What’s the secret sauce for an insurance broking company aiming to stand out and thrive in this competitive landscape?

It’s innovation, of course! And in other words, it’s insurance broking software!

Insurance broking software has become an essential tool in the modern business landscape, serving as a game-changer that redefines how brokers manage prospects, customers, policy claims, and more. To truly make a mark and sport that elusive “X-factor,” embracing cutting-edge technology tailored for the insurance industry is non-negotiable.

But with a sea of options out there, how do you know which features are indispensable for growth and efficiency?

Fear not! We’re here to guide you through the top 10 must-have features that every forward-thinking insurance broker management software should boast. Dive in to discover how these features can supercharge your selling capabilities and propel your business to new heights.

#1: Easy to use software

A top rated insurance broker management software must have a simple and standard user interface, automated for organizing and tracking every stage of the incoming policies starting from acquiring prospects, renewal follow-ups, preparation of RFQs/quote comparisons, to collecting payments and delivering policies to customers in order.

#2: Self-explanatory

It doesn’t matter whether these softwares offer enough training sessions post-purchase, but a best insurance broker software must be completely self-explanatory enough to understand its features and functionalities so easily.

#3: High-end customization options

A top rated insurance broker management software must have a simple and standard user interface, automated for organizing and tracking every stage of the incoming policies starting from acquiring prospects, renewal follow-ups, preparation of RFQs/quote comparisons, to collecting payments and delivering policies to customers in order.

#4: Cost-effective

An ideal CRM software for insurance brokers must not only offer quality and feasible features but also have to be cost-effective. The subscription packages they offer must be cost-effective considering the depth of features stacked with the software. They should be more focused on the value their clients gain with the software rather then the monetary cost factor.

#5: Instant onboarding

On-boarding is one of the important aspects of any best insurance agency broker management software. The product support team must provide detailed and systematic training to its clients and make sure they have understood the features and functionalities of the insurance broker software well and good.

#6: Bulk Data Import

Previous/old data import is always a tedious task. A top-rated insurance broker management software is expected to have inbuilt functionality to import bulk data to the software. This feature will definitely ease the onboarding process to a greater extent.

#7: All-in-one Dashboard

Standard insurance broker management softwares must give you an overall picture of your entire business recorded in the software in terms of prospects, policies, and claims, etc on a single optimized view. The best insurance broker software will also give you the statistical figures of your total gross premium, net premium, and also the brokerages received.

#8: Automated reports

These softwares must offers effective sets of reports that help you see the status, compare performance, and drive sales for future business prospects.

#9: Continuous Support

A perfectly shaped software for insurance brokers must offer continuous post-purchase support as well as release regular updates to its clients. If the generic updates are free, then the choice becomes more exciting.

#10: Auto-reconciliation

If an insurance broker management software is supposed to tagged as one of the best ones, then it must have a mandatory feature called auto-reconciliation. This feature will help you to find if there are any irregularities or any mismatch in the amount raised so that you can issue a debit note or else manually follow up until the amount gets settled.

Account reconciliation is done to compare the transactions you have recorded in your company’s financial accounts with the statements from external sources like banks or other financial institutions. This ensures that account statements balance with each other. It is vital if you want to produce accurate, reliable, and top-quality financial statements.

So, there is no question about the relevance of this feature.

The only job of the insurance broker is to go for an insurance broker software that offers these amazing features which will make your future much easier.

#11: Ability to import prospects automatically

Prospect import is one huge feature that every brokers wish to have in their armory. It’s not just because of helping them to instantly upload every prospect but also assist them to upload each and every new prospects data systematically and more over error free.

This feature can make a huge impact on your daily work life and help you to be more consistent in your prospect management process.

#12: Automated policies management

POLICIES!!

Yeah, it is everything!! SO TREAT THEM WITH ATMOST CARE.

This should be your motto. Your success is very much defined by how you manage your policies and everything that comes with it.

Well then, prioritize this feature. This is something that keeps you in the gam no matter what. Being with an insurance broker software that offers automated policies management will definitely help you to achieve more and more sales throughout.

#13: Provision to capture and manage the number of lives covered in a policy

These are brand new feature additions that only the best insurance broker softwares possess. You will only find features like these if you dive much deeper into the ocean.

This feature can help you capture the number of lives that has to be covered in a policy which makes your entry more precise and accurate.

If your insurance broker management software could address different mico features like these, then you are definitely having a good time with your insurance broker software.

#14: Lost business reports

Ever thought of keeping the lost client data. But some of the prominent insurance broker software has thought of it.

These data can help you to understand the reasons for your lost businesses and help you to overcome those hurdles and move forward with more energy in the future client hunting process.

#15: Custom download feature

Download only what you what. It is as simple as that. You may need numbers, figures, statistics, and a lot more.

But you may not every everything every time. Right data at the right time can do wonders. That’s why the best insurance broker software offers a custom download feature when you can prefer what and when to download.

It not only save data but also eradicates the confusion caused by the bulk amount of data.

#16: Exclusive multi-currency support

Business expansion is always the near future for every aggressive insurance broker. So if you need to play globally, then you have to consider the variation in currency in different countries.

What if your insurance broker software can take care of all those? Then the process is quite simple right.

If you explore some of the top-rated insurance broker software available in the market right now, you can experience the multi-currency support feature where you have an option to add “Additional Currencies” apart from the primary currency we loaded.

#17: Instant activity reports

Tracking your business activities is always a big deal.

Brokers always wondered if they could have a GOD’s eye where they can see and track each and every activity that is happening within their business.

Well, now we have an answer for that. Some of the latest insurance broker softwares are coming up with activity reports where you get a precise report of all the activities that are being marked within the software.

#18: Invoice sorting functionality

Invoices are always the hardest documents to handle in one way or other. To make it much simpler, insurance broker software makers have now come up with a feature where you can sort your invoices by invoice date followed by invoice number. Date-wise sorting is also possible. If there is more than one invoice on the same date, the system will sort in the descending order of invoice numbers.

#19: Managing discounts

If there are any amounts that you need to show legally apart from the premium amount, then discounts will be a better option. With this feature, you can record the discounts that you provided to your customers.

#20: Action oriented insurance leads management software

Insurance leads management is one of the major features of quality insurance broker softwares that help modern insurance brokers to acquire, record and manage their prospects. With the help of these insurance broker software such as Sibro, CRM Solutions, you can overcome all your hurdles and attract new customer. You can even automate your RFQ management and retrieve quotations directly from the insurance brokering software itself.

#21: Effortless policies management software

A good insurance broker software will easily help you to manage all your incoming polices at one single platform in an organized manner. You can perform manifold activities such as tracking every stage of a policy, capturing client policy details such as renewal dates, duration of policy, premium calculations etc.

#22: Quoting software for insurance brokers

With the help of Sibro, you can create your own customized quote comparison sheets. You can easily automate your entire quotation creation and sending process and save a considerable amount of time and money.

If you are looking for fully integrated quote and buy insurance platform for standard and non-standard insurance products, then check our Quodex.

#23: Emailing software for insurance brokers

Modern insurance broker management software will let you to automate your entire communication sequences and help you to send email and WhatsApp messages directly from the software itself. Checkout Trufla or WebFX and you will find what you are looking for.

Make sure these options will assist you to run your entire communication wires smoothly and also takes care of any kind of miscommunication happened in terms of quality services offered.

#24: Insurance commission management software

Managing you commissions and its accountability has always been a headache for majority of the brokers. But with the help of Sibro insurance commission management software, you can easily record and track all your commissions precisely and accurately. It will always give your consolidated reports when ever needed.

#25: Hassle-free claims management software

There has been several ways in the past, but none of them seems to be producing human oriented results as expected. Managing claims effectively has been one of the important task loads in every broker’s priority list.

But if you check the latest claims management softwares available in the market right now, you can see that most of them seems to assure structured and well organized claims management procedures.

Also read 5 Tips for Insurance Agents to Improve Claims Experience

Insurance accounting software

Are you fed up with tallying your expenditures and other financial aspects of your insurance broking business?

Then you must try some of the top rated insurance accounting softwares that can offer you automated insurance accounting management and also a peace of mind.

Insurance broker reconciliation software

Perfect insurance software more often possess exclusive accounts module that can systematically corrects mistakes and ensures all your due receivables. It will also possess additional features such as the ability to track every receivable invoice and their auto-reconciliation.

Futuristic Efficiency Reports

Being the best insurance broker software means offering the most important relevant statistical reports when ever required. That’s why modern insurance broker softwares are able to offer precise and timely reports constantly.

24X7 Unlimited Technical Support

Managing your customers is very important. A good insurance bring software must possess high quality post purchase services. They mush have a well managed support system so that the customers must feel that they are well taken care of. As a service provider If you are not getting timely support from the creators, then labeling as a top rated insurance broking software is worse. So being best means serving the customers regularly, timely and effectively when ever required.