You could go two ways with this ...
- if you have control over the database schema, you can use a sql-provider, which does exactly what you want - polls a database for new data inserted. You will need to structure the table schema that you are polling with status columns, etc.
- schedule-provider, as you suggested. Here's some more documentation :
you can also check the Notifier component. i think there is one notifier to moniter the db table dml opertaions. using this you can send the notification alert when ever any changes in db table.