Insurance agencies often find themselves helpless in complex industry dynamics. With increasing demands, stricter regulations, increased conformity requirements and heavier workloads, agencies are often under immense pressure when it comes to time management, human capital and resources.
Enterprise resource planning (ERP) is effective and efficient process and data management solution that offers several benefits to insurance agencies. ERP have been broadly implemented due to their ease of use, task automation, impressive data analysis and phenomenal integration functionality. ERP’s capabilities are optimal for insurance agencies now a days, especially in accounting processes, customer care and complete office automation.
Through ERP integration your staff can view data, produce reports and complete tasks through common information portal. ERP integrates seamlessly into your agency’s base. It centralize the accounting process whole agency.
Finally, integration means you can use ERP to handle your insurance business’s accounting processes such as payouts, fees, distribution, monthly payment collection and even HR and payroll.
ERP has the ability to automate the data-driven processes of your agency, from financial processing to customer services, including tasks particularly to insurance administration. It can automate Policy Administration, Claims Administration, Billing, Underwriting, Sale Management Software, Invoice and payment Management.
Its automation helps you attain greater accuracy and organizational efficiency while tremendously reducing the probability for human error.
By pairing financial management capabilities with comprehensive data collection and analysis, ERP ensures accurate reconciliation, payment collections, funds distribution and financial analysis. Other than policy funds management, ERP’s accounting capabilities can integrate payroll, expense management and policy pricing. This results in decreased staff workloads and agile processing.
Dynamic, accurate data analysis is single most essential component of an insurance agency’s success. ERP gather and analyzes your agency’s data, giving you the ability to see information and develop actionable, detailed reports. You can use data analysis to measure your agency’s productivity and determine your profit, loss and expense ratios.
Further, ERPs data analysis assist you track and evaluate expenses, accounting processes, customer data and overall agency efficiency.
ERP offers impressive customer service management tools. From customer satisfaction to customer service analysis features such as, call center management, and online customer account capacity, ERP’s customer service module is impressive, customizable, and build with customer satisfaction in mind.
With remarkable capabilities and unmatched functionality, the InsureQlik’s Insurance Broker Software is an ideal solution for insurance brokers, insurance agents and agencies.