The insurance industry in general is a paper heavy environment. Countless administration tasks, forms and contracts mean data accumulation can easily reach breaking point, fast.
An ERP (Enterprise Resource Planning) system is a solution designed specifically for making these tasks (and many more) as efficient as possible.
If you work within the insurance sector and feel you need a system that can help you streamline your processes, then read the following benefits of implementing an ERP system in the insurance sector.
The insurance industry is one of the most heavily regulated industries in today's economy. Conduct regulators such as the FCA (Financial Conduct Authority) regulate over 56000 financial service firms within in the UK. When there are changes to legislation, organisations must be able to access their data and present to the relevant body as quickly and efficiently as possible. Being able to evidence this data ensures your business remains compliant.
The ability to analyse and visualise data is a huge selling point for many companies in the industry. Being able to slice, dice and present data when needed, with visually stimulating dashboards, is a great advantage, especially when there is so much data at hand.
One of the most significant functional aspects of an ERP system is the ability to integrate data from several departments and bring it into one unified database. In the insurance industry this is especially important when tracking customer history, including past transactional details, personal data and legal agreements.
Profitability is the end goal and tracking all aspects of your sales process and activity and is incredibly important when it comes to providing insurance. Outbound and inbound sales calls, referrals, cross-sell quotes and internet leads are all the key sets of data you can record easily. Identifying and analysing every touch point and result with a customer can help you make the best and most informed business decisions.
Insurance brands pride themselves on the high-quality service they deliver to their customers, and in such a competitive market it's easy to see why such a considerable emphasis is placed on this. Companies who specialise in expert star ratings such as Defaqto look to insurance agencies to provide the quality service expected, having an ERP system in place is the first step in ensuring this. By accessing important information about customers at the click of a button, insurers can provide an efficient service, encouraging brand loyalty and repeat business.
Still using spreadsheets? Needing a way to integrate and track your data? At Oakley ERP we pride ourselves on helping our clients make the most informed decisions about the ERP software that's right for them and their business. We take time to walk you through the various options and solutions to make sure it's the best fit. With several clients in the insurance industry, we know the pain points and how to help overcome them.
Talk to one of our consultants today on +44 (0)1268 724005 or drop us an email at firstname.lastname@example.org.