Howden
AutoRek has made our reconciliation process more efficient. We faced various data challenges from multiple internal PAS systems and inconsistent statement formats. Finding a solution that could automate these tasks and boost efficiency was essential. Since implementing AutoRek, we have so far seen more than 50% of time being saved, with staff now able to focus on value added tasks.
Guy Turner
Head of IBA, Howden
The Client
Howden is a global insurance intermediary group with employee ownership at its heart. Founded in 1994, it provides insurance broking, reinsurance broking and underwriting services and solutions to clients ranging from individuals to the largest multinational companies. the group operates in 55 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 22,000 people and handling $45Bn of premium on behalf of clients.
The Challenge
Howden wanted to overcome the challenge of reconciling large volumes of diverse, multi-format data. They received data from internal policy administration systems (PAS) and external sources such as banking data, payment service providers and premium finance.
Prior to using AutoRek, Howden’s insurance broker accounting (IBA) processes were highly manual and spreadsheet based. With business growth on the horizon, they needed a high-volume reconciliation tool to automate their processes.
It was crucial that the solution they chose:
- Streamlined operations that integrated with PAS
- Provided comprehensive audit trails
- Had an easy-to-use user interface
- Delivered real-time reporting for data-driven business insights
The Solution
To meet the complexities of its IBA operations, Howden selected AutoRek for its tailored, scalable platform capable of handling high data volumes and integrating across multiple systems. AutoRek’s mature and flexible solution was specifically adapted to Howden’s needs, streamlining insurer and bank reconciliations across internal platforms like Acturis, Sector, and GlobalXB.
The two core components of Howden’s IBA solution were:
- Insurer/Carrier Statement Reconciliations: Automated matching and break analysis across various data formats and systems.
- Bank Reconciliations & Cash Allocations: Complex reconciliation of bank and client ledger data with high accuracy.
Key capabilities delivered:
- Automated data loading and transformation
- Intelligent matching with custom rule sets
- Seamless integration with policy admin systems (PAS)
- Real-time dashboards and interactive reporting
The benefits for Howden
50%+ time saved on reconciliations
Since implementing AutoRek across two systems, Howden have reduced their reconciliation processing time by more than 50%. This has increased the capacity 50 of business teams and ensured quicker settlement for insurers.
Increased control
Howden have achieved greater data control, with a 76% automatic match rate using AutoRek. These savings have allowed staff to concentrate on value-added tasks.
Easy access to reporting
AutoRek’s platform has delivered improved insights into insurer statement reconciliations through reporting dashboards, ensuring enhanced auditability.