MYOB Acumatica for Insurance Providers

Insurance providers or brokers need a single, connected system from which they can manage their entire operation – from billing to customer management, data analytics and insights, and more. Large, complex insurance providers use MYOB Acumatica (formerly MYOB Advanced) to meet their business management needs.

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MYOB Acumatica benefits for Insurance providers

The benefits of MYOB Acumatica support the insurance industry with operational best practices and customer-centric policy support.

Tailored for the insurance industry

MYOB Acumatica is a sophisticated, cloud-based business management platform that can be tailored to meet the needs of the insurance industry. It has a configurable chart of accounts and subaccounts structure that can manage your multiple complex sources of revenue, multiple currencies, and intercompany transactions and reconciliations. It has a range of integrated modules that work together to encompass the key capabilities of your organisation:

• Financial and billing management – including automation,
• Payroll and workforce management,
• Supply chain and inventory management,
• Customer Relationship Management (CRM), Sales, and Marketing,
• Data visualisation and business intelligence through dashboard and real-time reporting.

Robust security in the cloud

MYOB Acumatica is a safe and secure cloud system with robust security measures. It is a Software as a Service (SaaS) solution with all data hosted locally in Australia with Amazon Web Services (AWS). Hosting providers like AWS pride themselves on securing data both in transit and at rest with advanced encryption. MYOB Acumatica supports secure system access with multi-factor authentication, and regular security updates.

Your sensitive data is protected against cyber threats, giving insurers peace of mind and helping them maintain compliance with stringent data protection regulations. Cloud-based security also means that updates and enhancements are automatically applied, keeping the system secure without disrupting operations.

Scalable to meet your changing requirements

MYOB Acumatica has a scalable, modular architecture that allows you to easily expand your operations, add new users, or integrate additional features as needed. Licences are billed as a one-off charge. This scalability is particularly beneficial in a dynamic industry where market conditions and customer needs can change rapidly. It ensures that the system remains aligned with business objectives at all stages of growth.

Integrate your systems and processes

Integration is key to improving efficiency across your entire organisation, especially if you use variety of systems and applications, such as a dedicated policy generator. MYOB Acumatica has an open REST Application Programming Interface (API) that allows integration with other applications. Data flows in real-time, eliminating the need to manually duplicate transactions or customer records across disconnected systems and improves data accuracy and visibility. MYOB Acumatica becomes your single source of truth for all business data.

Watch an MYOB Acumatica demonstration

If you are interested in seeing MYOB Acumatica in action, then watch our free demonstration. You can configure and customise the demo to explore the areas you are most interested in.

What happened to MYOB Advanced?

In July 2024, MYOB changed the name of the MYOB Advanced platform to MYOB Acumatica. This was to bring greater transparency to the alignment between the two companies that have been partners since 2014.

The Acumatica Cloud Business Management Platform is the world’s fastest-growing cloud ERP system. It is built for the cloud; developed by the Acumatica company in Seattle, USA. MYOB Acumatica is based on the Acumatica platform and has the same features and functionality. MYOB Acumatica is localised to the Australian and New Zealand markets, with built-in tax and compliance requirements including payroll.

Our MYOB Services

Kilimanjaro Consulting is the largest and most experienced implementer of MYOB Acumatica across Australia and New Zealand. We are skilled, low-risk implementers helping organisations overcome their challenges through the clever use of creative, innovative and proven technology. Our dedicated team takes the time to truly understand you and customise MYOB Acumatica to meet your requirements. We are experienced in implementing MYOB ERP for insurance providers.

MYOB Acumatica implementation

MYOB Acumatica is a complex, sophisticated business management platform. It requires in-depth solution design and configuration to meet your requirements and to add the most value to your organisation. While an MYOB Acumatica implementation may seem like a daunting project, you can engage an expert implementation partner to guide you through to a successful outcome.

MYOB Acumatica Integration and Customisation

Integrating industry-specific systems is a requirement for the insurance industry. MYOB Acumatica can support these integrations to minimise disruption to your operational process, while bringing all the benefits of a single source of truth for your data.

There is also a vast array of specially developed connected services that you can integrate with MYOB Acumatica to create a technology ecosystem. These best-of-breed connected services are specifically developed to meet individual industry or departmental requirements and can further improve efficiency. Improve areas such as Accounts Receivable, Accounts Payable, Business Intelligence, Reporting, and more. MYOB Acumatica integrations and customisations allow you to build a truly custom system for your organisation.

Business Process Improvement

Business Process Improvement (BPI) is a systematic approach to helping an organisation optimise its processes and improve efficiency. BPI is an integral part of any implementation and your ongoing journey with the ERP system. There must be an overall improvement in your processes, otherwise, your investment in new software is suboptimal.

Targeted areas for BPI typically include:

• Automating manual processes
• Validate data integrity
• Improved reporting capabilities
• System integrations if applicable, and
• Process efficiency

MYOB Acumatica Training and Support

Kilimanjaro Consulting provides in-depth MYOB Acumatica training as part of our implementation process, as well as long-term guidance and support for our insurance-focused clients.

We understand it is crucial to empower your staff with the right skills and knowledge to use your systems effectively. Training avoids wasting time and resources that cause inefficiencies within even the simplest of processes. We have a dedicated training portal for on-demand MYOB Acumatica training options, as well as the skills to create bespoke training that is specific for your site and workflows.

The MYOB Support Sherpas will help guide you to the best possible solution if and when you face challenges with your systems. With decades of experience between them, the MYOB Support team take a collaborative approach when solving your issue. All MYOB Acumatica clients can log and track support tickets through the dedicated MYOB Acumatica Support Portal.

For any MYOB Support case, we follow a structured methodology to minimise risk and solve your problem efficiently. Our MYOB Acumatica Support team has developed a robust knowledge base grounded in their real experiences in finding solutions for our clients. Knowing more about your issue gives the team the ability to consider multiple resolutions. No matter if the query is small or large, our team will always endeavour to provide the best solution.

Moving to the Cloud

Learn how to implement cloud ERP with ease – download our free guide now.

Moving to the Cloud eBook

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Case Studies

MYOB Acumatica is a proven solution to help insurance organisations to improve efficiency.

Go Insurance

Go Insurance is a Brisbane-based travel insurance specialist that sells flexible, customisable insurance policies. The Go Insurance team has over 70 years of experience in all aspects of travel insurance and prides itself on the personal approach to claims and policy management.

When Go Insurance were struggling with their growing administrative burden and manual data duplication, they turned to Kilimanjaro Consulting and Acumatica for their solution. Manually creating monthly distribution statements and invoices previously took Go Insurance 2 weeks with 1.5 FTE. Now, it takes one team member less than a morning, which frees up the team to work on other projects.

Go Insurance continues to scale and grow following the MYOB Acumatica implementation, supported by the Kilimanjaro Consulting team.

Warren Saunders Insurance Brokers

Warren Saunders Insurance Brokers (WSIB) help customers to assess risk and provide the best options for their insurance needs. They firmly believe in the foundations of trust and integrity. WSIB’s manual bookkeeping process was slowing down the team and preventing them from reaching their potential. Valuing a low-risk approach, the WSIB team sought out Kilimanjaro Consulting for their MYOB Acumatica implementation.

Now, WSIB has greater transparency of their transactional data and reports are generated faster than ever before. They have revolutionised and modernised their processes, speeding up the audit process, maintaining industry compliance, and staying one step ahead of their competition.

Frequently Asked Questions

MYOB Acumatica is a complex and fully featured business management platform. Naturally, this leads to many frequently asked questions.

Why set up a cloud ERP for insurance brokers?

An ERP system gives insurance brokers automated workflows and real-time data tracking. This gives you complete control over the policy and claim administration processes while reducing overheads and the risk of errors. ERP systems like MYOB Acumatica are configurable to your industry compliance requirements, as well as local tax and payroll obligations, including checks and audit trails, record keeping, data security, and risk management. MYOB Acumatica is a holistic approach to business management and automation, crucial for staying competitive in the insurance industry. MYOB Acumatica has a powerful API, allowing integration with your industry solution, and the transfer of data between systems.

How do I find the best ERP system for an insurance provider?

Trust the advice of software experts when it comes to selecting an ERP system for your insurance organisation. They will assess your requirements and processes and determine the best-fit ERP alongside Business Process Improvement.

The Kilimanjaro Consulting teams are experts in MYOB Acumatica and how it can be used to improve efficiency. Download our free resources, or book a free, no-obligation consultation with one of our friendly and experienced MYOB Acumatica consultants. Discover how our team can support your organisation in your journey up the technology mountain.

How much does an insurance ERP implementation project usually cost?

Every MYOB Acumatica implementation is different, and the price reflects this. Because you only pay for the modules you use, and every organisation will use the system differently and with a different number of users, there will be variance between companies for the final cost.

An MYOB Acumatica implementation will typically cost between $50k and $100k, depending on the individual requirements. More complex insurance organisations could fit outside this range. Ongoing licence fees range between $2k to $5k per month.

Your organisation may be more or less complex than the exemplar. The best way to find out how much it will cost is to talk to an expert. Our team will attempt to understand the uniqueness of your organisation, how MYOB Acumatica can best meet your needs, and provide a quote for implementation, ongoing licences and support.

My company is already on another ERP. Is MYOB Acumatica worth it?

MYOB Acumatica has a number of advantages over a typical ERP system:

• MYOB Acumatica is built for and based in the cloud. It can be accessed from any browser, from any location, and at any time. Its stable and reliable infrastructure minimises downtime and security risks.
• MYOB Acumatica is user friendly; its user interface is consistently rated as the market leader. It is easy to use and learn but still brings all the power of a modern ERP system.
• MYOB Acumatica is built for local Australian and New Zealand organisations. It is always up to date with the latest tax and compliance requirements and the development priority is always on local organisations, not overseas companies.
• MYOB Acumatica’s flexible modular design and licensing structure means that you are only billed for what you use, providing supreme value compared to other ERP systems.
•  SaaS systems like MYOB Acumatica are relatively quick to deploy and inexpensive to maintain, compared to on-premise systems with expensive server and maintenance requirements.
• MYOB Acumatica’s flexible general ledger and subaccounts structure means it can be configured to support your organisation, not the other way around. Limited customisation in some systems means that your organisation must adopt the generic workflows built in to those systems. . MYOB Acumatica allows you to configure, customise and continue to improve the processes that made you successful.

Get in touch today

Are you an insurer or broker looking to implement MYOB Acumatica? If you are looking for help, support, or training with a new or existing software implementation, get in touch today.

To start a conversation about how MYOB Acumatica can improve efficiency in your insurance organisation, email sales@kilimanjaro-consulting.com or call 1300 857 464 (AU) or 0800 436 774 (NZ).