How we helped this insurer save millions annually

The need

The insurance firm had grown significantly through acquisitions and expansion. They were operating on multiple legacy systems with complex workflows, which was costly and inefficient. In addition, a rapid growth contributed to new investment accounting needs; they were managing over 2000 portfolios covering over 100,000 tax lots. As they expanded countries and asset classes they also increased their regulatory requirements. They were now expected to comply with six different regulatory frameworks, including IFRS, IAS39, US GAAP, US Tax, JGAAP. For all of these reasons the firm evaluated their operating model and decided it was time to find a partner that could help them across the value chain.

The solution

The firm chose SimCorp to replace, consolidate and optimize their investment systems, including fund accounting and regulatory reporting.

SimCorp’s project team worked closely with the firm to meet their strict security criteria, KPIs and tight SLAs. This included the need to keep all data encrypted throughout the process.

Implementation was done in planned incremental phases to ensure a smooth transition and achievable milestones, enabling the firm to continue servicing their customers and see incremental value added.

The outcomes

The firm has experienced significant cost reductions after implementing our investment management platform for their investment activities, consolidating legacy systems and automating all workflows.

They addressed workflow inefficiencies and now cover all their accounting requirements across North America and Asia in a single system. The improved operational set-up has increased the straight through processing rate (STP), reducing risk and cost.

Moreover, running multiple accounting frameworks automatically from a single source of data led to cost reductions through automated workflows. SimCorp Dimension is now their trusted source of accounting data calculated consistently across their business.

Since implementation, the firm is saving USD 50M annually and is currently exploring our tech solutions for managing private debt and alternatives and expanding their regulatory services.

Highlights

• Saved USD 50M annually
• Decommissioned 3 accounting platforms and several internal legacy solutions
• Added more complex assets without increasing staff
• Increased security, speed to market and scalability by moving to a modern cloud solution