Modernization of NTUC Income

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Assignment On

Modernization of NTUC Income

Course code: MIS101
Section: 1

Submitted to:
Md. Monzur Morshed Bhuiya
Course Instructor

Submission Date: 19-04-11

Acknowledgement

At first we would like to thanks the Almighty Allah, who provided us this great opportunity to accomplish this project successfully with good health and sound mind.

We would like to pay profound gratitude to our honorable sir Md. Monzur Morshed Bhuiya, without his guidance and help it was impossible for us to complete this term paper satisfactorily. We enjoyed the challenges of preparing this assignment as it provided us an opportunity to increase our understandings of various pertinent features of conducting a research.

To continue this research we mainly take help from different websites, books etc.

Finally, we would like to pay thanks to our parents from the depth of our heart for their endless support, encouragement and inspiration.

Table of content

1. Abstract……………………………………………………………………………1

2. Introduction……………………………………………………………………….2

3. Question No. 1……………………………………………………….…………….3

4. Question No. 2…………………………………………………….……………….4

5. Question No. 3………………………………………………….…….……………5

6. Question No. 4……………………………………………………….…………….6

7. Question No. 5……………………………………………………………………..7

8. Conclusion……………………………………………………………….………...8

9. Reference list…………………………………………………………….………...9

Abstract

NTUC Income is a life and general insurance company. It is a co-operative insurance society formed in 1970, was initiated by Dr Goh Kang Swee. NTUC Income’s process started with various customer meeting and agent filling the paper form and many other steps which was very long and tedious but after migrating a fully digital system, it includes customer centric design barcode technology which minimize the downtime occurrence but it also face problems such as paper policies compromising data retrieving problem etc. But it also got benefits such as efficient retrieval data, high pace electronic mass storage system etc. Finally we can say that NTUC Income enriched their working system in such way that there is no possibility to create further problems in future.

Introduction
NTUC Income is a life and general insurance company based in Singapore. It is one of the "Big Three" insurers with a significant share of the local motor insurance market. It is an organization that was made different right from the start with an initial capital of $1.2 million. It is a co-operative insurance society formed in 1970, was initiated by Dr Goh Kang Swee during the "Modernization of the Labor Movement" seminar on 18 November 1969. Today, it has matured into a leading insurer and progressive organization with close to 2 million policyholders placing their trust in us and assets at $19.9 billion. Its insurance plans benefit large numbers of Singaporeans from all strata of society, and the company supports the community through financial contributions to the labor movement, charities and other worthy causes. The insurer employs about 3400 insurance advisors and 1200 office staff with the majority located across an eight branch network. On June 1, 2003, Income succeeded in the migration of its legacy insurance system. The Herculean task required not only the upgrading of hardware and applications, it also required Income to streamline its decade-old business processes and IT practices.

Question No. 1. What were the problems faced by Income in this case? How were the problems resolved by the new digital system? In the past, NTUC Income, which has over a million insurance policy holders, processes were very tedious and paper-based. The...
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