AutoRek, JP Morgan Payments Partner for Premiums Processing

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AutoRek partners with J.P. Morgan Payments to streamline premium processing, enhancing cash allocation and credit control for insurance firms

AutoRek, a leading insurtech that streamlines premium processing operations within insurance firms, has announced that it has joined forces with J.P. Morgan Payments to help insurance firms overcome data complexities and.

The AutoRek solution brings order and efficiency to financial data flows from banking sources, to help clients overcome the challenges associated with cash allocation, matching and credit control.

This complements existing solutions of J.P. Morgan Payments providing significant benefits for clients utilising AutoRek’s solution alongside global capabilities offered by the payments provider. The collaboration aims to unlock new market opportunities for insurance firms, helping them overcome data challenges, enhance efficiency and provide a more connected and streamlined infrastructure.

Darren Snoxell, Head of Insurance, EMEA at J.P. Morgan Payments

Darren Snoxell, Head of Insurance, EMEA at J.P. Morgan Payments, says: “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 programs, captives and across the London Market. We look forward to working with the team.”

J.P. Morgan Payments

J.P. Morgan Payments, a division of JPMorgan Chase & Co., offers an extensive range of financial services designed to meet the payment needs of businesses worldwide. As a leader in the financial services industry, J.P. Morgan Payments delivers innovative and efficient solutions tailored for small businesses, mid-sized companies, and large multinational corporations. Its comprehensive suite of services includes treasury services, merchant services, and payment processing solutions.

The treasury services provided by J.P. Morgan Payments encompass a variety of tools to manage liquidity and working capital effectively. Businesses benefit from sophisticated cash management strategies, streamlined payment processing options such as wire transfers, ACH payments, and real-time payments, as well as liquidity solutions like sweep accounts and notional pooling. These services help companies optimise their cash flow and ensure efficient financial operations. Globally, J.P. Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world.

J.P. Morgan Payments processes nearly US$10 trillion payments daily, operating in over 160 countries and over 120 currencies. In 2023, J.P. Morgan Payments reported US$18.3bn in revenue across the firm, up from approximately US$14bn in 2022, representing a 31% increase, excluding the impact of equity investments. The partnership aligns with J.P. Morgan Payments’ broader strategy of leveraging technology and collaborations to provide seamless financial solutions globally. J.P. Morgan Payments has been expanding its ecosystem through various strategic alliances, aiming to optimise operations in the financial sector.

Piers Williams, AutoRek Global Insurance Lead

Piers Williams, AutoRek Global Insurance Lead, said: “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.” 

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