Automate your finance functions with data integrity and accuracy with the Finance Module. Complete with payment processor, premium financing and leading accounting software integrations, we make financials easy. Track your receivables and payables and with oversight and streamlined processes for your accounting team.
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Key Features & Functionalities
The Finance Module allows you to manage and oversee your financials:
Configure Financials
- Build chart of accounts
- Set general journal rules for policy and claims lifecycles
- Set fees by product and transaction
- Manage tax jurisdictions and rates
Process Payments
- Connect and configure payment gateway
- Insureds can pay using credit card, bank account and manual payments
- Set system responses to payment results – including messaging
- Outline payment retries timing and NSF fees
Reconcile and Make Payments
- Accounts payable reconciliation and payment for direct bill commission and reinsurers
- Account receivable reconciliation and deposit for agency bill
Manage Premium Financing
- Select from internal premium financing payment plans or have Modular Solutions configure one for your needs
- Set and amend premium finance rates
- Configure money down options
Administer Fees
- Set administration fees by product and transaction, including if they are taxable or fully earned
Manage Direct Billing
- Work with insureds to change payment days, update payment plans, update payment methods and more
- Cancel and reinstate policies related to non-payment
- Activities, attachments and notes to track actions and follow up
Adjust Entries
- Transfer balances between accounts or brokerages
- Create entries with control over accounting integration
Benefits of the Finance Module
The Finance Module helps insurers, mutuals, MGAs and brokers with programs have oversight and control of their financials through:
Real-Time Integration
Seamlessly integrate with leading accounting platforms, payment processors and premium financers.
Comprehensive Financial Tracking
Maintain financial oversight and streamline processes for your accounting team.
Enhanced Efficiency
Our Finance module helps you improve accuracy and efficiency with integration, automation and centralization.
Innovative Affordable Technology
Leverage cutting-edge technology designed specifically for the insurance industry at an affordable price for small to medium-sized MGAs, carriers, mutuals and brokerages.
User-Friendly Interface
An intuitive and easy-to-use interface simplifies complex financial management tasks and aids in adoption and training for staff.
Improved Financial Oversight
Gain comprehensive oversite of your business financials, ensuring better control and management. Make informed decisions with accurate real-time financial data.
Designed by Insurance Experts
Modular Solutions was developed by insurance professionals – we understand the industry’s challenges and nuances and set out to build a platform to solve problems and modernize the industry.
Want to see the Finance Module in action?
Leverage Seamless API Connections for Full Financial Oversight & Management
Through our Solutions Exchange, we can offer real-time integration with accounting software, payment processors and third-party premium financers.
Learn more about our Solutions Exchange >
Finance Module Frequently Asked Questions
Here are the answers to some of our most frequently asked questions about our Finance module.
How will this module benefit my insurance business?
If you operate an insurance company, mutual, managing general agency (MGA) or are a brokerage with a program, the finance module will help you manage all of your financials and aid your accounting team with increasing their efficiency and ease of their processes.
Can the Finance module handle international transactions?
The Finance Module handles a single currency. Any foreign exchange would need to be done via an integrated accounting system (see our Solutions Exchange for our current partners or contact us about custom development).
Can this software integrate with our existing systems?
Yes, the Finance Module integrates with several enterprise accounting platforms, payment processors and premium financing. Please see our Solutions Exchange or reach out to us directly to see if your preferred system is available.
This module also seamlessly connects with the other modules of the Modular Solutions platform.