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Nov 13, 2020

Celent study—Singularity and the future of investment accounting operations

With the push for greater efficiency, increased automation and cost reduction comes growing demand for third-party provided services for accounting, administration and investor servicing. Amid changing requirements, tax and accounting rules, insurers and investment management firms look to tools that help them optimize portfolios and make intelligent, timely investment decisions. These firms are often encumbered with dated technology and legacy applications that hinder product development and geographical expansion efforts.

Oct 27, 2020

Paper EOI – Digitized, automated, adjudicated – BRIX + Vidado

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.

Oct 13, 2020

Insurers seek flexibility without giving up control

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investment accounting and operations, yet many insurers remain challenged by legacy technology platforms that are outdated, underutilized and lacking in required functionality.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.

Oct 2, 2020

Operationalizing RPA for the healthcare industry using Business Process Management

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.

Sep 16, 2020

SS&C Vidado’s AI-powered OCR wins 1st place in independent analysis

In their blog post Handwriting OCR Vendor Analysis, Cano AI compared SS&C Vidado’s AI-powered Optical Character Recognition (OCR) software against other top providers in the space.  Cano AI, a consulting group focused on discovering and sharing the most cutting-edge automation solutions, filled out a generic medical document containing a variety of short-form and long-form handwritten responses like the ones processed by healthcare and insurance companies. They then submitted this document to all three services and manually analyzed the accuracy rates.

Sep 15, 2020

Rethinking investment operations: 5 trends insurers can’t ignore

Between falling fixed-income interest rates and the quest for superior returns via alternative investments, insurers are constantly reevaluating their investment strategies. After the operational dislocation arising from COVID-19, they should also be looking at investment operations to make sure they have the resiliency to support their strategies in a more dynamic market. From talking with insurance industry clients and analysts, we’ve identified five fundamental trends that insurers need to be mindful of as they weigh their operational decisions.

Jul 14, 2020

Top 3 challenges to operational excellence for insurers

The current pandemic is forcing insurance companies to reimagine their workforces and accelerate digital transformation timetables.

Improving the customer experience or achieving some type of productivity lift to gain a competitive advantage will likely require modification of an organization’s infrastructure and applications.

To get there, those firms will have to assess and overcome a number of challenges.

Jun 10, 2020

Solving paper in operational use cases with AWD & Vidado

As every operations manager knows, paper can bring even the most finely-tuned workflow to a screeching halt. Despite decades of “paperless” pushes, insurance, healthcare and financial services companies are still heavily dependent on paper-based workflows. Everything from new applications to claim forms still generate significant amounts of incoming paper, requiring special rules and routing. These additional steps add time, introduce a greater potential for errors, and increase the risk of security breaches – which means more manual work for the operations department and a reduction in straight-through processing metrics.

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