Reconciliation Transformation for a High Volume Wholesale Broker
How Selectsys Premium Accounting and Insurance BPO eliminated backlog, reduced reconciliation risk, and aligned rating, policy issuance, and premium flows.
Client Profile
A high volume wholesale broker placing multi carrier commercial risks across specialty lines. Monthly premium volume exceeded seven figures with heavy endorsement activity and commission adjustments.
Operational Risks
- Reconciliation mismatches between rating output and billed premium
- Commission disputes across carriers
- Download reconciliation backlog exceeding 2 weeks
- Spreadsheet dependency for month end close
- Limited visibility across underwriting, policy issuance, and accounting
Integrated Deployment
Selectsys deployed Premium Accounting integrated with Rating infrastructure, Expert Insured, and Insurance BPO execution teams.
Transformation Process
- Phase 1: Reconciliation engine alignment between rating output and ledger entries
- Phase 2: Commission automation and producer statement normalization
- Phase 3: Full monthly close workflow standardization
Measured Impact
- Reconciliation backlog reduced by 80 percent
- Commission variance reduced by 50 percent
- Month end close reduced from 12 days to 5 days
- Download reconciliation cleared within 48 hours
- Financial audit readiness improved
Ecosystem Reinforcement
By aligning rating, policy issuance, premium accounting, and BPO execution, the broker achieved a closed loop operating model with measurable financial control.