French insurance company CNP Assurances has implemented SimCorp’s Dimension system to optimise the management of its financial assets.
The front-to-back-office platform will be used to manage CNP’s $300 billion in assets, and covers all kinds of financial instruments and accounting standards. CNP will also use the platform to help them meet the requirements of Solvency II, and to consolidate new offers and partnerships.
After analysing trends in the financial markets and in its investment portfolio, SimCorp came to a decision to implement the key functions of SimCorp’s platform, designed specifically for the management of assets in the insurance sector.
The solution was deployed in three stages. In July 2013, SimCorp and CNP introduced decision-making based on an advanced view of positions, covering a range of asset classes and taking multiple accounting standards in to consideration.
In April 2014, financial data production functions were added, offering an integrated view of financial forecasts and results, and asset accounting functions were added in January this year.
SimCorp now facilitates the audit process and the reconciliation of financial and accounting data, extending the value chain from asset management decisions to final accounting entries.
The project continues in 2015 with the standardisation of closing procedures in order to comply with Solvency II.
Michel Bois, programmes and information systems director and a member of the executive committee at CNP Assurances, said: “The integration of SimCorp Dimension has already enabled us to standardise asset management activities while also improving the yield-to-risk ratio and adapting to changes in regulatory and prudential standards.”
He added: “CNP Assurances and SimCorp have invested all of their financial, accounting, operational and technical expertise into this project and are now pursuing its optimisation. We are delighted to be able to continue working with SimCorp's teams."
Emmanuel Colson, managing director of SimCorp in France, said: “The success of this very ambitious project also demonstrates the validity of the strategy that has guided SimCorp for many years. This strategy is rooted in the development of improved tools that assist all the teams involved in the asset management value chain, from the front office to the back office, within a flexible and integrated solution.”
“CNP Assurances is the first major French institutional investor to place its trust in our company and we thank them for this. Our work with CNP Assurances also strengthens our ambitions for the French market, which plays a key role in the SimCorp group's growth strategy."
