Insurance Accounting

The accounting process for an insurance broker/managing general agency can be time-consuming, but Selectsys is here to help. Our team at Selectsys is experienced and ready to assist your accounting team with tasks such as recording payments, generating NOCs/NORs, and processing Surplus Lines Filings. As accurate financial records are essential to any successful business, we ensure precision in every task we complete.

Receipts and Payments: We are able to record any cash/ACH payments received from agents and brokers against the stated policy. Similarly, we can process any payments necessary to carriers, MGAs, and wholesalers.

Policy Offsets: An offset is necessary when the payment received does not match exactly what was owed. The actual money received in the bank is what is most important when recording payments. A Selectsys team member will do a little research to determine why the amount received did not match the amount due and take the designated steps, which may include recording an offset.

Accounts Receivable & Accounts Payable: Selectsys will run daily reports for the Accounts Receivable and Accounts Payable to confirm all transactions are recognized.

NOCs & NORs: A NOC (Notice of Cancellation) will be generated and sent to the insured when payment has not been received for their policy. A NOR (Notice of Reinstatement) may be generated and sent to the insured if payment is received after the date of cancellation.

Surplus Lines Filings: Surplus Lines Insurance is a type of insurance that covers unique risks that traditional companies cannot or will not cover. This coverage type requires the surplus lines broker to file and pay a surplus lines tax. A team member at Selectsys can process these filings on all state-specific website(s) each month on your behalf.

Target Markets
MGA Systems
Orange Partner Program
Find out how Selectsys can improve your experience, expand your reach and grow your business. Contact us today at