Odoo App for Insurance Management System

August 31, 2023

The insurance management module for Odoo gives you the powerful capabilities that companies, agencies, or brokers need in an ERP system. This insurance solution was developed utilizing the most recent version of Odoo to ensure that other ERP capabilities can be used as needed. You can utilize a range in Odoo app modules, including accounting, human resources, services management, CRM, and others, to design your solution in addition to managing customers, policies, policies times, dates of expiration, and corporate information.

Today’s insurance companies must deal with huge data every day. Therefore, using an ERP is crucial for them to grow their firm. They can search or browse records of insurance policies, claims, agents, or clients by using an ERP. If the records created are effectively integrated with other business management processes like accounting, CRM, and sales, or can integrate with them, it will be simple for the users.


– Policy Management

– Insurance Management

– Claim Management

– Agent Management

– Customer Management

– Completely automated system.

– Connect With the Accounting Module In Odoo

Policy Management

Insurance Policy management is a crucial aspect of insurance operations, and the Odoo insurance module can help you streamline and automate various policy management processes. Here are some key features and functionalities you can implement within the Odoo system for policy management:

Policy Creation and Configuration

  • Define policy templates with predefined coverage options, terms, and conditions. Set up policy parameters, such as coverage limits, deductibles, and premium calculations.
  • Customize policy templates based on different insurance lines or customer segments.

Policy Issuance and Renewals

  • Generate policies based on customer requirements and selected policy templates. Capture customer details, policy effective dates, and policy-specific information.
  • Automate policy renewals and send notifications to customers in advance.

Endorsements and Modifications

  • Handle policy endorsements or modifications, such as adding or removing coverage options, updating policy details, or changing policy terms. Capture endorsement requests from customers or agents and process them accordingly.
  • Maintain a record of policy modifications for future reference.

Policy Documentation and Communication

  • Store policy documents electronically within the Odoo document management system. Enable document versioning, access controls, and document sharing with customers or agents.
  • Automate policy document generation, including policy certificates, policy schedules, or policy summaries.

The Policy Premium Calculation and Billing

  • Calculate policy premiums based on predefined rules, coverage options, and risk factors. Generate invoices or premium statements for policyholders.
  • Integrate with accounting modules to track premium collections and manage billing processes.

Policy Cancellations and Terminations

  • Handle policy cancellations or terminations based on predefined cancellation rules or customer requests. Automate refund calculations and process cancellations or terminations within the system.
  • Track cancellation reasons and maintain a history of terminated policies.

Policy End Date and Expirations:

  • Monitor policy end dates and send reminders to customers for policy renewals. Automate policy expiration notifications and follow-up processes.
  • Provide options for customers to renew policies online or through agents.

Reporting and Analytics

  • Generate reports on policy issuance, renewals, cancellations, and endorsements. Analyze policy performance, premium collections, or lapse rates.
  • Analyze policy performance, premium collections, or lapse rates.
  • Gain insights into customer preferences, popular coverage options, or policy expiration trends.

With these policy management features in the Odoo app insurance module, you can efficiently handle the entire lifecycle of insurance policies, from creation to renewal, endorsements, and cancellations. The customizable nature of Odoo allows you to adapt the system to match your specific policy management requirements and optimize your insurance operations.



Insurance Management

Insurance management involves the administration and oversight of various processes and activities related to the insurance industry. It encompasses a range of tasks, including policy management, claims handling, customer relationship management, underwriting, risk assessment, and financial management. Odoo can be utilized as a comprehensive solution for managing these aspects of insurance operations.

– Simple insurance start and end dates to set

– Create one or more invoices for the insurance in accordance with the policy type.

– The amount of the policy can be changed

– The option to calculate agent compensation as a percentage of the insurance premium

– Quickly access customer invoices from the same source and manage them.

– The ability to add attachments and record-specific notes.


Claims Management

Claims management is a critical component of insurance operations that involves handling and processing insurance claims efficiently and effectively. Odoo can be utilized to streamline and automate various aspects of claims management.

– Create a claim against an existing insurance policy with ease.

– Automatic computation of the amount from the insurance policy

– The option to manually change the amount (if necessary).

– Prepare a bill for the client.


Agent Management

– Establish and maintain records for corporate representatives.

– Easily compile an agent’s personal information record.

– Documents detailing the agent’s financial transactions

– View the agent’s insurance information.

– The choice to pay the agent based on a commission from insurance sales he makes, as a fixed payment, or both.

– Options for attaching files and making notes about the claims

Customer Management

– Establish and maintain records for the company’s clients.

– Added Kanban view for simple customer data analysis

– Include the customer’s personal information in their record.

– Easily view invoices against customers.

– View each customer’s total balance due and payable.

– The ability to include notes and attachments regarding the claims

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