Software provider AutoRek has announced it has joined with Ardonagh Group as their latest client.

AutoRek has been selected Ardonagh as they aim to drive efficiency in key back and middle office Insurance Broker Accounting (IBA) processes using intelligent automation technology.

The initial scope for AutoRek is 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.

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.

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.

Output of these reconciliations will then be loaded back into the PAS systems and allocated out on a policy level, updating the systems.

Gordon McHarg, CEO at AutoRek, added, “It is a huge success for AutoRek to have the calibre of a client such as The Ardonagh Group come on board.

“We see potential to work together over the coming years on many different projects.”

Recommended

• NAO investigation reveals Gov department using outdated tech
• Users not being protected from risky ads on Meta platforms
• “Patchwork of solutions” leaving firms susceptible to cyber-attacks

Piers Williams, Insurance Lead at AutoRek, added, “We are delighted to be working with The Ardonagh Group and helping the business achieve its objectives in the coming years.

“AutoRek continues to grow its insurance presence quickly, and it is great to see that our No Code intelligent automation solution continues to improve back and middle office financial operations processes while increasing operational efficiency.”

The Ardonagh Group group currently employs a global workforce of approximately 10,000 people across more than 150 locations around the world.

Across the portfolio, Ardonagh offers a range of insurance-related products and services across the full insurance value chain in the UK, Ireland, and international markets.

Paula Jones, Head of IREC at Ardonagh Advisory, added, “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, added, “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.”

Get all the latest news from DIGIT direct to your inbox

Our newsletter covers the latest technology and IT news from Scotland and beyond, as well as in-depth features and exclusive interviews with leading figures and rising stars.

To subscribe, click here.