Howden, the global insurance intermediary group, has selected software provider AutoRek to boost the efficiency of key back-office processes through intelligent automation.
According to the announcement, this new partnership is anticipated to help Howden centralise and streamline areas of its Insurance Broker Accounting (IBA) operations, ultimately increasing capacity for future growth and improving data control.
From what we understand, AutoRek will automate insurer statement reconciliation processes for the IBA team. This will involve loading statements from various insurers across the market, before reconciling thousands of transactions against their policy administration systems (PAS).
It has also been confirmed, that the output of reconciliations will be automatically posted back into Howden’s PAS systems, therefore ensuring that insurer ledger records remain up to date.
As well as this, AutoRek will also provide Howden with a solution that reportedly enables a faster, and more efficient settlement to insurers that reduces the burden of unallocated cash on their markets..
Howden’s Head of IBA UK Operations Guy Turner, commented: “Insurer statement reconciliations are especially onerous on our resources and we expect AutoRek to significantly reduce the expenditure of effort in this area, which in turn will not only enhance our service to our markets but will also release our staff to concentrate on more value-added tasks. We are very much looking forward to deploying the solution in this regard.”
AutoRek’s Insurance Lead Piers Williams, said: “We’re thrilled to be working with Howden and excited to help it realise its goals over the coming years. As the go-to automated reconciliation solution for some of the biggest names in insurance, we’re well-placed to help streamline Howden’s reconciliation process and enable the organisation to gain total control of its data in that area.
“The win also marks AutoRek’s growing presence in the sector. It’s great to see our no-code intelligent automation solution continuing to improve insurance firms’ operational efficiency and data control.”
