Insurance firm Canada Life has implemented Accurate's operational risk management solution, Accurage NXG, to automate payments and securities reconciliation processes at its UK financial division headquarters.
The solution is used to perform a daily reconciliation on the company's premium income, ensuring that the monthly premiums required from policyholders match receipts at the bank.
Steve Wyatt, head of investment accounting and unit trust operations, says: "we are immediately aware of any unreconciled items and can be actioning their resolution straight away."
He adds that the firm is performing a full security holdings reconciliation every two weeks but can move to weekly or daily reconciliations with the Accurate solution.