Insurance firms prioritise speed in reconciliation processes

Speed and cost efficiency drive adoption of reconciliation solutions.

The insurance sector is increasingly turning to reconciliation solutions, now accounting for 12% of vendor clients in this area, according to a recent report by Firebrand Research. David Runacres, President of APAC at Broadridge Financial Solutions, highlighted the key factors behind this trend: speed and cost efficiency.

“I think there's two things. One is speed. I think most of our customers, including insurance, are looking for faster turnaround and also efficiency,” said Runacres during Sibos 2024 in Beijing. He noted that the need for quick reconciliation processes is critical for insurers as they seek to optimise their operations.

Cost considerations also play a significant role in the insurance sector’s adoption of these solutions. “Cost is always going to be a factor for our customers, and to be able to drive more cost-effective reconciliation is just as true for the insurance sector,” Runacres explained.