How Integrations Help Accounting and Reporting
Our previous posts talked about how insurance software integrations help in underwriting, insurance product distribution and building. This time, we’ll focus on how integrations help Insurers and MGAs in accounting and reporting.
Accounting and reporting are fields with very high data volumes. Accuracy is key in keeping track of your finances and business performance. Your numbers need to add up which leaves no room for manual error-prone systems. This is how API integrations can save the day and bring considerable benefits.
Integrations for CFOs and Accountants
Integrations can help CFOs and Accountants in two main areas:
CFOs and Accountants can benefit massively from integrating insurance software to accounting and business intelligence (BI) tools. If systems “talk” to each other, there’s no room for mistakes caused by human intervention. You can minimise human errors and achieve 100% data accuracy. By automating workflows, you also spend less time on manually keying data.
Through integrations, CFOs and Accountants get instant access to business performance to improve financial health. Detailed reporting options ensure the accuracy you need to manage a profitable portfolio.
Integrations can also help in achieving financial compliance. There are often strict rules on MGAs on what kind of reports and when need to be presented to Insurers. When your systems speak the same language, it’s easy to submit accurate financial results and prove your capability to follow reporting rules and regulations.
Reporting is a vital tool in accounting and managing finances. Configuring and creating reports can be a 10 minute struggle. Whereas you could turn it into a 20 second flow with integrations, which automate the entire flow.
By integrating reports to your accounting software and BI tools, different bordereaux can be created and sent in a few clicks. With insurance software like Insly, CFOs can design various types of reports from risk and payment bordereaux, broker statements, loss ratio reports, payments outstanding, etc.
Instead of building your own reporting tools, you can use integrations into reporting software, such as Microsoft Power BI, Metabase, or Amazon QuickSight. These integrations are all available on Insly to enable you to create custom reports from all kinds of insurance data.
As Insly’s customer Renovation Underwriting states, being able to produce accurate financial data at a click of a button is a must. They added that the ability to see where they are with debtors and insurer creditors at any specific period is essential in financial management and planning. Above all, they value the broker statement functionality, which is an efficient way for recording payments in.
Brokers, Insurers, and MGAs usually operate as follows when it comes to transactions. They use two accounts: one for customer premiums and another for general business.
- Premiums account has limitations on transactions. First, an MGA receives a premium and, at some point, has to pay it to the Insurer. Later on, the remaining commission can be transferred to the business account.
- Business account is the one to which money is transferred after premiums-related transactions have been made. It is used for paying salaries, rent, and other business expenses.
Once in a while, insurance-specific transactions are made using insurance software like Insly and the rest are made using general accounting software like Xero. But there are times when both are made on an Insurer’s or MGA’s accounting software. For such cases, Insly has implemented integrations between our insurance software and Xero. We can also offer integrations to other accounting software like Sage or Quickbooks.
At the end of the day, Insurers and MGAs can choose where to manage their transactions and Insly can offer integrations to make accounting and reporting as seamless as possible.