AutoRek is an automated Insurance financial controls and data management solution that can automate reconciliations, create sub-ledger and accounting frameworks, assist digital sign off and attestation from which MI and regulatory reporting can be generated.
AutoRek is a fully tailored solution to meet your organisation specific requirements. AutoRek is more than a financial controls and data management solution, we understand that data in the Insurance industry can often be challenging to work with, as a result we have extensive data transformation capabilities built into the solution. This allows us to ingest data from any source in any format. A core principle of AutoRek is End-to-end process automation. Benefits include increased efficiency, greater control and full audibility.
The solution harnesses the latest trends in technology such as ML, RPA, OCR and Cloud to name a few.
Deployments with existing clients in the Insurance Industry vary and a few examples are:
• Bank Reconciliations
• Insurer Statement Reconciliations
• Broker Statement Reconciliations
• Bordereau Financial Controls & Reconciliations
• Cash Allocation
• Balance Sheet Reconciliations
• Account Attestation and Digital Sign off
• IFRS 17
• Data Migration
To understand how the solution could assist your business, please get in touch to arrange a confidential discussion with our team of Insurance experts.
The FCA spotlight has turned to the insurance sector, focusing on CASS 5 obligations and client money calculations. This paper explores the key CASS 5 requirements, as outlined in the FCA’s handbook and other CASS regulations that affect firms operating within the insurance sector.
The processing of insurer statements continues to rely heavily on manual processes on a monthly basis, causing a number of challenges around efficiency, accuracy and control. This content highlights eight common insurer statement challenges that insurance firms face on a monthly basis.
This short paper outlines how insurance providers can transform their data based on three simple principles - aggregation, enrichment and validation.
In 2021, insurers must focus on being both digitally-enabled and data-driven in order to remain competitive and succeed. This content focuses on how an end-to-end automated reconciliation solution can deliver significant cost reductions for insurers whilst making spreadsheets a thing of the past.
It will not have escaped the attention of insurance brokers that Christopher Woolard, interim CEO at the FCA wrote a specific letter to general insurance intermediaries concerning adequate client money arrangements. This blog highlights how insurance brokers can minimise regulatory attention.
Insurers accept the need to invest in future infrastructure, however they are less willing to accept the significant time scales often required for initiatives to be delivered. This paper looks at how no-code financial controls and reconciliations remove these challenges and provide agile solutions.
This whitepaper looks in detail at the challenges inherent in reconciling insurer statements, the benefits of automation and how AutoRek can help at each stage in the process, from data sourcing and matching right through to reporting.
Designed for intermediaries, MGAs and brokers, this content focuses on how AutoRek delivers a robust automated financial control framework that reduces operational risk, enhances control and delivers efficiencies.
Reconciliations are a vital part of the insurance industry, yet many firms still use manual tools such as Excel to perform these key financial controls. This content sheds light on how AutoRek’s feature-rich reconciliation software solution can help insurers transform their reconciliation processes.
In this video, Piers Williams, Insurance Relationship Manager at AutoRek and James Birch, Head of Innovation at Brit Insurance, discuss the challenges insurers are facing and partnerships between insurers and insurtechs in a coronavirus environment.