How to Build an ERP for Insurance? [Video]

Are you interested in developing an ERP for insurance?

The global ERP software market is expected to reach $117.68 billion by 2030. The BFSI sector (banking, financial services, and insurance sector) dominates the ERP market through features like financial accounting, financial management, cash flow management, investment management, etc.

Develop an ERP for Insurance Companies

Insurance provider companies use an ERP solution as a useful management tool to gain administrative and operational benefits like reduced operating costs, improved data visibility, and better future insurance policy planning.

You should take the following steps to build an ERP for the insurance industry.

Decide the Project Scope and ERP Product Functionalities

You would start the ERP development project with a project plan that includes the project scope and goals. You will assess the insurance business’s requirements for an ERP solution. What does an insurance company want to achieve via an enterprise resource planning system?

The end goals, such as improvement in reporting …