Automated insurance reconciliations: The benefits of automated over manual processes

Across the insurance industry, firms continue to rely on manual, spreadsheet-based methods for their financial control processes.

But Microsoft Excel has many drawbacks, despite its ubiquity and low cost. It increases the risk of human error, it is not easily scalable, and lacks true controls.

But insurance firms are becoming more aware of the limitations of Excel. In one recent survey, 86% of insurers said they were either currently trialling or implementing automation to enhance their business processes.

Like other sectors within financial services, the rise of automation within the insurance industry is being driven by growing data volumes, the challenges of legacy technology and new competition.

Why automate insurance reconciliations?

When it comes to automation, reconciliations remain an untapped resource.

Any daily, weekly, monthly or quarterly process that requires manual work is ideal for automation. And because insurance reconciliation processes require significant manual intervention, automation will drive efficiency, reduce operating costs and improve overall resilience.

To help insurance firms further understand the benefits of automating reconciliations, and why forward-thinking insurers are moving away from manual processes and spreadsheets, we’ve put together the following resource. You’ll learn:

  • The five key pressures pushing insurance firms to modernise systems
  • Insights into what is driving other insurance firms to automate
  • Exclusive research on the challenges insurers face when performing reconciliations
  • How automation cuts costs while enhancing data quality, control and governance
  • What type of solution will deliver the most value to insurers

To access this resource, please complete the short form provided.