PRODUCT UPDATES
From Statement to Settlement: A New Standard for Insurance Settlements
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4 min read
One premium, many versions of the truth
Insurance has no shortage of data. The challenge is getting different versions of that data to agree.
A broker may hold one view of a premium, an insurer another, while an MGA may submit a statement or bordereau containing the same underlying business in a completely different format.
Before money can move confidently between these parties, someone needs to establish what matches, what does not, and why.
Today, this comparison is often still performed through spreadsheets, manual lookups and fragmented processes. This makes reconciliation slow, creates operational risk and delays settlement between insurance companies.
Diesta’s enhanced Statement Reconciliation capabilities are designed to change that.
A comparison layer for premium data
At its core, Diesta provides a structured way to compare one representation of premium data with another.
Incoming statement items can be compared with premium records already held within Diesta, allowing teams to identify matches, differences and outstanding positions while maintaining a clear view of the reconciliation status.
Crucially, this is not limited to simple one-to-one matching.
Insurance transactions rarely behave that neatly. One premium may appear across several statement lines due to instalments, adjustments or split components. Conversely, one statement item may represent several underlying premium records.
Diesta supports flexible reconciliation patterns, including one-to-one, many-to-one and one-to-many relationships.
This turns statement reconciliation into something much broader: a universal comparison mechanism for premium data between counterparties across the insurance value chain.
AI turns documents into structured data
The real opportunity starts before reconciliation even begins.
Insurance finance teams receive premium information in many different formats: spreadsheets, statements, remittance advices, bordereaux and other documents.
By combining reconciliation with AI-powered document ingestion, Diesta can help transform these inputs into structured premium data ready for comparison.
Instead of teams manually extracting information, reformatting it and then moving it into another spreadsheet or system, the process can become much more direct:
Document → Structured premium data → Comparison → Exception management → Settlement
This reduces repetitive work while creating a consistent process regardless of how the underlying information was originally received.
Reconciliation around insurance logic
Generic reconciliation tools typically start with templated data structures and ask insurance teams to adapt their processes around them.
Diesta takes the opposite approach.
Reconciliation workflows can reflect the realities of insurance transactions, including complex premium relationships, counterparties, settlement positions and insurance-specific rules.
Teams can see which items have been reconciled, which require investigation and which differences remain outstanding. Operational context such as tasks, linked records and audit history can sit alongside the underlying transaction.
The goal is not simply to increase the number of automatic matches.
It is to automate what can be automated while giving finance teams a much clearer workflow for the exceptions that genuinely require human attention.
From reconciliation into settlement
Reconciliation should not end with two numbers turning green.
Ultimately, the purpose of comparing premium data is to establish an agreed financial position between companies so that money can move.
Diesta connects reconciliation with settlement workflows. Once premium positions have been understood and reconciled, eligible amounts can progress towards payout and settlement according to the relevant business rules.
This creates a continuous connection between what two insurance companies believe is owed and what is ultimately paid.
By bringing together AI-powered ingestion, universal premium-data comparison, insurance-specific reconciliation logic and tailored settlement workflows, Diesta can turn what has historically been a fragmented operational process into connected infrastructure.
For brokers, MGAs and insurers, that means less time comparing spreadsheets, faster resolution of discrepancies and a clearer path from premium data to settlement.
Any statement. Any premium position. One reconciliation workflow - from data to settlement.
