Comparative Analysis of Insurance Policies and Advising System for the Prospective Public

Abstract

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. It involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The comparative analysis of insurance policies and advising system for the prospective public is crucial for countries like Ethiopia that have a number of insurance companies with different service products. However, in Ethiopia, until now there is no such kind of system offered because it was considered to be too difficult of a risk to be carried by the insurance industry. The project has three modules namely admin, officer and customer. This system helps for all the prospective public to get guidance and advice on how to have policies contracts on on-line to be and renew their policy Holderness. Furthermore the prospective public can compare different service products from different companies which is better and convenient for them from the companies on hand