Expert Insured joins the Selectsys Family of Solutions for MGAs, MGUs, Wholesalers, and Carriers Read the Press Release

Overview

GAAP Accounting Integration connects policy, billing, and producer activity to your general ledger using insurance-specific mappings and automated postings. It operationalizes US GAAP for premium, commission, fees, and reserves so financials stay aligned with every endorsement, cancellation, return premium, and commission settlement.

For MGAs, MGUs, wholesalers, and carriers, this capability shortens the close, improves auditability, and reduces manual reconciliations. It extends the value of Integrated Accounting across the policy lifecycle inside our insurance operations platform.

Why it Matters

  • Reduces month-end adjustments with automated, GAAP-aligned journal entries triggered by policy events.
  • Improves financial accuracy by mapping insurance transactions to a purpose-built chart of accounts.
  • Speeds audits with traceable subledger-to-GL postings and complete policy-to-ledger drill-downs.
  • Strengthens cash control by tying producer payables and policyholder receivables to real-time policy status.

Who it is For

How it Works

  • Insurance-specific chart of accounts mapping with controllable segments, entities, and products using Insurance-Specific COA Setup
  • Automated journal postings from quote to bind, endorsements, cancellations, and renewals via Journal Entry Automation and Policy Management
  • Earned versus unearned premium calculations and deferral schedules synchronized with each policy’s term from the Policy Lifecycle Overview
  • Commission and fee accruals with real-time producer settlements tied to Policy and Producer Receivables and Payables
  • Premium trust, fiduciary cash, and clearing account controls with source-to-ledger reconciliation
  • Carrier reporting outputs including bordereaux and settlement support using Carrier Bordereaux Generation
  • Period-close controls for cutoff, posting locks, and audit trail of adjustments
  • Configurable GL export to your corporate ERP with subledger detail for drill-back

Why Expert Insured is Best for GAAP Accounting Integration

Expert Insured unifies policy workflow and accounting in one insurance management platform, so every financial entry inherits accurate policy context without manual rekeying. Our data model is built for insurance, not adapted from a generic agency management system, which means native support for unearned premium, producer balances, bordereaux, and policy term logic. The result is faster closes, fewer reconciliations, and auditable, GAAP-ready financials that scale across programs and entities.

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Frequently Asked Questions

The integration operationalizes US GAAP for premium recognition, unearned premium, commission accruals, fees, and producer settlements, with clear subledger mappings to the GL. You can configure recognition rules by product and term through Insurance-Specific COA Setup.

Bind, endorsement, cancellation, reinstatement, and renewal actions trigger predefined posting rules. Entries inherit policy, term, and entity dimensions via Journal Entry Automation and the underlying Policy Lifecycle Overview.

Yes. Policyholder A/R, producer A/P, and commission settlements live in a unified subledger with aging, write-off controls, and reconciliations managed through Policy and Producer Receivables and Payables.

The platform maintains deferral schedules based on effective dates, term, and endorsements. It automatically recognizes earned premium over time and updates balances with each transaction, all traceable back to Policy Management.

You can generate structured reports and bordereaux for carrier partners, with consistent GL tie-outs and supporting detail using Carrier Bordereaux Generation.

Every posting includes source references, timestamps, and user actions. Auditors can drill from the GL to the originating policy event, supported by posting templates defined in Journal Entry Automation.

Yes. You can segment by entity, program, product, and line of business in the chart of accounts and posting rules through Insurance-Specific COA Setup, then export consolidated or entity-level GL files.

Most teams configure core mappings, posting rules, and exports in weeks, not months. Starting with the defaults in Integrated Accounting and layering product-specific rules keeps timelines predictable.