Frontier Reconciliation for Insurance
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 make insurance reconciliation difficult and time-consuming.
That's why insurance companies use Frontier™ Reconciliation from Fiserv, a comprehensive, end-to-end reconciliation and certification solution that works with all financial instruments and handles all types of insurance claims.
Frontier Reconciliation helps insurers with complex reconciliation challenges transform their financial control structure and protect the bottom line, mitigate risk and enable regulatory compliance.
Automate the Insurance Reconciliation Life Cycle
- Integrate both transaction- and balance-level data while automating the entire reconciliation process from claims acquisition and matching through period-end premium approvals and reviews
- Improve efficiency and free up resources for more value-added tasks
- Significantly reduce the time to close daily and period-end reconciliation activities
Standardize Reconciliation Processes
- Gain transparency and visibility across all asset types and scenarios
- Increase confidence in the status of reconciliations via a common language
- Enable workflows to fully automate labor-intensive processes
- Provide automated checks to ensure greater compliance with corporate and regulatory controls
Holistic, MultiLevel Reconciliation
- Get a complete picture of the insurance reconciliation process to make exceptions instantly visible while eliminating manual interventions and providing rapid, cost-effective resolutions
- Leverage transactions-based matching to enable matching at one-to-one, one-to-many and many-to-many levels
Insurance Reconciliation Activities/Types
- Bank accounts
- Agent collections
- Disbursements
- 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
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