Vehicle Insurance Risk Assessment System

Abstract

"The inaccuracies of the risk assessment process in the Sri Lankan vehicle insurance industry have caused insurance underwriters major challenges due to the absence of a standardised framework causing issues with the incompleteness of data, fragmented communication between insurance companies, and extended processing times.

The primary objective of this project was to research, analyse and identify the reasons as to why this problem exists in the insurance industry and how it can be solved. To support this research, a comprehensive background study was conducted using available literature and domain expert interviews. Additionally, a survey was also distributed to employees of the insurance industry, mainly focusing on the insurance underwriters. This survey collected data helped form the basis for defining requirements.

Once the requirements were finalised, the user interface was designed using Figma. Throughout the implementation and design stages, new skills and knowledge of various tools and techniques were acquired and refined.

The aim was to design, develop, and evaluate a solution, in the form of a system, to serve as a risk calculator to help insurance underwriters assess risks by effectively integrating and computing several risk factors. The Vehicle Insurance Risk Assessment System enhanced data accuracy and cut down on assessment time, while also addressing ethical, social, and legal issues like security and data privacy.

The system comprises two user portals: insurance underwriters and IRCSL staff members, who act as the database and system administrators. The system offers features such as dashboards, a risk assessment calculator, and a policyholder profile requestor tool, that helps insurance underwriters share policyholder information when a policyholder decides to shift to other insurance providers.

The Vehicle Insurance Risk Assessment System is a feature-rich and well-designed platform that satisfies the requirements and processes of IRCSL employees and insurance underwriters. This solution would greatly advance the development of vehicle risk assessments by offering a more precise, smooth, and effective process for the Sri Lankan vehicle insurance industry."