Mortgage Brokers + Insurance Claim: The Challenge
As mortgage broker, 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 Mortgage Brokers with Insurance Claim
Instantly convert applicant bank statements to Excel to verify income, identify regular commitments, and prepare affordability summaries. For insurance claim specifically, BankScan AI extracts Pre-loss revenue baseline, post-loss revenue decline, increased cost of working, automatically.
How Mortgage Brokers Handle Insurance Claim
When preparing bank statements for insurance claim, mortgage brokers need to Mortgage brokers request 3-6 months of bank statements from applicants, review them for regular income deposits, identify committed expenditure such a. BankScan AI automates the data extraction step.
Key terms you'll encounter: affordability assessment, committed expenditure, income verification, debt-to-income ratio.
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 mortgage brokers 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 Mortgage Brokers — Insurance Claim
- Built for Mortgage Brokers — Saves 30-45 minutes per mortgage application on statement review, which adds up to 5+ hours per week during busy periods with 8-10 applications in progress
- Software compatible — Output works directly with Mortgage Brain, Twenty7Tec, Excel
- 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: Mortgage Brokers + Insurance Claim
When mortgage brokers prepare bank statements for insurance claim, specific compliance requirements apply.
- FCA regulations require mortgage brokers to conduct thorough affordability assessments under MCOB rules. They must verify income sources against bank statements, document their analysis, and retain records for at least 3 years. Anti-money laundering checks require scrutiny of the source of deposit funds.
- 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 Mortgage Brokers
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 — Mortgage Brokers + Insurance Claim