Insurers must manage data explosion for optimal efficiency
By: David LaMonica
SS&C recently released the results of its 2017 Insurance Asset Management Technology Outlook survey which polled more than 145 insurance asset management professionals globally.
The survey finds data explosion to be one of the industry’s leading challenges.
Global asset growth, escalating trading volumes, and increased reporting requirements have led to this explosion. Maintaining data is a major hurdle for firms as it needs to be organized, accessible, and easily managed. Forward-thinking firms are solving this by increasing technology budgets to ease data management challenges.
According to the survey, many firms find their large data infrastructures increasingly difficult to maintain, so most insurance and asset management executives polled (61 percent) say they will increase their technology spend within the next year to support investment operations.
While the insurance industry has been slow to adopt technologies to manage data when compared to other industries, the survey shows that year-over-year progress is being made.
More than half of asset managers (58 percent) anticipate increasing their use of cloud technology and hosting providers, a trend consistent with last year’s study. Cloud-based technology hosting enables firms to not only improve accessibility of data, but also reduce IT footprints and overhead.
As operational models continue to evolve, insurance firms are taking a closer look at the overhead needed to support their core investment activities, while also driving greater efficiency. Rather than bolting on to legacy systems, many firms are choosing to partner with technology hosting and service providers to leverage innovative technologies and streamline processes.
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 11,000 financial services organizations, from the world’s largest institutions to local firms, manage and account for their investments using our products and services.
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