In a move set to revolutionize insurance premium processing, AutoRek, a prominent insurtech firm, has announced a strategic partnership with J.P. Morgan Payments. This collaboration aims to streamline financial data flows, enhancing cash allocation, matching, and credit control for insurance firms.
By merging AutoRek’s advanced solutions with J.P. Morgan Payments’ global capabilities, the partnership promises significant benefits for brokers, carriers, and reinsurers. The integration is expected to deliver a more connected and efficient infrastructure, increasing operational efficiency and accelerating cash flow within the insurance industry.
Darren Snoxell, Head of Insurance for EMEA at J.P. Morgan Payments, highlighted the strategic importance of this partnership. “We are excited to collaborate with AutoRek to address the challenges of complex premium processing and cash allocation. This partnership will complement our existing solutions, providing an end-to-end solution across the entire insurance value chain. Together, we will deliver tangible benefits to brokers, carriers, reinsurers, multinational insurance programs, captives, and the London Market,” he said.
The collaboration is poised to unlock new market opportunities, helping insurance firms navigate data complexities and improve operational efficiency. Piers Williams, Global Insurance Lead at AutoRek, expressed his enthusiasm for the partnership. “It’s fantastic to be working with J.P. Morgan Payments in this market-first initiative. We are proud of this partnership, which combines proven solutions to deliver optimal results for clients in the insurance market. Together, we will streamline the premium receivables process, increasing efficiency, accelerating cash flow, reducing write-offs, and enhancing controls,” Williams stated.
J.P. Morgan Payments, a division of JPMorgan Chase & Co., processes nearly $10 trillion in payments daily across over 160 countries and more than 120 currencies. The firm offers a comprehensive suite of services, including treasury services, merchant services, and payment processing solutions, tailored to meet the diverse needs of businesses worldwide. In 2023, J.P. Morgan Payments reported $18.3 billion in revenue, a 31% increase from approximately $14 billion in 2022.
AutoRek’s innovative solutions have also garnered recognition, with the company recently winning the ‘Best CASS Solution’ at the Systems in the City Fintech Awards 2024 for the fifth consecutive year.
This partnership marks a significant step forward in the digital transformation of the insurance industry. Leveraging their combined expertise and technological capabilities, AutoRek and J.P. Morgan Payments are well-positioned to deliver optimal results for their clients, driving progress and innovation in premium processing.
