ERP for Insurance

Enterprise Resources Planning is mandatory for Insurance organizations, They need flexible, well-organized systems on Oracle NetSuite can be used information processing as they work with a great number of transactions:

Financial Management: Streamline your specific financial operations processes and operations such as general ledger, Accounts payable, accounts receivable, tax management, cash and payment management.

Transaction Management: Improve transaction reporting such as collecting fragmented electronic documents and from the processing of time-consuming paper-work.

Billing Management: Improving accuracy, eliminating billing errors, strengthening revenue recognition processes of your custom services & products.

Planning & Budgeting: Shorten cycle times, engage business users and enrich your planning process with an intuitive planning, budgeting and forecasting solution built specifically for this industry.

Revenue Recognition: Accounting departments to account for any contract under any revenue standard, for any given set of products and services including service contracts.

Financial Reporting & Analytics: Superb reporting experience that delivers real-time financial analysis and modeling across every dimension of your business requirements.

The insurance industry has specific needs that set it apart from other markets especially for the customer related activities and  improvement of their daily business processes.

• Support for all sales channels including brokers, agents, call centers, and direct employees.
• Claims Management that integrates with external claims/billing systems.
• Quote Management and Policy Management tracking with automated workflows.
• Document management and optical character recognition (OCR) capabilities for storing all documents such as insurance and ID certificates using Robotic Process Automation.
• A self-service portal to manage relationships with insurance brokers, agents, and customers.

The insurance companies are flooded with overwhelming levels of routine, repetitive and operational tasks. there are significant adaptation to robotic process automation.

Azdan is using RPA to connect core insurance processes with the newer capabilities you need to reduce response times, decrease operations costs, and ultimately focus your employees on higher value work. Here are some RPA applications in Insurance:

• Insurance Underwriting: Gathering data from different systems to assess the risk associated with any insurance policy makes underwriting an appropriate area for RPA.
• Claims Registration: Prepare the insurance claims process is labour and data-intensive because due to collection of information from multiple sources.
• Policy Administration: Policy administration brings together all the functions of an insurance provider, right from quoting rating, and underwriting to the distribution of customer services.