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I am rearchitecting the Travel Insurance IS Systems of a rather large corporation (not small or medium) which has grown fast enough to outpace its homegrown system which now shows groans under the weight. The envisioned IS has many buckets of supplemental functionality like CRM, BI, Content Management, e-Commerce etc, however the core business will be managed by an "insurance engine". This engine will deal with the main business entities like policy, client, claims, quote, premiums, reinsurance, underwriting, compensation, financial magnagement etc.I am assessing various technologies (platforms, components, engines) to determine the best fit. One of the alternative is to use one of the Microsoft Dynamics suites as the BPM heart or "insurance engine". This thread provides a good comparison of the 4 Dynamics choices, but there is nothing informative about the insurance business anywhere about a fit on the whole world wide web.The main points about the Insurance industry is there is no physical product (no inventory, no warehousing, no logistics) but policies may have a lot of resellers (brokers, white label sites, B2B partners). There are also heavy data integrity links (and reporting) between the entities (policy, client, claims, quote, premiums, reinsurance, underwriting, etc). A good Business Rules repository is important.Right now NAV and AX look like the frontrunners in my mind, but I am not sure if either one or any of the Dynamics choices fit the bill for an Insurance solution. Could NAV and AX be customized to service a solution like the one I described or should I discount these options altogether as an unnatural fit or a forced marriage? If so, what platform would be best suited for this situation?Thanks in advance for your insights.
There are may insurance companies using both CRM and ERP solutions from the Microsoft Dynamics family today so yes either Microsoft Dynamics AX or NAV could be used in the manner you describe. The differentiating issue is likely to be one of scale. The Dynamics AX product will scale to support higher concurrent user numbers than NAV. Therefore if you are architecting a solution with a central instance rather than a distributed franchise type model than AX would be the better choice. If however you are doing a franchise or distributed model then NAV would likely be better as it has a higher degree of simplicity.
Do you know of any verticals for:
I checked with our customer reference people and we have > 50 formal Insurance customer reference accounts. Do you happen to know the SIC code of the specific area you are looking for? If so let me know and I can connect you directly with the corrent references.
We have placed Dynamics GP as the accounting engine in several insurance companies quite successfully. Yes, an industry specific program ran the policy information and we imported receivables, payables, and GL information plus managed payroll from GP. The solid accounting functionality provided by GP is great.
Thank for the Information
We only do AX
In the 7 months since I wrote this, I have discovered a lot and writing this down for the benefit of another seeker who may find this useful. A Dynamics platform is not the recommended way for an insurance "core engine" but may be for other areas. Why?
POLICY ADMINISTRATION functions
CLAIMS ADMINISTRATION functions
Other things to consider:
We are an Certified Microsoft Partner with long experience in Insurance business.
We have create a Vertical Solution in Microsoft Dynamics NAV for Insurance Sector.
You can find more information in the following links:
Before going ahead with Dynamics alone as a BPM tool, I would consider adding a BPM suite which integrates with Dynamics. That way'll you'll get much richer process management capabilities. We've seen success using a BPM for a variety of industries, including insurance. Here's a page on a BPM suite which is tightly integrated with Dynamics and other Microsoft products:
Insurance Firms and Brokers have a tough task in hand managing the insurance policies of hundreds of thousands of individuals, maintaining records of the premiums paid and ensuring that whenever a policy matures the cheque with the right amount is dispatched to the concerned individual. Some of the other tasks they have in hand are increasing sales, tracking commissions and integrating with external systems.
For this they need a robust scalable ERP which helps get all these jobs done and MS Dynamics Axapta happens to be that ERP Solution.
Microsoft Axapta ERP when implemented by a Microsoft Dynamics Partner empowers Insurance companies with everything they would need to ensure smooth day to day operations.
Some of the tasks MS Dynamics Axapta helps accomplish are:
Microsoft Axapta ERP is for companies operating in the enterprise segment and most insurance companies are huge organizations with hundreds of millions in annual revenue and tens of thousands of employees on board. That is why using this ERP Solution is a must if the entire operational framework has to be set in order.
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