When the carrier's books don't match yours: bordereaux reconciliation for MGAs
The issue. Every month, an MGA or program administrator sends each of its carriers a bordereau — a detailed spreadsheet of every policy bound, every premium collected, every commission taken, every claim paid. And almost every month, the carrier's books say something different. A cancellation that never made it across. A commission calculated at the wrong rate. Premium the two sides booked in different months. Policies sitting on one ledger and missing from the other. Somebody has to find each difference, explain it, and get the money right — and at most MGAs, that somebody is a busy analyst with two spreadsheets, a deadline, and no time to chase the last twenty rows.
Why it happens — and why now. The market is growing faster than its back office. Conning's industry study puts US MGA premium at $114.1 billion in 2024, up 16% in a year, and the TMPAA counts roughly 1,150 US program administrators. Every new program means a new carrier, a new bordereau template, and one more monthly reconciliation nobody planned for. The industry's one attempt at a central fix is telling: Lloyd's of London built its own market-wide bordereaux platform, then shut it down in 2024 and formally told firms to go buy point solutions instead. Software does exist — but it sells pipelines, not answers. It will ingest your spreadsheet and check the formatting. It will not tell you why the carrier statement says you owe $84,000 more than your policy system does, or which side is right.
How it works.
- You send us the files. Twelve months of bordereaux and the matching carrier statements for one program — Excel, CSV, PDF, whatever format they're already in. No software to install, no IT project, no change to how you work.
- We load both sides into a database and match them line by line. Policy by policy, month by month, premium, commission, and claims — the same two-ledger matching we've done in databases for 20 years, applied to your program.
- Every difference gets a plain-English reason. Timing difference, wrong commission rate, missing policy, cancellation that fell through, duplicate entry — each discrepancy is classified, not just flagged.
- We walk the results with you. Which dollars to go recover, which to concede, and which process gap keeps creating the same break every month.
What you get. One discrepancy schedule for the program: every dollar the two sides disagree on, what caused it, and what to do about it — a document you can put in front of your carrier, your CFO, or your auditor as-is.
The benefits.
- Money differences found and explained, not just "totals don't tie."
- A cleaner story for your carrier — clean data is increasingly what keeps a program's pen at renewal.
- Your team gets its month back; the recurring breaks get named so they stop recurring.
- Fixed fee, per program, agreed up front — no meter running, no platform subscription.
If this sounds familiar, we can help. If your carrier statements and your books have never once agreed, and nobody can say by exactly how much or why, that's the job we do. Pick one program, send us the files, and get the answer.
Want it handled? → curt@fusionreporting.com