AutoRek, a leading InsurTech that streamlines premium processing operations within insurance firms, has joined forces with J.P. Morgan Payments to help insurance firms overcome data complexities and unlock new market opportunities.
The partnership aims to achieve this by integrating AutoRek’s financial data management solutions with J.P. Morgan Payments’ global capabilities, according to FF News.
This collaboration seeks to deliver an end-to-end solution across the entire insurance value chain, benefiting brokers, carriers, reinsurers, multinational insurance programs, captives, and the London Market.
The integration is expected to increase efficiency, accelerate cash flow, reduce write-offs, and enhance controls for insurance firms.
AutoRek provides solutions that bring order and efficiency to financial data flows from banking sources, aiding clients in overcoming challenges related to cash allocation, matching, and credit control.
J.P. Morgan Payments processes nearly $10tn in payments daily, operating in over 160 countries and more than 120 currencies, offering comprehensive treasury services, trade and working capital, and card and merchant services.
In 2023, the firm reported $18.3bn in revenue across the company, up from approximately $14bn in 2022, marking a 31% increase, excluding the impact of equity investments.
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,” he added.
Darren Snoxell, Head of Insurance, EMEA at J.P. Morgan Payments, remarked, “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.”
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