Fennia companies increase efficiency and reduce operational risk with SimCorp Dimension
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.
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Enquiries regarding this announcement should be addressed to:
Anders Crillesen, SimCorp Nordic, +45 3544 6474 / +45 2779 1286.
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About SimCorp:
Since 1971, SimCorp has been providing investment and portfolio management software and services to the world’s leading investment managers, asset managers, fund managers, fund administrators, pension funds, insurance funds, and wealth managers. SimCorp’s world-class software provides global financial organisations with the tools they need to mitigate risk, reduce cost and enable growth. SimCorp is a global company, regionally covering all of Europe, North America, and Asia Pacific. Listed on the NASDAQ OMX Copenhagen, SimCorp is dedicated to supporting the global investment management industry, its clients and its investors. For more information about SimCorp’s products, please visit www.simcorp.com/product.
About Fennia Mutual Insurance Company and Fennia Life:
Fennia Mutual Insurance Company provides various risk management and insurance services for businesses, their personnel, entrepreneurs and private households, as well as flexible client financing solutions. Fennia Mutual Insurance Company has 130 years' experience in risk management and is owned by its clients. Through their membership of the governing bodies, the clients participate in the development of the company's products and services.
Fennia Life is an expert in life insurance and assets management and belongs to the Fennia Group. Fennia Life, specialising in voluntary life, pension and deposit insurance policies, offers a range of insurance products that complement those of the owner companies. Along with unit-linked insurance products, the focus of Fennia Life's activities has shifted increasingly towards asset management.