UK-based, multinational insurance coverage firm Aviva has teamed up with automated reconciliations resolution supplier AutoRek.
Aviva will deploy AutoRek’s platform to supply a completely audited, rules-based reconciliation course of that reduces the dangers related to guide 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 boost effectivity and compliance. Aviva will deploy AutoRek’s end-to-end platform with the intention to present a completely audited, rules-based reconciliation course of that ensures full transparency for Shopper 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 guide processing and its related dangers.
“We’re thrilled to onboard Aviva as a consumer to the AutoRek platform, empowering them to attain better 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 supply a scalable, automated reconciliation software program that delivers each price discount and information confidence. Options akin to these provided by AutoRek are anticipated to be in excessive demand as monetary regulators on each side of the Atlantic are slated to carry better readability to insurance policies referring to funds, digital belongings, lending, information privateness, and extra.
This was underscored by AutoRek Chief Product, Know-how, and Operations Officer Jim Sadler in a current Insider UK have a look at Scottish sector tendencies to look at for in 2025. “We are able to count on heightened regulatory oversight to begin to bleed into the availability chains of regulated companies to make sure that compliance requirements are met at each stage,” Sadler mentioned. “Firms that fail to uphold their duties can result in critical penalties akin to substantial penalties.”
Based in 1696 because the Hand in Hand Hearth & Life Insurance coverage Society, Aviva in the present day 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 most important 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 device. The implementation of the AutoRek resolution will streamline our processes and permit us to confidently tackle 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 a number of the greatest ache factors within the course of, offering key administration info (MI) to higher monitor the efficiency of reconciliations. Final yr, AutoRek introduced partnerships with JP Morgan Funds, world funds community Calastone, and expertise providers supplier Capgemini. Gordon McHarg is CEO.
Photograph by Sonny Vermeer
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