The Account Reconciliation Centre (ARC) system has been launched to ease insurers' and brokers' administrative burden and digitise account reconciliation.
The flexible web-based tool is set to make paper-based insurance account settlement a thing of the past, said the three partners.
Provided as a managed service hosted by CGI and accessed via imarket, the e-commerce portal, ARC has already come through a successful six-month trial at Allianz Insurance, Norwich Union and a range of their brokers.
ARC is now being made available to the wider broker community. By enabling automatic matching of all but the exceptional items, ARC brings savings in both time and effort, dramatically reducing the administrative burden associated with the traditional account settlement process. It allows brokers to view all outstanding debt in real-time.
Donna Lovewell, head of collections at Norwich Union, said, "Throughout ARC's development and pilot programme stages, CGI has incorporated feedback from both insurers and brokers to ensure that the system does exactly what we need it to - make our work easier and more effective."