Insurance Accounting Software
Insurance accounting requires software built specifically for insurance operations. Traditional accounting systems can manage the general ledger, but they do not understand policy transactions, premium line items, commissions, taxes, fees, invoice generation or insurance specific accounting workflows.RemoteBooksOnline helps insurance organizations implement Premium Accounting, a purpose built insurance accounting platform that works alongside QBO, Xero, Workday and Sage.Rather than replacing your ERP or accounting software, Premium Accounting becomes the insurance accounting layer that manages policy level financial activity while your existing accounting system continues serving as the general ledger.
What Is Insurance Accounting Software?
Insurance accounting software is designed to manage insurance specific accounting workflows that traditional accounting systems do not handle.
These workflows include:
Policy accounting- Premium accounting
- Policy submissions
- Premium line items
- Commission calculations
- Taxes and fees
- Invoice generation
- Insured management
- Carrier management
- Agency management
- Wholesaler management
- Reconciliations
- Financial reporting
- General ledger synchronization
Unlike generic accounting software, insurance accounting software understands the lifecycle of an insurance policy and the financial activity that follows each policy transaction.Learn more about insurance-accountinginsurance accounting platform
Why Traditional Accounting Software Falls Short
General ledger systems are excellent financial reporting systems.
However, they were never designed to manage:
- Policy numbers
- Submission IDs
- Quote IDs
- Endorsements
- Renewals
- Cancellations
- Agency commissions
- MGA commissions
- Premium line items
- Policy invoices
- Carrier relationships
- Finance companies
- Insurance workflow automation
As a result, insurance organizations often rely on spreadsheets and manual processes between their policy system and accounting software. Premium Accounting eliminates those gaps.
How Premium Accounting Fits Into Your Technology Stack
Instead of replacing your accounting software, Premium Accounting complements it.
Manages:
- Policy accounting
- Commission accounting
- Invoice workflows
- Insurance master data
- Insurance reporting
- Insurance accounting workflows
Synchronizes financial activity to
- QBO
- Xero
- Workday
- Sage
Your accounting team continues using the ERP for:
- Financial statements
- Trial balance
- General ledger
- Accounts payable
- Accounts receivable
- Corporate reporting
Inside Premium Accounting
The platform supports insurance accounting through connected operational workflows.
Users can:
- Create policy submissions
- Enter insured information
- Add premium line items
- Configure taxes and fees
- Calculate commissions automatically
- Generate invoices
- Update invoices
- Maintain master records
- Configure lines of business
- Configure accounting mappings
- Synchronize accounting data
Unlike generic accounting software, every accounting transaction remains connected to the underlying insurance policy.Learn more about policy submission accountingpolicy line item accountinginsurance invoice management
Insurance Accounting Software Features
Policy Accounting
Manage insurance policy transactions throughout their lifecycle. Learn more about policy transaction accounting .
Premium Accounting
Track premium activity from policy issuance through reconciliation. Learn more about insurance premium accounting .
Commission Accounting
Automatically calculate agency and MGA commissions. Learn more about commission accounting .
Invoice Management
Generate and update invoices directly from policy information. Learn more about insurance invoice management .
Master Data Management
Maintain agencies, carriers, wholesalers, insureds, finance companies and operating banks. Learn more about Master Data Management .
General Ledger Integration
Synchronize accounting data with:
- QBO
- Xero
- Workday
- Sage
Implementation Services
RemoteBooksOnline provides complete implementation services.
Including:
- Business analysis
- Workflow review
- Accounting design
- Data migration
- Master data setup
- Commission setup
- Tax configuration
- User training
- ERP integration
- Go-live support
- Ongoing accounting operations
Insurance Accounting Software for Every Insurance Organization
Insurance Agencies
- Agency bill
- Direct bill
- Trust accounting
- Commissions
- Reporting
MGAs
- Premium accounting
- Carrier settlements
- Program accounting
- Agency accounting
Wholesalers
- Retail agency accounting
- Premium finance
- Commission accounting
Carriers
- Premium accounting
- Financial reporting
- Accounting operations
Why RemoteBooksOnline
Unlike software vendors, RemoteBooksOnline combines: We don't simply install software.We help organizations operate it successfully.
- Insurance accounting expertise
- Platform implementation
- Workflow consulting
- Accounting operations
- Ongoing bookkeeping
- Reconciliations
- Financial reporting
- ERP integration
- Long-term support
Frequently Asked Questions
What is insurance accounting software?
Insurance accounting software manages policy level accounting, premium accounting, commissions, invoices, reconciliations and insurance financial operations.
Does Premium Accounting replace QuickBooks?
No. Premium Accounting works alongside QBO, Xero, Workday and Sage while those systems continue serving as the general ledger.
Can Premium Accounting calculate commissions?
Yes. Agency and MGA commissions are calculated automatically from configured commission percentages.
Can invoices be generated from the software?
Yes. Invoices are generated directly from policy information and policy line items.
Can RemoteBooksOnline implement the software?
Yes. RemoteBooksOnline provides implementation, migration, training and ongoing accounting services.
Who should use insurance accounting software?
Insurance agencies, MGAs, wholesalers and carriers that need insurance specific accounting workflows beyond what traditional accounting software provides.