Insurance Firms Push Towards Artificial Intelligence, Increased Outsourcing and Improved Data Accuracy

SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced the results of its study detailing innovative technology adoption by investment operations and accounting users in the insurance sector. SS&C's "2019 Insurance Asset Management Technology Outlook" revealed that three quarters of insurance asset managers surveyed are actively deploying or considering deploying innovative technologies such as Robotic Process Automation (RPA), Machine Learning (ML) and Artificial Intelligence (AI). Within this group, 38 percent are using third-party disruptive applications in conjunction with existing investment systems, while another 37 percent are considering using these technologies in the future for recoded or new systems. "Insurance firms are relying more on bank data without their own independent calculation, reconciliation and valuation. Key internal control functions, particularly, independently reconciling positions and cash, are enhanced by artificial intelligence, machine learning and robotic process automation," said Christy Bremner, Senior Vice President and General Manager, SS&C Institutional and Investment Management.