Financial transaction lifecycle management and solutions provider SmartStream has announced the expansion of its AI-powered reconciliation and data management platform, SmartStream Air, into the insurance sector. The move aims to help insurers tackle fragmented data challenges, reduce operational costs, and enhance compliance through robust audit trails.
The insurance industry faces growing pressures from increasing transaction volumes, persistent data quality issues, and evolving regulations such as IFRS 17 and DORA. This has created an urgent demand for advanced, rapidly deployable SaaS data management solutions. Insurers need to fundamentally transform how they manage systems, streamline operations, and ensure data integrity.
SmartStream Air leverages cutting-edge AI technology to coordinate and manage vast amounts of data from diverse sources, including payments, claims, policyholder transactions, and investment operations. The platform enables insurers to quickly identify anomalies and resolve discrepancies within seconds, regardless of data format or origin.
Robin Hasson, Global Head of Reconciliation at SmartStream, said, “Our extensive experience working with top global banks provides a strong foundation as we explore automation opportunities in insurance. We have partnered with leading insurers to implement AI-based solutions that drive 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 risk exposure.”
Karlyn Carnahan, Head of Insurance and North America Research at Celent, added, “2025 is expected to be a transformative year for insurance, driven by clear goals around efficiency and growth and lessons learned from recent technology and market dynamics. While understanding AI from a compliance and use-case perspective remains complex, deploying mature AI technologies from other sectors will help insurers achieve efficient growth and prepare for decades of future business.”
As a flexible SaaS offering, SmartStream Air delivers a comprehensive suite of insurance-specific functions including premium collection and processing, commission payments, claims management, financial reporting, reinsurance settlements, policyholder refunds, investment account reconciliation, data integration and validation, risk and reserve management, expense tracking, and fraud detection.
With this expansion, SmartStream positions itself as a key enabler of digital transformation in the insurance industry, helping firms modernize operations and meet the demands of a data-intensive future. The company’s AI and machine learning embedded solutions are available via cloud or managed service deployments, supporting transformative digital strategies across the transaction lifecycle.
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