AutoRek, an insurtech company, has collaborated with J.P. Morgan Payments to enhance the premium processing for insurance companies.
The collaboration will focus on addressing the complexities of financial data and open up new market opportunities within the insurance sector.
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According to AutoRek, its solutions are designed to bring efficiency and order to financial data flows from various banking sources, complementing the existing global capabilities of J.P. Morgan Payments.
The synergy between AutoRek’s financial data management tools and J.P. Morgan Payments’ treasury and payment services is expected to offer multiple benefits to clients.
Insurance companies can expect a more connected and streamlined infrastructure, simplifying cash allocation, matching, as well as credit control processes, AutoRek said.
J.P. Morgan Payments EMEA Insurance head Darren Snoxell 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.
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By GlobalData“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 programmes, captives and across the London Market.”
J.P. Morgan Payments specialises in offering a suite of treasury services, trade and working capital solutions, card services and merchant capabilities.
With the capacity to handle nearly $10trn in daily payments, the company’s presence spans more than 160 countries and supports a multitude of currencies.
In the fiscal year 2023, J.P. Morgan Payments reported a notable revenue increase, with figures reaching $18.3bn.
This marks year-over-year growth of 31%, excluding the impact of equity investments, a significant rise from the previous year’s revenue of approximately $14bn.
AutoRek Global Insurance lead Piers Williams added: “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.”
