SmartStream Launches AI-Driven Data Management Platform for Insurers to Enhance Efficiency and Compliance

SmartStream Brings AI-Powered Data Management to the Insurance Sector LONDON—(BUSINESS WIRE)—SmartStream, a leading provider of financial Transaction Lifecycle Management (TLM) solutions, has expanded its AI-driven reconciliation and data management platform, SmartStream Air, into the insurance sector. This strategic move is designed to help insurers address significant data fragmentation challenges, reduce operational costs, and ensure regulatory compliance through thorough audit trails. The insurance industry faces numerous hurdles, including limited digital maturity, rising transaction volumes, persistent data quality issues, and the increasing complexity of regulations like IFRS 17 and DORA. These challenges have created an urgent need for advanced, quickly deployable Software-as-a-Service (SaaS) data management solutions. Insurers require a fundamental transformation in their data management practices to optimize systems, streamline operations, and maintain data integrity across their entire organization. SmartStream Air utilizes state-of-the-art AI to reconcile and manage large volumes of data, such as those involved in payments, reimbursements, claims, policyholder transactions, and investment operations. The platform’s capabilities allow insurers to swiftly identify exceptions and resolve discrepancies, regardless of data format or source, within seconds. Robin Hasson, Global Head of Reconciliations at SmartStream, commented, “Our extensive experience working with the world’s top 100 banks provides us with a robust foundation to support the insurance sector in its journey toward greater automation. We are already collaborating with leading insurers to integrate AI-powered solutions that enhance data-driven agility. To stay competitive, insurers must adapt quickly to market changes and evolving customer expectations, or risk falling behind due to inefficiencies and heightened exposure to risks.” Karlyn Carnahan, Insurance Practice Leader and Head of North American Research at Celent, added, “Celent anticipates 2025 to be a pivotal year for the insurance industry, driven by a clear focus on efficiency and growth. Despite the challenges in understanding and implementing AI for compliance and practical use cases, leveraging proven technologies from other sectors will empower insurers to achieve their long-term goals. This approach will facilitate efficient growth and prepare them for the next several decades of business.” Deployed as a SaaS solution, SmartStream Air offers a flexible and comprehensive suite of capabilities specifically tailored for insurance operations. Key features include 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. This expansion positions SmartStream as a critical partner in the digital transformation of the insurance industry, assisting firms in modernizing their operations to meet the demands of an increasingly data-intensive future. By supporting its clients through their transformative digital strategies, SmartStream provides a range of solutions for the transaction lifecycle, incorporating advanced AI and machine learning technologies. These solutions can be deployed in the cloud or as managed services, offering insurers flexibility and scalability in their technology adoption. For more information, visit www.smartstream-stp.com.