Online Account Reconciliation

Many insurers provide online access to both personal line and commercial line products to a network of insurance brokers. And many offer online “full cycle” insurance management.

However, even in these times, the provision of monthly statements to brokers, the reconciliation of those statements, and the payment and collections is often a tedious, paper-based manual process.
 
Discover IT and one of its major insurer customers, MMA Insurance, together developed a Broker Online Account Reconciliation Service to provide an automated system for delivering monthly statements online to MMA’s network of brokers.

For the broker, the online statement always provides an up-to-date view and improves the processing workflow. And it helps to resolve queries clearly and quickly.

For the insurer, the system improves cash flow and reduces overdue debt and debt ageing. Moreover, during the month, the visibility of the broker account relating to items agreed and items queried is improved substantially.

And the elimination of unnecessary paper reduces costs and helps the rainforest!
 

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