Accounting & Financial Reporting

Web based Premium Invoicing

and Billing System

The carrier, MGA, agent and insured can easily monitor all received and outstanding payments and view billing statuses of your insured’s from one source.

Lock Box Bank Account

Management

MIS will integrate with the Carrier/MGA lock box account to safely and securely transfer your cash receipts to the billing system.

Premium Disbursement Bank

Account Management

The MIS platform will automatically reconcile and distribute direct bill commission reports to the Carrier/MGA on a monthly basis to facilitate a timely and efficient payment to the producer.

Accounts Receivable Collections

Assistance

We have the ability to custom design any installment plan you desire. From monthly to full pay and everything in between our system is fully scalable to offer you an installment plan that meets your needs.

Financial Reporting Capabilities

Premium Invoicing and Billing

The MIS Billing System will generate, mail, and archive all the initial and subsequent invoices, including premium bearing endorsements and final audits. Each invoice is branded with the Carrier/MGA logo and includes the appropriate contact information for billing inquiries.

Lock Box Bank Account Management and Reporting

MIS will integrate with the Carrier/MGA lock box account to safely and securely transfer your cash to the billing system. The MIS system provides payment reports to allow the Carrier/MGA to reconcile the billing system with their bank account.

Agent Commissions

The MIS platform will automatically reconcile and distribute direct bill commissions reports to the Carrier/MGA on a monthly basis to facilitate timely and efficient payment to the producer.

Month End Reporting

MIS will facilitate the carrier with the following reports:

Month End Reports

EU Report – Inception-to-date listing of your book of business showing the most recent transaction for each policy. The report will include the overall written, earned and unearned premium amounts for each policy as of the reporting date.
Class Codes Report – Inception-to-date listing of your book of business showing the most recent transaction for each policy at a class code level. This report will provide a breakdown of the overall written premium and payroll for each policy at a class code level.
Commissions Report – A monthly summary of all payments received within the reporting month and the corresponding commission amounts to be paid to each producer. Detail for any insufficient finds (NSF) or premium refund transactions processed throughout the month will be included and netted against the commissions to be paid.

Financial Call Data Collection and Reporting

MIS will complete all data calls in conjunction with the Carrier and additional information provided by Carrier from their actuaries and Statutory reports (i.e. IBNRs). Optional Services to complete other states financial calls to be determined for a fee. (see attached List of Annual Data Requests)