At AutoRek, we understand that brokers and insurers have highly complex, bespoke relationships. These result in unique financial control processes to effectively manage financial operations within firms’ Insurance Brokers Accounts (IBA) or Finance teams.
There are many factors that dictate the nuances of these processes, such as if a broker has delegated authority or the stipulations contained within a binding authority agreement – either or, insurance firms are looking to ensure they can achieve their optimal target operating model.
One of the main challenges insurance firms continue to face is around aggregating, enriching and loading data into the reconciliation process. Often the process of ensuring data is in a form that can be reconciled is more challenging than the reconciliation itself. A process like this can get complicated quite quickly. This is when manual errors start to take place, as the amount of data is just too overwhelming.
Insurance firms ought to be on the lookout for an automated solution that has the ability to provide a fully automated end-to-end financial control process. Luckily, AutoRek can perform more than just two-way reconciliations. It can perform multi-way reconciliations, such as three-, four- and five-way reconciliations. And there is no limit to how many times it can perform these.
As a result, AutoRek can ingest all the data required from any source used in the Bordereau or reconciliation process. It then performs all reconciliations and financial controls within one automated tool on a daily basis. This allows firms to have access to real-time insights into positions on both a policy level and the completed monthly bordereau or 60/90 day lifecycle can then certify all Bordereaux have accurate, complete policy records across all systems.
The processes around Bordereaux are disjointed, inconsistent and difficult to monitor, not to mention highly time-consuming. The AutoRek Bordereau configurable solution provides a complete solution to manage the whole process, speed and efficiency – while significantly reducing costs.