Transaction History and Audit Trail for Insurance Premium Accounting
Many MGAs and wholesalers rely on Applied Epic to manage policies, endorsements, and daily operations. Epic is a powerful management system. What it is not designed to do is run complex insurance premium accounting. Premium Accounting integrates with Applied Epic to allow organizations to keep Epic as their management system while running insurance-specific premium accounting without spreadsheets, custom exports, or manual reconciliation.
Why Accounting Breaks Inside Applied Epic
Applied Epic is built for agency and MGA operations.
It excels at:
- Policy administration and workflow
- Endorsements and servicing
- Producer and account management
Premium accounting introduces challenges that Epic is not designed to handle:
- Agency bill and direct bill accounting in parallel
- Partial and out-of-order payments
- Installments, premium finance, and return premium
- Allocation of commissions, fees, and taxes
- Reconciliation and audit traceability
As a result, accounting teams often export data from Epic and rebuild logic in spreadsheets.
How Premium Accounting Works With Applied Epic
Premium Accounting integrates with Applied Epic as an external premium accounting engine.
The integration model works as follows:
- Policy and transaction data is ingested from Applied Epic
- Insurance-specific premium accounting logic is applied in Premium Accounting
- Invoices, payments, allocations, and balances are tracked in a dedicated premium subledger
- Clean, structured results are synchronized to your general ledger
Applied Epic continues to manage operations. Premium Accounting manages premium accounting. To understand this approach in more detail, see how organizations replace insurance accounting without changing their management system.
What Gets Tracked Outside of Epic
Premium Accounting tracks the financial detail that accounting teams need but operational systems do not provide.
This includes:
- Invoice-level premium detail
- Payment application and allocation outcomes
- Receivables and payables by carrier and producer
- Installments, premium finance, and adjustments
- Netting and settlement activity
- Full transaction history with audit trail
This allows Epic data to remain operational while accounting data becomes trustworthy and explainable.
Designed for MGA and Wholesale Accounting Teams Using Epic
Accounting teams using Applied Epic often face:
- Spreadsheet-driven reconciliation
- Manual month-end processes
- Difficulty explaining balances during audits
Premium Accounting addresses these issues by:
- Replacing spreadsheet logic with rules-based allocation
- Providing transaction-level traceability
- Supporting close, audit, and carrier reporting
- Reducing manual effort and risk
This gives accounting teams confidence without disrupting operational users of Epic.
Works With Your Existing Accounting Ledger
Premium Accounting integrates with the accounting ledger you already use.
Supported ledgers include:
- QuickBooks Online
- NetSuite
- Xero
- Workday
Premium Accounting synchronizes insurance-ready results to the ledger, allowing Epic users to maintain clean financial reporting without forcing Epic to act as an accounting system. For a broader view, see how Premium Accounting integrates with insurance management systems and accounting ledgers.
Who This Integration Is For
The Applied Epic integration is ideal for organizations that:
- Use Epic as their primary management system
- Manage agency bill and direct bill business
- Rely on spreadsheets for premium reconciliation
- Want better accounting without replacing Epic
It is most commonly adopted by MGAs and wholesalers evaluating insurance premium accounting software to support growth and operational complexity.
To see all supported platforms and ledgers, review our Premium Accounting integrations.
FAQs
Modern Premium Accounting for P&C MGAs and Wholesalers
Accurate allocations, full traceability, and audit-ready reporting - without agency accounting workarounds.
How This Service Connects to the Core Platform
This service operates within the connected Selectsys insurance infrastructure. Operational execution is fully aligned with the technology backbone.
- RQB: Rating and bind infrastructure for commercial and specialty lines.
- Expert Insured: Policy lifecycle system managing issuance, endorsements, and renewals.
- Premium Accounting: Insurance native accounting for agency bill, direct bill, trust, and reconciliation.
- CoverPay : Premium collection by Card and ACH for MGAs, wholesalers and carriers, with payment tracking and reconciliation support.
- Insurance BPO: Embedded teams executing submissions, underwriting support, servicing, and compliance.
Operational services are most effective when integrated directly with the core platform capabilities.
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