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Dbms insurance sector

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  • 1. INSURANCE SECTOR1 9/3/2012
  • 2. AGENDA: The actual agenda of the presentation is to  Study the given sector,  Analyze the business requirements,  Find the business rules,  Draw ER Diagram and  Normalized Relational Schema. 2 9/3/2012
  • 3. INSURANCE: Protection against loss for which you pay a certain sum periodically in exchange for a guarantee that youll be compensated under stipulated conditions for any specified loss by fire, accident, death, etc 3 9/3/2012
  • 4. HISTORY: Insurance is probably one of the oldest human economic activities. Developed as a way of protecting merchants from unforeseen events (natural catastrophes, robberies, etc.). There is evidence of traders using insurance for risk management as early as the third millennium BCE (“before the common era”). 4 9/3/2012
  • 5. Cont., 1818 First life insurance company Oriental Life Insurance Company (in Calcutta). 1850 First general insurance company Tritan Insurance Company (in Calcutta). Till 1956/1972 life and general insurance industry grown in terms of number of companies the volume of premium, investible resources, and so on. 5 9/3/2012
  • 6. Cont., Currently there are 21 registered Life Insurers and 20 General Insurers. There are also various Insurers who provide specific insurance alone. The insurance was regulated through the Insurance Act, 1938. Nowadays, insurance is one of the most complex areas of the financial sector, covering a wide range of risks for both personal and business activities. 6 9/3/2012
  • 7. MAJOR TYPES OF INSURANCE: Life Insurance:  Health.  Life.  Accidental death and dismemberment insurance General Insurance:  Property.  Automobile insurance.  Crop insurance. 7 9/3/2012
  • 8. LIFE INSURANCE: It is a written contract between the insured and the insurer. That provides for the payment of the insured sum on the date of the maturity of the contract or on the unfortunate death of the insured, whichever occurs earlier 8 9/3/2012
  • 9. GENERAL INSURANCE: It is a non life insurance policies, including automobile and homeowners policies, provides payments depending on the loss from a particular financial events. General insurance typically comprises any insurance that is not determined to be life insurance. 9 9/3/2012
  • 10. BUSINESS RULES: A person can’t be insured if he/she is over the age of 65-70 (based on the Insurance company). Single vehicle can’t be insured twice. Drunken drive can’t claim vehicle insurance. For payment of the suicide death, the period of the insurance must have crossed 365 days. 10 9/3/2012
  • 11. NEED FOR INSURANCE: The need for insurance arises out of the risks we all run in the course of living our daily lives. Insurance is a way of managing risks. Insurance is vital to good financial planning and security but you would need to assess your personal risk and long term commitments. Insurance stands a person in good stead throughout life and can be used in case of emergencies during a life time by requesting a withdrawal or loan. 11 9/3/2012
  • 12. ADVANTAGES: Providing Security Government Regulation Provide Saftey Risk Cover Mortage Redemption Tax Advantage Source for Collecting Funds Encourage Savings Planning for future needs Assured income through annuities Protection against rising health problem 12 9/3/2012
  • 13. DISADVANTAGES: It may be due to agents, when we work with an agent we have to pay commission to him, this may lead extra cost. If we cut the middlemen then we can save money then it can be paid as premium for insurance. Lack of consumer awareness Buying Life Insurance when you have no need Buying Complex Life Insurance Products Buying Expensive Insurance Product Usage of insurance as investment product Incompetent personnel and facilities in industry 13 9/3/2012
  • 14. INSURANCE COMPANIES IN INDIA Bajaj Allianz Life Insurance Company Ltd. Birla Sun Life Insurance Co. Ltd. HDFC Standard Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd. ING Vysya Life Insurance Company Ltd. Life Insurance Corporation of India. Met Life India Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited. SBI Life Insurance Co. Ltd. Tata AIG Life Insurance Company Limited. Reliance Life Insurance Company Limited. 14 9/3/2012
  • 15. BUSINESS REQUIREMENTS: Every customer may have as many number of policies as he/she wishes. The customer may even have more than one life insurance on his name. Each customer may be facilitated by one or more agents. The customer may also hold a policy without the middleman(agent). Every agent facilitates n number of customers. 15 9/3/2012
  • 16. 16 9/3/2012
  • 17. 17 9/3/2012
  • 18. TABLES: Customer Details:Cus_Id CName DOB AGE PhNo Address Agent Details:LicenseNo AName DOB AGE PhNo Address Policy Details:PolicyId Name Term_Period Total_Premium Type 18 9/3/2012
  • 19.  PIT:Policy No Policyid Cus_id Agent_id Policy_date Exp_date Payment Details:Payment No Policyid Cus_id Premium_A Payment mount Date 19 9/3/2012
  • 20.  Claim Details:Claim_i Policy_ Claim_da Sanc_da Reaso Inc_dat Report_no Chq_nod no te te n e 20 9/3/2012
  • 21. 21 9/3/2012