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Insurance Accounting Software


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NetSuite logo
 
NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read More
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NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read More
 
Sage Intacct logo
 
Sage Intacct is a provider of cloud-based accounting software. Sage Intacct’s applications are suitable for small and midsize companies and can provide real-time financial and operational insights as well as the ability to automate... Read More
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Sage Intacct is a provider of cloud-based accounting software. Sage Intacct’s applications are suitable for small and midsize companies and can provide real-time financial and operational insights as well as the ability to automate... Read More
 
Cougar Mountain DENALI logo
 
Cougar Mountain Software’s Denali Business is an accounting solution with the ability to customize 10 integrated modules. It is for small to midsize businesses and can be deployed on premises or in the cloud. Key features include... Read More
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Cougar Mountain Software’s Denali Business is an accounting solution with the ability to customize 10 integrated modules. It is for small to midsize businesses and can be deployed on premises or in the cloud. Key features include... Read More
 
Multiview logo
 
For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read More
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For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read More
 
Sage Business Cloud Enterprise Management logo
 
Sage Business Cloud Enterprise Management, formerly known as Sage X3, is an ERP software suite that includes integrated functionality for financial management, sales, customer service, distribution, inventory, and manufacturing, and... Read More
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Sage Business Cloud Enterprise Management, formerly known as Sage X3, is an ERP software suite that includes integrated functionality for financial management, sales, customer service, distribution, inventory, and manufacturing, and... Read More

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SAP ERP Core Finance logo
 
SAP S/4HANA is an integrated enterprise resource planning (ERP) software suite designed to serve businesses of size and kinds. SAP ERP is used to address the needs of many industry verticals including manufacturing, retail, service... Read More
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SAP S/4HANA is an integrated enterprise resource planning (ERP) software suite designed to serve businesses of size and kinds. SAP ERP is used to address the needs of many industry verticals including manufacturing, retail, service... Read More
 
Flexi Software logo
 
Flexi is an on-premise as well as a cloud-based accounting solution for the banking, insurance, healthcare and service industries. The Flexi accounting solution features automation of accounting process and completion of audit trails... Read More
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Flexi is an on-premise as well as a cloud-based accounting solution for the banking, insurance, healthcare and service industries. The Flexi accounting solution features automation of accounting process and completion of audit trails... Read More
 
EBizCharge logo
 
EBizCharge offers a suite of payment processing, billing and invoicing solutions. It includes payment integrations to accounting, enterprise resource planning, customer relationship management, e-commerce platforms, mobile solutions... Read More
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EBizCharge offers a suite of payment processing, billing and invoicing solutions. It includes payment integrations to accounting, enterprise resource planning, customer relationship management, e-commerce platforms, mobile solutions... Read More
 
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
 
Oracle JD Edwards logo
 
Oracle JD Edwards EnterpriseOne is a cloud-based Enterprise Resource Planning (ERP) and supply chain management solution that provides ERP applications and tools for finance, consumer goods, human resources, distribution and manufacturing... Read More
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Oracle JD Edwards EnterpriseOne is a cloud-based Enterprise Resource Planning (ERP) and supply chain management solution that provides ERP applications and tools for finance, consumer goods, human resources, distribution and manufacturing... Read More

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Sage Fixed Assets logo
 
Sage Fixed Assets is a hybrid asset management solution that helps businesses track and manage the fixed assets through different steps of asset lifecycle. The solution offers integrated accounting features and multiple methods to... Read More
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Sage Fixed Assets is a hybrid asset management solution that helps businesses track and manage the fixed assets through different steps of asset lifecycle. The solution offers integrated accounting features and multiple methods to... Read More
 
AXIO Core Financials logo
 
AXIO Core Financials from Velosio is an enterprise resource planning (ERP) solution powered by Microsoft Dynamics. The solution offers features for global compatibility, including multi-language and multi-currency support and is also... Read More
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AXIO Core Financials from Velosio is an enterprise resource planning (ERP) solution powered by Microsoft Dynamics. The solution offers features for global compatibility, including multi-language and multi-currency support and is also... Read More
 
AccountingSuite logo
 
AccountingSuite is a cloud-based, integrated accounting and inventory management solution designed for businesses of all sizes and industries. Key features include sales and purchase order management, project and time tracking, multitasking,... Read More
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AccountingSuite is a cloud-based, integrated accounting and inventory management solution designed for businesses of all sizes and industries. Key features include sales and purchase order management, project and time tracking, multitasking,... Read More
 
Microsoft Dynamics GP logo
 
Microsoft Dynamics GP is a hybrid enterprise resource planning (ERP) solution that helps small and midsize businesses to integrate their data and resources across various departments and locations. The solution can either be deployed... Read More
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Microsoft Dynamics GP is a hybrid enterprise resource planning (ERP) solution that helps small and midsize businesses to integrate their data and resources across various departments and locations. The solution can either be deployed... Read More
 
QuickBooks Enterprise logo
 
QuickBooks Enterprise is an accounting solution suitable for small to midsize businesses across several industry verticals including construction, distribution, manufacturing, and retail. The solution offers functionality to manage... Read More
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QuickBooks Enterprise is an accounting solution suitable for small to midsize businesses across several industry verticals including construction, distribution, manufacturing, and retail. The solution offers functionality to manage... Read More

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Freshbooks logo
 
Freshbooks is a web-based accounting solution that caters to small businesses. Freshbooks serves various industries, such as marketing, legal services and business consulting, trades and home services and information technology (IT). Key... Read More
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Freshbooks is a web-based accounting solution that caters to small businesses. Freshbooks serves various industries, such as marketing, legal services and business consulting, trades and home services and information technology (IT). Key... Read More
 
QuickBooks Online logo
 
QuickBooks Online is a web-based accounting solution that caters to individual accountants and small businesses. The solution helps with bank reconciliation, tracking expenses, drafting invoices and monitoring financial reports, among... Read More
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QuickBooks Online is a web-based accounting solution that caters to individual accountants and small businesses. The solution helps with bank reconciliation, tracking expenses, drafting invoices and monitoring financial reports, among... Read More
 
Wave logo
 
Wave is a web-based integrated accounting solution exclusively designed for small organizations. Collectively, the solution features accounting, invoicing, billing, payment tracking, payroll management, finance management and receipts. With... Read More
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Wave is a web-based integrated accounting solution exclusively designed for small organizations. Collectively, the solution features accounting, invoicing, billing, payment tracking, payroll management, finance management and receipts. With... Read More
 
Zoho Books logo
 
Zoho Books is a cloud-based accounting solution suitable for small organizations. It features contact management, invoices, expenses, sales and purchase orders, project time tracking and inventory management. Zoho Books comes with... Read More
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Zoho Books is a cloud-based accounting solution suitable for small organizations. It features contact management, invoices, expenses, sales and purchase orders, project time tracking and inventory management. Zoho Books comes with... Read More
 
Shoeboxed logo
 
Shoeboxed is a cloud-based expense management solution that captures information from physical documents and converts it to digital data. The solution is used by small businesses, freelancers, contract workers, accountants and bookkeepers. Shoeboxed... Read More
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Shoeboxed is a cloud-based expense management solution that captures information from physical documents and converts it to digital data. The solution is used by small businesses, freelancers, contract workers, accountants and bookkeepers. Shoeboxed... Read More
 

Buyer's Guide

by Zach Hale,

Last Updated: October 12, 2018


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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