AutoRek’s solution enhances financial data flows from banking sources, aiding in cash allocation, matching, and credit control.
This complements J.P. Morgan Payments’ existing services, offering significant benefits for clients using both solutions. The partnership aims to create a more connected and efficient infrastructure for insurance firms.
Darren Snoxell, Head of Insurance, EMEA at J.P. Morgan Payments, commented: “We are excited to collaborate with AutoRek to help our clients tackle some of the challenges associated with complex premium processing and cash allocation.”
Snoxell continued: “Working with a specialist company like AutoRek will complement our existing solutions to help deliver an end-to-end solution across the entire insurance value chain.
“Together, we will deliver tangible benefits to brokers, carriers, reinsurers, multinational insurance programmes, captives and across the London Market. We look forward to working with the team.”
J.P. Morgan Payments offers a suite of treasury services, trade and working capital solutions, card services, and merchant capabilities globally, facilitating payments to customers or employees across diverse currencies.
Handling nearly $10 trillion in payments daily, the firm operates in more than 160 countries and supports over 120 currencies.
In 2023, J.P. Morgan Payments reported revenues of $18.3 billion, marking a 31 percent year-over-year increase, excluding equity investment impacts, up from approximately $14 billion in 2022.
Piers Williams, AutoRek Global Insurance Lead, added: “It’s fantastic to be working with J.P. Morgan Payments in this market-first initiative. we are proud of this partnership, which presents a powerful combination of proven solutions, and will deliver optimal results for clients in the insurance market.”
“By working together, we will unlock many opportunities for insurance firms to streamline the premium receivables process. This will help them to increase efficiency, accelerate cash flow, reduce write-offs and enhance controls.”
