AutoRek doesn't just reconcile monetary values. Our clients are using AutoRek to reconcile a variety of non-monetary records including schemes’ memberships on annual renewal date (e.g. a group pensions scheme or a group insurance scheme) to ensure premium charged and collected is accurate.
One of our clients, a global insurer, would issue new policy documentation for an employer-funded insurance schemes two weeks before renewal date to the sponsoring employers. The employers would send a list of adjustments (often in paper) and a process of reconciliation, increment and decrement processing would begin. In many cases until this process was completed, the insurance premium could not be collected.
AutoRek was deployed to manage the enrolment and billing processes and, with some interfacing to web forms and downloads directly from the employers' HR records, the renewal process was vastly accelerated increasing the speed of collections of annual premiums and improving cash collections. The resultant interest saving was equivalent to an additional 6% of income.
Such reconciliations are commonplace in subscription business, pension scheme transfers and transfers of customer records.
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