Data Dictionary of Insurance

Policy Account Table

Sl No. Data Element Data Type Size Description
1 Policy Number Number 14 Identifies Policy
2 Date Date/Time 8 Helps in keeping record
3 Policy Holder Number Number 14 Identification Id (Primary Key)
4 Name Number 14 Identifies Person
5 Date of birth Date/Time 8 Identifies Person
6 Gender Text 20 Identifies Person
7 Age Number 2 Identifies Person and helps in
determining policy, helpful in
differentiating adult and child.
8 Insurance Number Number 14 Determines all about Insurance

(POLICY_ACC)

Data Dictionary of Policy

Holder Data Table
(POLICY_HOLDER)
Sl. No. Data Element Data Type Size Description
1 Policy Holder Number 14 Identifies about Policy
Number Holder (Primary Key)
2 Policy Holder Name Text 20 Identification tool
3 Date Of Birth Date 8 Helps in calculating age
4 Marital Status Text 10 Helps in many policies
and even in identification
5 Gender Text 6 Tool to identify
6 Religion Text 10
7 Home Address Number 30 Helps in sending letters
and notices etc
8 City Text 16 Can help in providing
information to local
centres
9 Contact Number Number 10 Helps in contact
10 Home Number Number 10 Can use this number if
another number is not
working
11 Company Phone Number 10 Can contact at office
Number timings
12 Job Title Number 10 Identification element
13 Office Address Number 30 To send Letters to Office
 if Selected this option
14 Office city Text 16 Identifies Official
address
15 Office Number Number 10 Helps in Contact

Data Dictionary of Insurance

Premium Payment Table
(PREMIUM_PAYMENT)
Sl. No. Data Element Data Type Size Description
1 Receipt Number Number 14 User/agent can refer later
2 Receipt Date Date/Time 8 Helps in determining if
payment made before due date
3 Policy Number Number 14 Determines about Policy
(Primary key)
4 Agent Code Number 14
5 Policy Holder Name Text 20 Identifies Person
6 Insurance Scheme Yes/No 1 Determines Scheme Norms
and checks if any Error
7 Premium Amount Number 14 Amount to be paid by the
policy holder is calculated
automatically every month
8 Insurance Period Number 14 Helps in some policies to
detect if period is over or not
9 Due Date Date/Time 8 Marks the starting of fine if
payment not made within this
date and also helps in
notifying the customer
10 Fine Number 8 Fine is added to the premium
amount after due date is over
11 Cheque Number Number 14 Helps to keep record of made
payment
12 Bank Name Text 14 Helps in taking payment is
made by cheque
 FEASIBILITY AND COST
BENEFIT STUDY

Technical Feasibility
Major issues in technical feasibility are to see if the
required resources- trained manpower, software and hardware
are available or not. Manpower is readily available. The
softwares like oracle and visual basic are available with the
company since it has already worked with the same software
earlier also. So our solution is technically feasible.

Operational Feasibility
Operational feasibility accounts for the acceptability of the
proposed system in present conditions. Since the system
minimizes paper work by computerizing the whole process.
So, it will be readily accepted since it reduces human effort.
Minor training can be provided to the employers if any
problem in compatibility arises.

Economic Feasibility
Technical feasibility doesn't guarantee if the system will
be beneficial to the system if developed. For this economic
feasibility is done. First task that is done in economic analysis
is to identify the cost and benefit factors in the system
proposed. In our case, costs and benefits are following:
 COST
Cost Cost Quanti Total Cost
per unit ty
Software
Oracle 50,000 1 50,000
Visual Basic 30,000 1 30,000
Windows 15,000 1 15,000
Server 2003

Windows XP 5,000 4 20,000

professional

Hardware
Central 100,00 1 100,000
Computer 0
Client 50,000 4 2,00,000
Machine
Development 50,000 1 50,000
Analyst 50,000 1 50,000
Developer 20,000 2 40,000
Training 20,000 1 20,000
Data Entry 5,000 1 5,000
Warranty ( 1
month)
Professional 20,000 1 20,000
Total Cost 6,20,000
 BENEFITS
Premium collected from new = 1000*2500
members in one year
= Rs 25,00,000

Now using Net present value method for cost benefit

analysis we have,

Net present value( or gain ) = Benefits - Costs

= 25,00,000 -
6,20,000
= 18,80,000

Gain % = Net present

value/ investment
= 25,00,000 /
6,20,000
= 4.032

Overall Gain = 403.2 %