The Ardonagh Group has selected AutoRek, a leading software provider to global financial services firms, as the group is looking to drive efficiency in key back and middle office Insurance Broker Accounting (IBA) processes using intelligent automation technology.
According to the annoucement, the initial scope for AutoRek will be to support two key areas of the IBA operations within the group. The solution will automate the insurer statement reconciliation process.
This involves loading 2500+ statements monthly, which are made up of over 400 different formats from Excel, CSV, PDF and Word. The information contained on statements will be reconciled against two key Policy Administration Systems (PAS), Acturis and OpenGI, where client and policy data is stored and maintained. AutoRek will then feed the output of reconciliations through the Ardonagh PAS systems so results can be posted back into systems and updated in records.
Additionally, the solution will also be deployed within the Cash Posting and Allocation (CPA) team. AutoRek will perform several reconciliations in this department, including matching cash payments from banks, card transactions and premium credit against records held in the Ardonagh Acturis and OpenGI PAS systems.
The output of these reconciliations, AutoRek explained, will then be loaded back into the PAS systems and allocated out on a policy level, updating the systems.
Ardonagh has selected a SaaS deployment model and will be using the latest AutoRek V6.4.
Paula Jones, Head of IREC at Ardonagh Advisory, commented: “The IREC solution and build with AutoRek will revolutionise the end-to-end process within The Ardonagh Group. Enabling our fast-growing business through organic growth and the targeted acquisition plans to integrate the key finance operations smoothly and efficiently”.
Bari Irving-Philips, Head of IBA and Client Money at Ardonagh Advisory, said: “It is an exciting time for The Ardonagh Group to be working with AutoRek. The AutoRek platform and No Code technology will enable the Client Money function to work smarter and more intelligently; further enhancing the contribution that the function brings to the Group and our Clients & Insurers.”
The Ardonagh Gropu is the largest independent insurance broker in the UK and a top 20 broker globally, placing $13 billion of premiums across the group and within its networks on behalf of clients across the full spectrum of insurance risks.
Across the portfolio, it offers a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets.
