Developing a Centralized Server for Data Exchange among Insurance Companies

For the final project, we created the Insurance Benefits Service (IBS) system, which performs as a centralized server connecting various insurance companies among Bahrain,to exchange customer data. The absence of a centralized server among local insurance companies possess Some disadvantages including lack of customer satisfaction,incorrect data provided by customers affecting employees workflow, in addition it could lead companies to loss money due to customer fraud attempts.Through implementing the IBS system, we are aiming to improve insurance companies current method of gathering customers personal, and insurance data. The current method involves insurance companies to gather customers full personal details, including a copy of their driving licence, CPR, and filling out the Know your customer form (KYC), this process can be very lengthy and prone to errors. Therefore, with the IBS system once a customer decided to transfer their insurance policy from company A to company B, they can simply ask their new insurance company to request their data through the IBS system server. Once the customer approves the exchange of their personal data, all the local insurance companies connected to the IBS system can view the customers personal data, past insurance records, including the different policies purchased, policy’s premium rate and if any fraud attempts have been recorded by any of the companies. As a result of implementing the IBS system, companies can increase customer satisfaction as they won’t need to follow a lengthy process, the second benefit is that employees obtain customers accurate data within hours increasing their work efficiency and decrease the time spent issuing each policy. Finally, since the local insurance companies are connected and can exchange customers data, they are able to decrease the chances of insuring an individual with high premium rates or a history with fraud claims, which can prevent companies from losing money.