State Street and investment management solutions and service provider, announced their intent to form a business partnership to provide a fully integrated, front-to-back investment outsourcing solution for insurance firms in Europe, Middle East and Africa (EMEA).
EMEA-based insurance companies will have access to SimCorp Dimension’s cloud-based, multi-asset class capabilities, advanced accounting functionality and managed services, together with State Street’s data management, middle office and custody services on State Street’s AlphaSM platform. This will integrate SimCorp Dimension with Charles River Development as well.
The solution comes as EMEA insurers face increasing pressure due to low returns, a decline in interest rates, increased regulatory burden and rising technology costs. The new partnership from State Street and SimCorp addresses operational efficiency, delivering improved accuracy and timely, high-quality, multi-asset data for their full front-to-back operations. The integration of SimCorp Dimension with State Street AlphaSM fully addresses what has historically been a fragmented, expensive and time consuming process across the investment lifecycle.
Jörg Ambrosius, head of Europe, the Middle East and Africa at State Street, said in a statement: “This partnership is an example of the open architecture and flexibility that our Alpha platform provides and our commitment to working with SimCorp as a strategic partner to offer the best solutions to our clients.”