Automation trends in the insurance industry: Planning for 2024 and beyond
Posted: 10/11/2023 | Read time: 4 minutes Recent advancements in fintech have transformed the way that many financial organisations conduct their back and middle-office operations. But the insurance industry is one sector that still lags behind. Although there are signs that firms are adopting AI and advanced analytics to streamline operations, insurers are still…
Piers Williams InsureTV Interview
Piers Williams joins InsureTV to discuss AutoRek, automation, and credit control. Watch the video to find out: How AutoRek is currently deployed across the insurance sector Why back and middle-office automation is often overlooked The operational benefits of automation How automation improves credit control by reducing unallocated cash
Financial data management for insurance: Common challenges, best practices and managing your financial data with AutoRek
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Financial data management for insurers: Challenges & best practices
The strength of any financial organisation lies in its ability to manage data effectively. This is especially true for insurance firms, which have to deal with high volumes of data in multiple different formats. New accounting standards like IFRS 17 have only added to the challenge, placing additional demands on finance, operations and actuarial functions…
Insurance firms shifting focus to operational resilience & control
Posted: 11/04/2023 | Read time: 4 minutes Strategic priorities in the global insurance sector are shifting as firms increase their focus on operational resilience, according to new research from AutoRek, a reconciliation and finance automation fintech. Released today, the report, Insurance industry outlook 2023: Strategic priorities, operations, technology and financial controls, looks to understand…
Insurance industry outlook 2023: Strategic priorities, operations, technology, and financial controls
The insurance industry landscape Profitability is somewhat mixed across the global insurance industry. There is a clear disparity between the profitability of firms in the UK, compared to those in the US. While around two-thirds of the global insurance market is profitable, the US industry reports healthier profit margins, with one-quarter enjoying high profitability. This…
Automated Bordereaux reports, financial controls and binder management
In the insurance industry, Bordereaux is the process of exchanging monthly reports between stakeholders in the delegated authority distribution chain. Doing this ensures parties involved in a binding agreement have all the relevant information. The Bordereaux process is fundamentally a matching and accounting exercise, comparing multiple data sources across internal records, bank statements and…
IFRS 17: How to overcome cash flow matching challenges
Posted: 14/02/2023 | Read time: 3 minutes IFRS 17 is expected to overhaul the insurance industry when it finally launches on 1 January, 2023, after almost a decade in the making. Designed to improve transparency and comparability across the sector, the new standard presents firms with fresh accounting challenges. The UK government has warned…
Credit control optimisation: How to boost efficiencies, profits and control, while reducing risk
In the face of growing competition, technological advancements and regulatory change, many financial service firms are adapting business models by optimising core back-office processes like financial controls. An often overlooked area for modernisation is the credit control function, which is responsible for the collection of premiums not paid upfront. At present, many firms manage these…
IFRS 17 cash flow matching: Overcoming the challenge
What is IFRS 17? After nearly 20 years in development, IFRS 17 is due to go live on January 1, 2023. This new standard aims to harmonise financial statements across the insurance industry, making it easier to compare between firms and across other industries. It states which contract items should be included on the balance,…