Accountants + Insurance Claim: The Challenge
As an accountant, preparing bank statements for insurance claim is a common but time-consuming task. Insurance claims for business interruption, theft, or fraud require bank statements as evidence of financial loss. Insurers need clear, organised financial documentation.
How BankScan AI Helps Accountants with Insurance Claim
BankScan AI lets you drag-and-drop any client's bank statement PDF and get a formatted Excel spreadsheet in seconds — ready to import into Xero, QuickBooks, or Sage. For insurance claim specifically, BankScan AI extracts Pre-loss revenue baseline, post-loss revenue decline, increased cost of working, automatically.
How Accountants Handle Insurance Claim
When preparing bank statements for insurance claim, accountants need to Accountants typically receive client bank statements monthly, reconcile them against purchase and sales ledgers, post adjusting entries, and prepare m. BankScan AI automates the data extraction step.
Key terms you'll encounter: nominal ledger, bank reconciliation, trial balance, management accounts.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 12-24 months pre-loss for baseline comparison, plus the entire loss period; business interruption claims may need 3+ years of historical data of statements for insurance claim.
AI extracts what you need
Our AI extracts Pre-loss revenue baseline, post-loss revenue decline, increa — formatted for accountants workflows.
Complete your insurance claim work
Download Excel files ready for insurance claim. Month-by-month comparison of pre-loss versus post-loss periods, with seasonal adjustments shown; clear separation of insured versus uninsured losses
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Accountants — Insurance Claim
- Built for Accountants — Saves an average of 45 minutes per client per month on bank reconciliation, or 6+ hours per week for a typical practice with 30 clients
- Software compatible — Output works directly with Xero, Sage, QuickBooks
- Built for Insurance Claim — Convert bank statements to structured Excel spreadsheets showing income patterns, loss periods, and transaction evidence for insurance claim submissions.
- Key data extracted — Pre-loss revenue baseline, post-loss revenue decline, increased cost of working, continuing fixed costs during interruption, any saved expenses or alternative revenue
Compliance: Accountants + Insurance Claim
When accountants prepare bank statements for insurance claim, specific compliance requirements apply.
- Accountants must comply with anti-money laundering (AML) regulations requiring them to verify client bank transactions. HMRC Making Tax Digital mandates quarterly digital submissions, and ICAEW/ACCA practice standards require accurate record-keeping with full audit trails.
- Legal basis: Insurance Act 2015 (duty of fair presentation); policy-specific claims conditions; Financial Ombudsman Service rules on fair claims handling
Insurance Claim — Built for Accountants
Most policies require notification within 30 days and full claim submission within 6-12 months; delays give insurers grounds to question or deny the claim
Try Free — Accountants + Insurance Claim