The verdict in three sentences
For a 12-person insurance brokerage in Singapore managing 4,500 policies and collecting commissions from 20 insurers, a custom broker management system costs 70,000 to 160,000 SGD with a local agency in 2026 (market estimate) and takes 12 to 16 weeks to deliver. Off-the-shelf broker platforms charge the equivalent of 60 to 150 EUR per user per month and handle core policy admin well, but are weaker on commission statement reconciliation. A custom build becomes relevant when that reconciliation, the renewal schedule and the audit trail required by MAS fair dealing rules cost several days a month.
Broker platform or custom build: the 2026 numbers
A 12-person brokerage usually has 10 to 12 active users: account executives, claims handlers, an admin assistant and the principal. Orders of magnitude in 2026 for 12 users.
| Option | Upfront cost | Recurring cost (12 users) | 5-year cost (estimate) | Main limitation |
|---|---|---|---|---|
| Broker platform, standard plan | 3,000 to 7,500 SGD data migration | 12 x 90 SGD = 1,080 SGD per month | about 68,000 to 72,000 SGD | Manual commission reconciliation |
| Broker platform, advanced plan | 7,500 to 22,000 SGD | 12 x 220 SGD = 2,640 SGD per month | about 166,000 to 180,000 SGD | Insurer connectors billed extra |
| Custom build, Singapore agency | 70,000 to 160,000 SGD | hosting and support 1,000 to 2,500 SGD per month | 130,000 to 310,000 SGD | 12 to 16 week lead time |
| Kolonell application (complex) | 7,000,000 to 15,000,000 FCFA (10,670 to 22,870 EUR) | maintenance 120,000 FCFA per month (180 EUR) | about 21,500 to 33,700 EUR | Remote team, workshops by video |
| Adapted generic CRM | 15,000 to 35,000 SGD | 12 x 130 SGD = 1,560 SGD per month | 109,000 to 129,000 SGD | No commission statement logic |
Vendor and Singapore agency prices are market estimates observed in 2026. The Kolonell budget follows its complex application grid and is confirmed after scoping.
The modules that set the price
In a brokerage, value sits in three flows: policies, the money coming back from insurers and the evidence of advice given. Here is a typical budget split.
| Module | Scope | Share of budget | Indicative timeline |
|---|---|---|---|
| Portfolio and clients | Client records, policies, endorsements, documents, multi-insurer | 20 % | 3 weeks |
| Commission reconciliation | CSV or PDF import from 20 insurers, auto-matching, variances | 25 to 30 % | 3 to 4 weeks |
| Renewal schedule | Alerts at 90 and 60 days, lapse tracking, reminders | 15 % | 2 weeks |
| Advice and suitability records | Needs analysis, recommendation record, timestamped archive | 15 % | 2 weeks |
| Claims | Notification, tracking, insurer correspondence | 10 % | 1 to 2 weeks |
| Reporting | Commissions by insurer and by executive, retention rate | 10 % | 1 to 2 weeks |
Reconciliation is both the most profitable and the trickiest module: each insurer sends statements in its own format with its own product codes. Plan one workshop per major insurer to map fields before development starts.
Compliance: what the system must prove
Insurance brokers in Singapore are regulated by the Monetary Authority of Singapore under the Insurance Act, and those advising on life or health products also fall under the Financial Advisers Act. During a MAS inspection, the firm must retrieve within minutes the needs analysis and recommendation behind a given policy. The system must therefore timestamp every document, attach evidence to the policy and track the registration status of each representative. Personal data falls under the PDPA, which requires strict access rights and a clear retention policy.
Mini case study
Illustrative scenario: Wei Ling, principal of a 12-person brokerage in Singapore, earns about 1,300,000 SGD in commissions a year on 4,500 policies. Manual reconciliation of the 20 monthly statements takes about 2 hours per statement, or 40 hours a month and 480 hours a year. At a loaded cost of 55 SGD an hour, that is 26,400 SGD a year. Add unclaimed commissions, estimated at 1 % of the total, or 13,000 SGD.
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With a custom system at 110,000 SGD and 1,500 SGD a month of support, automation would cut reconciliation time by 75 % and recover most variances: about 19,800 + 11,500 = 31,300 SGD a year, or 13,300 SGD net after support. Payback on these gains alone lands around 8 years, which is why the case usually rests on also dropping an advanced platform plan at 31,700 SGD a year.
FAQ
How long does it take to migrate a 4,500-policy book?
Data migration usually takes 2 to 4 weeks, including clean-up. Expect 5 to 10 % of duplicates or incomplete policies to fix before cut-over.
Can the system read insurers' PDF statements?
Yes, with automated extraction, but reliability exceeds 95 % mainly for CSV or Excel formats. For PDFs, plan human review on lines with variances.
How does the system help during a MAS inspection?
It retrieves in under a minute the needs analysis, disclosure documents and signature date for a policy. Without a tool, that search often takes 15 to 30 minutes per file.
What maintenance budget should we plan?
Allow 15 to 20 % of the initial cost per year. For a 110,000 SGD project, that is 16,500 to 22,000 SGD a year, including regulatory changes.
Can we connect insurer portals?
Some insurers offer data feeds or APIs, others only an export. A connector typically costs 3,000 to 9,000 SGD depending on documentation quality.
Let's scope your project. Let's define the scope of your broker system (portfolio, commission statements, renewals, advice records) with a budget within Kolonell's complex application range of 7,000,000 to 15,000,000 FCFA and go-live in 12 to 16 weeks. 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.
