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What tools should you look for when searching for the best insurance broker software?

Insurance broker software is designed to make life easier for intermediaries. The right choice can help to improve the quality of business processes and provide management for a wide range of products, from marine through to healthcare and household. It’s always a good idea to find software that will integrate easily with other systems used within the business, such as Microsoft Word. Security is also essential – the software should restrict user access and ensure that only those with the right permissions can access the software and its data. Outside of these two key features of the best insurance broker software, there are a number of tools that you should also look for.

What tools should you look for when searching for the best insurance broker software

An accounting tool

Ensuring that you have an accounting tool built in to insurance broker software will mean that tasks, such as producing agent statements (including an in-house statement) and insurer bordereaux, are simplified. A client ledger facility will mean that there is full perspective on any transactions that are associated with each individual client. It will also be important to ensure that there is integration with other software, such as Sage or your preferred accounting package, as this will reduce time and effort across the business.

A reporting tool

Insights and analysis are essential to any business and the best insurance broker software can make generating these simple. A reporting tool will use the data generated by your business to create accurate and detailed reports, graphs and insights without the need for any external involvement (e.g. from the developer). This kind of tool is essential for obtaining an overall perspective on the progress of the business and the way that clients are interacting with products. It can help to improve management decision making and strategic planning.

Marketing tools

Marketing data and actions can be simplified with the right piece of software. For example, you will be able to record key marketing preferences to enable the business to ensure compliance with data protection laws such as the GDPR, as well as working on customer service by communicating with customers via their preferred methods. Insurance broker software can also support marketing actions, such as bulk emailing and interacting on social media.

Documenting tools

With documenting tools you can simplify the use of documents within your business and standardise the way that your people interact with them. For example, you will be able to establish templates for key documents and assign rules to specific documents to ensure that they are used when necessary, and not at any other times.

Interfacing tools

Rekeying data is incredibly time consuming and also makes mistakes and errors much more likely. The best insurance broker software should have APIs that enable direct interfacing with your other business systems and website, to reduce time spent and make processes more efficient. Our mPACS Insurance Broker Software offers all of these tools, as well as a range of features designed to simplify life for intermediaries. If you’d like to find out more about the software and how it could help your business, please get in touch.

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