Recruitment Agencies + Insurance Claim: The Challenge
As recruitment agency owner, 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 Recruitment Agencies with Insurance Claim
Convert your agency bank statements to Excel to reconcile placement fees, match temporary worker payments, and track client account balances. For insurance claim specifically, BankScan AI extracts Pre-loss revenue baseline, post-loss revenue decline, increased cost of working, automatically.
How Recruitment Agencies Handle Insurance Claim
When preparing bank statements for insurance claim, recruitment agencies need to Recruitment agencies invoice clients for permanent placement fees or weekly/monthly temporary worker charges, pay temporary workers via payroll or umb. BankScan AI automates the data extraction step.
Key terms you'll encounter: placement fee, temp margin, rebate period, umbrella company.
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 recruitment agencies 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 Recruitment Agencies — Insurance Claim
- Built for Recruitment Agencies — Saves 3-4 hours per week on placement fee reconciliation and temporary worker payment matching for an agency processing 50+ placements per month
- Software compatible — Output works directly with Xero, Sage, Bullhorn
- 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: Recruitment Agencies + Insurance Claim
When recruitment agencies prepare bank statements for insurance claim, specific compliance requirements apply.
- Employment Agencies Act 1973 and Conduct of Employment Agencies Regulations 2003 govern agency operations. REC (Recruitment and Employment Confederation) members face additional compliance standards. AWR (Agency Workers Regulations) affect temporary worker pay calculations. HMRC employment status rules apply to contractor placements.
- 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 Recruitment Agencies
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 — Recruitment Agencies + Insurance Claim