Insurance
Insurance carriers, MGAs, and agencies run on policy data, premium collection, commission economics, claims processing, and demanding regulatory reporting. Many still rely on legacy policy administration systems bolted to disconnected accounting platforms — a structure that buckles under multi-state operations, layered commission hierarchies, and modern reporting expectations. NetSuite serves as the financial and operational backbone alongside specialist policy and claims systems, bringing premium, commission, and cash data into one auditable system of record.
How Novelance Approaches NetSuite for Insurance
We position NetSuite as the financial system of record and the integration hub for policy, claims, and commission data. We configure the chart of accounts for insurance-specific economics — premium income, ceded premium, commissions paid and received, loss reserves, and trust accounts — and design multi-entity structures for MGAs and agencies operating multiple legal entities.
We integrate the policy administration system for premium and policy data and the claims system for loss data, so reconciliation happens automatically instead of in spreadsheets.
Key Benefits and Outcomes
- Real-time visibility into premium, commission, and cash flow
- Automated reconciliation across policy, commission, and accounting
- Multi-state, multi-entity, and multi-currency reporting
- Audit-ready records and streamlined regulatory reporting
- Lower operating cost than legacy accounting plus spreadsheets
Common integrations
- Policy Administration
Applied Epic, AMS360, EZLynx, Vertafore - Claims Management
Guidewire, Duck Creek, Origami Risk - Sales Tax
Avalara - E-Signature
DocuSign, AdobeSign, JotForm - AP and Payments
Bill.com, Tipalti for commission and claims payments
Every NetSuite module, configured for your business
SuiteBilling
Subscription billing, prorations, usage-based rating, and renewals.
Advanced Revenue Management (ARM)
ASC 606 multi-step model automation, standalone selling price, allocation, and recognition rules.
NetSuite CRM
Sales and account management, opportunity-to-order, and sales force automation.
Fixed Assets Management
Depreciation and tracking of plant, equipment, and other assets.
NetSuite Analytics Warehouse
Loss ratio, expense ratio, and combined ratio analytics.
Got Questions? We Have Answers
Insurance agencies and MGAs manage complex premium collections, carrier distributions, and layered commission structures that often buckle under legacy accounting systems. NetSuite serves as the financial backbone alongside specialist policy administration and claims systems, bringing premium and cash data into one auditable system. This integration automates complex commission calculations and cash reconciliations, reducing operating costs and providing real-time visibility into premium revenue and agency cash flows.
