AutoRek Taps JPMorgan Payments to Enhance Premium Processing
AutoRek, a top insurtech firm that refines premium processing in insurance companies, has announced a new partnership with JPMorgan Payments. This alliance aims to assist insurance firms in managing data complexities and improving cash allocation, matching, and credit control.
The AutoRek solution brings order to financial data flows from banking sources, aiding clients in tackling cash allocation and credit control challenges.
This collaboration enhances JPMorgan Payments' existing offerings, providing clients with significant benefits through AutoRek’s solutions and JPMorgan's global capabilities.
Together, they aim to open new market opportunities, enhance efficiency, and offer a more connected infrastructure for insurance firms.
Enhancing insurance value chains
Darren Snoxell, Head of Insurance, EMEA at JPMorgan Payments, expressed enthusiasm about the partnership. He stated: "We are excited to collaborate with AutoRek to help our clients tackle some of the challenges associated with complex premium processing and cash allocation.
"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.
"Together, we will deliver tangible benefits to brokers, carriers, reinsurers, multinational insurance programmes, captives and across the London Market. We look forward to working with the team."
JPMorgan Payments' extensive services
JPMorgan Payments, a division of JPMorgan Chase & Co., offers a wide range of financial services to meet the needs of businesses globally. As a leader in the financial services sector, JPMorgan Payments provides innovative solutions tailored for small businesses, mid-sized companies, and large multinational corporations. Its services include treasury services, merchant services, and payment processing solutions.
Treasury services offered by JPMorgan Payments include tools to manage liquidity and working capital efficiently. Businesses benefit from advanced cash management strategies, streamlined payment options such as wire transfers, ACH payments, and real-time payments, alongside liquidity solutions like sweep accounts and notional pooling.
These services help companies optimise cash flow and ensure efficient financial operations. JPMorgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees in various currencies worldwide.
JPMorgan Payments processes nearly US$10tn in payments daily, operating in over 160 countries and over 120 currencies. In 2023, JPMorgan Payments reported US$18.3bn in revenue, up from approximately US$14bn in 2022, a 31% increase excluding the impact of equity investments.
The partnership with AutoRek aligns with JPMorgan Payments’ strategy to leverage technology and collaborations for seamless financial solutions globally. JPMorgan Payments continues to expand its ecosystem through strategic alliances, aiming to optimise operations and drive innovation in the financial sector.
Unlocking new opportunities
Piers Williams, AutoRek Global Insurance Lead, shared his excitement about the partnership, stating: "It's fantastic to be working with JPMorgan Payments in this market-first initiative. We are proud of this partnership, which presents a powerful combination of proven solutions and will deliver optimal results for clients in the insurance market.
"By working together, we will unlock many opportunities for insurance firms to streamline the premium receivables process. This will help them to increase efficiency, accelerate cash flow, reduce write-offs and enhance controls."
This collaboration between AutoRek and JPMorgan Payments promises to deliver comprehensive solutions, enhancing the efficiency and connectivity of insurance firms worldwide.
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