Flock selects AutoRek for Bordereau, Bank & Payment Reconciliation Requirements

London, 26 January – AutoRek, a leading software provider to global financial services firms, is pleased to welcome Flock on board as a new client.

Flock was founded on the conviction that traditional insurance business models are no longer fit for purpose in our fast-moving, hyper-connected world. They set out to change this by building a global, fully digital insurance company for connected commercial vehicles. An insurance company that proactively mitigates risk, rather than just paying claims.

In 2016, Flock emerged from academia as research into real-time risk analysis for connected and autonomous vehicles. The company now insures tens of thousands of commercial vehicles for leading fleets including Jaguar, Land Rover’s The Out and Virtuo. Driven by a mission to make the world a smarter, safer place, Flock believes the insurer of the future won’t just pay claims but will actively help its customers improve safety.

AutoRek’s solution was chosen by Flock due its flexibility. As the company continues to grow at pace, it was crucial that it found a tech partner that could support its ambitious growth.

AutoRek are delighted to partner with Flock as another delegated authority insurance intermediary client, who will be using AutoRek to:

• Automate bordereau, bank and payment reconciliation requirements
• Calculate broker payments to generate statements to brokers and paid bordereau
• Take various external data sources from other insurance organisations, as well as from the general ledger
• Underpin Flock’s Insurance Broker Accounting (IBA) operations

Gordon McHarg, CEO at AutoRek, added, “It is excellent to have Flock come on board as a new client. We are delighted to be seen as a flexible and adaptable tool to help fast-growing companies like Flock scale their business. We look forward to continuing this partnership over the coming years.”

Piers Williams, Insurance Lead at AutoRek, added, “We are excited to work with Flock, they are disrupting the insurance industry with innovative new products. Behind their exciting business is a foundation of leading software solutions that are enabling the business to achieve its objectives. Flock will be deploying AutoRek’s bordereau reconciliation and financial control solution to deliver end-to-end automation.”