ERP solutions for insurance companies
We are seeking an complete ERP application for an insurance company. Since they have already developed internally their application (based on Oracle Forms Technology), they are looking for a new solution, possibly similar to Oracle Forms technology but much more flexible. We proposed them a CRM solution with a commercial type of application server but they didn't accept that solution. Instead, they're looking for a core ERP solution. Is there an ERP complete software available that is most commonly used among insurance companies worldwide and that covers all aspects of insurance industry, as well as the financial part, and one that possibly generates personalized reports?
There are a number of different ERP solutions that support integrated reporting, and a number that are broadly used in the insurance industry. Oracle's E-business Suite may be a good choice given their existing experience with Oracle; Nucleus found in its real ROI study that many Oracle customers achieved a positive ROI from Oracle financials. However, you should think carefully before selecting an ERP solution just because it's been purchased by other companies in the insurance industry. The types of processes to be supported, skill level of users, overall cost, flexibility, time to deploy, and other ROI factors will be different for different sizes and types of insurance companies – even in one vertical, there's no "one size fits all" solution.
This was first published in December 2004