The relationship between underwriters and brokers relies heavily on the flow of data between organisations, predominantly conducted via manual spreadsheets.
Managing and reconciling this data can be time-consuming, with no way of gaining real-time oversight and complexities inherent in understanding he makeup of statements. With most insurers working through a high volume of statements, this leads to great pressures at month end, internal inefficiency and wasted resource.
By removing human error, providing real-time management information and reducing costs, automating the reconciliation process can provide an end-to-end solution that works alongside existing systems, perfecting a firm's capability to deliver insurer statement reconciliations.
This paper looks in detail at some of the challenges inherent in reconciling insurer statement and how AutoRek can help at each stage, from data sourcing and matching right through to reporting.
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