Gateway ERP, World’s 1st BPM enabled industry specific Gateway ERP helps businesses to create full process support applications involving multiple users across functional areas. This helps you in attaining fair decision making and responsibility-oriented culture within the company.GatewayERP is based in UAE with over 150 satisfied clients with around 30 business verticals. Improving process throughput and Reducing Process Steps are the two biggest drivers for BPM, followed by Improving Accuracy & Repeatability. Challenge of bringing operational discipline is handled while deriving functional flow and data visualization. Decision support mechanism enabled in the areas of decision making. Real Time Monitoring is possible. We adhere to the principles of constructing BPM in any industry, dealt with.
When an insurance and broking company plans to implement an ERP SOFTWARE, there are several common pain areas that need to be addressed for a complete solution. Here are some key areas to consider:
Managing insurance policies and related processes is a critical aspect for insurance and broking companies. The ERP system should support policy administration functions such as policy creation, underwriting, endorsements, renewals, policy document generation, and policy lifecycle management.
Efficiently managing insurance claims is essential. The ERP system should facilitate end-to-end claims processing, including claim registration, documentation, evaluation, settlement, and tracking. Integration with external systems, such as loss adjuster services or third-party administrators, may also be necessary.
Customer Relationship Management (CRM):
Maintaining strong customer relationships is vital for insurance and broking companies. The ERP system should have CRM functionality to manage customer data, track interactions, handle customer inquiries and complaints, and support customer self-service portals. This helps improve customer satisfaction and retention.
Commission and Incentive Management:
Insurance and broking companies often work with agents and brokers who earn commissions and incentives. The ERP system should handle commission calculations, tracking of sales performance, incentive management, and payment processing to ensure accurate and timely compensation for agents and brokers.
Policy Quoting and Pricing:
The ERP system should provide capabilities for policy quoting and pricing. It should enable the calculation of premiums based on various factors such as coverage, risk assessment, and customer information. This helps streamline the quoting process and ensure accurate pricing for insurance products.
Insurance and broking companies operate in a highly regulated environment. The ERP system should assist in managing regulatory compliance by ensuring adherence to industry-specific regulations, compliance reporting, and supporting audit requirements. This includes compliance with data protection, privacy, and anti-money laundering regulations.
Accounting and Financial Management:
Effective financial management is crucial for insurance and broking companies. The ERP system should have accounting modules to handle financial processes such as general ledger management, accounts payable and receivable, billing and invoicing, financial reporting, and reconciliation. Integration with banking systems may also be required.
Reporting and Analytics:
Access to accurate and real-time data is vital for decision-making and business analysis. The ERP system should provide robust reporting and analytics capabilities, including policy performance analysis, claims analysis, sales analysis, financial analysis, and regulatory reporting. Customizable dashboards and data visualization tools can help in gaining insights from the data.
Insurance and broking companies deal with a large volume of documents, including policy documents, claims documents, and customer records. The ERP system should have document management features to organize, store, and retrieve documents efficiently, ensuring easy access and maintaining data security.
Integration with External Systems:
Insurance and broking companies often need to integrate with external systems such as insurance underwriting platforms, regulatory reporting systems, or financial service providers. The ERP system should support seamless integration to facilitate data exchange, streamline processes, and ensure data accuracy.
By addressing these common pain areas, an insurance and broking company can implement a comprehensive ERP solution that enhances operational efficiency, improves customer service, and enables effective financial management. However, it’s important to note that the specific pain areas may vary depending on the company’s size, geographical location, product offerings, and unique requirements.