Features of a Perfect Insurance Broking Software

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?

Here we look at the most important insurance broker software features that every insurance software product must have to enhance brokers’ managerial capabilities and supercharge their human resources efficiency to propel their business to new heights.

Here’s the full list most recommended features:-

• An insurance broker software must be self-explanatory and easy to use
• It has to be cost-effective and provide high-end customization options at the same time
• Efficient insurance software products must offer bulk data import options for instant and seamless customer onboarding
• There should be an all-in-one dashboard with the ability to import prospects automatically
• Auto-reconciliation feature with futuristic statistical reports
• Automated policies management feature with automated quoting facility for insurance brokers
• Enhancement features such as leads management, invoice sorting functionality, provision to manage commissions and discounts etc.
• Added advantages such as lost business reports, Custom download feature, exclusive multi-currency support option etc
• Emailing provision for insurance brokers for standardize communication pattern
• Clear provision for hassle-free claims management
• Professional post purchase technical support

#1: An insurance broker software must be self-explanatory and easy to use

An exceptional insurance broker management software is distinguished by its straightforward and uniform user interface, streamlining and automating the entire lifecycle of incoming policies. From prospect acquisition to renewal follow-ups, RFQ/quote comparisons, payment collection, and policy delivery, each stage is efficiently tracked and managed. While post-purchase training sessions are beneficial, the hallmark of the finest insurance broker software lies in its self-explanatory nature, ensuring users can readily comprehend its features and functionalities without extensive guidance.

#2: It has to be cost-effective and provide high-end customization options at the same time

A leading insurance broker management software is expected to deliver a seamless user experience, automating the intricate process of policy management from prospect acquisition to policy delivery. However, beyond efficiency, it should also prioritize high-end customization options to meet diverse brokerage needs. While quality features are imperative, the software must also be cost-effective, ensuring affordability without compromising functionality. Subscription packages should be tailored to offer maximum value relative to their cost, emphasizing the benefits clients gain from the software rather than solely focusing on monetary factors. This balance between customization and cost-effectiveness ensures that insurance brokers can optimize their operations without breaking your financial balance.

#3: Efficient insurance software products must offer bulk data import options for instant and seamless customer onboarding

Efficient onboarding is essential for any top-tier insurance agency broker management software. The support team must offer comprehensive training to ensure clients grasp the software’s features thoroughly. Importing previous or outdated data can be a daunting endeavor, highlighting the need for a streamlined solution. A leading insurance broker management software should include built-in functionality for bulk data import, simplifying the onboarding process significantly. This feature not only expedites customer onboarding but also enhances the software’s overall efficiency, ensuring seamless integration of existing data into the new system.

#4: There should be an all-in-one dashboard with the ability to import prospects automatically

An effective insurance broking software interface should offer a comprehensive, all-in-one dashboard that provides a holistic view of the entire business, encompassing prospects, policies, claims, and more. The ideal software goes beyond basic data presentation, offering detailed statistical insights such as total gross premium, net premium, and brokerages received. A crucial feature that sets top-tier broker software apart is the ability to automatically import prospects. This functionality not only enables brokers to swiftly upload prospects but also ensures systematic and error-free data management. By simplifying and streamlining the prospect management process, this feature significantly enhances daily workflow efficiency and promotes consistency in client acquisition strategies.

#5: Auto-reconciliation feature with futuristic statistical reports

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.

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 software are coming up with activity reports where you get a precise report of all the activities that are being marked within the software. Being the best insurance broker software means offering the most important relevant statistical reports when ever required. That’s why modern insurance broker software are able to offer precise and timely reports constantly.

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.

#6: Automated policies management feature with quoting facility for insurance brokers

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.

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.

#7: Enhancement features such as leads management, invoice sorting functionality, provision to manage commissions and discounts etc

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.

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.

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.

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.

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.

#8: Added advantages such as lost business reports, Custom download feature, exclusive multi-currency support option etc

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.

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.

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.

#9: Emailing provision for insurance brokers for standardize communication pattern

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.

#10: There has to a clear provision for hassle-free claims management

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 software 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

#11: Professional post-purchase 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.