The verdict in three sentences
A brokerage working with 30 insurers receives 30 different commission statements every month, and unclaimed differences often reach 1 to 3% of annual commission income. Custom software at 50,000 to 105,000 USD centralises policies, commission reconciliation, advice and suitability records and renewal reminders. Across 4,000 policies, automated renewals cut lapses by about 9%, which pays for the project in under two years.
Three workstreams generic tools handle poorly
Market brokerage systems handle standard portfolio management well. They handle less well multi-insurer reconciliation when statements arrive as PDF, CSV or through varied portals, and the documentation of advice expected under MAS rules (Insurance Act broker obligations, Financial Advisers Act needs analysis where applicable, Guidelines on Fair Dealing).
| Workstream | Without dedicated tool | With custom software | 2026 order of magnitude |
|---|---|---|---|
| Commission reconciliation | 30 statements checked by hand | Automatic import and matching | 3 to 4 days/month saved |
| Unpaid commissions | Undetected | Alert per policy and insurer | 1 to 3% of commission income |
| Needs analysis | Scattered Word forms | Structured, timestamped questionnaire | 100% of files traced |
| Recommendation record | Written by hand | Generated from the comparison tool | 20 min saved per file |
| Renewals | Case-by-case follow-up | Campaigns at D-90, D-60, D-30 | 9% fewer lapses |
| Cover comparison | Excel sheets per product | Common grid across 30 insurers | 3 to 5 quotes compared in 10 min |
| Regulatory review | 2 weeks of preparation | Evidence export in 1 day | Lower sanction risk |
The advice record is not a formality: in a review or a dispute, the brokerage must show it captured the client's needs and justified its recommendation. Without a timestamped trail, the proof rests on the adviser's memory.
Modules and 2026 price ranges
| Module | Scope | Range (USD) | Timeline |
|---|---|---|---|
| Policy and client register | 4,000 policies, documents, due dates | 9,000 to 17,000 | 4 to 6 weeks |
| Commission engine | Rates per insurer, statement import, variances | 13,000 to 27,000 | 6 to 8 weeks |
| Advice compliance | Needs analysis, recommendation, archiving | 9,000 to 20,000 | 4 to 6 weeks |
| Cover comparison | Common grid, proposal generation | 10,000 to 22,000 | 5 to 8 weeks |
| Renewals and reminders | Email and SMS campaigns, dashboard | 5,500 to 11,000 | 3 to 4 weeks |
| Dashboards and exports | Production per adviser, profitability per insurer | 3,500 to 8,000 | 2 to 3 weeks |
| Total | 50,000 to 105,000 | 4 to 7 months |
Maintenance runs 650 to 1,500 USD a month. Hosting must comply with the PDPA (access logs, breach notification, data kept in approved regions) since the brokerage handles health data for medical and life policies.
Do you need to rebuild everything?
No. If the brokerage already runs a satisfactory portfolio system, a 28,000 to 50,000 USD project can be limited to the commission engine and advice compliance, connected by API or file import.
Mini case study
Wei Ling, managing director of a 15-person brokerage in Singapore, manages 4,000 policies generating 1.8 million USD in annual commissions.
- Commissions recovered: 1.5% of unclaimed variances, so 27,000 USD a year.
- Reconciliation: 3.5 days a month of an assistant at 300 USD a day fully loaded, so 12,600 USD a year.
- Lapses: the rate drops from 11% to 10% of the portfolio, so 40 policies retained at 450 USD average commission, 18,000 USD a year.
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Total: about 57,600 USD of annual gain for an 86,000 USD project with 1,100 USD monthly maintenance. Payback arrives around month 24, not counting the protection it brings in a regulatory review.
FAQ
Can the software read insurers' PDF statements?
Yes, through automated extraction with human review of lines showing variances. Across 30 insurers, 70 to 85% of lines reconcile without intervention from the third month.
What should the advice trail contain?
The needs analysis, product disclosure, the reasoned recommendation and proof of delivery to the client. The software timestamps each step and keeps records for at least 5 years.
How long to migrate 4,000 existing policies?
Count 3 to 5 weeks of data migration, with checks on due dates and rates. Source file quality drives this timeline.
Will advisers have to enter more information?
The needs questionnaire adds 5 to 10 minutes per new file, but the generated recommendation saves 20.
Can we add a client portal?
Yes, as an add-on at 9,000 to 17,000 USD: policy viewing, certificates and online claims notification.
Let's scope your project. Send us the number of partner insurers, your policy volume and your current system: we price a scope between 50,000 and 105,000 USD, deliverable in 4 to 7 months, or a standalone commission and compliance module. Detailed quote within 48 h. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
