Transaction Lifecycle Management (TLM) solutions provider SmartStream is entering the insurance business with the latest expansion of its reconciliation and data management platform, SmartStream Air.
SmartStream Air leverages AI and machine learning to automate the process of reconciling and managing large volumes of data.
Founded in 2000 and headquartered in London, SmartStream made its FinovateEurope debut in 2022.
London-based financial Transaction Lifecycle Management (TLM) solutions provider SmartStream is bringing its technology to the insurance sector. The company announced an expansion of its AI-powered reconciliation and data management platform, SmartStream Air, that will help insurers deal with rising transaction volumes, data quality challenges, and an increasingly complex regulatory environment.
For companies that have front office systems that need to report to back office systems or are transitioning from legacy infrastructures to new technologies, SmartStream checks and assures data integrity throughout the process. SmartStream Air enables institutions to reconcile and manage large volumes of data, leveraging AI and machine learning to automate this process.
In the insurance business, this means identifying and resolving discrepancies in data such as payments, reimbursements, claims, policyholder transactions, or investment operations. SmartStream Air can serve numerous insurance-specific use cases including premium collection and processing, commission payments, claims management, financial reporting, reinsurance settlements, policyholder refunds, investment account reconciliation, data validation, risk and reserve management, expense tracking, and fraud detection.
SmartStream’s announcement comes as regulations like IFRS 17 and DORA create new challenges for insurance companies when it comes to accounting and operational resilience, respectively. These challenges—and others—have exposed both operational inefficiencies and compliance risks. And while analysts such as Celent’s Karlyn Carnahan expect this to be a “transformative year in insurance,” there is still a sense that “getting arms around AI from a compliance and use case perspective is difficult.” To this, SmartStream’s AI-powered solution serves as opportunity, in Carnahan’s words, to deploy “proven technologies from other industries” that will help insurers grow effectively and efficiently.
SmartStream Global Head of Reconciliations Robin Hasson highlighted this point. “Our heritage and experience in working with the world’s top 100 banks gives us a strong foundation to support the insurance sector as firms identify use cases for increased automation.” Hasson added, “We’re already partnering with leading insurers to implement AI-powered solutions that enable data-driven agility. In today’s environment, insurers must respond swiftly to market shifts and customer expectations, or risk falling behind due to inefficiencies and increased exposure.”
Founded in 2000, SmartStream made its Finovate debut at FinovateEurope 2022. At the conference, the company demonstrated how SmartStream Air provides fast AI and machine learning data quality analysis without requiring training or an IT skillset. The company has more than 2,000 customers and analyzes more than one billion SaaS transactions monthly.
This spring, SmartStream launched its RegRegistry Service as part of its Reference Data Services (RDS) business. The company’s RegRegistry Service identifies counterparty and trading venues as required by regulatory authorities such as ESMA, FCA, GLEIF, CFTC, and ISO MIC. Also this year, SmartStream announced a partnership with fellow Finovate alum Finastra to extend collateral management workflows across treasury and capital markets.
Photo by Chris Panas
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