Insurtech firm AutoRek has partnered with J.P. Morgan Payments to help insurance firms improve premium processing and cash allocation.
The firms say the new solution enhances financial data flows from banking sources for cash allocation, matching and credit control, complementing J.P. Morgan Payments' existing services and offering benefits to clients through the integration of both systems.
Darren Snoxell, head of insurance, EMEA at J.P. Morgan Payments, says: “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.”
J.P. Morgan Payments combines treasury services, trade and working capital, card and merchant services capabilities, to help clients pay customers or employees in different currencies around the world. It processes nearly US$10 trillion in payments daily, operating in over 160 countries and over 120 currencies.
Piers Williams, global insurance lead at AutoRek, remarks: “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.”
