Insurance
The insurance close, prepared task by task
Claims payments, premium collections and carrier settlements run through more systems than one spreadsheet can hold. Accounting Agents prepare the reconciliations, working papers and journal entries in your format, so your team reviews and approves, then spends the close on loss ratios and carrier performance instead of rebuilding workbooks.
Why the insurance close takes so long
Claims payments never land in one place
Claim payments go out through payment processors, checks and bank transfers, and recoveries such as salvage and subrogation come back the same way. The ledger often books them as lump sums while the claims system holds the detail by claim, so tying the two is a monthly hunt.
Premium has to tie from policy to cash to ledger
Written premium in the policy system, collections from your processor and the premium receivable in the GL each tell part of the story. Under ASC 944, premiums on short-duration contracts are earned over the coverage period, and IFRS 17 sets its own measurement model, so the earned and unearned split has to hold every month.
Carriers, reinsurers and entities multiply the tie-outs
Many insurance groups run an agency and one or more carriers as separate entities, each with its own bank accounts, and settle with reinsurers on separate statements. Each new entity adds intercompany balances to match and eliminate, and each reinsurer adds a settlement to tie out.
What the Accounting Agents prepare for you
Bank reconciliation: claim payments from bank, processor and check activity matched to the GL, with unmatched payments listed by claim and the reason each one did not match
Cash application: incoming premium matched to open policy balances on the cadence you set, with unmatched cash coded and a suggested fix
AR reconciliation: the premium receivable subledger tied to the GL control account, with aging items flagged
Intercompany reconciliation: balances between agency, carrier and service entities matched and eliminated, with every difference explained
Anomaly detection: duplicate claim payments, unusual transaction patterns and coding inconsistencies flagged before review
Flux analysis: month-over-month variance commentary on premium, claims and expense lines, tied to the transactions behind each move
How it works
1
Connect your ERP and data.
Ledge connects to NetSuite or Sage Intacct and your banks through 150+ native integrations, and works from the exports and schedules your team already keeps.
2
Accounting Agents prepare the work in your logic and format.
Each Accounting Agent runs deterministic code built around your rules and workbook layout, and builds working papers with live formulas, every figure traced to source, the same way every period.
3
Your team reviews and approves.
You're in control. You review the exceptions, and the Accounting Agent drafts the entry and posts it to your ERP once you approve.
Customers
Insurance teams close with Ledge
Finance teams at Lemonade and Zego use Ledge.
Frequently asked questions
Can Accounting Agents reconcile claims payments to the general ledger?
Yes. The Accounting Agent matches claim payments from bank, processor and check activity to the GL and to your claims data, then lists anything it cannot match by claim, with the reason. Every match traces back to source.
Does Ledge calculate loss reserves, ASC 944 or IFRS 17 measurements?
No. Reserves and actuarial measurements stay with your actuarial team and models. Accounting Agents work from the figures your team provides and prepare the reconciliations, schedules and journal entries around them for review.
Which ERPs does Ledge work with?
Ledge connects natively to NetSuite and Sage Intacct, reading your ERP data and posting approved journal entries back to it. If your team runs another ERP, join the waiting list and we will email you the moment Ledge supports it.
