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This text is a part of a sponsored sequence by Selectsys.

For those who’re operating a multi-carrier MGA in Texas, chances are high your accounting and commissions workflow seems like this:

• A number of service fee buildings
• Cut 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 Employees’ Comp, GL, Auto, and E&S applications are combating 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 huge in geography-it’s huge 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 charges, others pay gross and reconcile later. Some need weekly stories, others month-to-month bordereaux. And not using a good AMS, your accounting and commissions will at all times lag behind.

The Pitfalls of Disconnected Programs

• Guide entry = guide 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 may’t scale an MGA like that. And also you shouldn’t should.

What Professional Insured Does Otherwise

Professional 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 robotically

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

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 many others.)
• Reconciles balances throughout brokers, sub-agents, and carriers

Use Case: Houston MGA Operating A number of Service Packages

Downside:

This MGA labored with 6 carriers and over 200 retail brokers. Commissions have 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
• Service statements have been loaded straight into the platform
• Accounting group tracked AR, AP, and GL in a single interface

Outcome:

• Reduce fee processing time by 75%
• Diminished reconciliation errors to close zero
• Service audits turned plug-and-play

Texas MGAs trying 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 Flywheel, automation 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 assist 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 robotically, 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.

For those who’re constructing spreadsheets as a substitute 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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Subjects
InsurTech
Texas
Insurance coverage Wholesale