UK-based, multinational insurance coverage firm Aviva has teamed up with automated reconciliations resolution supplier AutoRek.
Aviva will deploy AutoRek’s platform to offer a completely audited, rules-based reconciliation course of that reduces the dangers related to handbook processing.
AutoRek made its Finovate debut at FinovateEurope 2023. The corporate is headquartered in Glasgow, Scotland.
UK-based insurer Aviva introduced a collaboration with automated reconciliation options supplier AutoRek to reinforce effectivity and compliance. Aviva will deploy AutoRek’s end-to-end platform with a view to present a completely audited, rules-based reconciliation course of that ensures full transparency for Consumer Property Sourcebook (CASS) auditors, in addition to inner stakeholders. The platform will allow Aviva to supply an enhanced automated resolution for consumer cash and regulatory reporting. The answer additionally means much less handbook processing and its related dangers.
“We’re thrilled to onboard Aviva as a consumer to the AutoRek platform, empowering them to realize larger effectivity and accuracy of their operations,” AutoRek VP of Gross sales Jack Niven mentioned. “Collectively, we’re driving innovation and setting new benchmarks for monetary excellence.”
Glasgow, Scotland-based AutoRek companions with establishments in asset administration, funds, banking, and insurance coverage to offer a scalable, automated reconciliation software program that delivers each value discount and information confidence. Options resembling these provided by AutoRek are anticipated to be in excessive demand as monetary regulators on each side of the Atlantic are slated to carry larger readability to insurance policies referring to funds, digital property, lending, information privateness, and extra.
This was underscored by AutoRek Chief Product, Know-how, and Operations Officer Jim Sadler in a current Insider UK take a look at Scottish sector traits to look at for in 2025. “We are able to anticipate heightened regulatory oversight to begin to bleed into the provision chains of regulated corporations to make sure that compliance requirements are met at each degree,” Sadler mentioned. “Corporations that fail to uphold their duties can result in critical penalties resembling substantial penalties.”
Based in 1696 because the Hand in Hand Fireplace & Life Insurance coverage Society, Aviva right this moment is a multinational insurance coverage, wealth, and retirement enterprise headquartered in London. The agency is the main diversified insurer throughout these markets, boasting greater than 19 million clients within the UK, Eire, and Canada as of August 2024. The biggest basic insurer within the UK, Aviva can also be the second largest basic insurer in Canada. Publicly traded on the London Inventory Change, Aviva is a member of the FTSE 100, and has a market capitalization of greater than $16 billion (£13 billion).
“Aviva is devoted to investing in expertise to additional our personal progress technique,” Aviva Head of CASS and Center Workplace, Chris Golland, mentioned. “Following an intensive tender course of, we had been extremely impressed with the standard of the AutoRek instrument. The implementation of the AutoRek resolution will streamline our processes and permit us to confidently handle future scalability and quantity necessities.”
Based in 1994, AutoRek made its Finovate debut at FinovateEurope 2023. On the convention, the Glasgow, Scotland-based firm demonstrated how its reconciliation platform helps organizations handle among the greatest ache factors within the course of, offering key administration data (MI) to higher monitor the efficiency of reconciliations. Final 12 months, AutoRek introduced partnerships with JP Morgan Funds, international funds community Calastone, and expertise companies supplier Capgemini. Gordon McHarg is CEO.
Photograph by Sonny Vermeer
