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AutoRek to Transform Insurance Firms’ Premium Processing by Joining Forces with J.P. Morgan Payments
AutoRek, a leading insurtech that streamlines premium processing operations within insurance firms, today announced that it has joined forces with J.P. Morgan Payments to help insurance firms overcome data complexities and present new market opportunities.
The AutoRek solution brings order and efficiency to financial data flows from banking sources, to help clients overcome the challenges associated with cash allocation, matching and credit control. This complements existing solutions of J.P. Morgan Payments providing significant benefits for clients utilising AutoRek’s solution alongside global capabilities offered by the payments provider.
This collaboration aims to unlock new market opportunities for insurance firms, helping them to overcome data challenges and provide a more connected and streamlined infrastructure.
Darren Snoxell, Head of Insurance, EMEA at J.P. Morgan Payments, 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. 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.”
Globally, J.P. Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes nearly $10 trillion payments daily, operating in over 160 countries and over 120 currencies.
In 2023, J.P. Morgan Payments reported $18.3 billion in revenue across the firm, up from approximately $14 billion in 2022, representing a 31 percent 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.”
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