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.
Automating the Insurance Reconciliation Life Cycle
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.
Standardizing Reconciliation Processes
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.
Integrating Balance and Transaction-Level Data
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
- Bank accounts
- Agent collections
- Underwriting payments
- Agency fees
- Premium accounting funds
- Premium collection/payments
- General ledger / cost center reconciliations
- Inter-system reconciliations
- Inter-company reconciliations
- Balance sheet movements
- Custody reconciliations (via SWIFT)
- Commission payments
- Suspense account reconciliations
- Deficiency claims from revenue and customs
- Duplicate claims (for fraud purposes)
- Overpayments on annuity policies
- Equities, mutual fund and exchange traded derivatives
- Direct debit rejections
Benefits from automated insurance reconciliation include:
- Reduce risk
- Increase efficiency and lower costs
- Scale for growth
- Provide full audit trail
- Increase the transparency and accuracy of the reconciliation process
- Ensure adherence to regulatory and compliance mandates – both internal and external