ERP IN INSURANCE

ERP in Insurance

ERP in Insurance

An enterprise resource planning (ERP) system is a insurance industry management system typically managed with computers. The goal of an ERP system is to integrate and coordinate a variety of insurance industry functions, including payroll, accounts payable, materials management, quality management, plant maintenance, sales and distribution, project management, and human resources management. ERP systems trace their origins to materials requirement planning (MRP) systems, which evolved in the early 1970s. The MRP system was designed to help manufacturing organizations plan their production and procurement operations and was originally conceived as a means of specifying what material should be ordered and when the order should be placed. Subsequently, MRP systems evolved to MRP II systems or manufacturing resource planning systems. These systems covered more aspects of insurance industry, including job costing and limited financial applications. ERP is the result of the continued push by developers of MRP II systems to cover more insurance industry applications. Now ERP can, in theory, integrate several different software applications to provide a user interface that does not require the users to navigate between disparate software/hardware platforms.

ERP software is complex and expensive, and companies often devote significant human resources to ERP projects, hiring consultants or systems integrators to help them implement them. Companies can conceivably spend millions of dollars and a number of years on ERP projects. The potential payback is, however, high. A carefully planned ERP system can provide an organization with a reliable, integrated database that can be used to manage businesses more effectively.

A typical ERP system provides applications for accounting and controlling, production and materials management, quality management and plant maintenance, sales and distribution, human resource management, and project management. There are both benefits and drawbacks of implementing ERP systems. Implementing ERP suites can refine and update corporate resource management, but the training and costs involved can be high.

This is the most time-intensive element of an ERP upgrade. The point-in-time copying capacity creates copies of live production data in minutes, so that you can test with all your data without disruption or downtime. Test cycles are shorter, and going live date is sooner. ERP solutions keep the important and critical data safe and accessible during upgrades by mirroring it to a remote system. There is no information loss, no disruption; no customer is dissatisfied with the progress.

Upgrades put extreme demand on IT resources. We can ease that burden by documenting the best practices and centralizing the information management. This means less hardware and easier data management, so IT staff can concentrate on the upgrade. To support the processes that drive revenue and keep our customers satisfied, we need access to all our critical information, no matter where it's stored. With ERP Info-structure, we get fast, real-time approach to all of our insurance industry data, over all platforms, operating systems, and applications. The disconnection between the reasons for the upgrade and achievable benefits is remarkably obvious for utility companies.

67% of them stated that maintenance was the main ...