Global insurance intermediary group Howden has partnered with software provider AutoRek to boost the efficiency of key back office processes through intelligent automation.
The new partnership aims to help Howden centralise and streamline areas of its insurance broker accounting (IBA) operations, increasing capacity for future growth and improving data control.
AutoRek will automate insurer statement reconciliation processes for the IBA team, loading statements from insurers across the market before reconciling thousands of transactions against their policy administration systems (PAS).
Howden's PAS systems will automatically post the reconciliation output back, guaranteeing the accuracy of insurer ledger records.
This solution promises faster, more efficient settlements and reduces the burden of unallocated cash. Additionally, AutoRek’s query management workflow will streamline query resolution by providing visibility of query statuses, significantly cutting down resolution times.
The AutoRek solution will initially support Howden's UK&I business, with the potential for future expansion across the business.
Piers Williams, insurance lead at AutoRek, comments: “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.”
Guy Turner, head of IBA at Howden’s UK Operations, says: “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.”
