The Importance of ERPNext For Insurance Companies

The insurance industry has constantly evolved with time, only to become more convoluted and complex over recent years. Companies operating in the insurance sector face numerous challenges mainly due to extensive paperwork and complex administration processes. Other challenges include a lack of transparency, ineffective claims handling, complicated product offerings, and much more. Besides, there is a constant threat of insurance fraud which refrains many customers from opting for various insurance plans.

To overcome these challenges, businesses in the insurance sector are moving toward extensive digitization of processes. That being said, ERP software development has become a requisite need for insurance companies to streamline their operations and sail through various operational complexities. Although a majority of insurance companies already have advanced ERP systems at their disposal, many enterprises still lack powerful features like business intelligence, IoT, and big data.