With increased automation, you can focus on risk and reduce the overall operational costs, whilst providing an audit trail for your auditors and compliance departments.
The insurance sector is currently encountering a surge in transaction volumes and data quality issues, as well as the need to comply with new regulatory standards like IFRS17, this calls for significant changes in systems, processes, and data management practices.
SmartStream works with leading insurance companies to implement its AI-enabled solutions to support data-driven organisations. Our suite of solutions manages and reconciles large amounts of data found in payments and reimbursements, claims, policy holder and investment transactions. With the latest technology firms can now transform operations by identifying exceptions and manage resolutions from any data received internally or from external partners, in any format, and in a matter of minutes.
Air Data
Reconciliation management and data accuracy
Matches commissions to sales records, ensuring timely, accurate payments and fewer disputes
Aligns claims payments with records for accurate processing and easier discrepancy management
Reconciles financial statements and reports with transactions to improve accuracy and regulatory compliance
Automates reinsurance reconciliations to ensure accurate records and faster settlements
Automates refund reconciliation admin tasks for accurate, timely processing and better customer service
Reconcile premiums and returns to ensure accurate investment records align with financial statements
Match data across different systems to improve data accuracy and integrity
Align reserve calculations with outstanding claims to support risk management and financial stability
Match policyholder accounts to financial transactions for financial accuracy
Compare expenses to budgets for cost control and accurate reporting
Use automated reconciliation to spot anomalies and reduce fraud