Bank Statements for Insurance Claim: The Challenge
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 with Insurance Claim
Convert bank statements to structured Excel spreadsheets showing income patterns, loss periods, and transaction evidence for insurance claim submissions.
How It Works
Upload your bank statement PDF
Supports all major banks. 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? No problem.
AI extracts every transaction
Our AI pulls out dates, descriptions, amounts, and balances — the Pre-loss revenue baseline, post-loss revenue decline, increa you need.
Use for insurance claim
Download a clean Excel or CSV file formatted 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:
Why BankScan AI for Insurance Claim
- 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
- Deadline ready — 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
Legal & Regulatory Context
Bank statements for insurance claim are typically required under: Insurance Act 2015 (duty of fair presentation); policy-specific claims conditions; Financial Ombudsman Service rules on fair claims handling
- Typical timeframe: 12-24 months pre-loss for baseline comparison, plus the entire loss period; business interruption claims may need 3+ years of historical data
- Required by: Insurance company claims adjuster or loss adjuster, often working alongside a forensic accountant who quantifies the financial loss
What Data You Need for Insurance Claim
When preparing bank statements for insurance claim, these are the key data points Insurance company claims adjuster or loss adjuster, often working alongside a forensic accountant who quantifies the financial loss look for:
- Pre-loss — Pre-loss revenue baseline
- post-loss — post-loss revenue decline
- increased — increased cost of working
- continuing — continuing fixed costs during interruption
- any — any saved expenses or alternative revenue
Formatting Your Statements for Insurance Claim
Getting bank statements right for insurance claim requires attention to specific formatting requirements:
- Month-by-month comparison of pre-loss versus post-loss periods, with seasonal adjustments shown; clear separation of insured versus uninsured losses
- Deadline pressure: 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
Prepare Statements for Insurance Claim — Fast
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
Convert for Insurance Claim — Free