AutoRek Partners J.P. Morgan Payments on Insurance Company Receivables

AutoRek, an insurTech business, has teamed with J.P. Morgan Payments to improve data connectivity and streamline infrastructure for insurance firms.

According to a press release, these skills enable insurance businesses to expand into new markets.

AutoRek’s global insurance lead, Piers Williams, stated the collaboration will enable insurance providers to expedite premium receivables processes. “This will help them to increase efficiency, accelerate cash flow, reduce write-offs and enhance controls.”

According to the announcement, AutoRek provides a technology that helps insurance companies improve their premium processing processes by providing order and efficiency to financial data flows from banking sources. The service helps these companies improve their cash allocation, matching, and credit control.

J.P. Morgan Payments provides global treasury services, trade and working capital, as well as card and merchant services, according to the press announcement. The payments service processes approximately $10 trillion in payments across 160 countries and 120 currencies daily.

According to the statement, the two companies will provide insurance companies with complimentary capabilities through their respective solutions.

According to Darren Snoxell, head of insurance, EMEA at J.P. Morgan Payments, partnering with AutoRek would enhance the company’s existing capabilities and provide a comprehensive solution for the insurance value chain. “Together, we will deliver tangible benefits to brokers, carriers, reinsurers, multinational insurance programs, captives and across the London Market.”

According to “Money Mobility Comes to the Insurance Industry,” digital solutions are being used by InsurTechs, FinTechs, and traditional insurance companies worldwide to enhance the insurance experience, including policy shopping, payout processing, and coverage for the uninsured.

In May, InsurTech startup Cover Genius established a relationship with FinTech giant Adyen for payment processing.

This agreement intends to boost Cover Genius’s authorization rates for online payments by providing local payment alternatives in the Americas, Europe, and Asia-Pacific regions.

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