Insurance Brokers and Brokerage Management System

Engsoft  Insurance Brokers Management System is a Complete General Insurance Brokers Management System for handling all aspects of Underwriting & and claims Integrated with Engsoft “ERP/Tally9.ERP” accounting package, it plays a major role in managing all valuable procedures that are important to a customer by, its potency of accurate calculation of premiums, sum assured, claims and refunds, it mechanizes best practices across the insurance management life span and integrates processes into service supports to have finest quality business outcome

The General Ledger is the heart of your company’s financial function. All processing you do eventually reflects in the General Ledger. The system does not have tedious month or year-ends. 

Modules and Features

• Multi-Company/ Multiuser. Multi-Currency Debit/Credit Notes.
• Complete Policy Life Cycle Tracking from its Inception.
• Complete Underwriting Module.
• Integrated Claims Tracking.
• Renewal Module.
• Quotation Management.
• User Defined Standard Letter Templates.
• Auto Emailer Module/ Auto SMS Module (add-on optional).
• Handles Co-Insured Policies.
• Business Segment (Branch) wise Policy grouping
• Integrated with Engsoft ERP / Tally9.ERP Accounting Package.
• Auto calculations of Premium, Commission, Taxes, Levies, etc.
• User Rights and Security Controls.
• Masters Creations for Error-Free Data Entry.
• Compatible with IRA guidelines.
• Fit for both brokers’ bancassurance.
• MIS Reports. Broker &amp binder commissions tracking.

Underwriting

• Address Book Management of Customers, Insurers & Agents.
• User Defined Risk Classes for
• Motor, General (Miscellaneous),
• Marine, Medical. e.g. Motor
• Private, Commercial, Fire,
• Fidelity Guarantee, Public Liability, WIBA, Burglary, Marine Hull, etc.
• User-defined risk note templates & schedules.
• Policy quotations.
• Policy insurance, renewal, addendum & refunds.
• Vehicle fleet management.
• Motor certificate tracking & printing.
• Standard communication letter.
• Auto-prorated premium calculation.
• Tracking and reconciliation of policy Debit Notes/Credit Notes.
• Binder commission calculation & tracking.
• User-friendly quick searching/Tracking of Policy files
• Underwriting Register.
• Day Book.
• 3rd Party other charges (e.g. Auto assured, Road rescue, Ambulance rescue satellite tracking, etc.)
• Auto calculation of various
• Levy’s (Training Levy, PCF, With Holding Tax). Direct payments to the Insurance company.
• Various MIS Reports (filtered on Extensive List of Parameters) Commission Earned Report.

Direct Payments Report.

• Income Analysis.
• Risk Ratio Analysis.
• Renewal List.
• Renewal Invitation Letters / Notices.
• Client portfolio.
• Policy File Creation
• Create New Motor /
• Miscellaneous / Marine / Medical Policies.
• Specify relevant policy details.
• Option to specify T.B.A or Actual policy no.
• Unique system generated file reference no. alternatively policy no. can also be used as file reference no.
• Overwrite default commission rates in case required.
• Mark policies to be renewable/ Non-renewable, current/ lapsed.
• Provides real-time policy situations.
• Sub Policy (Vehicle Details)
• Creation
• Create a Fleet of Unlimited no. of Vehicles on a policy.
• Request Motor Certificates through auto-printed 

 Policy management

Policy File Creation

• Create New Motor / Miscellaneous / Marine / Medical Policies.
• Specify relevant policy details.
• Option to specify T.B.A or Actual policy no.
• Unique system generated file reference no. alternatively policy no. can also be used as file reference no.
• Overwrite default commission rates in case required.
• Mark policies to be renewable/ Non-renewable, current/ lapsed.
• Provides real-time policy situations.

Sub Policy (Vehicle Details) Creation

• Create a Fleet of Unlimited No. of Vehicles on a policy.
• Request Motor Certificates through Auto Printed Certificate Requisition Form
• Record Relevant Details of Vehicle.
• Sold/cancel / Written Off vehicles management

Policy Charges Definition

• Specify Basic Premium Percent & Sum Insured.
• Auto Prorated Premium Based on Defined Policy Period.
• Specify Various Additional Charges / Discounts.
• Specify other Third-Party Charges.

BANCASSURANCE

• Handles bank insurance agency operations
• Post withholding deductions
• VAT calculations
• Exercise Duty calculations
• Operational cost calculations
• Track commission receivables
• Manage payment of
• insurance companies only after receipt from customers

RENEWALS

• Generation of Renewal list by date, customer, Insurer, or Risk Type.
• Renewal Notice / Invitation letters.
• Renewal Proposals with Manual Amendments.
• One Click Renewal Debit Note Process.
• Renewal letters can be customized.
• Sum Assured & Premium Calculations can be modified.
• System Controls for Non-Renewable Policies and Written-off Motor Vehicles.
• Auto Debit Note and Risk Note clauses as per previous policies.
• Motor Vehicle Certificate Printing on Renewed Policies.
• Portfolio Register by customer.
• Calculation of other charges like Auto Assured etc.

FINANCIALS

• Seamlessly integrated with Tally.ERP9 for accounting.
• Auto creation of master viz. customers, insurance companies, etc.
• Auto posting of Debit Notes, Credit notes, Receipts & payments to Tally.
• Auto updating of ledgers viz. debtors, insurance company, cash, bank, withholding tax, commission, etc.
• Accounting for direct payments.
• Periodic financial reports like Trial balance, Income statement ↦ Balance sheet.
• Multi-currency.
• Cash book / Bank book /Bank reconciliation.
• Receipts / Statement and cheque printing.
• Credit Note settlement against Debit Note.
• Different Debit date (Transaction Date) & effective from date for prior/Post Debit notes