ERP in insurance:
features, tools, value & services

ERP in insurance: features, tools, value & services

June 20, 2023

Konstantin Pilkevich
by Konstantin Pilkevich, Head of Itransition's ERP Center of Excellence
Insurance ERP is an ERP solution for insurance companies to run and integrate core business processes, including claims and policy management, HR and contract management, subscription and document management, finance and accounting, human capital and transaction management.
Operating in the software engineering industry since 1998, Itransition has delivered effective enterprise resource planning solutions for the insurance sector. The company prides itself in helping companies personalize customer service and accelerate the speed of service delivery, automate business processes and reduce labor costs, as well as achieve data consistency and ensure regulatory compliance.

About Itransition

10+ years in ERP services

50+ completed projects of different scales across various industries

Hands-on expertise in delivering custom, platform-based, and hybrid ERP solutions

An Odoo Silver Partner

A NetSuite Solution Provider

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Client spotlight

Claim management software for a UK startup

Itransition developed a highly configurable, microservice-based, and pay-per-use SaaS solution with an open API for insurance companies to manage claims and policies lifecycles, quickly introduce new insurance offerings and enhance customer experience.

Insurance workflow management system

Insurance workflow management system

Itransition enhanced a custom insurance workflows management system by implementing advanced automation features, including calculations, reporting, and customization to help users optimize existing workflows and business processes.

Insurance ERP key capabilities

An insurance ERP system is an integrated solution. Itransition’s team defines the number and types of functional modules depending on the company’s business specifics and goals.

Claims management

Supporting the end-to-end claims management workflow to increase employee productivity, reduce fraudulent claims and the cost of claim resolution, and improve customer experience.
  • Electronic claims submission
  • First notification of loss (FNOL) management
  • Automated claims verification, assessment and assignment
  • Claims status tracking
  • Claims reporting
  • Analytics capabilities to identify fraudulent claims
  • Alerting and notifications

Key integrations of insurance ERP systems

Itransition can connect ERP software with other corporate applications to increase the value of your ERP system. Integrations will help to facilitate seamless data flow across business departments, achieve data consistency, and automate business processes.

Financial and accountingsoftwareCRMCustomer portalBI softwareEnterprise resource planning

We combine all customer-related data collected and stored within the CRM software with the operational data from ERP:

  • Optimize marketing and sales efforts
  • Increase brand awareness and retention

We enable secure two-way communication and smooth collaboration between departments, employees, and policyholders:

  • Set notifications and alerting in case of disruptions
  • Streamline activity planning and scheduling

We unify all financial transactions into a central hub and gain end-to-end visibility into all financial processes:

  • Forecast costs and potential revenue
  • Design budgets accordingly

We ensure your customers get quick access to their accounts to learn relevant information on current products and services:

  • Check claims resolution status
  • Manage invoices and statements

We help employees get a consolidated view of the overall performance of the organization:

  • Perform an advanced risk assessment and detect fraudulent claims
  • Predict customer behavior and devise efficient strategies

Need help with choosing the optimal ERP software for your needs?

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ERP platforms to consider

Odoo is an open-source user-friendly software that offers multiple modules and capabilities to satisfy the needs of companies across industries, including insurance.
Key features
  • CRM
  • Contracts management
  • Claims management/helpdesk
  • Accounting
  • Sales
  • Invoicing
  • Human resource management
  • Marketing automation
  • Document management
  • Recurring sales and subscriptions management
  • Reporting capabilities
Best for
  • Small insurance organizations
  • Mid-sized insurance organizations
Limitations
  • Challenging to scale and maintain without expert help

Our ERP software implementation roadmap for the insurance industry

1-2

Analysis

Business needs analysis

System analysis

3

Requirements

Requirements elaboration

4

ERP conceptualization

ERP solution conceptualization and tech stack selection

5

Planning

Project planning, including project scope, budget, timeframes, and deliverables

6

Development

ERP solution development, customization, configuration and quality assurance

7

Integration

ERP platform integration into the existing tech environment

8

Data migration

Data transfer to the new system

9

User training

User training to streamline ERP adoption

10

Deployment

Deployment of the final product

11

Support

After-launch support and optimization

Business value of ERP for insurance companies

Improved workflow efficiency
Simplified information exchange and streamlined collaboration between business departments helps employees get quick access to the information they need on demand, increases process efficiency and saves time and effort associated with manual data management.
Customer service personalization
Instant access to actual and trustworthy customer data, vast analytics and reporting capabilities, customers being free to perform service requests on their own at their convenience, helps build and maintain a customer-centric experience, automate marketing activities, and optimize the sales funnel.
Streamlined data access
Consolidated data from across siloed departments stored in a central database helps ensure quick and secure access to consistent and trustworthy data anytime from anywhere with no manual effort required.
Human errors reduction
Elimination of error-prone repetitive manual data entries and manipulations helps maintain perfect data accuracy, aids in regulatory compliance and reduces operating costs.
Business growth enablement
360-degree company view, improved synergy between departments, and automated manual and time-consuming activities help insurance organizations make informed decisions and lay the groundwork for advanced analytics initiatives boosting business growth and profitability.

Insurance ERP services we offer

This is the scope of our advisory services for insurance companies that want to implement or optimize the existing ERP solution:

  • Analysis of business needs and technology environment
  • ERP strategy creation and roadmapping
  • ERP solution architecture design
  • ERP implementation support
  • ERP software selection

    Insurance ERP FAQs

    How to select the best-fitting ERP option for insurance?

    What are insurance ERP implementation risks?

    What is the cost of ERP implementation?