For a number of years now, automation has been widely adopted across the financial services industry. However, the insurance sector has lagged behind in its adoption. In 2021, insurers must focus on being both digitally-enabled and data-driven in order to remain competitive and succeed.
To be able to achieve these objectives, insurers must fully leverage their data to bring efficiencies into existing processes and reduce operational costs. Automation tools can be used to quickly automate key processes to achieve higher efficiencies and streamline operational costs.
This paper looks in detail at some of the challenges inherent in reconciling insurer statements and how AutoRek can help at each stage, from data sourcing and matching right through to reporting.