What is a broker management system (BMS)? A Canadian broker's guide
A broker management system, or BMS, is the system of record a Canadian P&C brokerage runs on: the policies it has placed, the carriers it places them with, the documents it issues and the money that moves. In the United States the same category is called an agency management system (AMS). Canadian brokers, their associations and CSIO say BMS.
This guide explains what a BMS does, which systems Canadian brokerages use, when a brokerage needs one, and where a CRM fits beside it. It names vendors but quotes no prices: the major Canadian BMS vendors do not publish them.
The short answer
A BMS administers policies after they are sold. It holds the policy record, exchanges data with carriers (in Canada largely through CSIO standards such as eDocs), produces certificates and proof-of-insurance documents, and runs the brokerage's accounting: premiums, commissions, carrier payables and trust. Most Canadian brokerages run one of a handful of systems: Applied Epic, Applied TAM, Power Broker, TBW, Brokercore or sigXP.
A CRM is a different tool. It manages the relationship before and between policies: leads, follow-up, renewals as a pipeline, cross-sell and the notes and tasks around each client. Brokerages commonly run both, with the BMS as the source of truth for policy data and the CRM for the work of winning and keeping clients.
What a broker management system does
Capabilities vary by vendor and by edition, so treat these as the categories to ask about rather than a feature list for any one product.
Policy administration
The policy record itself: coverage, limits, effective and expiry dates, endorsements, cancellations and reinstatements, with history. This is the data a regulator or an E&O insurer expects a brokerage to be able to produce.
Carrier connectivity
Receiving policy documents and data from carriers, in Canada mostly through CSIO eDocs and download standards, so the broker does not re-key what the carrier already issued.
Accounting and commissions
Premium billing, agency bill and direct bill, carrier payables, commission statements and reconciliation, and trust accounting where a province requires it.
Document generation
Certificates of insurance, binders, proof-of-insurance documents such as pink slips and, increasingly, digital versions delivered through CSIO's My Proof of Insurance and eSlips.
Rating and quoting links
Integration with comparative raters and carrier portals so a quote can be started from the client record and a bound policy can flow back in.
Reporting and compliance
Book of business reports by carrier, line and producer, loss runs, expiry lists and the audit trail a brokerage shows a regulator such as RIBO, the AMF or a provincial council.
The systems Canadian brokers use
These are the broker management systems most often named by Canadian brokerages and in Canadian industry coverage. Descriptions are deliberately brief; confirm current capabilities, hosting and pricing with each vendor.
| System | What to know |
|---|---|
| Applied Epic | Applied Systems' current platform, widely used by Canadian brokerages of all sizes, including the largest. Cloud or hosted, with integrated accounting and carrier connectivity. |
| Applied TAM | Applied Systems' earlier system, still in use at some brokerages. Brokerages on TAM are often weighing a move to Epic or to another vendor. |
| Power Broker | A Canadian BMS, with a long presence among small and mid-sized brokerages. Often the incumbent system when a brokerage looks at adding a CRM. |
| TBW (The Broker’s Workstation) | The Broker's Workstation, from Custom Software Solutions: an integrated suite covering policy management, accounting and quoting for Canadian P&C brokers. |
| Brokercore | A Canadian cloud-based BMS aimed at brokerages that want a modern system without an on-premise install. |
| sigXP | Keal Technology's system, now under Vertafore. One of the established Canadian BMS options, particularly in Ontario and Quebec. |
| Tech Canary | A newer Canadian entrant, cloud-based, and one of the systems evaluated by the broker associations at the 2018 Broker Insurance Tech Awards. |
Prices are not listed because none of these vendors publish them; what a brokerage pays depends on users, modules and contract term. Any site that quotes a price for them is estimating.
Does your brokerage need a BMS?
You place and administer policies with carriers. Then yes, in practice. Carrier download, document generation and trust accounting are not things a spreadsheet or a general CRM does, and they are what a regulator audits.
You are a producer or a small team inside a brokerage that already has one. Then the BMS decision is made. The question is whether your renewals, follow-up and cross-sell get the attention they deserve inside it, or need a CRM beside it.
You are starting a brokerage. Choose the BMS first, because carriers, your accountant and your regulator all touch it. Add a CRM when the book is large enough that renewals and leads slip through the cracks.
Where a CRM fits beside a BMS
A BMS is built for what happens after a policy is bound. The work before that, and the work of keeping a client at renewal, tends to live in inboxes, sticky notes and the producer's memory: who asked for a quote last week, which renewals are 60 days out and still uncontacted, which clients have auto but no home.
That is the job of a CRM. CovioIQ is a CRM for Canadian brokers, not a BMS: it holds clients, policies and renewals as a pipeline with rule-based churn-risk and lead scores, and it is bilingual. It does no accounting, no carrier download and no document generation, and it does not replace a BMS.
Today the two are connected by CSV export and import; direct connections to Applied Epic, TAM, Power Broker and Vertafore are planned with no committed date. The integrations page says exactly what is live.
Six questions to ask a BMS vendor
The same questions apply whether you are choosing a first system or deciding whether to move.
- Where is our data hosted, and can we get a complete export, including documents, at any time and at the end of the contract?
- Which carriers do you receive eDocs and downloads from today, by name, and what does adding a carrier cost?
- Does the accounting module handle our provinces' trust requirements, and does our accountant get direct access?
- What is the published API or integration path for a CRM, a rater or a client portal, and what do partners pay to use it?
- What does a migration from our current system include, how long did your last three take, and what did the brokerages have to clean up first?
- What is the full price for our user count and modules over three years, including implementation, training and annual increases?
For the category under its American name, see what an agency management system is and, for a CRM evaluation, the CRM requirements checklist.
Frequently asked questions
Is a broker management system the same as an agency management system?
Yes. Broker management system (BMS) is the Canadian and Commonwealth term; agency management system (AMS) is the American one. Vendors such as Applied Systems and Vertafore sell in both markets and use both words.
Which broker management system do most Canadian brokerages use?
No vendor publishes Canadian market share. Applied Epic and Applied TAM, Power Broker, TBW, Brokercore and sigXP are the systems most often named by Canadian brokerages and in Canadian industry coverage, with Tech Canary a newer entrant.
Can a CRM replace a broker management system?
No. A CRM does not do carrier download, policy document generation or trust accounting, and those are what a regulator audits. A CRM runs beside a BMS and handles leads, renewals as a pipeline, cross-sell and client follow-up.
Is CovioIQ a broker management system?
No. CovioIQ is a CRM for Canadian insurance brokers. It manages clients, policies and renewals, with rule-based churn-risk and lead scores, and imports a book by CSV. It has no accounting, carrier download or document generation; direct BMS connections are planned with no committed date.
See the CRM side of the picture
The live demo runs on sample data, so you can see how renewals, scores and the pipeline work beside a BMS before signing up for anything.