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Insurance Accounting Software


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Intacct logo
 
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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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.
 
Multiview Enterprise .NET n10 logo
 
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.
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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.
 
Cougar Mountain DENALI logo
 
DENALI software is an ideal accounting solution for small insurance companies. Available as either a Web-based on on-premise system, it includes general ledger, bank reconciliation and fully customizable reporting features.
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DENALI software is an ideal accounting solution for small insurance companies. Available as either a Web-based on on-premise system, it includes general ledger, bank reconciliation and fully customizable reporting features.
 
NetSuite logo
 
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.
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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 Live logo
 
Sage Live is a web-based and mobile ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration,... Read More
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Sage Live is a web-based and mobile ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration,... Read More

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Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200) logo
 
Your insurance agency has specific needs, and with Sage 100 Standard and Advanced ERP, you have the flexibility of scalable functionality to build a custom solution that goes beyond basic accounting and financial management.
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Your insurance agency has specific needs, and with Sage 100 Standard and Advanced ERP, you have the flexibility of scalable functionality to build a custom solution that goes beyond basic accounting and financial management.
 
SAP Anywhere logo
 
SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
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SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
 
Sage Fixed Assets logo
 
Sage Fixed Assets on-premise solution is an easy-to-learn fixed asset management system great for a number of industries, including insurance agencies. This product manages the asset lifecycle from acquisition to disposal.
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Sage Fixed Assets on-premise solution is an easy-to-learn fixed asset management system great for a number of industries, including insurance agencies. This product manages the asset lifecycle from acquisition to disposal.
 
SAP Business One logo
 
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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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.
 
FinancialForce Financial Management logo
 
FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read More
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FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read More

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Fusebill logo
 
Fusebill provides businesses with cloud-based financial and accounting processes, including core accounting, billing and invoicing, financial reporting and more. The system is suitable for small businesses, as well as midsize companies... Read More
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Fusebill provides businesses with cloud-based financial and accounting processes, including core accounting, billing and invoicing, financial reporting and more. The system is suitable for small businesses, as well as midsize companies... Read More
 
Oracle JD Edwards logo
 
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.
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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.
 
UNIT4 Financials logo
 
UNIT4 financial management software supports the unique needs of businesses in the insurance industry. It offers a full set of capabilities from core accounting (e.g. AP/AR, general ledger) to reporting and business intelligence.
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UNIT4 financial management software supports the unique needs of businesses in the insurance industry. It offers a full set of capabilities from core accounting (e.g. AP/AR, general ledger) to reporting and business intelligence.
 
Sage 300 ERP (formerly Sage ERP Accpac) logo
 
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.
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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 logo
 
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.
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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.

Call us for a free FastStart Consultation: +35 376 680 1856


 
Infor SunSystems logo
 
Infor SunSystems is an integrated financial management, purchasing, inventory and sales management solution. It is used by more than than 9,000 customers in over 190 countries worldwide. Offered in multiple languages and currencies,... Read More
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Infor SunSystems is an integrated financial management, purchasing, inventory and sales management solution. It is used by more than than 9,000 customers in over 190 countries worldwide. Offered in multiple languages and currencies,... Read More
 
Flexi Software logo
 
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.
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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.
 
Unit4 Business World logo
 
Unit4 Business World is a scalable ERP solution designed to address the unique demands service organizations face. It offers multi-lingual and multi-currency capabilities, and is a fit for higher education, nonprofits and NGOs, professional... Read More
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Unit4 Business World is a scalable ERP solution designed to address the unique demands service organizations face. It offers multi-lingual and multi-currency capabilities, and is a fit for higher education, nonprofits and NGOs, professional... Read More
 
Exact Globe Next logo
 
Exact Globe Next is an end-to-end business management solution. It offers accounting, inventory management, billing and invoicing, financial reporting, and more. This ERP system can be deployed either on-premise on a local server,... Read More
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Exact Globe Next is an end-to-end business management solution. It offers accounting, inventory management, billing and invoicing, financial reporting, and more. This ERP system can be deployed either on-premise on a local server,... Read More
 
AXIO Core Financials logo
 
AXIO Core Financials from SBS Group is an Enterprise Resource Planning system that is powered by Microsoft Dynamics. The software is designed for global use and offers multi-language, multi-currency support and is compatible with companies... Read More
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AXIO Core Financials from SBS Group is an Enterprise Resource Planning system that is powered by Microsoft Dynamics. The software is designed for global use and offers multi-language, multi-currency support and is compatible with companies... Read More
 

Buyer's Guide

by Eileen O'Loughlin,
Market Research Associate
Last Updated: April 26, 2017


Insurance agencies that don’t have a good software system in place are missing out on a host of benefits that can make them more productive and profitable. After all, there’s a great deal to be done in their offices. In addition to managing policies, serving current clients and seeking new prospects, professionals must make time to analyze the firm’s financial activities to better plan for continued growth. Insurance accounting software can help with that.

The right solution should make it easy to perform important accounting functions in one intuitive, integrated system. You shouldn’t have to use different vendors for accounts receivable, payroll and budgeting applications. When all your data is in one place, your reporting will be more accurate and faster to obtain.

In this guide, we cover the functionality insurance providers should be aware of when evaluating a new system, as well as best practices for comparing solutions. Potential buyers will also learn the difference between the two main software deployment options available in today’s market.

Here's what we'll discuss:

What Is Insurance Accounting Software?
Common Features of Insurance Accounting Software
Benefits of Insurance Accounting Software
Evaluating Insurance Accounting Software
Deployment Options

What Is Insurance Accounting Software?

Insurance accounting systems make it possible for agencies to have a “paperless” office, meaning documentation is stored digitally.

Software is capable of incorporating 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 features can help insurers match payments to individual charges. The ability to process heavy amounts of data quickly is especially important due to high complexity and volume of data.

It’s important to acknowledge that this may not be your first time researching insurance accounting software. In a recent survey of accounting software buyers, we found 58 percent of respondents were hoping to replace or upgrade their current solution.

One of the main signs the time is right for an IT replacement is if you feel like you’ve outgrown your current setup. When your provider is no longer able to support the amount of data your company has in its files, you should start looking for a system that is able to scale with you as you grow.

Common Features of Insurance Accounting Software

In addition to core modules and CRM/billing features like open item accounting and collections control, insurance accounting software may include some of the following:

Core accounting This includes all of the basic functions needed to balance your agency’s books, such as general ledger functionality, the ability to track accounts payable (A/P) and accounts receivable (A/R), fixed assets and bank reconciliation.
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 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.

Benefits of Insurance Accounting Software

Here are some of the benefits insurance companies can capitalize on after implementing accounting software:

Improved productivity. Staff has more time to focus on serving clients and growing the business when they can rely on software to automate daily, time-consuming tasks. This is especially true for first-time software buyers who are switching to a digital system after years of entering data manually. Most systems have developed native mobile apps and enable remote access, which make it easier for employees to submit information and evaluate the business’ books remotely.

Greater visibility into company finances. Executives will be able to make more informed decisions for the agency’s future when they have a clearer picture of its financial trends. Many systems have robust reporting capabilities that allow executives to drill down on every detail related to cash flow management.

More accurate budgeting. When data is on different systems, it takes a great deal of time and effort to format it and generate budgets. You also run the risk of missing line items while transferring data. Software allows users to automate and consolidate information so they no longer have to update multiple spreadsheets.

Evaluating Insurance Accounting Software

The frequent periods of many complex transactions make access to technical support an important feature to consider in order to avoid confusing setbacks. Viewing payment terms and schedules should also be a prominent feature of any software package. Billing and collection process tools are useful as well.

When evaluating these systems, buyers should consider the following:

  • Does it handle multiple carrier brands and multiple payers?
  • Does it 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?

Potential buyers should also pay special attention to how many training services a vendor provides. You may be impressed with a product’s many features during the demo phase of the selection process, only to discover it’s extremely difficult to learn how to access those features.

Set yourself up for a smooth implementation by noting the vendor’s training resources for your team. These may include online guides, tutorial videos, webinars and classes.

Deployment Options

There are two main deployment options for insurance accounting software:

  • Software as a Service (SaaS). This is also known as “web-based” or “cloud-based” software that is hosted remotely on the vendor’s servers.
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  • On-premise. This is software that is hosted in-house on the user’s own servers.

Accounting systems have traditionally been on-premise, but there’s recently been a rise in the popularity of cloud-based solutions. That’s because they offer remote access and lower upfront costs. The benefit of an on-premise deployment, on the other hand, is that users won’t have to pay recurring fees for the software license.

Free Download:
Accounting Software Pricing Guide

Free Download:
Ten Steps Guide to Selecting the Right Accounting Software

 

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