What is Insurance Accounting Software?
Insurance accounting software often incorporates multiple payers in a policy, policies in multiple currencies, and carriers with multiple brands into an organized and accessible information system. It can help target individual information as well; open item accounting features can help insurers match payments to individual charges. The ability to process heavy amounts of data quickly is especially important to insurance accounting software programs due to high complexity and volume of data.
This guide covers the functionality insurance providers should be aware of when evaluating accounting software, as well as best practices for comparing systems.
In addition to core accounting modules and CRM/billing features like open item accounting and collections control, insurance accounting software may include some of the following:
|Integration with Insurance Systems||The most advanced systems will incorporate the accounting with the insurance features and functionality. Even dedicated accounting solutions, however, should integrate with popular insurance solutions like Majesco and StoneRiver.|
|Document Management||Insurance companies deal with many different kinds of documents, so it’s important to have a system that manages those efficiently. Effective document management for an insurance software program will support cataloguing, template-based document creation, advanced viewing/annotating/archiving, multi-lingual translations, and multiple distribution options like email, fax, or postal.|
|Policy Workflow||Insurance software should be able to follow the customer through the entire process from lead generation and the initial quote through to underwriting and issuing the policy. From there, it needs to support billing/payments, policy changes, amendments, legal changes, and direct integration into the claims process.|
|Claims Processing||Effective claims management makes for a more accurate and efficient claim workflow process. This feature will include online support to open the claim, irregularities and fraud detection, secure payments, subrogation, and other claims-related functionality.|
|Audit Management||Insurance accounting software eliminates the paper and the field worker associated with the audit process, managing electronic receipts, audit requests, and progress reports faster and more reliably.|
Evaluating Insurance Accounting Software
The frequent periods of many complex transactions make access to technical support an important software feature to consider in order to avoid confusing setbacks. Viewing payment terms and schedules should also be a prominent feature of any insurance accounting software package. Billing and collection process management tools are useful as well.
When evaluating insurance accounting software, buyers should consider the following:
- Does the software handle multiple carrier brands and multiple payers?
- Does the software support examination of data on an individual basis?
- Is reliable technical support provided? Is there a fee?
- Does the package support scheduling and billing features?