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Insurance Accounting Software
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.
Insurance-Specific Functionality
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?
Have an opinion on this guide? Email the authors. We appreciate the feedback.
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Flexi Software
Flexi Software's accounting solution draws on 20 years of experience and expertise, and delivers superior accounting and financial management to the insurance industry. Intuitive interface, offers superior reporting capabilities.
Sage 300 ERP (formerly Sage ERP Accpac)
With scalable functionality offering a number of applications to automate your agency's core business functions, the Sage 300 ERP system delivers an ideal business management solution to small and mid-sized businesses.
Microsoft Dynamics GP
Microsoft Dynamics GP is built for medium-sized insurance firms needing a software program to help manage claims and payouts, maintain actuary tables, and transfer account information.
Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200)
Your insurance agency has specific needs, and with Sage ERP MAS 90 and 200 systems, you have the flexibility of scalable functionality to build a custom solution that goes beyond basic accounting and financial management.
Intacct Financials and Accounting System
Offering support applications for core accounting, revenue management, project accounting, order and billing, and financial reporting, Intacct is a widely popular web-based system. Great for small and mid-sized insurance business.
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NetSuite Financials
NetSuite can support small insurance companies as well as mid-sized agencies. The software includes functionality for payment scheduling, claims management, and account transfers as well as standard core accounting functions.
Sage 500 ERP (formerly Sage ERP MAS 500)
Sage 500 ERP has expertise across multiple verticals, particularly in the financial and insurance markets. This system is a complete business solution designed to help insurance professionals better manage their financials.
Multiview Enterprise .NET n10
Insurance accounting requires a specific type of accounting system, and Multiview's suite of 14 user-friendly modules can be deployed in a way that makes most sense for your organization. Pricing ideal for businesses big & small.
Oracle JD Edwards - Accounting
Insurance companies of any size are supported by the JD Edwards EnterpriseOne system. In addition to core accounting functionality, the software can integrate with insurance company systems and handle document management needs.
SAP Business One
Insurance agencies need software that can monitor information like payment schedules and claims dates. SAP Business One can perform these individuals tasks as well as handle the core accounting needs of a firm.
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