapting this
kind of system, so they did not agree to adopt it. By adopting this system companies
could communicate and would send data so quickly and safely but most of the
employees was not aware of the advantage of this system.
31. 5. Lack of training facilities:
Employees in the insurance were not skilled in computer and alsothe had to
gather skill to continue work with this new system. So there was a vital need of
training. But the employees had to attend the office regularly and they had not
enough time to be skillful in computer. So companies fell in dilemma. After
attending office daily they had not time or scope to gather skill.
32. 6. Not acceptable by all :
Some employees agreed to work with new computer based
system and some put disagreement to work with new
system. This kind of situation hampered the inner activities
and collaboration among the employees.
33. 7. Need for new expert employees :
As the insurance companies wanted to institutionalized this system the needed new
skin full employees in computer. But finding skilled employees were to tough for the
companies.
34. 8. Disagreement among the senior
employees:
New skillful employees were needed for the companies. But this matter created
disagreement among the senior employees. They did not want to give chances to
new employees because they did not wanted to lost their position. And it was
mandatory to give chance to some new employees because companies needed
expert employees in computer. And the senior employees had to loose their
position as there were no job scope in those companies.
35. 9. Spending too much time:
A new system required too much time to institutionalize. So this huge time can
hamper the activities of those companies. So there is a huge risk for insurance
companies to adopt with this system.
36. 10. Uncertainty and dilemma:
When executives determined to institutionalize this system,
uncertainty arises among them. They were not sure about the
success of this system.So dilemma rose among them. Those
companies who did not institutionalize this system continuing
their activities as past they were able to maintain their profit but
those who institutionalized computer system were facing so many
problems to continue their profit scale.
37. 11. Software development dilemma:
As there were many software adoptable for those insurance companies
but they had to choose the proper and cheaper one for them to
continue the system properly. So there arise a dilemma for software
development.
38. 12. Lack of technical support:
At the beginning companies had not enough technical support. They had to import
support from foreign countries. So unavailability of technical support created
severe problem. As many technical expert were not prevalent as today, companies
had to suffer a lot.
39. 13.Lack of Government support :
Today we call our country a digital country because there is enough communication
facilities within the country or outside of the country. But a few years ago BD were
not as like as today Government were not able to digitize the country as today. So
companies needed much govt. support which were not available.
41. • Arranging training program:
– As most of the employees are unskilled,
companies can arrange training program.
– After office session so that daily activities don’t
hamper.
• Employing new expert employees:
New employees who are expert in using
computer.
• Technical support :
Support of technical experts from home and
abroad.
42. • Developing suitable software:
With the help of experts, developing software more
suitable with a company’s type of tasks.
• Institutionalizing through a mutual way:
Arranging meeting to motivate employees
uninterested to use computers. Creating unity
among employees can make the institutionalization
process faster.
• Arranging seminars and workshops :
To make employees aware of the advantages of
using computer in insurance sector.