Huge growth in demand sounds like a great problem to have. In the past decade, participation in UK defined contribution (DC) pension schemes has seen a record increase. A combination of pull factors, such as a strong global economy and low unemployment, have been further boosted by push factors, including the phase-in of automatic enrollment.
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Group insurance carriers are under enormous pressure—from competitors, customers and the C-suite—to improve medical underwriting outcomes by investing in ways to increase EOI submission rates, automatic adjudication, real-time decisions and a mobile-ready experience.
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The American Institute of Certified Public Accountants (AICPA) held its National Conference on Banks & Savings Institutions virtually, on Sept. 14-16, 2020. SS&C Primatics was once again honored to be a Silver Sponsor and to have participated in the speaker series as subject matter experts on CECL. Respected industry thought leaders discussed the key areas of focus at this year’s conference, the current expected credit loss (CECL) model under ASC 326, Financial Instruments - Credit Losses, and the impact of the pandemic.
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This summer, I attended the 2020 NCREIF Virtual Summer Conference, and aside from COVID-19, the second most popular topic raised in every session was data management. Panelists from some of the largest investment firms in the Real Assets industry were lamenting how their jobs had shifted in recent months, almost completely away from investment management and towards data management.
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Today, technology plays an invaluable role in insurance investment accounting and operations, yet many insurers remain challenged by legacy technology platforms that are outdated, underutilized and lacking in required functionality. With multiple overlapping and redundant systems that each do part or most of what is needed, the end result is significant offline processes and manual workarounds that introduce human error, risk, extra reconciliation work and audit scrutiny. Compounded by existing system limitations, empty vendor promises and missed deliverables, there is also the uncertainty about the long-term viability and integration capabilities of their current investment accounting solutions.
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During the past 6 months, remote selling has become a fact of life in the asset management industry. This shift, while necessary, has been an unwelcome one for many firms, with a significant number of distribution leaders champing at the bit to get their salespeople back on the road. According to a recent SS&C survey, nearly 9 in 10 asset managers said that, if given the choice between their salespeople having only in-person meetings or only remote meetings, they would choose in-person meetings.
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In the last decade, the popularity of open ended funds has grown. We have seen many of our real assets clients launch such funds in recent years. One of the attributes investors appreciate is the diversity of property types. However, in recent years, we’ve seen the Internet of Things have an impact on various property types. The transition to online shopping, for example, has had an obvious effect on the retail sector.
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Robotic process automation, or RPA, can be an effective way to reduce costs while improving the quality of repetitive tasks. Because there is so much opportunity, the RPA software market grew more than 63% between 2017 and 2018. However, an astonishing 50% of RPA implementation projects fail. What sets the successful projects apart? Business process management.
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