The award honors outstanding and innovative industry leaders for their ability excel in times of immense industry complexity. CNP Assurances received the award for its remarkable efficiency gains, achieved through system consolidation, which has supported its business growth throughout Europe and Brazil in the past year.
CNP Assurances is the leading personal insurer in France and the fourth largest life insurer in Europe with EUR 335bn (excluding unit-linked) under management. By deploying an integrated solution, CNP Assurances has gradually consolidated its system landscape, decommissioning more than 25 legacy systems over the course of five years. The results include increased automation and higher levels of organizational efficiency. A tangible outcome of the firm’s efficiency gains is that it has managed to cut its accounting closing time by half. By introducing new automated workflows, for instance full automation of its balance sheet and P&L accounts’ reconciliation, CNP Assurances’ operational teams are now able to focus more of their valuable time on core business tasks, such as exception handling, rather than on manual processes.
CNP Assurances is using SimCorp Dimension as the backbone of its operations to manage its entire range of assets – including equity, fixed income, derivatives and private debt – across front, middle and back office. The firm also relies on SimCorp Dimension to comply with regulations like EMIR and Solvency II. The system has helped CNP Assurances to standardize all major EMIR related processes, and similar levels of automation have been achieved for Solvency II, where the data from SimCorp Dimension feeds directly into the production of quarterly reporting templates.
Rémi Desmichels, Head of Asset Management Projects at CNP Assurances commented: “The step by step implementation of SimCorp Dimension has given rise to an abundance of positive changes across our business. The benefits we have achieved in terms of higher levels of automation and optimized processes, let alone much improved employee satisfaction, far outweigh the necessary investment. It is an honor for CNP Assurances’ teams to receive this year’s SimCorp Award.”
Klaus Holse, SimCorp CEO and member of the judging panel commented: “CNP Assurances is a prime example of what can be achieved by bringing as much of the business as possible onto one integrated solution. The consolidation journey they have been on, and the results they’ve achieved, is a testament to a firm that has truly realized the impact technology has on business performance. This accomplishment, together with the sheer determination and persistence CNP Assurances has shown to see its vision through, make it a well-deserved winner of the SimCorp Award 2017.”
Enquiries regarding this announcement should be addressed to:
Mittal Shah, SimCorp UK/North America +44 207 397 8072 [email protected]
Anders Crillesen, SimCorp Corporate Communications, +45 3544 6474 [email protected]
About CNP Assurances
CNP Assurances is France’s leading personal insurer with net profits of €1,200 million in 2016. The Group also has operations in other European countries and in Latin America, with a significant presence in Brazil. It has more than 35 million personal risk/protection insureds worldwide and more than 14 million savings and pensions policyholders. For 160 years, CNP Assurances has been protecting people against the risks of everyday life. The Group designs and manages life insurance, pension, personal risk insurance and protection products (term creditor insurance and health insurance).
In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d’Epargne, as well as through its own network: Amétis. In Brazil, its second largest market, the Group’s partner is Caixa Econômica Federal, the country’s second-biggest state-owned bank.
In group insurance, CNP Assurances crafts tailor-made personal risk, pension and term creditor insurance products that are aligned with the needs of companies, local authorities, mutual insurers, non-profit organizations, and banks in Europe and Latin America.
CNP Assurances has been listed on the Paris Stock Exchange since October 1998 (the first market) and has a stable shareholder structure thanks to the signing of an agreement between its major shareholders (Caisse des Dépôts, La Banque Postale, Groupe BPCE and the French State).
SimCorp provides integrated, best-in-class investment management solutions to the world’s leading asset managers, fund managers, asset servicers, pension and insurance funds, wealth managers and sovereign wealth funds. Whether deployed on premise or as an ASP solution, its core system, SimCorp Dimension, supports the entire investment value chain and range of instruments, all based on a market-leading IBOR. SimCorp invests more than 20% of its annual revenue in R&D, helping clients develop their business and stay ahead of ever-changing industry demands. Listed on NASDAQ Copenhagen, SimCorp is a global company, regionally covering all of Europe, North America, and Asia Pacific. For more information, please visit www.simcorp.com.