Insurance Broker Accounting (IBA)

A suite of Insurance Broker Accounting (IBA) solutions designed to help insurance brokers simplify accounting processes and drive greater efficiency across their finance operations.

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Key benefits

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    Save 90%+ time on reconciliations
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    Enhanced debtors management
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    Reduce unallocated cash, aged debt and outstanding debtors balance
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    Lower operating costs
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    Faster processing times
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    Quicker settlement with insurers
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    Increased capacity
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    Enhanced auditability and financial control
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    Simplified CASS 5 compliance

Cash posting and allocation

Our cash posting and allocation solution automatically takes all payments, regardless of the source, and reconciles them against bank records using a multi-stage reconciliation framework. It works through two stages.

  • Stage 1
    Bulk payments from payment providers and premiums finance statements are reconciled against bulk bank payments. They are then categorised as cash receipts and pushed into a second reconciliation.
  • Stage 2
    Items are matched at the policy-level to allocate cash effectively. Payments are automatically allocated down to policy transactions held in the client ledger before PAS systems are updated with the results.

Insurer statement reconciliations

AutoRek’s insurer statement reconciliation solution leverages end-to-end automation to achieve maximal matching and analyse breaks. It works through the following four steps:

  • Data sourcing
    Data is ingested from any source or in any format. Ahead of reconciliation, data validation checks ensure that data meets defined standards for accuracy and completeness.
  • Matching
    We work with you to adapt AutoRek’s matching framework to your specific requirements. Any form of matching logic can be applied to ensure key fields and supplementary fields match, giving you consistently named fields across all statements.
  • Query management workflow
    A fully customisable workflow underpins all processes within our IBA solution, allowing you to manage the investigation and resolution of unmatched items.
  • Reporting
    Our configurable suite of dashboards surface the KPIs most important to your business, providing full oversight of the end-to-end insurer statement reconciliation process.

Bordereau reconciliations and data management

Remove reliance on manual processes and improve data control with our automated bordereau solution. Whether for an insurer, broker, MGA, coverholder, intermediary or re-insurer, AutoRek’s bordereau solution can be tailored to automate any type of reconciliation or financial data management requirement in the context of bordereau.

Automated CASS 5 compliance

AutoRek’s CASS 5 solution is a combination of:

  • Validation reconciliations (bank and cashbook/ledger)
  • External bank reconciliations
  • Client money calculations

It simplifies and optimises the processes involved to achieve compliance with CASS 5 rules, as well as to increase data control and drive greater operational efficiency. Comprehensive client money MI and reporting also surface key metrics for insight into a firm’s CASS environment.

Get ready to transform your reporting processes

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