Project Info
Selling insurance products might look easy since there is no physical product to sell. However, the insurance business has a lot of moving parts. Keeping track of these moving parts, providing customers with the right kind of insurance products, staying compliant with the laws of the land, etc., makes the job of selling insurance products extremely challenging. The insurance broker, Vantage Insurance, faced some similar challenges. This is where SAP Business One came in. It solved all the process-related issues faced by the company.
- Client Insurance Broker
- Location United States
- Industry Manufacturing
- Previous System Microsoft Excel
- Solutions SAP Business One
Overview of the Company
Vantage Insurance is a specialist insurance broker that carefully examines the requirements of the client and formulates an insurance plan based on those unique requirements. In short, the company is known for its bespoke insurance services. The company has partnered with some specialized insurance firms that provide the flexibility of providing insurance packages based on the specific requirements of customers. Lastly, Vantage Insurance also offers mediation services when it comes to paying the insurance holders.
The Pain Points
As with any company in the insurance sector, Vantage Insurance faced some hard-to-resolve issues that affected its internal business process and its ability to provide efficient services to its clients.
Evolving Consumer Demand
More and more Gen Z people are joining the workforce, which is giving them the buying power. Insurance brokers like Vantage Insurance have started getting more GenZ clients. Their demands and needs are quite different from those of the Millennials. For example, McKinsey, in its Global Insurance Report, has rightly pointed out that, today, insurance companies and brokers can’t just focus on plain and simple return on investment rate - they need to have clearly defined differentiating factors. This is in line with the finding that GenZ buyers of insurance want to see values of sustainability and diversity in companies they buy insurance from. Vantage Insurance needed a mechanism that could help them detect the evolving insurance trends so that it could take proactive actions.
The Issue of Information-Flow
Although Vantage Insurance had internal software that managed customer data, it did not have the ability to be the “single source of truth” for the entire organization. As a result, there were times when the offer made by the sales team did not match the promises offered by the marketing team - to the same customer. If the sales team had access to the logs kept by the marketing team, this wouldn’t have happened. This lack of a smooth flow of information created many roadblocks for Vantage Insurance.
Inefficient Lead-To-Customer Workflow
The existing internal system of Vantage Insurance didn’t have dependable CRM features. As a result, the company had a hard time creating a robust system that would give them clear visibility of the lead journey. There can be questions like - what’s the current status of the lead? Does the lead have any queries? Has the query been answered properly? What is the roadblock that is preventing the lead from converting to a customer? The company did not have clear answers to these questions during the entire lead-to-customer workflow.
Lack of Mobility
Unlike clerical work, selling insurance can’t be done sitting in the office. The salespeople need to visit prospective customers to close the deal. The sales personnel at Vantage Insurance visited the customers, but they had to rely on Excel sheets, screenshots, and email to show relevant information and give relevant documents to the customers. Their existing system did not provide the sales personnel with mobile apps so that they could furnish all the relevant information to customers from a single place. This severely dented their quality of service.
The Solution
SAP Business One Resolved All of These Pain Points
Vantage Insurance chose to work with Silver Touch Technologies as its ERP implementation partner. After a thorough requirement analysis, Silver Touch Technologies and Vantage Insurance zeroed in on SAP Business One. This ERP from the house of SAP was perfect for a business like Vantage Insurance that needed an ERP system that wasn’t too full of features that would overwhelm them. At the same time, SAP Business One offered all the features that a mid-sized business like Vantage Insurance needed. Since SAP Business One can be hosted on the cloud and has a dedicated mobile app, the field sales personnel enjoyed an awesome connected experience - they now carry the ‘single source of truth’ - the updated enterprise data - anywhere they go.
The Outcome: SAP Business One - Giving Method to Madness
SAP Business One made the chaotic operational process at Vantage Insurance organized. This had a positive result on its operational efficiency.
Why Vantage Insurance Chose SAP Business One As Its Implementation Partner
Vantage Insurance needed an implementation partner who could understand the unique operational process of Vantage Insurance. The company doesn’t have its own insurance license. They work as a broker. However, since they partner with more than one insurance company, their internal process also resembles that of the retail sector. Silver Touch Technologies took all these aspects into account while analyzing the requirements of the insurance broking company. Since Silver Touch Technologies had a perfect synchronization with the company, Vantage Insurance did not have to look for any other implementation company. The success of an ERP system depends largely on how successful the implementation is. With a track record of 100% successful ERP implementation, Silver Touch Technologies confidently addressed the issues faced by Vantage Insurance. More importantly, the SAP Business One partner didn’t vanish after the implementation was done. The company made sure Vantage Insurance was comfortable navigating the new ERP system.
If, like Vantage Insurance, your company has outgrown the existing ERP software, contact Silver Touch Technologies to upgrade to a newer ERP system. An ERP is the backbone of a company - it should work efficiently. Always.
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