Q

What’s the top ERP solution for insurance companies?

Looking for ERP solutions to meet the unique needs of an insurance company can be challenging, but you’ll find some ideas in this expert tip.

We’re seeking an ERP application for an insurance industry client. The client wants an application similar to Oracle Forms Technology, but with more flexibility.

We proposed a CRM solution with a commercial type of application server, but they're looking for a core ERP solution instead. Is there a comprehensive ERP system widely used by insurance companies, that covers all aspects of insurance industry? Ideally this solution would include financials and generate 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.

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This was first published in December 2004

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