- UK-based, multinational insurance company Aviva has teamed up with automated reconciliations solution provider AutoRek.
- Aviva will deploy AutoRek’s platform to provide a fully audited, rules-based reconciliation process that reduces the risks associated with manual processing.
- AutoRek made its Finovate debut at FinovateEurope 2023. The company is headquartered in Glasgow, Scotland.
UK-based insurer Aviva announced a collaboration with automated reconciliation solutions provider AutoRek to enhance efficiency and compliance. Aviva will deploy AutoRek’s end-to-end platform in order to provide a fully audited, rules-based reconciliation process that ensures complete transparency for Client Assets Sourcebook (CASS) auditors, as well as internal stakeholders. The platform will enable Aviva to offer an enhanced automated solution for client money and regulatory reporting. The solution also means less manual processing and its associated risks.
“We’re thrilled to onboard Aviva as a client to the AutoRek platform, empowering them to achieve greater efficiency and accuracy in their operations,” AutoRek VP of Sales Jack Niven said. “Together, we’re driving innovation and setting new benchmarks for financial excellence.”
Glasgow, Scotland-based AutoRek partners with institutions in asset management, payments, banking, and insurance to provide a scalable, automated reconciliation software that delivers both cost reduction and data confidence. Solutions such as those offered by AutoRek are expected to be in high demand as financial regulators on both sides of the Atlantic are slated to bring greater clarity to policies relating to payments, digital assets, lending, data privacy, and more.
This was underscored by AutoRek Chief Product, Technology, and Operations Officer Jim Sadler in a recent Insider UK look at Scottish sector trends to watch for in 2025. “We can expect heightened regulatory oversight to start to bleed into the supply chains of regulated firms to ensure that compliance standards are met at every level,” Sadler said. “Companies that fail to uphold their duties can lead to serious consequences such as substantial penalties.”
Founded in 1696 as the Hand in Hand Fire & Life Insurance Society, Aviva today is a multinational insurance, wealth, and retirement business headquartered in London. The firm is the leading diversified insurer across these markets, boasting more than 19 million customers in the UK, Ireland, and Canada as of August 2024. The largest general insurer in the UK, Aviva is also the second largest general insurer in Canada. Publicly traded on the London Stock Exchange, Aviva is a member of the FTSE 100, and has a market capitalization of more than $16 billion (£13 billion).
“Aviva is dedicated to investing in technology to further our own growth strategy,” Aviva Head of CASS and Middle Office, Chris Golland, said. “Following an extensive tender process, we were highly impressed with the quality of the AutoRek tool. The implementation of the AutoRek solution will streamline our processes and allow us to confidently address future scalability and volume requirements.”
Founded in 1994, AutoRek made its Finovate debut at FinovateEurope 2023. At the conference, the Glasgow, Scotland-based company demonstrated how its reconciliation platform helps organizations manage some of the biggest pain points in the process, providing key management information (MI) to better monitor the performance of reconciliations. Last year, AutoRek announced partnerships with JP Morgan Payments, global funds network Calastone, and technology services provider Capgemini. Gordon McHarg is CEO.