The benefits of automating IBA
Accurate and efficient insurance broker accounting (IBA) processes are critical to an insurance broker’s financial stability. They streamline operations and ensure reporting is correct.
But completing IBA processes remains a significant operational challenge. Over half of insurance brokers complain about process complexity, while 40% struggle with processing large volumes of data.
Brokers face challenges with IBA because it is more complex than typical accounting processes, requiring substantial data management work to complete.
Automated IBA solutions offer a chance to overcome inefficiencies, simplify processes and increase business capacity.
What you’ll learn
This guide explores AutoRek’s suite of IBA solutions, which have been designed by in-house experts to help insurance brokers drive greater efficiency across their finance operations.
You’ll learn how AutoRek simplifies the following four essential parts of IBA:
- Cash posting and allocation
- Insurer statement reconciliation
- Bordereau reconciliations and financial controls
- CASS 5
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