Accounting

The true picture of day-to-day operations

Insurance Accounting

The SurePower Innovation Accounting module assists your Accounting Department in day-to-day operations, visibility into policy/account activity, and required reporting. Integrated with the Payables module, SurePower Innovation's Accounting automates payment processing from check issuance to electronic payments. The system provides an interface with your General Ledger from all insurance operations, across your company. ISCS has experience working with several types of general ledger programs, such as SunGuard, Great Plains, etc. 

Selected Reporting Features:

  • Annual Statement Reporting
  • Statistical Agency and Bureau Reporting
  • Audit & Balance Reports
  • 50+ Pre-configured Reports, such as Written, Earned, & Unearned Premium
  • Ad hoc Reporting, at any level at any time

Security & Compliance: 

SurePower Innovation provides complete, time- and user-stamped financial tracking of all changes to a policy, including endorsements, premiums, payments, and payment schedules. A policy may even be viewed as a "snapshot," to see how it appeared at a specific date in the past. 

  • Record of every Transaction, Full Audit Trail
  • Full Security Control at Individual User, Role (group), and Function Levels
  • Timely Production of Required Reports to Meet Deadlines

Pre-integrated Benefits:

Tight integration with Policy Administration, Payables, Claims, and Billing provide the accounting department consistent, real-time information. No matter which department has entered them, any notes or activities for a policy or account can be viewed immediately. Accounting-related features also include the following covered in other module descriptions: 

Premium Billing

  • New, Renewal, and Endorsement Billing
  • Direct, Agency, Account, or Group Bill 
  • Automatic Cancel and Reinstate
  • Premium Additions and Returns
  • Fully Configurable Payment Plans
  • Mid-term Plan Changes

Premium Receivables

  • Cash, EFT/ACH, Credit Card, Lockbox
  • NSF Processing, Fee Application

Commission Accounting

  • Multiple Entities, Split Commissions
  • Configurable Rules allow Automation of Complex Contracts
  • Commission Returns

Payables

  • Automated Bank Account Management
  • Check Production
  • Check Void
  • Return Premium

Reinsurance Automation

  • Reinsurance integrated with Policy, Billing & Claims
  • Premium Tracking, Cession Rules
  • Ceded Premiums and Claims
  • Reinsurer/Intermediary Shares



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