Swinton Insurance, a UK-based insurance broker under the Atlanta Group, has formed a new partnership with Aurum Solutions to automate its reconciliation processes.
The move it to handle an increased volume of financial transactions with greater speed and accuracy, according to InsurTech Insights.
By implementing Aurum’s solution, Swinton expects to accelerate the completion of daily banking reconciliations by 97% and improve compliance with the Client Asset Sourcebook (CASS) regulations.
Swinton Insurance is responsible for managing a vast number of daily transactions involving payments to and from customers, as well as various insurance providers. Due to regulatory requirements, specifically under CASS, it’s essential for Swinton to ensure accurate reconciliation across its finance operations. Aurum’s scalable automation platform allows Swinton to manage these growing transaction volumes while maintaining stringent financial controls. Additionally, the platform’s flexibility allows Swinton to set up custom reconciliation processes as needed, enabling the finance team to focus on higher-value tasks that contribute to strategic business goals.
Aurum Solutions’ automation platform provides Swinton with key benefits, including rapid data import from payment providers and bank statement retrieval, which enable the completion of reconciliations within minutes. Swinton manages tens of thousands of transactions each month with third-party providers—a volume that was previously difficult to reconcile accurately with existing technology. However, Aurum’s advanced matching logic and data filters make these large-scale reconciliations efficient, accurate, and auditable. This also ensures that Swinton is able to maintain a comprehensive audit trail of transactions, providing access to specific records as required by auditors.
Jayne Logan, financial operations team leader at Swinton Insurance, highlighted the advantages of the new system: “We can now get more out of our data, and do so quicker than before, making our role both easier and more impactful. With Aurum, we now have so many different filters that we can easily extract the specific data we need in just a few clicks. What used to be a big job is now simple. The benefits of Aurum go beyond just banking reconciliation; it’s a huge time and money saver that enables us to focus on making improvements throughout the business.”
Tiago Veiga, CEO at Aurum Solutions, also stressed the significance of reconciliation automation for the insurance sector. “Reconciliation is crucial for insurance companies. Insurers deal with high transaction volumes, complex data sources, and are subject to stringent regulatory requirements, yet many still use manual legacy processes for reconciliation,” Veiga explained. He added, “This places a huge strain on resources and makes it incredibly difficult to manage these transactions. Automation, however, leads to faster and more accurate reconciliation, enabling finance teams to spend more time on other strategic activities. Our partnership with Swinton Insurance is another big step forward in our mission of removing the burden of reconciliation from finance teams altogether.”
Through this partnership, Swinton Insurance gains access to a robust automation tool that supports both its growth and efficiency objectives. Aurum’s platform not only enhances speed and accuracy but also helps Swinton maintain the high standards of compliance and transparency required in today’s insurance market.
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