This text is a part of a sponsored collection by Selectsys.
Should you’re working a multi-carrier MGA in Texas, likelihood is your accounting and commissions workflow seems like this:
- A number of service fee buildings
- Break up funds throughout brokers, sub-agents, and producers
- Midterm premium modifications with no automation
- Handbook spreadsheets and QuickBooks exports
- Too many journal entries. Not sufficient readability.
Sound acquainted?
Texas MGAs dealing with Staff’ Comp, GL, Auto, and E&S packages are fighting disconnected methods. That’s why extra of them are adopting Skilled Insured-a coverage admin system (PAS) and company administration system (AMS) with built-in accounting and fee logic.
Why Texas MGAs Face Accounting Complexity
Texas isn’t simply huge in geography-it’s huge in distribution layers. Most MGAs are working with:
- Dozens (or lots of) of retail brokers
- A number of carriers, every with totally different reporting and remittance schedules
- Company invoice and direct invoice books
- LOBs with totally different fee splits
Some carriers pay internet of charges, others pay gross and reconcile later. Some need weekly stories, others month-to-month bordereaux. With out a sensible AMS, your accounting and commissions will all the time lag behind.
The Pitfalls of Disconnected Programs
- Handbook entry = handbook errors
- Finance groups depend on underwriting employees for numbers
- Reconciliation takes days-if it occurs in any respect
- Sub-agent splits get missed or misapplied
- There’s no single supply of fact for earned vs. collected
You’ll be able to’t scale an MGA like that. And also you shouldn’t need to.
What Skilled Insured Does In another way
Skilled Insured is a true MGA working system-with quoting, coverage administration, endorsements, and totally built-in accounting and commissions.
Fee Engine (Multi-Layer)
- Helps splits by LOB, service, agent, and proportion
- Calculates on written premium, earned premium, or flat payment
- Handles overrides and particular commissions routinely
Automated Normal Ledger (GL) Posting
- Posts all transactions to the built-in GL
- Handles endorsement changes and cancellations
- Tracks receivables by agent, service, and LOB
Bordereaux + Assertion Era
- Generates service and agent statements by cycle
- Customizes reporting by service remittance sort
- Helps each direct and company invoice workflows
Fee and Reconciliation Instruments
- Tracks partials, offsets, and unapplied funds
- Exports to exterior methods if wanted (Xero, QBO, and so on.)
- Reconciles balances throughout brokers, sub-agents, and carriers
Use Case: Houston MGA Working A number of Service Packages
Downside:
This MGA labored with 6 carriers and over 200 retail brokers. Commissions had been being tracked in spreadsheets. Each quarter, finance and underwriting groups manually rebuilt agent statements and hoped they matched service totals.
Answer:
- Skilled Insured’s fee engine automated all splits
- Service statements had been loaded immediately into the platform
- Accounting workforce tracked AR, AP, and GL in a single interface
Outcome:
- Reduce fee processing time by 75%
- Lowered reconciliation errors to close zero
- Service audits grew to become plug-and-play
Texas MGAs seeking to develop with out rising their again workplace are transferring to Skilled Insured. Be taught extra about our Texas MGA accounting and commission-ready AMS or discover full platform specs on the principle Skilled Insured platform web page.
Within the Worth Flywheel, automation speeds handoffs whereas the BPO pod closes the loop.
FAQs
Can Skilled Insured deal with company invoice and direct invoice?
Sure. You’ll be able to configure workflows by service, by program, or each.
Can I outline customized fee guidelines?
Completely. Flat charges, splits, overrides, and tiered commissions are all supported.
Does it assist export to exterior accounting methods?
Sure. You’ll be able to export journal entries and funds to QuickBooks, Xero, or customized methods.
How does it deal with midterm modifications?
All endorsement changes are recalculated and posted routinely, together with commissions and earned premium.
Will this work for our 3-LOB, 5-carrier MGA setup?
Sure. You can begin with one LOB and scale. The system is constructed for multi-carrier complexity.
Should you’re constructing spreadsheets as a substitute of statements, you’re behind.
Skilled Insured provides Texas MGAs a transparent path to growth-with actual accounting and fee automation.
Begin your accounting pilot now. Go reside with one LOB in 60 days.
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