Organizations like to tout how “digital” they are, but when you dig below the surface, you often find shops that have spent millions to improve customer engagement, and back offices that are disconnected and struggling to keep up.
A true digital environment is about more than a front-end customer engagement portal. It’s about a straight-through, connected and digitized environment that links customer outcomes to process improvement. Only by elevating the customer journey above functional silos and legacy systems—and embracing intelligent operations—can organizations truly achieve operational excellence.
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The insurance industry has seen a lot of changes in the wake of the COVID-19 pandemic, and some of those changes may become permanent. Traditional investments have experienced a prolonged decline in returns, driving insurers to diversify their portfolios into alternative assets, which has increased both risk and complexity. SS&C recently conducted a survey to assess the state of investment operations among leading North American insurers to determine their plans and ability to adapt to new challenges.
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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investment accounting and operations, yet many insurers remain challenged by legacy technology platforms that are outdated, underutilized and lacking in required functionality.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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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.
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A crisis might not seem like the time to evaluate your operations, but now is perhaps when opportunities to improve are most visible. Some of these potential areas in need of improvement are reporting, risk assessment, remote access, ability to scale up or down quickly, domain expertise and immediate access to information.
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SS&C was recently interviewed for the Insurance Asset Management, Europe 2020 report by Clear Path Analysis. The report examines the effects of uncertainty and volatility on various asset classes, and the opportunities created.
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In a recent 2019 8x8 report by Adox Research on Portfolio Management & Accounting Solutions, SS&C Singularity™ achieved the status of "differentiated," the highest status awarded, in the categories of Usability, Functionality, Deployment, Service and Vision.
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We recently wrote a piece for Insurance Investor highlighting artificial intelligence and how new innovations can revolutionize middle and back-office operations for insurers.
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