State Street and SimCorp partner to serve insurance clients in EMEA

By Pavithra R

State Street, a leading financial services provider serving some of the world’s most sophisticated institutions has announced that the company has formed a business partnership with SimCorp, a Danish investment management solutions and services provider, to offer a premier, fully integrated, front-to-back investment outsourcing solution for insurance firms in Europe, Middle East and Africa (EMEA).

EMEA-based insurance companies will now have access to SimCorp Dimension’s cloud-based, multi-asset class capabilities, advanced accounting functionality and managed services along with State Street’s data management, middle office and custody services on State Street’s Alpha platform. The solution comes as EMEA insurers face increasing market volatility due to decline in interest rates, low returns, increased regulatory burden and rising technology costs. 

The partnership demonstrates both the companies commitment to insurance clients in EMEA and will integrate SimCorp Dimension with State Street’s proprietary software solutions, including Charles River Development.

“This new offering will provide a significant competitive advantage for our insurance clients in the region. This partnership is an example of the open architecture and flexibility that our Alpha platform provides and our commitment to working with SimCorp as a strategic partner to offer the best solutions to our clients,” said Jörg Ambrosius, head of Europe, the Middle East and Africa at State Street.

The collaboration will address operational efficiency, accuracy, and timely, high-quality, multi-asset data for their full front-to-back operations. The integration of SimCorp Dimension with Alpha is expected to fully address the expensive, fragmented, and time-consuming process across the investment lifecycle.

“We welcome the new business partnership with State Street. We are pleased that State Street is expanding the use of SimCorp Dimension in their European business and we are impressed how open they want to be in their Alpha Platform, also accepting the complete SimCorp Solution to deliver their services,” said Jochen Müller, chief commercial officer at SimCorp.

Recently, Mawer selected SimCorp Dimension as its investment management platform.

Established since 1792, State Street Corporation is a solution provider of financial services to institutional investors, including investment servicing, investment management and investment research and trading.