The insurance industry is one of the largest and most important sectors of the global financial market. This industry enables individuals, companies and governments to manage their financial and non-financial risks. Through insurance, various risks such as property damage, illness, accidents and even death can be covered.
The insurance industry includes various types of insurance such as life insurance, health insurance, auto insurance, home insurance, civil liability insurance, and commercial insurance. Each of these insurances covers a specific type of risk. Insurers, which can be private or public companies, collect money from policyholders and, in return, protect them against potential financial losses. This industry plays a vital role in maintaining economic and social stability and is known as one of the most important risk reduction factors in society.
All insurance companies are looking for a simple solution to cover the risk in the insurance industry. They do this to manage insurance policies, increase sales and follow up after sales services. Ilia-ERP company supports the problems and challenges of insurance companies by providing solutions defined in Focus and abas system.
Challenges of the insurance industry:
- Absence of a suitable system to manage the high volume and wide range of customers and target markets
- The absence of a tool for measuring key performance indicators and the inability to view key business indicators at a moment’s notice
- Lack of integration of information systems in the support area, operation area and branches
- The impossibility of evaluating branches in terms of profit and loss, business
- Inefficiency of monitoring and reporting tools in the insurance industry
Insurance industry solutions:
- The use of customer relationship management system (CRM) in Focus ERP software provides access to operational information of integrated bank/insurance systems.
- Using management dashboards and business intelligence in Focus ERP software, managers can track and monitor all business performance indicators at any time and anywhere.
- Focus ERP calculates the actual cost of services by being able to connect to Core banking systems / calculating insurance claims and calculating the factors affecting the cost of services.
- By using management dashboards and business intelligence available in Focus ERP software, it is possible for the parent company to track and monitor all business performance indicators of each branch.
Insurance document management with ERP
Managing insurance documents using ERP (enterprise resource planning) systems can help improve business processes and increase the efficiency of insurance companies.
ERP systems enable the integration and automation of various business processes, including document management. These systems can help insurance companies to efficiently manage documents related to policyholders, insurance coverage, claims and payments. Using ERP, insurance companies can store, retrieve, distribute and archive documents electronically. These facilities can reduce printing and physical storage costs, increase speed and accuracy in document processing, and increase customer satisfaction.
In addition, ERP systems can help increase transparency and compliance. These systems allow for accurate tracking and reporting of all document-related activities, which can help insurance companies comply with data retention standards and laws.
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