April 18, 2024
Summary: This write-up talks about deploying Dynamics 365 Business Central and scaling up with robust marine insurance management capabilities. Here, we are sharing one of our clients’ stories where they reached for assistance and we offered them the best-suited business management solution for marine insurance management.
Leverage the Power of the Platform and Thrive with Robust Marine Insurance Management
In the modern era of trending digital transformation, the insurance sector has experienced a dire need to drive automation and innovation across its operations. For the most part, many companies have started to realize the full potential of their business data and analyze the ways it can drive them significant benefits.
In such a case, an ERP system like Microsoft Dynamics 365 Business Central gives you the power and ability to centralize crucial and critical information and make the most of it for extensive business growth. Additionally, you can leverage Dynamics 365 Business Central to improve client relationship management and boost customer engagement, while monitoring policies, claims, premiums, and renewals.
Why Business Central for Insurance Management?
Enhanced Data Storage
For the most part, Microsoft Dynamics 365 Business Central simplifies data storage and makes it easy to input and manage any type of data, complemented by a range of analysis tools.
Detailed Reporting
With Business Central, businesses seeking robust marine insurance management can analyze reports, and gain important, relevant insights such as financial reports related to premium profits and internal costs, operational reports related to employee workflow, and data reports.
Actionable Insights
Microsoft Dynamics 365 Power BI feature leverages artificial intelligence insights to help you support risk assessments, product profitability models, financial forecasting and claims management.
View and Manage Policy
Business Central Marine Insurance Management enables businesses to quickly view policy information with intuitive drill-down capabilities. Additionally, they can manage policy rates and carrier plan information as well.
Streamline Client Interactions
- Business Central for Marine Cargo Insurance comes with a one-button export of carrier plans to Microsoft Excel for quick plan comparisons and RFP creation.
- You can avail of a complete view of Leads, Prospects, Clients, and Carriers including all future and past interactions.
- Dynamics 365 Business Central assists in effectively managing support cases by issue category, policy, client, carrier, producer, or contact and renders a real-time global view of all service issues.
- You can track and store electronic documents for consistent and logical record management and retrieval.
Case Study: How NavisionIndia Assisted In Customization of Marine Insurance Management for a Trading Company in Microsoft Dynamics 365 Business Central?
Introduction
This case study illustrates the successful customization of Microsoft Dynamics 365 Business Central to cater to the specific requirements of our client who is a trading Company in managing marine insurance operations efficiently and effectively.
Client Profile
Our client is a reputed trading company, known for its high volume import and export transactions. Our client encountered significant difficulties in effectively maintaining records of their insurance policies, particularly in managing marine insurance tracking across a multitude of invoices. Given the company’s extensive involvement in both domestic and export transactions, a substantial volume of invoices are regularly raised. This large volume, along with the complexity of marine insurance policies spanning across these transactions, posed a significant challenge in tracking, managing, and associating the relevant insurance details with each transaction accurately.
Client Requirements
1. Customization for Marine Insurance Policies:
Challenges
- Complexities in managing diverse marine insurance policies.
- Inadequate system support for marine-specific policy features.
- Lengthy and intricate claims settlement procedures.
- Lack of tailored systems for managing marine claims effectively.
- Limited reporting capabilities for marine insurance-specific metrics.
- Inability to generate customized analytics for marine insurance data.
Requirements
- Customization of Business Central to handle various marine policy types (cargo, hull, liability, etc.).
- Streamlining policy creation, renewal, and claims processes.
- Integration of marine-specific data for comprehensive policy management.
- Custom solutions in Business Central for efficient marine claims processing.
- Automation of claim workflows to expedite settlements.
- Enhanced monitoring and tracking of marine claims statuses.
- Customized reporting functionalities in Business Central to track insurance KPIs.
- Development of analytical tools for better insights into marine insurance data.
Customization Solutions Implemented
- Tailored modules within Business Central for various marine policy types.
- Customized fields and templates for efficient policy management.
- Integration of marine policy data for centralized access and analysis.
- Custom workflows and automated tools for streamlined marine claims processing.
- Integration with external databases for validation and verification.
- Real-time tracking of marine claims for transparency.
- Customized reporting dashboards and analytical models for marine insurance-specific metrics.
- Integration with Business Central's Power BI for advanced marine insurance data visualization.
Benefits Realized
1. Operational Efficiency
- 85% reduction in marine policy processing times.
- 90% decrease in marine claims settlement durations.
2. Enhanced Accuracy and Transparency
- Improved accuracy in marine policy management and claims processing.
- Greater transparency and visibility into marine claim statuses and policy information.
3. Advanced Marine Insurance Analytics
- Access to detailed marine-specific analytics for improved decision-making.
- Enhanced insights into marine insurance data for better risk assessment.
Conclusion
The customization of Microsoft Dynamics 365 Business Central for marine insurance management has significantly transformed the operations of our client. The tailored solutions have led to increased operational efficiency, accuracy, and improved decision-making processes within the marine insurance sector.
Why NavisionIndia?
At NavisionIndia, you can connect to our D365 Business Central Consultants, who have worked with an array of businesses including those seeking marine insurance management, and helped them upgrade to a market-leading system that readily accelerates growth. Our experts render custom-made applications to ensure enhanced flexibility, marketing-leading cyber security, and the ability to scale up as and when your business demands. Businesses seeking marine insurance management can optimize their ERP investment with our seasoned Business Central Consultants.
Our experts have completed and successfully delivered hundreds of successful migrations, upgrades, and implementations. We help you build a scalable ERP infrastructure, render a personalized approach, and leverage our strategic advice, and industry standard-based expertise to ensure your new implementation is successful and budget-friendly. Additionally, we offer flexible training programs to assist your employees in using the newly implemented business management system to its full potential. You can avail of our dedicated support from day one and experience the change you want in your business to lead the competitive edge.
For more details, write to us at info@navisionindia.in Or Schedule A Demo