Howden, The Global Insurance Intermediary Group Cuts Reconciliation Time by 50%
Howden, a global insurance intermediary group, faced significant operational friction from manual, spreadsheet-based IBA (Insurance Broking Accounting) processes and the challenge of reconciling large volumes of diverse, multi-format data. They required an automated platform to streamline processes and enhance data control to support global growth and efficient settlement for their insurers. AutoRek implemented a mature…
Enhancing efficiency in IBA processes for a leading insurance broker
A leading independent insurance distribution platform in the UK faced severe operational friction within its Insurance Broker Accounting (IBA) and creditors processes. Relying on legacy systems and a Business Process Outsourcing team of 200 employees, the firm struggled with manual data preparation and a lack of real-time visibility. This labor-intensive approach required extreme precision and…
Streamlining premium collections for a global insurance firm
A prominent global insurance provider operating across retail and wholesale markets struggled with inefficient credit control and accounts receivable operations. Managing hundreds of data sources with varying payment terms and formats created significant manual burdens. The firm needed a way to consolidate disparate data and automate the allocation of payments to outstanding policies to improve…
Mastering Compliance: Reconciliation & Reporting for US Life Reinsurers
Posted: 17/06/2025 | Read time: 4 minutes Life reinsurance is a critical mechanism that enables life insurers to manage risk by transferring portions of their liabilities to other insurance entities, known as reinsurers. In recent years, many life insurers in the USA have relied on what’s known as captive reinsurance arrangements as a strategy…
The insurance industry’s race to efficiency: Why overcoming data complexity relies on automation
The insurance industry faces a critical challenge: increasing transaction volumes and growing data complexity are exposing the limitations of legacy systems and outdated processes. Our survey of 250 senior insurance leaders reveals that slow settlement times, fragmented systems and poor data quality are undermining operational efficiency and increasing risk. Key insights from the report:…
The future of insurance payment processing: AI, automation and beyond
Posted: 17/12/2024 | Read time: 4 minutes Imagine a world where insurance payments are processed within minutes, fraud detection happens in real-time, and customers never face delays in claim payouts. The insurance industry is undergoing a transformation, and payment processing is central to this change. Advanced technologies like AI and automation have the potential…
Mastering complexity: the premium payment processing revolution in insurance
Posted: 22/11/2024 | Read time: 3 minutes Efficiency is a necessity in the intricate world of insurance but unfortunately for program administrators, complexity is an unavoidable reality. Program administrators, including brokers, managing general agents (MGAs) and managing general underwriters (MGUs) play a vital role in facilitating and distributing insurance products. Success lies in the…
On-demand webinar: Unlocking Efficiency: Overcoming Premium Payment Challenges in Insurance
Join our Global Insurance Manager, Piers Williams, and Darren Snoxell, Head of Insurance, EMEA at J.P. Morgan Payments, as they dive into: Exploring the transformative benefits of automation Addressing premium payment processing pain points and opportunities Enabling program administrators to optimize the management of premium payments Achieving greater efficiency and effectiveness in financial operations Click…
Why the need for insurance firms to innovate cannot be overstated
Posted: 16/09/2024 | Read time: 4 minutes For firms operating in the insurance industry, transactional volumes and associated data is growing year-on-year. But managing this growth with spreadsheets presents an operational inefficiency as the industry continues to expand. This is worrying, with more than one-third of firms still relying on spreadsheets for their data…
What are the 3 technologies transforming insurance operations?
Posted: 01/08/2024 | Read time: 3 minutes In this blog, we explore how technologies such as AI, machine learning and Robotic Process Automation (RPA) can improve accuracy and drive operational efficiency in insurance firms. Sharing insights from AutoRek’s insurance lead Piers Williams and accounting expert Mark Baker, it highlights key insights from our Insurance…