Now live: Premium Accounting and CoverPay. Insurance native accounting, installment billing, and payment collection infrastructure with full control of your payment gateway.

Premium Accounting CoverPay

Premium Processing, Clean Cash, Clear Evidence

We run cash allocation, IBA/trust reconciliations and producer statements under maker-checker controls. Exceptions route to owners, and evidence packs support monthly attestations and audits.

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Scope

  • Cash allocation: references and matching rules accelerate allocation; unapplied cash queues show owners and deadlines.
  • IBA/trust reconciliations: periodic recs with sign-off workflow; exception taxonomy and remediation tracking.
  • Producer/commission statements: generation, approvals and releases; segregation of duties.
  • Evidence packs: activity logs, reconciliations, approvals and attachments for attestations.

Controls & Access

  • Maker-checker for monetary movements and releases.
  • Role-based access with activity and change logs.
  • Audit readiness: clear trails for reconciliations, adjustments and statement approvals.

Targets & Reviews

  • Backlog target: keep exception and unapplied cash backlogs within agreed thresholds.
  • Timeliness: monthly reconciliations and statements issued to calendar.
  • Cadence: daily dashboard for ops; weekly scorecard; monthly review.

Footnote: KPIs are typical targets. Final SLAs are set during discovery based on volume, mix and systems. Selectsys executes under your authority; underwriting and pricing decisions remain with you.

FAQ's

We use matching rules and references to allocate faster. Any unapplied items sit in a queue with owners, due dates and notes until resolved.
Yes. Reconciliations and statement releases follow a sign-off workflow with segregation of duties and audit logs.
Yes. We compile logs, approvals, reconciliations and attachments for monthly controls attestation and audits.

How This Module Connects to the Full Insurance Lifecycle

Selectsys operates as a unified five module insurance infrastructure. Each component supports a different part of the policy lifecycle while remaining fully connected inside one operating system.

  • RQB — Rate, Quote, Bind infrastructure supporting API, Excel, ISO, and AAIS driven rating engines.
  • Expert Insured — Full policy lifecycle management including issuance, endorsements, renewals, and servicing governance.
  • Premium Accounting — Insurance native accounting handling agency bill, direct bill, trust reconciliation, bordereaux, and premium finance workflows.
  • CoverPay — Installment billing and payment collection infrastructure allowing you to control your own merchant account without third party billing vendors.
  • Insurance BPO — Embedded operational execution across submissions, underwriting support, endorsements, renewals, accounting assistance, and policy servicing.

Each module can operate independently, but maximum efficiency is achieved when deployed together as a single lifecycle system.