Premium Accounting Trust Modernization for a Multi State MGA
How an MGA replaced spreadsheet driven trust accounting and manual bordereaux workflows with Selectsys Premium Accounting integrated with Expert Insured and Insurance BPO execution teams.
Client Profile
A growing multi state MGA operating across commercial lines with delegated authority programs. The organization managed agency bill and direct bill premium flows, monthly bordereaux submissions, commission statements, and trust reconciliation using spreadsheets and fragmented accounting systems.
Operational Challenges
- Trust accounting reconciliations taking 10 to 15 days per month
- Manual bordereaux compilation across multiple carriers
- Unapplied cash and commission leakage
- No unified visibility between policy issuance and premium movement
- Audit preparation consuming senior finance resources
Learn more about trust accounting and bordereaux.
Solution Architecture
The MGA deployed Selectsys Premium Accounting integrated with Expert Insured for policy lifecycle synchronization and Insurance BPO execution teams for reconciliation and reporting workflows.
Architecture components:
Implementation Timeline
- 30 days - Migration of trust balances and mapping of agency bill versus direct bill flows
- 60 days - Live reconciliation engine with automated exception queues
- 90 days - Full bordereaux automation and monthly attestation reporting
Measured Outcomes
- Trust reconciliation cycle reduced from 15 days to 4 days
- Bordereaux reporting accuracy improved to above 99 percent
- Unapplied cash reduced by 40 percent
- Commission reporting cycle reduced by 60 percent
- Audit preparation time reduced by 70 percent
Ecosystem Impact
Trust accounting modernization enabled tighter underwriting controls, improved carrier reporting, and real time policy to premium alignment across RQB and Expert Insured deployments.