Swinton Taps Aurum to Slash Reconciliation Times by 97%

Swinton Insurance, a UK insurance broker serving more than one million customers, has partnered with reconciliation software provider Aurum Solutions to automate its financial reconciliation processes.

The implementation aims to address compliance requirements with the Client Asset Sourcebook (CASS) – the UK's Financial Conduct Authority's rules governing the handling of client money and assets – while managing the broker's payment operations.

Payment processing challenge

Swinton, which operates as part of the Atlanta Group and employs over 3,000 staff, processes thousands of card transactions daily through multiple payment channels. These transactions flow between customers and insurance companies, creating a complex web of financial operations that require precise tracking and verification.

The broker offers insurance products ranging from personal motor to commercial coverage. Each product line generates its own set of payment flows, adding layers of complexity to the reconciliation process.

“We can now get more out of our data, and do so quicker than before, making our role both easier and more impactful,” says Jayne Logan, Financial Operations Team Leader at Swinton Insurance. “With Aurum, we now have so many different filters that we can easily extract the specific data we need in just a few clicks.”

Automation and compliance

The partnership introduces automated reconciliation processes – the systematic comparison of financial records to ensure accuracy – which Swinton reports will reduce banking reconciliation time by 97%. The system imports data from payment providers and bank statements to complete reconciliations automatically.

Aurum's platform, which specialises in reconciliation software for sectors including financial services, insurance, hospitality, legal and real estate, has developed specific matching logic to handle tens of thousands of monthly transactions with third parties. The system maintains a complete audit trail, enabling Swinton to respond to auditor requests for transactional histories.

Prior to the implementation, other software providers had indicated that reconciliations of this scale and complexity were not feasible. The successful deployment demonstrates advances in reconciliation technology capabilities within the insurance sector.

This level of automation addresses a common challenge in the insurance sector, where many firms still rely on manual processes for reconciliation, according to Tiago Veiga, CEO at Aurum Solutions.

“Reconciliation is crucial for insurance companies. Insurers deal with high transaction volumes, complex data sources and are subject to stringent regulatory requirements, yet many still use manual legacy processes for reconciliation,” he says. “This places a huge strain on resources and makes it incredibly difficult to manage these transactions.”

Industry transformation

The project represents broader industry moves toward automation of financial processes. The implementation provides Swinton with a scalable platform that can accommodate increasing transaction volumes while maintaining accuracy and financial control.

The system enables the deployment of new bespoke reconciliations when needed, allowing for adaptation to changing business requirements. This flexibility supports Swinton's growth trajectory, which began in 1957 with a single car insurance policy and has expanded to a nationwide network.

The automation extends beyond basic transaction matching. The platform provides comprehensive management information and supports broader operational efficiency improvements.

“What used to be a big job is now simple,” says Jayne. “The benefits of Aurum go beyond just banking reconciliation; it's a huge time and money saver that enables us to focus on making improvements throughout the business.”

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