Insurance Accounting Platform Implementation
Insurance organizations need more than a general ledger. Agencies, MGAs, wholesalers and carriers need an insurance accounting platform that can manage policy level accounting, premium line items, commissions, taxes, fees, invoices, master data, reconciliations and general ledger integration.RemoteBooksOnline helps insurance organizations implement Premium Accounting as the operational accounting platform for insurance specific workflows.Premium Accounting can support manual policy submissions, policy line items, commission calculations, invoice generation, insured management, master data configuration and synchronization with general ledger systems such as QuickBooks Online and Sage Intacct.
What Is an Insurance Accounting Platform?
An insurance accounting platform is a system designed to manage accounting workflows that are specific to insurance organizations.A general ledger records financial results. An insurance accounting platform manages the operational activity that creates those results.
This includes:
Policy submissions- Policy transaction accounting
- Premium line items
- Taxes and fees
- Agency commissions
- MGA commissions
- Invoice generation
- Insured management
- Carrier records
- Agency records
- Wholesaler records
- Finance company records
- Line of business mapping
- Line item mapping
- General ledger synchronization
- Reporting workflows
Why Insurance Organizations Need a Platform
Many insurance accounting teams rely on spreadsheets, generic accounting software and disconnected policy systems. This creates gaps between policy activity and accounting records.
Common problems include:
- Manual premium calculations
- Manual commission calculations
- Delayed invoice generation
- Inconsistent tax and fee treatment
- Weak audit trails
- Reconciliation delays
- Duplicate insured or agency records
- Manual general ledger entries
- Difficulty managing endorsements and cancellations
- Limited visibility into policy level accounting
An insurance accounting platform helps centralize policy accounting workflows before accounting data is synchronized to the general ledger .Learn more about insurance automation
Core Platform Capabilities
Policy Submission Accounting
Premium Accounting allows users to create policy submissions directly in the accounting system when data is not received from an underwriting management system.Users can enter quote ID, submission ID, policy number, effective date, expiration date, billing type, transaction type, policy action, insured, carrier, agency, wholesaler, finance company and commission percentages. Learn more about policy submission accounting
Policy Line Item Accounting
Users can add premium line items, taxes, fees and other financial components associated with the policy.Each line item supports invoice generation and accounting records.Learn more about policy line item accounting
Commission Calculation
When premium is selected as the line item type, the platform can display commission fields for agency commission, MGA commission, total commission percentage and total commission amount.Learn more about commission accounting
Invoice Management
The platform can generate invoices from policy details and line items. If policy information changes after invoice generation, the invoice can be updated. Learn more about insurance invoice management
Master Data Management
Administrators can maintain records such as carriers, agencies, wholesalers, finance companies, operating banks and insureds. Learn more about insurance master data management
Line of Business Mapping
Tax and fee types can be configured with accounting behavior, billing type, accounting direction and pass through entity.Learn more about insurance lob management
General Ledger Integration
Premium Accounting can synchronize accounting activity with external general ledger systems such as QuickBooks Online and Sage Intacct. Learn more about quickbooks insurance accountingLearn more about sage intacct insurance accounting
Insurance Accounting Platform Workflow
Configure Master Data
Set up agencies, carriers, wholesalers, finance companies, operating banks, insured records and other master data needed for accounting workflows.
Configure Accounting Rules
Define line of business mapping, line item mapping, tax and fee treatment, accounting direction and billing behavior.
Create Policy Submission
Enter policy details manually or receive them from an underwriting management system.
Add Policy Line Items
Add premiums, taxes, fees and other charges tied to the policy.
Calculate Commissions
Review agency and MGA commission calculations based on policy level commission percentages and premium amounts.
Generate Invoice
Generate an invoice from policy and line item data.
Synchronize With General Ledger
Send accounting activity to supported GL systems such as QuickBooks Online or Sage Intacct.
Support Reporting and Close
Use structured accounting data to support reporting, reconciliations and month end close.Learn more about insurance financial reportingLearn more about insurance month end close
RemoteBooksOnline Implementation Services
RemoteBooksOnline helps insurance organizations implement Premium Accounting and operate it successfully.
Our implementation services include:
- Accounting workflow discovery
- Platform setup planning
- Master data configuration
- Policy accounting setup
- Premium line item setup
- Commission configuration
- Tax and fee mapping
- Invoice workflow setup
- General ledger integration support
- User training
- Go live support
- Ongoing accounting operations
Platform for Agencies, MGAs, Wholesalers and Carriers
Insurance Agencies
Agencies can use Premium Accounting to manage policy accounting, premium line items, commissions, invoices, direct bill reconciliation and trust accounting. Learn more about insurance accounting for agencies
MGAs
MGAs can use the platform to manage premium accounting, agency commissions, MGA commissions, carrier relationships, policy transactions and reporting.Learn more about insurance accounting for mgas
Wholesalers
Wholesalers can use the platform to manage retail agency relationships, carrier relationships, premium finance details, invoice workflows and commission accounting.Learn more about insurance accounting for wholesalers
Carriers
Carriers can use the platform to support policy level accounting workflows, premium accounting, reconciliations and financial reporting. Learn more about insurance accounting for carriers
Frequently Asked Questions
What is an insurance accounting platform?
An insurance accounting platform is a system that manages policy level accounting workflows such as premium line items, commissions, taxes, fees, invoices, reconciliations, master data and general ledger integration.
How is an insurance accounting platform different from a general ledger?
A general ledger records financial results. An insurance accounting platform manages the insurance specific accounting activity that creates those results, including policy transactions, premium items, commissions and invoices.
Can Premium Accounting work with QuickBooks?
Yes. Premium Accounting can synchronize accounting activity with QuickBooks Online and Sage Intacct, with an extensible framework for additional accounting platforms.
Does Premium Accounting support manual policy entry?
Yes. Premium Accounting supports manual policy submissions when data is not received from an underwriting management system.
Can commissions be calculated in the platform?
Yes. Premium Accounting can calculate agency and MGA commissions based on commission percentages and premium amounts.
Who should use an insurance accounting platform?
Insurance agencies, MGAs, wholesalers and carriers can use an insurance accounting platform to manage premium accounting, policy accounting, invoices, commissions and reconciliations.
Can RemoteBooksOnline implement the platform?
Yes. RemoteBooksOnline can help implement Premium Accounting, configure accounting workflows, train users and provide ongoing accounting operations.