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. To achieve greater agility, speed-to-market and flexibility required to stay competitive, many firms are now partnering with third parties to provide nimble, cloud-based, hosted technology through managed services, coupled with domain-specific outsourcing expertise.
In today’s operating environment, financial institutions are looking to reconfigure their traditional operating models to deliver timely, embedded business and risk insights using automation and next-generation technology. Firms typically spend 10%-20% of their cost base on data management and operations. Taking an ecosystem-led approach to automation provides the biggest opportunity to remove cost.
In researching investment accounting and asset valuation/NAV solutions, Celent has identified some ideal components for third-party providers in the industry.
- Streamlined investment and accounting operations target environment.
- Hybrid sourcing and flexible options for operational configuration.
- Access to “at-scale” as-a-service machine learning and digital-enabled efficiencies embedded for investment accounting operations.
- Rich digital user experience.
- Native, industrial-scale cloud-based delivery.
- Technology future-proofing.
Celent evaluated SS&C Singularity against the must-haves they have identified for the back and middle office and found that Singularity delivers those components in a comprehensive solution for securities accounting, front-to-back-office operations, performance and risk analytics, and regulatory reporting. Designed using modern technology, Singularity leverages a common service architecture and open interfacing framework that easily integrates across multiple SS&C products and services, making it well-positioned to deliver future expanded functionality and benefits to the insurance and investment management industry.
To read Celent’s full analysis of Singularity, download the "Moving into the Future of Investment Accounting Operations" report.