Open GI is set to add a range of enhancements to its regulation software to help brokers tackle contract certainty and client money.
The software will allow brokers to record the date terms have been agreed and when evidence of cover was issued to the insured for both retail and commercial clients at new business and renewal.
"The software will also identify the number of policies that have not yet achieved contract certainty. Brokers will then be able to selectively report on these items," said the software house.
Brokers will also be able to use the software to differentiate between client money and insurer risk transfer money.
Open GI said: "Indicators will be added against each insurer for information and reporting purposes and for inclusion in correspondence.
"This will aid client money calculations performed within the Open GI system."
Simon Hughes, sales and marketing director at Open GI, said: "By adding enhancements to our FSA regulation module, brokers are able to simply and accurately monitor and record information relating to contract certainty and client money and to efficiently generate reports.
"This leaves more time to concentrate on the customer, rather than on routine processes that can be automated."
He added: "We have chosen to make the enhancements as soon as possible - in the case of contract certainty, ahead of confirmation from the FSA - so that brokers can be fully prepared."
The enhancements are due to be released to Open GI system users in the autumn.