Insurance
AutoRek provides solutions specifically designed to overcome the most complex challenges in managing reconciliations, financial data management and reporting requirements for many large firms in the insurance sector.
The benefits for you
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Save time, reduce costs and increase overall efficiency with automation
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Eliminate spreadsheets to focus on value-add tasks
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Comply with IFRS 17 requirements and avoid penalties
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Take control of your data with accurate and actionable MI
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Improve month-end timelines to meet required deadlines
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Easy integration with existing systems for process consolidation
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Mitigate financial and operational risk with robust financial controls
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Comprehensive audit trail for peace of mind
Who can benefit?
Eliminate manual processes to reduce costs
For firms operating in the insurance industry, transactional volumes and the associated data is growing year-on-year. But managing this growth with spreadsheets presents an operational inefficiency as the industry continues to expand.
AutoRek is designed to circumvent the inefficiencies of manual processes through automated data ingestion, reconciliations and comprehensive reporting. By automating financial control processes like exceptions and break management, categorisation and ageing, your skilled staff can focus on more value-add tasks.
A complete, end-to-end solution for greater efficiency
Gain total flexibility with the AutoRek platform, which utilises and exports data in any format and from any source. It comes complete with the built-in capacity to connect via APIs.
Prevent length scale-up processes with operational software that is built with growth in mind and capable of handling limitless transactional volumes. Your firm can also choose a deployment that suits, whether that is a SaaS or on-premise solution.
Use cases
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Automated reconciliations
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Cash posting and allocation
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Insurance broker accounting (IBA) automation
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IFRS 17 compliance
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Credit control
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CASS 5 automation
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Sub-ledger
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Cashflow matching
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Balance sheet attestation
Unparalleled data control and reporting for informed decision-making
Our insurance solutions automate all data preparation activities and streamline breaks investigation processes into a single, convenient platform. It also allows you to manage dataflow and key activities using intelligent workflow capabilities.
Fully configurable dashboards can surface any MI or other key metrics required by your business, giving you complete control of underlying data. For peace of mind with audits, a comprehensive audit trail ensures clear visibility of all configurations and actions performed within the system.
Comply with IFRS 17 reporting obligations
As of January 1, 2023, insurance businesses must meet requirements for IFRS 17 reporting. The new accounting standard states that firms must disclose reconciliations of insurance and reinsurance contracts.
Our IFRS 17 solution is purpose-built to help firms comply with reporting obligations through automation. The solution automates reconciliations, and provides robust financial controls and superior data management.
A flexible solution to support your operations
At AutoRek, we understand that no two insurance organisations are the same. Our industry, regulatory and technical experts work with you to design a custom solution tailored to specific operational requirements. The flexibility of our rules-based system allows you to design custom match rules, supporting one-to-one, one-to-many and many-to-many scenarios.
Insurance solutions
Automated reconciliations
IFRS 17
Get ready to transform your reporting processes
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