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

There is no one-size-fits-all ERP solution. Thus, while choosing an optimal ERP in the insurance industry, you should consider the following criteria: ERP scalability and flexibility to define how quickly the solution may adapt to business requirements and grow standardization across the company Solution simplicity in terms of adoption and usage Integration capabilities and how open its architecture is Deployment model (on-premises, cloud, or hybrid) Prioritized functional requirements and industry focus

What are insurance ERP implementation risks?

One of the biggest risks connected with the ERP implementation projects is operational disruption – situations when insurance companies cannot close books, pay employees, or access customer data. To mitigate the risks connected with operational disruptions, companies should: Clearly define business processes before starting the ERP implementation workflow Invest and put considerable effort into change management Achieve alignment between the company’s executive, project team, and the rest of the stakeholders Test the ERP solution both from the technology perspective and user acceptance side.

What is the cost of ERP implementation?

The cost of insurance ERP varies exponentially due to a number of cost factors, such as: Implementation strategy (custom ERP development or platform-based ERP implementation) Software configuration and customization needs Integration requirements (number of systems to integrate with, integration approaches) License fees (varies due to deployment mode, number of functional modules/adds-on, number of users) Hardware-related costs (in the case of deployment on local servers) Data management activities (data integration, quality management, migration) Quality assurance procedures ERP software maintenance and upgrades Security requirements User training and customer support The abundance of cost factors could make any estimates misleading and affect your project planning. For some ballpark estimates, you may reach out to our ERP consultants.

ERP for the Insurance Industry: Solution Overview