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SS&C Technologies

In the insurance industry, a new force is driving a massive change in transforming consumer expectations— harnessing the digital trends. It is time for the insurance sector to evolve and respond; they cannot afford to be on the sidelines in this shift to the digital. “The insurance industry is a huge arena with a wide array of verticals. There is a need throughout the industry to streamline operations, calculate risk, and leverage technological trends to increase productivity and efficiency,” explains Bill Stone, CEO of SS&C Technologies [NASDAQ:SSNC], a pioneer in offering cloud-based services and soft-ware for the global financial services industry.

SS&C brings to the fore comprehensive software technologies that complement its unrivaled expertise and professionalism in fund administration, insurance and pension funds, and asset and wealth management. “We have been in this space for a long time and have witnessed the transformations. Apart from offering software services, we believe in delivering the right technology to our client’s table,” says Stone. In the past decade, despite insurance companies investing heavily in innovative technologies, they have always been sidelined when it comes to adopting new platforms. SS&C’s cloud-based applications overcome the hurdle by offering an economical and effective way of handling millions of new transactions every week.

We bring expertise from a technological as well as functional perspective to help customers perform effectively in the marketplace

Even though SS&C offers an array of applications, its three core insurance offerings are CAMRA, MAXIMIS, and the recently acquired service, Benefits XML. CAMRA, Complete Investment Accounting and Reporting Solution, is SS&C’s answer to all accounting challenges faced by an insurance company. The application creates a work environment in which transactions trigger a series of events—from trade entry, portfolio management, risk analysis, and accounting through to performance measurement and compliance reporting. MAXIMIS is a real-time, intranet-enabled investment management and accounting solution with a unique database architecture and data-driven technology design.

Bill Stone, CEO

And finally, the addition of Benefits XML to its solutions portfolio strengthens its employee benefits administration platform. It also consolidates an employee benefit service provider’s entire customer information into one database. “Our solutions are flexible, mobile, secure, cloud-based, and effective. Our offerings also include, SaaS, hosting, and outsourcing processes,” states Stone. “We bring expertise from a technological as well as functional perspective to help customers perform effectively in the marketplace.”
On one occasion, a leading insurance company with legacy systems and traditional methodologies was hesitant to incept into hedge funds. “The challenge was that they were looking at delivering higher returns in a low interest rate environment. A majority of the cash flow was allocated toward operational cost,” narrates Stone. SS&C had to educate the company on the investment space and the technologies needed since the processes were entirely different from those they were accustomed to following. “We provided solutions for compliance, risk management, and information delivery, which helped them effectively manage the scenario,” he adds.

SS&C stands out with its ability to offer tailored approaches to the growing regulatory issues that the insurance companies face. “We focus on providing solutions that allow efficient access to new investment strategies. Clients often prefer financially secure companies for partners, and with our speed, size, and scalability, we always stay ahead in the race,” asserts Stone.

With a majority of its client base in the U.S., SS&C has plans to expand rapidly into Asia Pacific markets, as well as strengthen its business in Canada and Europe. “We would also like to stay on top of technological changes through constantly innovating,” states Stone. For the insurance arena, customer experience is the new industry standard— and its competitive edge as well. Insurers must satisfy the growing demands of tech-savvy, mobile clients, who look for personalized services, and Stone believes SS&C’s expertise suits the bill perfectly.