The collaboration aims to assist insurance firms in navigating data complexities while opening up new market opportunities.
AutoRek’s solution enhances financial data flows from banking sources, addressing challenges related to cash allocation, matching, and credit control. This integration complements J.P. Morgan Payments’ existing solutions, offering substantial benefits for clients who utilize AutoRek’s platform alongside the global capabilities of the payments provider.
J.P. Morgan Payments integrates treasury services, trade and working capital, card, and merchant services to facilitate global payments for clients, whether to customers or employees, in multiple currencies. Processing nearly US$10 trillion in payments daily, the company operates in over 160 countries and handles more than 120 currencies.
Last year, J.P. Morgan Payments also reported$18.3 billion in revenue across the firm, up from $14 billion in 2022, and signaling a 31% increase, excluding the impact of equity investments.
The partnership is set to provide insurance firms with a more connected and streamlined infrastructure, helping them overcome data challenges and seize new market opportunities.
Darren Snoxell, Head of Insurance, EMEA at J.P. Morgan Payments, said: “We are excited to collaborate with AutoRek to help our clients tackle some of the challenges associated with complex premium processing and cash allocation. 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 programs, captives and across the London Market. We look forward to working with the team.”
Piers Williams, AutoRek Global Insurance Lead, said: “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.”
