Streamline Commission Processing
The decline of the direct sales force has seen Insurance companies grow more dependent on third party agencies such as IFAs and multi-ties for sales.
Consolidation in the UK insurance market has left many companies with a raft of legacy systems (and legacy products) that are used to manage the sometimes very complex commission payments to intermediaries.
Managing these payments has traditionally required a substantial investment in staff performing repetitive, low level tasks to resolve commission payment reconciliation issues. However this reliance on human intervention often proves less than reliable and is very time consuming.
AutoRek Reconciliation Software’s ability to import and automatically reconcile data from multiple legacy systems means that departmental staff levels can be significantly reduced, information requests to non-finance staff minimised and commissions payments are made accurately and timely.
More Insurance Sector Benefits
Of course solving the commission payments crisis isn’t the only benefit that faster more accurate reconciliation can bring. AutoRek can help insurance companies to:
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Reduce the increasing compliance burden – with a transparent audit trail, making FSA, Basel II and Sarbanes-Oxley compliance more easily achievable
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Manage risk across the organisation
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Optimise cash and asset management - shortening the reconciliation lifecycle means more up-to-date information enabling you to manage your assets more efficiently
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Manage multi-country, multi-currency transaction reconciliation - allowing for foreign exchange variances
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Improve customer and other stakeholder service by minimising error and speeding up dispute resolution
Our Clients
Our clients in the insurance sector include: Cigna Healthcare, one of the world’s largest healthcare insurers with over 20,000,000 clients worldwide and Clerical Medical the Bristol based medical and general insurer – for a full list please contact us
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AutoRek supports the Finance Function strategic agenda and is particularly powerful in supporting Fast Close, Shared Services, Cost Reduction, Off-shoring and Outsourcing strategies. 
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