This text is a part of a sponsored collection by Selectsys.
In the event you’re working a multi-carrier MGA in Texas, chances are high your accounting and commissions workflow appears like this:
- A number of provider fee constructions
- Break up funds throughout brokers, sub-agents, and producers
- Midterm premium modifications 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 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 large in geography-it’s large 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 web of charges, others pay gross and reconcile later. Some need weekly reviews, others month-to-month bordereaux. With no sensible AMS, your accounting and commissions will all the time lag behind.
The Pitfalls of Disconnected Programs
- Guide entry = guide errors
- Finance groups depend on underwriting workers 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 possibly can’t scale an MGA like that. And also you shouldn’t must.
What Skilled Insured Does In a different 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, provider, agent, and proportion
- Calculates on written premium, earned premium, or flat charge
- Handles overrides and particular commissions mechanically
Automated Basic Ledger (GL) Posting
- Posts all transactions to the built-in GL
- Handles endorsement changes and cancellations
- Tracks receivables by agent, provider, and LOB
Bordereaux + Assertion Technology
- Generates provider and agent statements by cycle
- Customizes reporting by provider remittance kind
- Helps each direct and company invoice workflows
Cost 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 Operating A number of Provider Packages
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 provider totals.
Answer:
- Skilled Insured’s fee engine automated all splits
- Provider statements had been loaded immediately into the platform
- Accounting workforce tracked AR, AP, and GL in a single interface
Consequence:
- Reduce fee processing time by 75%
- Diminished reconciliation errors to close zero
- Provider audits grew to become plug-and-play
Texas MGAs trying to develop with out rising their again workplace are shifting 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 possibly can configure workflows by provider, 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 possibly can 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 mechanically, 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.
In the event 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 stay with one LOB in 60 days.
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