Insurance Payment Tracking Software
Track Every Premium Payment From Invoice to Reconciliation
Premium Accounting gives insurance agencies, MGAs, and wholesalers complete visibility into premium payments, customer balances, receivables, installment schedules, reconciliation, and accounting workflows. Know exactly what has been billed, collected, deposited, reconciled, and synchronized with your General Ledger.
Why Payment Tracking Matters
Insurance organizations process thousands of premium payments every month.
Without centralized payment tracking it becomes difficult to answer questions such as:
- Has the customer paid?
- Is the payment posted?
- Is the invoice still outstanding?
- Has the payment been reconciled?
- Has accounting been updated?
Premium Accounting provides complete visibility into every payment from billing through reconciliation.
Complete Payment Visibility
Track every stage of the payment lifecycle.
- Invoice Created
- Payment Requested
- Payment Received
- Deposit Recorded
- Receivable Updated
- Reconciliation Completed
- Accounting Synchronized
- Financial Reports Updated
Every payment remains connected to the customer, policy, invoice, and accounting records.
Manage Every Payment Type
Premium Accounting supports payment tracking for:
- Premium Payments
- Installment Payments
- Agency Fees
- Policy Fees
- Inspection Fees
- Audit Premium
- Refunds
- Credits
- Adjustments
Whether payments are collected through CoverPay, ACH, credit card, or another provider, payment activity remains centralized.
Customer Payment History
View a complete payment timeline for every customer.
- Invoice history
- Payment history
- Outstanding balances
- Installment schedules
- Past due balances
- Refund activity
- Credits
- Accounting status
This gives accounting teams and customer service representatives immediate visibility into account activity.
Improve Collections
Knowing which invoices remain unpaid is only the beginning.
Premium Accounting helps agencies identify:
- Past due accounts
- Outstanding installment payments
- Collection priorities
- Aging receivables
- Payment trends
- Collection performance
This helps reduce aging receivables and improve cash flow.
Works With Your Existing Payment Provider
Premium Accounting is payment provider agnostic.
Continue using:
- CoverPay
- ACH
- Credit Cards
- Manual Payments
- Future payment providers
Regardless of how payments are collected, Premium Accounting provides one centralized payment tracking platform.
Built for Insurance Organizations
Insurance Agencies
Track customer payments and receivables with complete financial visibility.
MGAs
Monitor premium payments across multiple programs and carrier relationships.
Wholesalers
Manage agency bill payment activity, balances, and accounting workflows.
Carriers
Track delegated authority payment activity across programs and distribution partners.
Why Insurance Organizations Choose Premium Accounting
- Complete payment visibility
- Customer payment history
- Receivable management
- Installment payment tracking
- Accounting synchronization
- Reconciliation workflows
- General Ledger integration
- Insurance specific financial operations
Premium Accounting Accounts for the Money. CoverPay Collects It.
Tracking a payment means knowing what it settled, not just that it arrived. Premium Accounting and CoverPay are integrated today. Raise the invoice in Premium Accounting and a CoverPay payment link goes out with it. The payer settles by ACH or credit card, the result comes back, and the receivable is applied against the right invoices and accounts without anyone rekeying it. Two products, one loop.
What CoverPay does:
- Issues the payment link against the invoice
- Takes ACH and credit card from the agent or the insured
- Handles the hosted payment page and the receipt
- Returns the payment result so it can be applied
What Premium Accounting does:
- Decides what is payable, and to whom
- Applies the payment to the right invoices and accounts
- Keeps premium, tax, fee and commission apart
- Reconciles, settles with the carrier and posts the entries
Collecting through CoverPay is a choice, not a requirement. Record a cheque, a bank transfer, a payment taken through another provider or a manual receipt and the receivable closes the same way. Read more about premium collection and the payment options Premium Accounting supports.
Modernize Insurance Accounting Operations
Replace disconnected spreadsheets, manual reconciliations, and generic accounting workflows with insurance-native accounting infrastructure built for MGAs, wholesalers, program administrators, agencies, brokers, and carriers.