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 to be like this:
- A number of service fee constructions
- Break up funds throughout brokers, sub-agents, and producers
- Midterm premium adjustments with no automation
- Guide 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 battling disconnected methods. That’s why extra of them are adopting Professional 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 large in geography-it’s large in distribution layers. Most MGAs are working with:
- Dozens (or a whole bunch) 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 chargesothers pay gross and reconcile later. Some need weekly storiesothers month-to-month bordereaux. With no sensible AMS, your accounting and commissions will all the time lag behind.
The Pitfalls of Disconnected Techniques
- Guide 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 reality for earned vs. collected
You may’t scale an MGA like that. And also you shouldn’t must.
What Professional Insured Does In a different way
Professional Insured is a true MGA working methods-with quoting, coverage administration, endorsements, and totally built-in accounting and commissions.
Fee Engine (Multi-Layer)
- Helps splits by LOB, service, agent, and share
- Calculates on written premium, earned premium, or flat price
- Handles overrides and particular commissions routinely
Automated Common Ledger (GL) Posting
- Posts all transactions to the built-in GL
- Handles endorsement changes and cancellations
- Tracks receivables by agent, service, and LOB
Slips + 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 forth.)
- Reconciles balances throughout brokers, sub-agents, and carriers
Use Case: Houston MGA Working A number of Provider Applications
Drawback:
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.
Resolution:
- Professional Insured’s fee engine automated all splits
- Provider statements had been loaded straight into the platform
- Accounting group tracked AR, AP, and GL in a single interface
End result:
- Reduce fee processing time by 75%
- Decreased reconciliation errors to close zero
- Provider audits turned plug-and-play
Texas MGAs seeking to develop with out rising their again workplace are transferring to Professional Insured. Study extra about our Texas MGA accounting and commission-ready AMS or discover full platform specs on the primary Professional Insured platform web page.
Within the Worth Flywheelautomation speeds handoffs whereas the BPO pod closes the loop.
FAQs
Can Professional Insured deal with company invoice and direct invoice?
Sure. You may 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 help export to exterior accounting methods?
Sure. You may export journal entries and funds to QuickBooks, Xero, or customized methods.
How does it deal with midterm adjustments?
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 an alternative of statements, you’re behind.
Professional Insured offers 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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