InsurTech firm AutoRek has partnered with J.P. Morgan Payments to help insurance companies overcome data challenges with a more connected, streamlined infrastructure.
With these capabilities, insurance companies can unlock new market opportunities, the companies said in a press release.
“By working together, we will unlock many opportunities for insurance firms to streamline the premium receivables process,” Piers Williams, global insurance lead at AutoRek, said in the release. “This will help them to increase efficiency, accelerate cash flow, reduce write-offs and enhance controls.”
AutoRek offers a solution that helps insurance firms streamline their premium processing operations, bringing order and efficiency to financial data flows from banking sources, according to the release. The solution helps these firms enhance their cash allocation, matching and credit control.
J.P. Morgan Payments offers global capabilities in terms of treasury services, trade and working capital, and card and merchant services, the release said. The payments provider operates in more than 160 countries and in more than 120 currencies, processing nearly $10 trillion in payments each day.
The two companies will offer a combination of these complementary capabilities to insurance companies using their solutions, per the release.
“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,” Darren Snoxell, head of insurance, EMEA at J.P. Morgan Payments, said in the release. “Together, we will deliver tangible benefits to brokers, carriers, reinsurers, multinational insurance programs, captives and across the London Market.”
PYMNTS Intelligence has found that companies leverage digital solutions to improve the insurance industry.
Around the world, InsurTechs, FinTechs and traditional insurance companies are bringing digital solutions to bear on nearly all aspects of the insurance experience, including shopping and applying for insurance policies, processing payouts and expanding coverage to the uninsured, according to “Money Mobility Comes to the Insurance Industry,” a PYMNTS Intelligence and Ingo Money collaboration.
In another recently announced partnership in this space, InsurTech firm Cover Genius said in May that it tapped FinTech company Adyen as its latest payment processing partner.
This collaboration aims to increase Cover Genius’s authorization rates of online payments by offering local payment methods in the Americas, Europe and the Asia-Pacific region.
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