Northern Trust has launched its new cloud-based reporting application which further enhances its insurance investment accounting and analytics services solution.
The solution was developed to support investment portfolio reporting and management needs for US insurance companies.
The new platform incorporates Northern Trust's interactive digital interface as well as SAP Financial Asset Management System data to provide an end-to-end solution covering all asset classes.
The cloud-based interface automates and streamlines insurance accounting and reporting processes, allowing for self-service and on-demand analysis of information.
Users can interact with their portfolio data through visual dashboards with direct access to underlying securities data.
Dan Houlihan, head of asset servicing, Americas at Northern Trust, said: “Our cloud-based solution is designed to meet the rapidly evolving needs of insurance companies with complex investment portfolios, including large allocations to private equity and private debt markets, alongside the demands of tax and regulatory reporting for those investments.”
Chris Dvorak, head of insurance solutions at Northern Trust, commented: “While much of the insurance industry’s investment accounting operations run on legacy systems, technology has advanced to enable one back-office platform that covers all financial products.”
“When all data lives in one system, insurers no longer need to manually enter data or merge separate datasets. Cloud-based interfaces like ours allow our clients to view higher-quality data and perform trend analysis across reporting periods,” Dvorak added.
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