Incoming premium payments are matched against the expected ledger automatically, so only genuine mismatches need a person's attention.
Typical results
95%
of payments matched automatically
Same week
discrepancies caught, not at month-end
14 hrs
saved every month
Figures reflect typical results for this kind of automation.
The challenge
Reconciling payments against premiums was a manual monthly task that was time-consuming and error-prone.
Before and after
Monthly reconciliation time
−70%Payments matched by hand
−95%Days until a discrepancy is caught
−83%The automation
We built a flow that pulls payment records and the premium ledger, matches each payment to its policy, and produces a reconciled report with any mismatch flagged for review.
How it works
- 01
Payments pulled
The flow pulls incoming premium payment records automatically.
- 02
Ledger loaded
The expected premium ledger is loaded alongside the payments.
- 03
Auto-matching
Each payment is matched to its policy and expected premium amount.
- 04
Mismatches flagged
Only genuine mismatches are flagged and sent for human review.
- 05
Reconciled report
A reconciled report is produced the same week, with every exception documented.
Starts from
- Payments
- Premium ledger
Delivers
- Reconciled report
- Mismatch alert
The impact
Reconciliation effort dropped by about 70%, and discrepancies are caught the same week instead of at month-end.
Questions about this automation
Where does the flow get payment and premium data from?
It pulls incoming payment records from the bank feed, the payment processor or an exported statement, and loads the expected premiums from the agency's ledger or policy system. Both sources are read on a schedule, typically weekly, so reconciliation happens during the month instead of only at month-end.
How are payments matched to policies?
Each payment is matched by policy number, client reference and amount against the expected premium. Exact matches are marked as reconciled automatically. Partial payments, overpayments and payments with no matching policy are flagged as mismatches and listed in the report for a person to review.
What is needed to get premium reconciliation running?
Both data sources need to be accessible, and the team agrees which fields identify a payment, such as policy number or reference, and where the reconciled report should land, for example Google Sheets or Excel. Because it matches records across two sources and handles exceptions, it is a multi-step build, usually rolled out in stages.