AutoRek
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.
All content by AutoRek
Webinar: Operational automation for insurers
In this webinar, an expert panel discuss why creating a smarter insurance industry depends on a parallel revolution in the back-office and which untapped areas can unlock tangible benefits for insurers.
IFRS 17: How can insurers prepare for the biggest change in insurance accounting in recent years?
Due to go live on 1st January 2023, IFRS 17 represents the biggest change in insurance accounting in recent years. This content highlights how insurers can overcome the challenges posed by cash flow matching, the benefits of automation and top tips to achieve compliance.
Credit control optimisation: How insurance firms can increase profits
Within the insurance industry, an often overlooked area for modernisation is the credit control function, which is responsible for the collections of premiums not paid upfront. This content focuses on why credit control is ripe for modernisation and how automation can help insurers increase profits.
We need an insurance industry ‘big bang’ across the back office
The UK insurance industry is on the verge of a ‘big bang’. Post-Brexit deregulation and digital transformation are reducing red tape, while unblocking innovation and investment. This blog highlights why creating a smarter insurance industry also depends on a parallel revolution in the back-office.
Automating insurance reconciliations: Challenges and opportunities for 2022
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.
Automated bordereau reconciliations and financial controls
Brokers and insurers have highly complex bespoke relationships. These result in unique financial control processes to effectively manage financial operations. This content highlights how AutoRek can aggregate the multiple data sources involved in bordereau reconciliations.
Going for gold: Why automated reconciliations are crucial for firms trying to reach first place
The 2022 Winter Olympics has brought to the fore another batch of sporting superstars all trying to reach the podium. So, what can the insurance industry learn about going for gold? This content highlights why automated reconciliations are crucial for firms trying to reach first place.
CASS for insurance: What to expect in 2022
Client money requirements have been at the forefront of many insurance firms' thinking in the last 12 months. With the FCA indicating its intention to increase the scrutiny insurance firms are placed under for their CASS compliance, this blog highlights what the industry can expect in 2022.
Data management for insurers: Main challenges and the path forward
How can insurance companies unlock the full potential of captured data? This research report provides clarity and guidance to insurers as they set out to develop more data-centric business models through automated technologies.
Complying with CASS rules in the insurance industry
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.