Insurance Broker Accounting (IBA)

Automate Reconciliation and Reporting for Intermediaries & MGAs

A suite of Insurance Broker Accounting (IBA) solutions designed to help insurance brokers simplify accounting processes and drive greater efficiency across their finance operations.

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Key benefits

Save 90%+ time on reconciliations
Enhanced debtors management
Reduce unallocated cash, aged debt and outstanding debtors balance
Lower operating costs
Faster processing times
Quicker settlement with insurers
Increased capacity
Enhanced auditability and financial control
Simplified CASS 5 compliance

Bordereau reconciliations and data management

Remove reliance on manual processes and improve data control with our automated bordereau solution. Whether for an insurer, broker, MGA, coverholder, intermediary or re-insurer, AutoRek’s bordereau solution can be tailored to automate any type of reconciliation or financial data management requirement in the context of bordereau.

Automated CASS 5 compliance

AutoRek’s CASS 5 solution is a combination of:

Validation reconciliations (bank and cashbook/ledger)
External bank reconciliations
Client money calculations

It simplifies and optimises the processes involved to achieve compliance with CASS 5 rules, as well as to increase data control and drive greater operational efficiency. Comprehensive client money MI and reporting also surface key metrics for insight into a firm’s CASS environment.

Stage 1

Bulk payments from payment providers and premiums finance statements are reconciled against bulk bank payments. They are then categorised as cash receipts and pushed into a second reconciliation.

Stage 2

Items are matched at the policy-level to allocate cash effectively. Payments are automatically allocated down to policy transactions held in the client ledger before PAS systems are updated with the results.

Insurer statement reconciliations

AutoRek’s insurer statement reconciliation solution leverages end-to-end automation to achieve maximal matching and analyse breaks. It works through the following four steps:

Data sourcing
Data is ingested from any source or in any format. Ahead of reconciliation, data validation checks ensure that data meets defined standards for accuracy and completeness.
Matching
We work with you to adapt AutoRek’s matching framework to your specific requirements. Any form of matching logic can be applied to ensure key fields and supplementary fields match, giving you consistently named fields across all statements.
Query management workflow
A fully customisable workflow underpins all processes within our IBA solution, allowing you to manage the investigation and resolution of unmatched items.
Reporting
Our configurable suite of dashboards surface the KPIs most important to your business, providing full oversight of the end-to-end insurer statement reconciliation process.

Insights

Solutions literature

AutoRek product guide: Insurance Broker Accounting (IBA)

Whitepaper

Automated insurer statement reconciliations

Get ready to transform your reporting processes

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