Introducing Selectsys Premium Accounting for MGAs and Wholesalers
Accounting has always been the hardest part of scaling MGA and wholesale insurance operations.
Not because teams lack expertise, but because most accounting systems were never designed for how premium actually moves in P&C insurance. As a result, spreadsheets become permanent. Close becomes stressful. Audit and carrier reporting depend on manual effort.
Today, Selectsys is introducing Premium Accounting, a purpose built accounting platform designed specifically for MGAs and wholesalers.
Why We Built Premium Accounting
Over the years, we have worked with MGAs and wholesalers operating at every stage of growth.
The pattern is always the same:
- Policy systems handle operations well
- Accounting systems struggle with premium complexity
- Spreadsheets fill the gap
- Growth increases risk and effort
The problem is not people or process. It is tooling. Premium Accounting was built to solve this structural gap.
What Makes Premium Accounting Different
Premium Accounting is not a general ledger and it is not an agency management system.
It is an insurance specific premium subledger designed to sit alongside your existing systems.
It focuses on:
- Policy driven accounting
- Agency bill and direct bill handling
- Installments and premium finance
- Commission reconciliation
- Trust and compliance workflows
- Bordereaux ready reporting
Final financial outcomes synchronize cleanly to your general ledger.
Learn more: Premium Accounting Overview
Built for How P&C Insurance Actually Works
Premium Accounting follows the insurance lifecycle.
Accounting entries are driven by:
- Policy issuance
- Endorsements and cancellations
- Earned and unearned premium
- Commission adjustments
- Settlements and reporting periods
This eliminates the need to recreate logic manually after the fact.
Category overview: P&C Insurance Accounting for MGAs and Wholesalers
Replacing Spreadsheets Without Replacing Your AMS
Most MGAs do not want to replace their agency management system.
Premium Accounting integrates with existing AMS, rating platforms, and payment systems through open APIs. It replaces spreadsheet driven accounting logic without forcing a rip and replace. How this works:
Replace Insurance Accounting Without Changing AMS
Solving the Most Common Accounting Pain Points
Premium Accounting addresses the areas where accounting breaks most often.
Agency Bill and Direct Bill
Both models are supported natively with separate accounting logic.
Deep dive: Agency Bill vs Direct Bill Accounting Explained
Installments and Premium Finance
Installments are treated as payment plans rather than revenue events. Premium finance is tracked separately from premium.
Deep dive: Installment Billing for Insurance Premium, Premium Finance
Commission Reconciliation
Commission is tracked at the policy level and reconciled against carrier statements.
Deep dive: Direct Bill Commission Reconciliation
Bordereaux and Delegated Authority
Accounting accuracy feeds carrier reporting automatically.
Deep dive: Bordereaux Accounting
Designed for Controllers and Finance Teams
Premium Accounting was designed with accounting teams in mind.
It provides:
- Automated journal entries
- Policy level audit trails
- Trust and fiduciary controls
- Predictable close processes
- Clean audit support
This shifts accounting from reactive cleanup to controlled execution.
How Premium Accounting Fits Into the Broader Platform
Premium Accounting is part of a connected insurance platform.
It works alongside:
- Quoting and binding workflows
- Policy administration
- Automation and BPO execution
- Reporting and analytics
Accounting becomes an integrated part of the insurance lifecycle rather than a downstream bottleneck.
Who Premium Accounting Is For
Premium Accounting is designed for:
- MGAs
- Wholesale brokers
- Program administrators
- Delegated authority operations
It is especially valuable for teams that rely on spreadsheets to manage premium complexity today.
What This Means Going Forward
As MGAs and wholesalers scale, accounting must scale with them. Premium Accounting represents a shift away from spreadsheet driven insurance accounting toward systems designed for real world premium flows. It enables growth without increasing accounting risk.
What to Read Next
- P&C Insurance Accounting for MGAs and Wholesalers
- What Is P&C Insurance Accounting
- Why MGA and Wholesale Insurance Accounting Breaks at Scale
- Agency Bill vs Direct Bill Accounting Explained
FAQs
What is Selectsys Premium Accounting?
It is an insurance-specific premium accounting platform designed for MGAs and wholesalers.
Does Premium Accounting replace our general ledger?
No. It synchronizes insurance-ready financial outcomes to your existing general ledger.
Do we need to replace our agency management system?
No. Premium Accounting integrates alongside your existing systems.
Is Premium Accounting only for large MGAs?
No. It is designed for MGAs and wholesalers at multiple stages of growth.
