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The Insurance Broker Management System (IBMS) is a modern design with AI-powered IT solutions that meet the needs of insurance and reinsurance brokers.
This highly configurable, modular system can manage the full life cycle of brokerage business, including: Customer Relationship Management,
Insurance Broker Administration (handling quotations, policies, claims registration, and reinsurance), Accounting Management,
and Human Resources Management. It is designed for a wide range of insurance broker businesses, such as
general insurance, health insurance, and P&I (e.g., maritime and logistics insurance).
A dynamic insurance services management system helps insurance brokers manage their entire business in one place. This includes establishing a comprehensive list of clients, insurers, and reinsurers. The system is capable of generating quotes and policies, monitoring them, and printing invoices, receipts, closing advice, and claims handling documents. The system is capable of managing agency commissions. The system also allows brokers to configure multiple insurance companies and their policy options and extract data as needed.
The approval process is also included to manage the flow of quotations, policies, debit notes, credit notes, and claim creation, facilitating the management and control of all insurance policies.
The Accounting Module is tightly integrated with all the other modules, offering a single point of data entry for accounting entries.
It provides accountants and bookkeepers with all the functionalities they need, including multiple currencies, Chart of Accounts, General Ledger, Cash Flow Management, Trial Balances, Profit & Loss, Balance Sheet, Accounts Receivable, Accounts Payable, Claims Management, Settlements, and various accounting reports by fiscal year.
The Customer Relationship Management (CRM) module utilizes AI-powered technology to automate insurance workflows. It enables insurance brokers to manage the entire workflow process and provide effective customer support. Brokers can swiftly adapt processes, build custom workflows, and integrate with insurance administration without incurring additional costs to IT resources.
Additionally, AI-powered technology, such as agentic AI, can provide brokers with valuable insights, enabling them to make more informed decisions. For instance, it can assist with insurance product selection, illustration, prediction of future trends, and improvement of customer relationships through more personalized interactions.
The Human Resources module is tightly integrated with the Insurance Administration and Accounting modules. This integration provides a more strategic and proactive approach to managing people within insurance brokerages. It enhances performance and supports long-term business goals.
The module encompasses key functions such as benefits and absence management, compensation schemes, commission rates, and broker self-management, as well as staff relations, training, and development.
