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The UK's Life and Pensions Industry needs to reduce operational risk and cost, address regulatory demands and improve customer service.

AutoRek, our leading reconciliations and control platform, is widely used in all financial services operations and finance functions to control high volume transactions accounts which have some or all of the transactions originating from a private client (retail) base. AutoRek delivers consistency of controls and processes irrespective of legacy systems allowing organisations to increase the mobility of staff performing similar functions by reducing dependency on personal knowledge and experience of originating systems.

Shaun Crawford, Insurance Advisory Lead at EY,  says:  "2010 will be another challenging year for the UK life and pensions industry with further consolidation, flat business levels and 2,000 advisers leaving the industry" However, Crawford foresees "a significant rise in business placed on open architecture platforms; double digit growth on non-intermediated distribution channels; and new products launched for the 'third age' market. It also predicts consolidation in the mutual sector as it responds to new requirements from the Financial Services Authority, two wrap providers being acquired by financial institutions, and two life companies selling their investment arms".

So how can Life and Pensions businesses answer the conundrum of increasing integration and consolidation and the higher volumes of business being processed (often on legacy systems) while maintaining of reducing staffing levels and costs without increasing financial and operational risk?  AutoRek is being used to manage:

• Collection accounts for premiums
• Suspense accounts
• Dividend reconciliations
• Custody reconciliations
• Interbranch/intercompany accounts
• Commission reconciliations
• General ledger to legacy line-of-business systems
• Claims and reinsurance

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