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Mar 3, 2021

Should any insurer consider a client “legacy?”

The cycle of product launches is constant for life insurers and, in tandem, existing product portfolios close at an increasingly rapid rate. Although dormant, these portfolios of “legacy” clients and products still require ongoing maintenance and often reside on older technology, whereas newer products are managed on newer systems.

Jan 29, 2021

The intelligent insurance operation: 3 key features

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. 

Jan 28, 2021

Survey Shows Readiness for New Technology in Insurance Investment Analytics, Accounting and Operations

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.

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 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.

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.

Apr 1, 2020

Digital transformation in the Insurance industry: are you there?

The insurance industry is powered by vast and growing volumes of data and stands to benefit from eliminating the manual processes and workflows that other industries have already replaced.

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