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Insurance Portal

CLIENT BACKGROUND

The potential of the Indian insurance industry is huge. It has an annual growth rate 15-20%. Insurance and banking services contribution to the country’s GDP is 7%. The funds available with state owned life insurance company (LIC) for investment are 8% GDP. Huge market is largely untapped РRural & Urban. Still 70% of population is not touched by insurance. Only 1 percent of population is covered under private health insurance. Increase in standard of living, disposable income, literacy, insurance awareness throws open huge opportunities on insurance.

Since 2000, private companies were permitted to operate, and brokers suddenly had a role to play. It is still a maturing insurance industry with only 21 life, 22 Non-Life Insurance and approximately only 100 active insurance brokers with brick and mortar business models.

At present, 312 million middle class consumers in India have enough financial resources to purchase insurance products like pensions, health care, accident benefit, life, property and auto insurance. However only a small fraction (less than 20%) of this insurable population has any form of insurance coverage.

THE CHALLENGES

For insurance companies, access to knowledge is the key to serving customers and managing the agent network more efficiently. Because many agents and even customers are accessing the Web to report claims and get policy information, a clean database and smooth workflow is crucial.

One of the major challenges insurance companies faced in managing knowledge is the diversity of their offerings. Many provide health insurance, life insurance and car insurance along with investment products.

Because the products change so often due to market demands and regulations, providing agents with the most up-to-date information on products and policyholders is crucial to the sales cycle.

Processing policy applications and renewals is only one of the many challenges faced by insurance companies.

Because still all the insurance companies has not yet integrated fully also due to lots of underwriting guideline they are unable to put in the web portal. Only some of the retail products OTC (over the counter) can be sold through the portal.

They have kept total information in their database and when the customer puts their information that will automatically fetch the data from both the online server and database in the back end.

For offline process the client needs to fill the proposal form and send back to the intermediaries with the payment may be cheque or DD. If the customer like to choose paid through online they have the option but it will be routed through the intermediaries own gate-way system. So after collecting the money and filled proposal form they will deposit the form in insurance companies. But insurance company will not allow intermediaries to give the cheque every time so they might ask for maintaining a CD account with them. When the proposal comes they will deduct amount from the account.

e-Celtic’s SOLUTION

e-Celtic has developed the premier insurnace portal – www.gibl.in
GIBL proposes to address the needs of the market with an easy web based application that will simplify the decision-making, purchasing and communications process involved in opening and managing an insurance policy.

People can purchase a policy online by three easy steps. Get a quote for their requirement, compare various quotes available and then purchase the product.

GIBL is an online insurance engine. It provides interface to buy insurance online from different insurance providers. GIBL covers most of the leading insurance companies. Apart from insurance, GIBL gives user to maintain their accounts online, add family members to their account even buy policies for them as well. The system maintains policy history, gives automatic policy renewal notification, printing policy, claims, claim history. Users not only buy the policy, they can search for quotation from different provider with minimum input. System implements efficient algorithms to display the quotation to the user as fast as possible. System also provides point of sale information (daily, weekly sales etc) to its premium clients.

TECHNOLOGY USED

This project is a web application that is developed in Java/J2EE having MySql as back end.

  • Database Design (MySql)
  • Input Design (ASP.net)
  • Coding (C#)
  • Web Server (IIS)