Automating insurance reconciliations: Challenges and opportunities for 2022

Progress in the areas of robotics, Artificial Intelligence (AI) and Machine Learning (ML) continues to define a new era of automation in finance. In the last decade, one such focus area for many financial organisations has been automating and modernising key back-office processes like reconciliations.

Yet the insurance industry has lagged behind in this regard, relying on outdated reconciliation procedures far longer than any other financial sector. The result is that many firms today struggle with critical issues like differing data formats, manual processes and IT dependencies.

But that is starting to change in 2022, with insurers actively pushing for automation to address these issues, reduce cost and improve operational efficiency.

This whitepaper offers a deep dive into the benefits of automating insurance reconciliations, the key challenges with manual processes and also describes the type of reconciliation solution that will deliver the most business value to modern insurance firms.