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State Street and SimCorp combine to offer investment outsourcing solution for EMEA insurance firms

Written by Adam Cadle
12/10/2020

State Street Corporation and investment management solutions and service provider, SimCorp, have 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.

Consistent with the Alpha platform commitment to provide clients access to leading capabilities through an open architecture, this partnership will integrate SimCorp Dimension with State Street’s proprietary software solutions, including Charles River Development.

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.

“This new offering will provide a significant competitive advantage for our insurance clients in the region,” Jörg Ambrosius, head of Europe, the Middle East and Africa at State Street, said.

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