Using ERP Solutions to Bring Your Insurance Agency’s Accounting Up to Speed
Enterprise Resource Planning (ERP) is a boon to organizations which help in integrating all company data from client enquiry to invoicing and follow-ups for AMCs on a common platform. ERP Solutions help the company to integrate the data of all the departments under one common database & hence it’s easy for searching transactional details & Inventory Data of the company and the particular branch easily.
Insurance Companies in India
The Indian Insurance Industry is a growing one which has several national and international players competing for excellence. With several reforms and policy regulations, the Indian insurance sector has witnessed tremendous growth in the past years in Insurance Sector. The growth in the insurance industry directly impacts the reinsurance industry. Reinsurance providers are basically companies that provide insurance cover to insurance companies to cover their risk. With the growth in the amount of insurance products sold by the insurance companies their risk component goes on increasing. So as to cover this risk, companies resort to reinsurance. Thus the reinsurance market is all growing at a rapid pace in India.
Insurance Company facing problems on Insurance Company’s Voluminous Data:
Since Insurance is a B2C industry largely, there is a huge number of data which needs to be maintained. Due to the data being financial in nature, it needs to be protected constantly. Now, in an insurance Company, the data is usually not maintained in one place and largely on paper. Hence, it is difficult to use for any purpose quickly. It is difficult to get hold of the important data quickly, due to non-segregation, non – uniformity in data maintenance, transactional Errors and departmental arrangements and hence cause unprecedented delays.
How can ERP Solutions prove useful for Insurance Sector Companies?
Whether it would be Life Insurance, Medical Insurance or any other Insurance Plans, but when it comes of tracking of data, the transactional amounts & their legal data, ERP Solutions are the best for any Insurance Company as it will help them for appropriate backup of data, tracking customer’s credentials & taking care of the legal agreements with the help of Updated modules & Reports in ERP
With the arrival of the globalization, the industry which is booming is the insurance industry. Many companies from all over the world are venturing into this insurance companies. In developed as well as underdeveloped countries there are lots of scope in this sector. The contribution of ERP is great in the sector of insurance for simplifying the big and the small operations.
Especially in three areas which are very vital this Enterprise resource planning has played an important role in this business sector. For the betterment and interest of the business ERP has facilitated coordination between the insurer and agents by solving the problems of both the fields. ERP has provided the insurer and the agent a common platform. By this, it has become possible to keep a track on sales of the agents along with ease in sales forecasting.
After implementing an ERP for Insurance Industry, the company can focus on streamlining their processes especially the complaint management and Claim processing part. This will help in a better turnaround time for the company and increasing the customer loyalty.
ERP solutions for Insurance Agency helps in a smooth assessing of damages, settling claims, difference between insured value and loss in time besides litigations. With the help of Enterprise resource planning software the data of different departments can be integrated on one common data base.
Rectifying Information Flow for Insurance Companies
In insurance sector executives are responsible for receiving the details of each and every minute process. If the processing information is delayed the executives can’t go ahead with solving customer enquiry and communicating important information to him. A Sales Person is the face of the company to the customer and today’s customers want their enquiries to be solved without any delay.
Hence, Sage ERP Solutions help the sales person to access his crucial data even on the go and from any device. This will not only help him be constantly updated, but also help in increasing the customer loyalty.
Transparency is maintained:
The important part of the insurance sector is the agency. Selling, marketing and giving service are the important aspect of an insurance agent. After the intervention of ERP each and every transaction can be updated step by step. This move also helps the insured, he can know what is happening to his complaints. To know more about how ERP Solutions help can your company better, SMS SAGE to 56767. You can also write to Sage Software Solutions Pvt Ltd at firstname.lastname@example.org for a free consultation.