According to reports, the partnership will centralise and streamline Howden’s Insurance Broker Accounting (IBA) operations, boosting capacity for future growth and improving data control.
The implementation of AutoRek’s automation technology will significantly optimize insurer statement reconciliation for Howden’s IBA team. AutoRek’s system will load statements from various insurers, reconcile thousands of transactions against Howden’s policy administration systems (PAS), and automatically post the reconciled output back into the PAS systems. This will ensure that insurer ledger records are always up to date, facilitating faster and more efficient settlements and reducing the burden of unallocated cash.
AutoRek’s query management workflow capability will also enhance Howden’s operations by providing visibility of query statuses across the business, thereby reducing the time required to resolve queries. Initially, this solution will support Howden’s UK & Ireland business, with plans for potential expansion across the global operations in the future.
AutoRek’s Insurance Lead Piers Williams commented, saying: “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.”
Howden’s Head of IBA UK Operations Guy Turner also said: “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.”
