The relationship between underwriters and brokers is complex and often delicate. It’s tied together by a flow of data, with many insurer statements sent from underwriters to brokers every month.
This process is mainly carried out manually using a network of spreadsheets, meaning there is no way for firms to gain real-time oversight or Management Information (MI). Reconciling this data and determining which statements are performing – and which are not – is time-consuming and labour-intensive.
Insurers manually working through a high volume of statements will experience pressures at month end, internal inefficiency, and wasted resources. They also risk putting additional strain on the underwriter-broker relationship as it can cause delayed payments to the underwriter.
Over time, if a broker continually fails to pay promptly, they may be categorised as poor performing. This, in turn, could result in a cut in commission.
This paper looks at the key challenges of reconciling insurer statements before setting out how AutoRek can help at each of the following stages:
- Data sourcing
- Matching
- Reporting
You will learn how AutoRek’s end-to-end solution can overcome the challenges of automated insurer statement reconciliations. You will also discover how it enhances accuracy, provides real-time MI and mitigates human error while saving time, money and resources.
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