Northern Trust Launches New Cloud-Based Insurance Accounting and Analytics Application
Advanced, interactive digital tools provide enhanced user experience and greater depth of data analysis and insights
CHICAGO– Northern Trust (Nasdaq: NTRS) today announced the launch of its new cloud-based reporting application which further enhances its Insurance Investment Accounting and Analytics Services solution, developed to support the full spectrum of investment portfolio reporting and management needs for U.S. insurance companies. The platform incorporates Northern Trust's award-winning interactive digital interface with the power of the SAP Financial Asset Management (FAM) System data to provide an end-to-end solution covering all asset classes.
The advanced 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. The platform answers the accounting needs of insurers as they face both heightened regulatory reporting requirements and an industry-wide push for digital transformation.
“Northern Trust continues to focus on enhancing the digital experience for our clients, developing solutions that enable faster and deeper interaction with data and intuitive tools for reporting and analysis,” said Dan Houlihan, Head of Asset Servicing, Americas at Northern Trust. “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.”
The Investment Accounting and Analytics Services solution allows insurance companies to:
- Identify trends, risks and opportunities through the ability to view and analyze underlying data;
- Interrogate data more quickly and finely by drilling down into detailed views;
- Assess the impact of portfolio changes via intuitive user dashboards and detailed data analysis;
- Access summary reports including underlying investments, visual change analysis and multiple accounting basis views, including U.S. Statutory, GAAP and Tax.
“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,” said Chris Dvorak, Head of Insurance Solutions at Northern Trust. “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.”
The platform’s technology is backed up by Northern Trust Insurance Solutions’ fully dedicated service team led by insurance accounting experts focused on clients’ unique requirements. Northern Trust Insurance Solutions services 181 insurance clients across the globe with $857 billion in assets under custody.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2020, Northern Trust had assets under custody/administration of US$12.1 trillion, and assets under management of US$1.3 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.