Is Dynamics 365 for Finance, or Business Central a better fit for handling insurance claims requirements?

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Hello Community,

I am not familiar with either Dynamics 365 for Finance or Business Central, and would appreciate some advice regarding the following sets of client requirements I am evaluating. The client is in the insurance industry, handling insurance policies, premium payment, and claims process and payment for their insured members.

Sample requirements:

1. Account Level Premium Billing

- Need to track payments coming into an account and their application to the individual members/policies in that account

- Need to be able to transfer money from a policy/account to another policy/account; these may be different billing accounts

2. Reserving Practices

- Cash flow based reserving algorithm

- Need ability to access data for actuarial “restatement” process for reserving studies

3. Experience Rating Calculation Area

- Calculate the experience rating factor based on formulas

- Store and view underlying data for the experience mod factor as well as utilize it in premium calculations

4. Loss Detection

- Soliciting/surveying members for list of all claims

5. Batch Processing and On-off Processing

- Ability to do processes either individually or in batch

I am more experienced with the Customer Engagement side of Dynamics 365 (i.e. Sales, Customer Service). Looking at the requirements above, I feel they would probably be a better fit for Dynamics 365 for Finance or Business Central. Am I correct? Is one better than the other if that's the right direction?

And can the Sales/Customer Service app be used and integrate with the Finance/Business Central app smoothly?

Any feedback would be greatly appreciated!

Thank you!

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ba365guy 2,950 on at

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Hi

D365 Customer Service, Sales and Finance can be integrated smoothly.

On a higher level, your requirement might fit in to D365 Finance, Sales , customer Service and Portal. If you are going with this combination, Power Apps also will help you for mobility and productivity.

I suggest you to contact Microsoft or a Microsoft Partner who can have a discussion with you about your business processes and arrive at actual fitment.

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Community Member on at

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Thank you so much for your reply!

Do you know if there is a way I can sign up for a free trial instance containing both the Customer Service and Finance app under the same instance? I know how to set up a free trial instance for the Sales, Customer Service apps, but I don't see a way how I could bring the Finance app into the same trial instance too? The reason I am asking is that I want to see how they are integrated and how they access common entities.

Any guidance would be appreciated.

Thank you!

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ba365guy 2,950 on at

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You can sign up for D365 finance trial from the same office 365 tenant.

Unfortunately, trial Instance of D365 finance will not allow you check such capabilities.

You might be able to see some high level functionality of D365 finance. That's all.

You can sign up from the same link https://trials.dynamics.com/

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