Searching for the best insurance accounting software for your business?

Save yourself time and stress. We’re here to help you find the right insurance accounting software solution for your work.

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.

What 5 key Insurance Accounting Software features should I look for?

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.

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Showing 1 - 20 of 106 products
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Showing 1 - 20 of 106 products

JD Edwards EnterpriseOne

Oracle JD Edwards EnterpriseOne is an enterprise resource planning software with primary features such as real estate management, human capital management, environmental health and safety and commodity trading. What is JD...Read more

4.13 (136 reviews)

3 recommendations

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Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insight...Read more

4.17 (312 reviews)

17 recommendations

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OASIS

OASIS by Intellitek is a full-featured ERP solution that is a great solution for overall Supply Chain Management. It features several important applications, such as Supplier Management, Procurement, and Transportation Management....Read more

3.43 (7 reviews)

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UNIT4 Financials

Unit4 Financials (formerly Coda Financials) is a cloud-based accounting and financial management solution for public sectors, real estate, education, professional service, financial services and wholesale providers. It includes ge...Read more

4.13 (8 reviews)

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NetSuite

With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more

No reviews yet

21 recommendations

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BizAutomation

BizAutomation is an ERP solution suitable for any industry. At the core of the system is intuitive and integrated functionality for Customer Relationship Management, and Financial Accounting. The system is delivered as a SaaS....Read more

4.88 (26 reviews)

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Flexi Software

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 tra...Read more

4.40 (5 reviews)

1 recommendations

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Multiview ERP

Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large en...Read more

4.40 (10 reviews)

16 recommendations

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UNIT4 ERP

Successful nonprofit management depends on the ability to quickly adapt to change, both internally and externally. UNIT4 offers nonprofit organizations and NGOs a complete, fully integrated Enterprise Resource Planning (ERP) solu...Read more

3.83 (12 reviews)

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FinancialForce Accounting

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 appli...Read more

3.81 (44 reviews)

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Software pricing tips

Read our Insurance Accounting Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

Infor CloudSuite Financials

Infor CloudSuite Financials is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the cloud. It deliver...Read more

3.36 (7 reviews)

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MultiLedger

First introduced in 1986, MultiLedger by CheckMark Inc provides a fully integrated, comprehensive suite of accounting software for small to mid-size businesses. It merges billing & invoicing, inventory management, job tracking, ex...Read more

1.00 (1 reviews)

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Prophix

Prophix is a financial management solution used for financial consolidation, budgeting, analysis, planning and management reporting. The solution provides a spreadsheet-style interface that helps users to analyze financial data an...Read more

4.54 (70 reviews)

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Access Financials

Our financial management software is rich in functionality, delivering a full suite of financial management modules and core and advanced functionality. More importantly, our solution automates many core accounting processes, maki...Read more

4.00 (1 reviews)

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Accounting Xpert

Accounting Xpert is an on-premise accounting solution that serves businesses of all sizes. Primary features of the software include a general ledger, accounts receivables and payables, payroll, W2 and 1099 laser processing, bank r...Read more

4.69 (36 reviews)

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Infor SunSystems

Infor SunSystems is an integrated financial management, purchasing, inventory and sales management solution. Offered in multiple languages and currencies, and available for both cloud and on-premise deployment, SunSystems is suite...Read more

4.14 (7 reviews)

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AccountEdge

AccountEdge's banking tools allow users to send and receive money, prepare bank deposits and electronic payments, print checks and reconcile accounts. The system's purchase order feature allows users create and track purchase orde...Read more

4.37 (86 reviews)

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Rerun

Rerun is a standalone billing and invoicing solution designed for small to midsize businesses in the United States and Canada. With Rerun, users can customize payment streams and set up recurring billing, track account activity an...Read more

4.50 (6 reviews)

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MineralTree Invoice-to-Pay

MineralTree’s TotalAP accounts payable automation solution digitizes and automates the entire invoice-to-pay process to make paying your suppliers easy, impactful, and profitable. Our cloud-based accounts payable solution can scal...Read more

4.37 (78 reviews)

3 recommendations

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Infor Cloud ERP

Infor Cloud ERP is an enterprise resource planning solution that helps businesses in many industries with finance and accounting, supply chain management, planning and scheduling, project management, and customer and order managem...Read more

3.60 (5 reviews)

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Popular Insurance Accounting Software Comparisons

Buyers Guide

Last Updated: March 10, 2022

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.
  •  
  • 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.