PRESS RELEASE: How Brokerages Are Transforming Back-Office Finance Tasks With Bots
PRESS RELEASE
How Brokerages Are Transforming Back-Office Finance Tasks With Bots
Where it once took days, multiple processing steps and many brokerage staff to process a brokerage’s commission statements, it now requires one individual less than a day. Finance staff are able to receive, issue and reconcile all commission statements from their contracted insurers within hours. These efficiencies are being driven by RPA bots.
“RPA bots are a technological leap for brokerage record keeping and a positive change for the work processes required of brokerage finance staff.” says Curtis Samoy, Founder of Clementine Tech, an RPA firm building bots for insurance brokers in Canada. “Currently we have built commission reconciliation bots for nine insurance brokerages in Canada, and there are many other brokerages currently in development.”
Let’s consider an example. Commission reconciliation statements come from each of a brokerage’s insurance carriers, often on a monthly basis. They contain a line-by-line financial account of all policies and transactions completed during a specific timeframe. Upon receipt of these statements from each carrier, brokerages align the details contained within the statement with their own sales records, looking to ensure accuracy. In many cases, brokerages then take the statements and ensure that their commission based staff are appropriately compensated, based on the actual dollars received. There are many sales producers who are financially compensated based on commissions, so the speed and accuracy required in this process is essential.
“Our RPA Bots work with any BMS. We’ve done work across all major BMS providers operating in Ontario”, continues Samoy. “Each carrier sends their commission statements in different formats. Our bots can quickly overcome the format variations, consolidate the information into a format that works for the brokerage and then deliver a consolidated report to the finance team. This all happens in a matter of hours without any staff intervention. We tailor reports and other deliverables to the unique request of each brokerage.”
The RPA solution brings unique benefits to office processes, including improved time and resource management, better communication within and outside the team, and lower operating costs.
Says Samoy: “Back-office finance isn’t the first thing that comes to mind when business leaders think of bots and AI technology, but it’s an unexpected winner in operational efficiency. I think many brokerages would rather repurpose their finance team’s brainpower to applied, data-driven decision-making. The introduction of bots does just this.”
For media requests, please contact:
Curtis Samoy
Founder
Clementine Tech
647.444.6831
ABOUT CLEMENTINE TECH
Clementine Tech is an RPA firm specializing in working with Canadian insurance brokerages. They will work with any BMS Platform and build customized solutions. clementinetech.ca
Where it once took days, multiple processing steps and many brokerage staff to process a brokerage’s commission statements, it now requires one individual less than a day. Finance staff are able to receive, issue and reconcile all commission statements from their contracted insurers within hours. These efficiencies are being driven by RPA bots.
“RPA bots are a technological leap for brokerage record keeping and a positive change for the work processes required of brokerage finance staff.” says Curtis Samoy, Founder of Clementine Tech, an RPA firm building bots for insurance brokers in Canada. “Currently we have built commission reconciliation bots for nine insurance brokerages in Canada, and there are many other brokerages currently in development.”
Let’s consider an example. Commission reconciliation statements come from each of a brokerage’s insurance carriers, often on a monthly basis. They contain a line-by-line financial account of all policies and transactions completed during a specific timeframe. Upon receipt of these statements from each carrier, brokerages align the details contained within the statement with their own sales records, looking to ensure accuracy. In many cases, brokerages then take the statements and ensure that their commission based staff are appropriately compensated, based on the actual dollars received. There are many sales producers who are financially compensated based on commissions, so the speed and accuracy required in this process is essential.
“Our RPA Bots work with any BMS. We’ve done work across all major BMS providers operating in Ontario”, continues Samoy. “Each carrier sends their commission statements in different formats. Our bots can quickly overcome the format variations, consolidate the information into a format that works for the brokerage and then deliver a consolidated report to the finance team. This all happens in a matter of hours without any staff intervention. We tailor reports and other deliverables to the unique request of each brokerage.”
The RPA solution brings unique benefits to office processes, including improved time and resource management, better communication within and outside the team, and lower operating costs.
Says Samoy: “Back-office finance isn’t the first thing that comes to mind when business leaders think of bots and AI technology, but it’s an unexpected winner in operational efficiency. I think many brokerages would rather repurpose their finance team’s brainpower to applied, data-driven decision-making. The introduction of bots does just this.”
For media requests, please contact:
Curtis Samoy
Founder
Clementine Tech
647.444.6831
ABOUT CLEMENTINE TECH
Clementine Tech is an RPA firm specializing in working with Canadian insurance brokerages. They will work with any BMS Platform and build customized solutions. clementinetech.ca