Scope of electronic tables (spreadsheets)
Spreadsheets may make all of your paperwork a lot easier, faster, more comfortable, and more dependable. Even a small database or basic electronic table may be used to efficiently retain the models of the key documents in the insurance company's documents circulation. Given that the insurance company encompasses a wide range of insurance (such as accident insurance, life insurance, fire insurance, endowment insurance, and so on), it's no surprise that the turnover contains the same number of model papers, which each customer must sign in order to be insured. You can use spreadsheets not only for this area. There are many other directions, where this program is important. For example, in writing. I work as a writer and I am very important to save data somewhere. When I write paper for me, I always keep them in google tables on Dropbox for integrity and data order.
Of course, the performance of a human searching a pile of documents for the required model document and the performance of a machine finding the same document in a database might differ by thousands of times.
Naturally, an insurance business can have thousands of customers and retain their personal information. This information may change, making it cumbersome to write and sign new contracts with any client who wishes to alter their name or address. Furthermore, all staff can share documents with one another at any time. It will be a good practice to keep track of the customers' insurance payments history and factor it into the risk coefficients, monthly payments, and other calculations.
Payment collection will be more efficient as a result of the computer's ability to calculate all payments for each insurance type and customer automatically.
As a result, the chances of making a mistake will be reduced. In general, computers can calculate anything – for example, if a potential client comes into the office wanting to be insured or get a mortgage but is unsure because he or she doesn't know much about it and wants to know how much it will cost (monthly and yearly payments, interest rates, or insurance premium amount), the computer can calculate all the indicators and present them in a readable format.
The aim of database
It's impossible to believe that a person can compute interest rates or monthly payments for a 40-year mortgage fast and accurately. So the database's initial purpose is to store all types of documents and provide fast access to any of them, as well as to do all essential computations.
Insurance entails various risk coefficients for different customers based on a variety of characteristics that are unique to each person (for example, driving record, age, and case history). These coefficients are based on insurance statistics and might fluctuate from year to year.
As a result, keeping the information in a spreadsheet that can calculate the coefficients automatically is a smart idea. Furthermore, there are several computer programs that master the key statistical procedures and instruments, reducing the strain on the statistic department substantially.