The online reconciliation tool introduces self-service method for brokers to sign up
Account Reconciliation Centre (ARC) now has 600 broker users to their online reconciliation tool a year after their launch.
The web-based system for account reconciliation was launched with Norwich Union and Allianz last year.
CGI who hosts the system have also introduced a new online self-service method that will enable brokers to sign up to ARC themselves via Imarket.
The system allows brokers and insurers to move away from a manual paper-based accounts process to a computer-based process. Norwich Union and Allianz have reported that the system has reduced in month-end outstanding queries by 25%.
Tim Bunce, Allianz Insurance, said: “The take up by brokers has been excellent. The new self service tool is further increasing its speed and giving brokers even greater control. We are working hard to support CGI in their drive to make this an industry wide solution which would bring time and money saving benefits to all brokers and insurers involved.”
Ashwin Mistry, Brokerbility, added: “I’d say that ARC has saved us approximately 50% in terms of time and costs. It is bringing the insurance industry into the 21st century.”