Best ERP software for Life Insurance companies - VIENNA Advantage

OPEN SOURCE ERP | WEB & CLOUD BASED ERP SOLUTIONS
LIFE INSURANCE COMPANIES
THE BEST OPEN SOURCE ERP SOLUTION FOR
Insurance Vertical
Made in Germany

THE SUCCESS OF A LIFE INSURANCE COMPANY
DEPENDS ON FOUR IMPORTANT FUNCTIONS
SUCCESS CYCLE OF FUNCTIONS
2
3
VIENNA Advantage Open Source ERP solution for Insurance Companies | www.viennaadvantage.com
1
4
IDENTIFICATION
OF MARKETS
ASSESSMENT
OF RISKS
MARKET PENETRATION
& EXPLOITATION
CONTROL OF INVESTMENT
& OPERATING COSTS

GOALS WHILE SELECTING AN ERP SYSTEM
 Should offer all functional features the
company need today
 Should be able to adapt to the functional
features the company might need
tomorrow
 Should be able to adapt to the specific
needs of the company
 Should be scalable and reliable under real
environment
 Should be innovative to adapt to the latest
trends and technologies
 Should offer a comprehensive set of
reporting capabilities
 Should be cost effective
 Should be open for integration

TODAY’S CHALLENGE
Cost
Functionality
Business Value
Point Solutions
“The percentage of enterprise IT budget committed to
application integration is on average 40% and may rise to
as much as 70% in certain situations”. - Aberdeen
Monolithic Application
70%
40%

TODAY’S CHALLENGE
 Average Market Growth is slow despite low penetration
 Need for new product speed to market
 Improve underwriting performance by more intelligence and streamlined process
 Improve customer communications
 Optimize and innovate distribution management
 System consolidation / legacy migrations
 Identify Acquisition opportunities

VIENNA ADVANTAGE
ERP SOLUTION
OVERVIEW

 Based in Germany with offices and partners across the world
 Fastest growing open source ERP and CRM worldwide
 Decades of experience in ERP and CRM implementations
across industries, customer segments, geographies
 Comprehensive and leading-edge business solutions to
augment your business furtherance
 Very professional and efficient approach towards
implementation and project execution
OVERVIEW: VIENNA ADVANTAGE ERP SOLUTION

Industry-specific application makes
all the difference between average
and successful ERP software
providers.
VIENNA Advantage provides a
number of ready-made industry
templates to help you reduce
implementation costs and time.
INDUSTRIES SERVED
DOWNLOAD FREE INDUSTRY SPECIFIC
ERP BROCHURES
Telecom
Professional
Services
Construction
and Projects
Discrete
Manufacturing
Ecommerce
Textile &
Apparels
Wholesale &
Distribution
Retail &
Supply Chain
E-Governance
Education
We do not stop here!
Our team is working on
even more industry -
specific solutions that
will be available in near
future.
Seafood
Healthcare
Suppliers
Real
Estates
Cooperative
Societies for
Purchasing
Insurance &
Financials
Import -
Export
Automotive &
Engineering

 The Leader in Business Solutions
 Integrated ERP and CRM functionality
 Modern Web architecture and UI
 Customization without programming
 Global-ready features
 Choice and value
VIENNA’s Advantages

 Complete set of features
covering all functional
modules
 Productivity features
 Extendable, flexible, open
(web services)
 Agile
 Deployment platform:
Cloud & On-premise
 Business Intelligence
capabilities
 Scalable
 Easy deployment
 Excellent User Experience
A right mixture of features makes VIENNA Advantage ERP System
unique:
UNIQUE SET OF ERP FEATURES

COMPLETE BUSINESS SUITE FOR
LIFE INSURANCE COMPANIES
OVERVIEW

VIENNA Advantage Open Source ERP
www.viennaadvantage.com
KEY BENEFITS: LIFE INSURANCE SOFTWARE
Process automation via flexible rules
& workflow management capabilities
Reduce error-prone manual processes with
fast and efficient automation using flexible
rules, workflows and e-form technology that
increases velocity for arduous administrative
tasks.
Flexibility to handle complex multi-
product, multi-channel models
VIENNA Advantage Life Insurance software
solution is designed to support multiple
hierarchies across, channels, products and
geography.
Insurance Platform designed to enable
growth
Optimize your strategy with performance
analytics tools
The ability to analyze and visualize performance data quickly
and easily can present a monumental advantage to insurers.
Our Analytics tool can slice and dice data however you want,
generate custom reports when needed (without technical
knowledge), and present them visually with vivid dashboards.
Our Life Insurance solution allows business users to configure
the software to meet their process needs, hence empowering
organizations to seamlessly achieve their administrative goals
with minimal effort, which allows them to focus on
maximizing productivity.

GENERAL OVERVIEW: LIFE INSURANCE SOFTWARE
Support your business growth
and achieve business agility
VIENNA Advantage Life Insurance solution
provides a fully-configurable, flexible and
business-friendly Product Workbench that
will enable you to hit the market fast and
easy.
Empower your policy distribution
with a digitalized environment
Our Solution enables multi-channel
distribution and salesforce management.
Agents and customers are able to access
real-time, accurate data at any time – from
any mobile device – and will facilitate your
conversion to a digitalized environment and
distribution system.
Reduce TCO through
operational excellence
Optimizes operations across the entire
business lifecycle, through streamlined
and automated processes, workflow
management and seamless integration
to all other applications. We provide
unique configuration flexibility that will
allow you to react quickly and accurately
to market and regulatory changes.
Go global, go local
VIENNA Advantage Life Insurance solution is
designed for multi-dimensional and global
operations, with seamless multi-brand,
multi-regulation, multi-currency and multi-
language capabilities.
VIENNA Advantage
in the Cloud
Our core policy administration suite for the
life insurance market can be deployed on
premises or on a open and flexible cloud
service platform. In this way insurers can
now enjoy all that VIENNA Advantage offers,
combined with the advantages of the cloud.

PRODUCTIVITY FEATURES
 SECURRITY
 SCALABILITY
 CLOUD / ON PREMISES
 BUSINESS INTELLIGENCE (BI) REPORTING
TECHNICAL FEATURES
 APPS
 MOBILITY
 SCANNING
 CHAT
FUNCTIONAL FEATURES (CORE MODULES)
 CRM & MARKETING
 POLICY ADMINISTRATION
 CLAIM MANAGEMENT
 FINANCIAL MANAGEMENT &
PREMIUM BILLING
 PROCUREMENT MANAGEMENT
 PROJECT MANAGEMENT
COMPLETE BUSINESS SUITE OVERVIEW
 ASSET MANAGEMENT
 DOCUMENT MANAGEMENT SYSTEM
 MAINTENANCE MANAGEMENT
 HR & PAYROLL MANAGEMENT
 MATERIAL MANAGEMENT
 HELPDESK & SUPPORT
 TIME & EXPENSE MANAGEMENT
 FOLLOW Ups
 EMAIL
 SMS
 CALENDAR
More about: ERP CORE MODULES | ERP PRODUCTIVITY FEATURES | ERP TECHNICAL FEATURES

UNIQUE SET OF ERP FEATURES
Business
Infrastructure
Operational
Infrastructure
Localization Compliance Taxation
Finance
Regulations
Language
Company
specific
requirements
Terminology
Policy
Management
Claim
Management
Product
Management
Sales
Management
Helpdesk Marketing
Asset
Management
Document
Management
Finance Procurement
Material
Management
HR and
Payroll
Marketing
Asset
Management
Technical
Infrastructure
Model Driven
Architecture
BPM and
Workflow
Screen
Composers
Report
Writer
SOA Mobile
Cloud
Computing

Insurance Application Integration and Architecture, Business Process BusIntegration & Collaboration
INSURANCE APPLICATION
Applications, Industry Forms, Policy Issuance, Client Communications, and
Claims Correspondence
Insurance
CRM
Insurance
Rating &
Illustration
New Business
& Underwriting
Policy
Admin
Insurance
Billing
Insurance
Claims
ERP
System
Customer Communication
Management
Data Exchange between Carriers, Distributors, & Service ProvidersInsurance Data Exchange
Office AutomationGeneral Agency
MDM | Insurance BI Applications | Compliance | Enterprise Risk & Performance
Management
Platform Solutions
Database, Data Dictionary, Framework, Workflow, etcTechnology Foundation
Services:ProfessionalServiceTeam,Education,Support

SOLUTION DRIVERS
KNOWING
THE BUSINESS
KNOWING THE
BENCHMARK
KNOWING
THE TOOLS
BEING
THERE

INTEGRATED ERP & CRM FUNCTIONALITY
ERP
WAREHOUSE MANAGEMENT
PURCHASING
GLOBAL FINANCIAL MANAGEMENT
MATERIALS MANAGEMENT ORDER MANAGEMENT
SALES
WEB STORE
SERVICE
CUSTOMER HISTORY
VISUAL DICTIONARY EDITOR DATA DICTIONARY DYNAMIC WEB SERVICE
Performance Management
STANDARD REPORTS BUSINESS VIEW LAYERMANAGEMENT DASHBOARDS
CRM
Model-Driven Application Platform
POLICY ADMINISTRATION

 CRM & Marketing
 Policy Administration
 Claim Management
 Financial Management & Premium Billing
 Procurement Management
 Project Management
 Asset Management
 Document Management System
 Maintenance Management
 HR & Payroll Management
 Material Management
 Helpdesk & Support
 Time & Expense Management
Functional
Modules
VIENNA Advantage ERP solution
for Insurance Companies

CUSTOMER SERVICE CENTERS
 Customer Management (Know your customers)
 Customer Segmentation
 Customer Acquisition
 Information Help Desk Service to Consumers
 Customer Portal
 Customer Lifecycle Management
 Reminders and Alerts
 Customer Communication
 Marketing and Campaigning
Customer
Relationship
Management

 Streamline your marketing operations with
greater alignment of your teams and resources
 React quickly to market opportunities with real-
time market and performance insights
 Marketing Collaboration - increase
collaboration among internal and external
teams
 Optimize marketing across channels, customers,
and content to drive greater demand and
growth
 Marketing Planning and Program Management
 Marketing Analytics - see real time reports on
your campaigns and leads
Marketing

Staying ahead of competitors and the constantly
changing regulations requires an effective insurance
policy administration system featuring software that
is specifically designed to handle the challenges of
the life insurance market.
Policy
Administration
System
Statistical
Reporting
PAS
System
of records
Reporting
KEY ELEMENTS OF POLICY ADMINISTRATION SYSTEM

 Billing application
 Consumer & Billing Database
 Recording of Billing and application related
Complaints received and their status
 Recording of Metering Complaints received and
their status
 Issue of Duplicate Bills to Consumers
 Issue of Consolidated Personal Ledger reports to
consumers
 Acceptance of Applications
 Recording of applications received
 Information Help Desk Service to Consumers
 Establishment of an internal system for
Consumer grievance redressal
Claim
Management

 Periodic Premium Billing (automated)
 Integration with AR
 Consumer & Billing Database
 Issue of Duplicate Bills to Consumers
 Issue of Consolidated Personal Ledger reports
to consumers
 Reminders and Alerts
 Agent Push Notifications
 Online collection status
 Mobile and Tablet support
 Automatic bank reconciliation
Premium
Billing

 Balance Sheet
 Statement of Income
 Cash-flow Statement
 Statement of Owners’
equity
 Cashbook
 Bank Statement
 Accounts receivable
 Accounts Payable
 Daily, weekly, monthly,
quarterly and annual
financial statements
 Taxation & Statutory
Compliance
 General Ledger
 Fixed Asset Management
 Payroll
 Budgets & Deviations
 Material Management
 HR, Time & Attendance
 Facility Management
 Maintenance
Management
Financial
Management
FINANCIAL ACCOUNTING SYSTEM

 Procure as per material rules at warehouse, manufacturing
& product levels
 Automate the entire procurement cycle; from Tender /
Requisition to Payment or choose to run through the entire
process manually
 Automatic Quotation Comparison
 Generate purchase orders based on requirements
 Match purchase orders, receipts and invoices
 Integrated with an extensive accounting system
 Vendor Performance Management features helps you
establish a stable and reliable vendor base
 Maintain profitable supplier relationships
 Manage price changes
 Establish strong objectives to ensure suppliers’ accountability
 Control / Reduce cost of purchase
 Demonstrate that the savings on efficient purchasing
improve the bottom line of the company, through effective
reporting
Procurement
Management

 Project Type
 Project
 Project (Lines / Issues)
 Project ReportingIssue to Project
 Generate PO from project
 Project Cycle Report
 Project Detail Accounting Report
 Project Line Detail Report
 Project Lines not Issued Report
 Project Margin (Work Order) Report
Project
Management

FIXED ASSETS
 Acquisition, Depreciation & Disposal
 Asset Management and Maintenance
 Asset types / classification
 Asset Insurance
 Asset Group
 Delivery of Assets
 Customer Assets Report
 Asset Delivery Details Report
 Asset Delivery Month Report
 Fixed Asset Depreciation Module
(Supports Multiple Depreciation Methods)
Asset
Management

Document
Management
System
 The first ever Document Management System to be securely
integrated with ERP and CRM
 Enterprise Level Workflow & Business Process Management
 Highly scalable, supports millions of documents
 Unique and innovative search engine, supports content and
meta data search
 Document import from its scanning application, email inbox,
web services and mobile upload
 Automatic upload from Google Drive, Dropbox and Skydrive
 Regular indexing and routing of documents
 Optical Character Recognition (OCR) supports more than 25
languages
 Highly secure encryption of documents and role based access
 User Dashboard, Inbox, Reporting capabilities
 Allows collaboration by sharing documents
 Inbuilt document viewers for various file formats

ASSET MAINTENANCE
 Capture asset maintenance contract details
 Capture asset maintenance history
 Capture list of problems encountered and
resolution details
 Capture details of external parties responsible
for asset maintenance
 Capture preventive maintenance schedule for
each asset
Maintenance
Management

HUMAN RESOURCE MANAGEMENT
 Employee Master Data Management
 Employee Transactions Management
 Employee Relationship Management
 All formats and reports
 Flexible payroll structure
 All standard processes
 Integrates workflow and approvals
 Integration to Attendance devices
PERFORMANCE EVALUATION
 Ensure mutual feedback through open and
honest communication
 Meet objective criteria in terms of salaries and
career development
 Identify training needs.
HR & Payroll
Management

 Configurable replenish rules and alerts help avoid out-of-
stock situations and consequent loss of sales
 Setting up optimum stock levels and purchasing rules helps
avoid locking-in money on excess stock
 Real-time storage details at multiple warehouses help you
keep track of your stock position
 Maintain accurate inventory in order to schedule purchases
& production
 Identify stock issues before it is too late
 The tightly integrated Order Management module ensures
that the right product is delivered to the customer, on time
 Simplify re-ordering process and reduce cost of purchases
 Eliminate pilferage and consequent losses
 Manage multiple warehouses with ease
 Reduce warehouse operating costs
 Simplify stock-take and end-of-year processes
 Buffer against uncertainty
Material
Management

HELPDESK & SUPPORT MANAGEMENT
 Various channels for support tickets
 Track time and material on requests
 Track request status
 Intimate customers on email, SMS, web
 Internal assignment and optimization
 Multiple escalation levels
 Workflow
 Linkage to orders, projects, invoices or any
other references
Helpdesk
& Support

 Expense Type
 Resource Type
 Resource
 Time Type
 Expense Product
 Expense Report
 Expenses (not reimbursed)
 Expense (to be invoiced)
 Create Sales Orders from Expense
 Create AP Invoices from Expense
Time &
Expense
Management

 Model-driven Application Platform
 Customization without Programming
 Global-ready Applications
 Other Advantages
Technical
Features

 Business logic stored in applications dictionary not hard-coded into programs
 Customize business logic and user interaction without programming
 Customizations remain in place, even through software upgrades
• Screens
• Reports
• Processes
• Database Structure
• Business Logic
Applications Dictionary
• Presentation Management
• Role & Data Security
• Workflow Control
• Multi-tenancy
• Multi-lingual
• Transaction integrity
• Database Independence
Transaction Engine User Interface
Client Server UI
HTML UI
Reports &
Processes
Transaction Database
Model-driven
Application
Platform

Customization
without
Programming
CONFIGURE AND EXTEND VIENNA WITHOUT PROGRAMMING
Add new
fields and tables
Change
window layout
Change field
names
Default values
by user
Dynamically
hide fields
Set security at
the row/field
level
Add new
windows
Create entirely
new Applications

Global-ready
Applications
Fully internationalized
 Localizations isolated from code
 Partners deliver translated and localized
solutions in over 16 languages
Out-of-the-box support for multiple
 Business units
 Accounting standards
 Tax laws
 Currencies

Other
Advantages
 User Management
 Role
 Security
 Portal (optional)
 Documentation
 Training

76543
IMPLEMENTATION APPROACH
21
Business
Analysis
Benchmarking
& Solution
Design
Localization
Standards
Build and
Test
Training and
UAT
Roll Out Support

 A perfect mixture between global standards of software and implementation
paired with the local know how, support and availability
 Merge between European technological advancement and pioneering approach of
local technological know how
 Availability of resources at any time and any where
 No risk of being cut off
Right Mixture (Local & Global)

 Process Optimization and improvement
 Integration of departments and
processes in a holistic view
 Identification of cost saving potentials
Benefits for the customer
 Integrated and ad-hoc reporting for
quick decision making
 Workflow and Approval automation
 Low total cost of ownership

Services to each module consists of:
Extraordinary Services
 Business Analysis
 Solution Design
 Configuration Management
 Workflow Designs
 Documentation
 Quality Assurance
 Training
 GO Live Support
 Post GO Live Support
 Maintenance

Sustainability
 Long term viability for the implemented solution
 Always upgradable through new technological and process improvements in the
insurance industry
 Scalable solution also covering future needs
 Flexibility and extendibility of the solution ensures long term viability
 Self dependency instead of Vendor Lock in

Why choose VIENNA Advantage?
Comprehensive solution at a fraction of the cost
 Global, integrated, enterprise-ready functionality
 No up-front license fee, lower deployment &
maintenance costs
“Dynamic Applications” adapt to your business
 Revolutionary design enables rapid customization
– without programming
 Automated upgrades keep solution up to date
over time

Modern, web-based technology
 Interactive web user interface accessible from any
web browser
 Standards-based, service oriented architecture
enables integration
Freedom and control
 Access to application source code
 Manage as much or as little of the implementation
as you choose
 Choice of operating system, database, web browser,
and service provider
Why choose VIENNA Advantage?

 Globally Operating Organizations
 Cloud Computing
 Connect with customers and suppliers
 Get better business insight
 Increase Productivity
 Manage your organization’s growth
 Financial accountability and compliance
 Reduce IT costs
 Effectively respond to changing markets
Fulfilling following business needs

info@viennaadvantage.com
Connect with us
VIENNA Advantage Blog
http://viennaadvantage.com/blog/
Germany
Address:
VIENNA Advantage
Bohlenskamp 21, 26340 Zetel
Phone:
+49-621-307-80370
United States
Address:
VIENNA Advantage
2372 Morse Avenue Suite #418
Irvine, CA 92614
Phone:
1-949-325-0615
India
Address:
VIENNA Solutions
#493 Phase-9, Industrial Area
Mohali, PB 160062
Phone:
+91-172-5090-860
CORPORATE CONTACTS
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Best ERP software for Life Insurance companies - VIENNA Advantage

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