As the insurance industry faces increased regulatory oversight, companies must ensure an accurate and compliant financial reporting process. But the complexities and volume of claims, policies and premiums makes insurance reconciliation difficult and time-consuming.
That's why insurance companies use Frontier™ Reconciliation from Fiserv. Frontier Reconciliation helps companies with complex insurance reconciliation challenges effect financial control transformation that protects the bottom line, mitigates risk and enables regulatory compliance.
Frontier Reconciliation is a comprehensive, end-to-end reconciliation and certification solution that works with all financial instruments and handles all types of insurance claims. The solution integrates both transaction- and balance-level data while automating the entire reconciliation process from claims acquisition and matching through period-end premium approvals and reviews.
Workflows fully automate labor-intensive processes, and automated checks ensure compliance with corporate and regulatory controls.
Our insurance reconciliation tool improves efficiency and frees up resources for more value-added tasks. It significantly reduces the time to close daily and period-end reconciliation activities.
Frontier Reconciliation offers transparency and visibility across all asset types and scenarios, increasing confidence in the status of reconciliations through use of a common language.
Our solution forms a complete picture of the insurance reconciliation process. This makes exceptions instantly visible while eliminating manual interventions and providing rapid, cost-effective resolutions. This is made possible through transactions based matching that enables matching at one-to-one, one-to-many and many-to-many levels.
Insurance Reconciliation Activities/Types
Benefits from automated insurance reconciliation include: