AutoRek and JPMorgan Payments partner to transform insurance premium processing

AutoRek, a leading insurtech that streamlines premium processing operations within insurance firms, has announced a strategic partnership with J.P. Morgan Payments aimed at transforming premium processing for insurance firms.

This collaboration is set to streamline financial data flows, significantly improving cash allocation, matching, and credit control. By integrating AutoRek’s advanced solutions with J.P. Morgan Payments’ extensive global capabilities, the partnership promises to deliver substantial benefits to a wide range of clients, including brokers, carriers, and reinsurers.

Darren Snoxell, Head of Insurance, EMEA at J.P. Morgan Payments, emphasised the strategic importance of this collaboration:

“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,” he stated.

This partnership is poised to unlock new market opportunities, helping insurance firms overcome data complexities and enhance operational efficiency.

What’s in it for the insurance industry?

The integration of AutoRek’s solution with J.P. Morgan Payments’ services is designed to offer a more connected and streamlined infrastructure for the insurance industry. This collaboration aims to increase efficiency, accelerate cash flow, reduce write-offs, and enhance controls within the sector.

“It’s fantastic to be working with J.P. Morgan 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,” said Piers Williams, Global Insurance Lead at AutoRek.

The integration of AutoRek’s solution with J.P. Morgan Payments’ services is designed to offer a more connected and streamlined infrastructure for the insurance industry. This collaboration aims to increase efficiency, accelerate cash flow, reduce write-offs, and enhance controls within the sector.

J.P. Morgan Payments, a division of JPMorgan Chase & Co., processes nearly $10 trillion in payments daily, operating in over 160 countries and more than 120 currencies. The firm’s comprehensive suite of services includes treasury services, merchant services, and payment processing solutions, all designed to meet the diverse needs of businesses worldwide.

In 2023, J.P. Morgan Payments reported $18.3 billion in revenue, up from approximately $14 billion in 2022, representing a 31% increase.

AutoRek’s innovative solutions have also not gone unnoticed. The company was recently awarded ‘Best CASS Solution’ at the Systems in the City Fintech Awards 2024, marking its fifth consecutive win in this category.

The partnership between AutoRek and J.P. Morgan Payments is a significant step forward in the digital transformation of the insurance industry. By leveraging their combined expertise and technological capabilities, the two firms are well-positioned to deliver optimal results for their clients, driving progress and innovation in premium processing.

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