Insurance brokerage business isn’t run like a normal retail or product based business. Unlike a normal retail company that buys consumables and resell to customers, Insurance brokers are engaged in the service of helping clients subscribe for insurance products directly from insurance companies while they earn commission on premium paid. As curious as insurance brokerage business owners are (on how a simple software can organise their finance and track cash flow), that’s how they call for a demo.
Last week, I received a call from a Lagos based insurance brokerage company looking to migrate their transactions (3 year period) from excel worksheet to an affordable, off the shelf financial management software so that they can easily track premium receivables, remittance to insurance companies and view commission earned on monthly, weekly and annual basis. Based on the questions asked and direction of our discussion, I will be sharing practical tips on how QuickBooks can take your insurance brokerage business to the next level, so, if you have come to this page to get more details, you will surely find it useful for your company.
I have been in the software industry for 5 years+ before starting my business around implementation and custom application development and can confidently say that QuickBooks is the leading financial application for SMEs in Nigeria.
Here are what setups looks like in the insurance brokerage industry:
This feature in QuickBooks is designed to help you track prospects you are currently talking to or selling insurance products to. It lets you classify a lead to either cold, warm or hot so that you can ascertain the level of commitment to put in before converting the lead into a customer. The lead centre tracks the name of the prospect, address/contact, updates on meeting and appointments via the note field, etc.
You can also manage your clients, and track insurance premium paid for a specific period. The invoice feature lets you create “premium receivables” that will be due with details on the period covered, the client’s insurance policy number and other. All transactions that pass through a client’s name build up to form the client’s statement.
More features below:
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