The verdict in three sentences
For a brokerage with 30 staff in Singapore managing 9,000 policies and 1,500 claims a year, custom management software costs SGD 80,000 to 180,000 in 2026. Payback comes first from recovering lost renewals (4 to 6% of the book) through renewal alerts, then from automatic reconciliation of commissions by insurer. Compliance with MAS requirements (Insurance Act, AML/CFT notices, technology risk management guidelines) and the PDPA becomes a by-product of the system rather than a yearly scramble.
Excel, packaged software or custom: the options in figures
With 9,000 policies spread across insurers such as Great Eastern, AIA, Income, AXA, Allianz and others, a spreadsheet can no longer tell you which policies renew in 45 days, which commissions were not paid and which claims have been waiting three weeks for a document. Here are the three options as 2026 orders of magnitude.
| Criterion | Shared Excel | Packaged broker software | Custom software |
|---|---|---|---|
| Upfront cost | SGD 0 | SGD 30,000 to 70,000 (licence and setup) | SGD 80,000 to 180,000 |
| Annual cost | Staff time | SGD 25,000 to 55,000 (per-user licences) | SGD 12,000 to 25,000 (hosting, maintenance) |
| 5-year cost (30 users) | Lost renewals | SGD 155,000 to 345,000 | SGD 140,000 to 305,000 |
| Local insurers and products | Yes, manually | Partial configuration | Native |
| MAS and AML/CFT reporting | Manual | Generic | Built to current MAS notices |
| Cloud hosting in Singapore region | N/A | Depends on vendor | Yes, to meet TRM expectations |
| Go-live time | Immediate | 2 to 4 months | 4 to 6 months |
Over five years, total cost is close between packaged and custom software. The difference lies in fit: a package designed for another market handles local insurer statements, high-volume motor and work injury compensation lines and specific commission flows poorly.
The modules of brokerage software
The typical scope breaks down into modules delivered in phases, starting with those that protect revenue.
| Module | Function | Indicative 2026 cost (SGD) | Expected gain |
|---|---|---|---|
| Clients and portfolio | Individual and corporate records, policies, endorsements, documents | 15,000 to 32,000 | 360-degree client view |
| Renewals | Alerts at 60, 30 and 15 days, SMS, WhatsApp and email reminders | 10,000 to 22,000 | 4 to 6% of renewals recovered |
| Commissions by insurer | Rates per product, statement import, variance reconciliation | 14,000 to 32,000 | Unpaid commissions detected |
| Claims management | Notification, documents, adjuster and insurer follow-up, timelines | 15,000 to 35,000 | Shorter average settlement time |
| MAS and AML/CFT compliance | Customer due diligence, ID documents, screening alerts, registers | 12,000 to 30,000 | Inspections prepared in hours |
| Client portal and dashboards | Downloadable certificates, production by account manager, loss ratios | 14,000 to 29,000 | Fewer inbound calls |
Client data falls under the PDPA, and MAS technology risk management guidelines set expectations on access control, logging and outsourcing. Both belong in the specifications from day one.
Rollout without disrupting the business
The project starts with three weeks of scoping with management, account managers and the claims team, then migration of the Excel book, often the heaviest task: allow four to six weeks of cleaning for 9,000 policies. Renewals and commissions modules go live first, usually in month three. The rest follows over two to three months.
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Daniel, managing director of a 30-person brokerage in Singapore, manages 9,000 policies with average commission of SGD 420 per policy per year, SGD 3.78 million in total. Without reliable alerts, about 5% of renewals are lost to a competitor or to direct purchase: 450 policies, SGD 189,000 a year. Recovering half of them is worth SGD 94,500. Statement reconciliation also uncovers about 1% of unpaid commissions, SGD 37,800. Estimated annual gain: SGD 132,300. For software at SGD 140,000 plus SGD 20,000 a year of maintenance, payback comes in about 15 months, as an order of magnitude.
FAQ
How much does brokerage software cost in Singapore in 2026?
Between SGD 80,000 and 180,000 for custom software covering portfolio, renewals, commissions, claims and compliance for 30 users. Annual maintenance is SGD 12,000 to 25,000.
Does the software help with MAS inspections?
Yes, customer due diligence files, supporting documents and complaints registers are centralised and exportable. Preparing an inspection drops from several days to a few hours.
Can we import insurer commission statements?
Yes, each statement format (Excel, CSV or structured PDF) gets its own connector. Automatic reconciliation flags variances above 1% or a set amount.
How long does migrating our Excel data take?
For 9,000 policies, allow four to six weeks of cleaning and de-duplication in parallel with development. This step determines how reliable the renewal alerts will be.
Can clients download their certificates?
Yes, the client portal provides certificates and schedules 24/7. Brokerages usually see 20 to 30% fewer inbound calls.
Let's scope your project. Tell us your number of policies, partner insurers and users and we will price software between SGD 80,000 and 180,000, rolled out in 4 to 6 months. 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.
