Following a successful implementation the Finnish insurance companies, Fennia Mutual Insurance Company and Fennia Life, are now set to reap the benefits from their SimCorp Dimension investment management system.
SimCorp, a leading provider of investment management software and services for the global financial services industry, today announced that Fennia Mutual Insurance Company and Fennia Life, have gone live with SimCorp’s investment management solution, SimCorp Dimension. Fennia Mutual Insurance Company and Fennia Life are utilising SimCorp Dimension for their front to back office operations, including portfolio management, compliance, performance calculations, accounting and reporting.
The insurance companies are now benefitting from SimCorp Dimension’s functionality for setting up and running pre-trade limits, scenarios and simulations within their middle and front offices. The result is improved processing and more efficient execution of investment strategies for both firms. Improvements within their back offices include automated import of files from external asset managers who are sending trades through to Fennia Mutual Insurance Company and Fennia Life, plus a more sophisticated and complete set up for Finnish accounting regulations.
SimCorp Dimension also provides Fennia Mutual Insurance Company and Fennia Life with the advanced reporting and functionality for calculating the market risk capital requirements needed to comply with Solvency II.
“The successful implementation process and the improvements we are already experiencing confirm that SimCorp Dimension was the right choice as the central platform for the entire investment management process,” says Fennia Mutual Insurance Company investment director, Eero Eriksson. “Owing to the seamless processing capability of SimCorp Dimension, data can now be instantly retrieved, processed and presented throughout the system. We have been able to streamline and automate processes, releasing employees from manual work to more value-creating assignments. This literally saves us days of work every month and in addition reduces our operational risk.”
“Fennia Mutual Insurance Company and Fennia Life recognise that IT-infrastructure is an important competitive parameter in the investment management industry. Coming from a patchwork of older legacy systems, the strategic decision to implement SimCorp Dimension brings a new competitive edge to the companies and prepares them for future regulatory and industry demands,” comments Arnt Eilertsen, managing director of SimCorp Nordic.