Northern Trust Upgrades Cloud-Based Insurance Accounting and Analytics Application
Leveraging SAP S/4HANA to enable advanced data analytics and offer valuable insights for informed decision-making by insurance clients
CHICAGO, April 23, 2024 – Northern Trust (Nasdaq: NTRS) announced today the successful upgrade of its SAP Financial Asset Management application to SAP S/4HANA, which further enhances its Insurance Investment Accounting and Analytics Services solution, developed to support the full spectrum of investment accounting and regulatory reporting needs for U.S. insurance companies and corporate and endowment markets.
The upgrade incorporates Northern Trust’s interactive digital interface with the power of SAP S/4HANA to provide an end-to-end solution covering all investment types and reporting needs.
The advanced cloud-based interface automates and streamlines insurance accounting and reporting processes, enabling faster processing and reporting. One of the most significant innovations of SAP S/4HANA is its ability to perform in-memory computing. The redesign of database storage to prioritize transactions in a timely and accurate manner means that stakeholders can survey more data in less time. This means business decisions can be made with a more holistic dataset, answering the accounting needs of insurers as they face both heightened regulatory reporting requirements and an industry-wide push for digital transformation.
“For Northern Trust, the move to SAP S/4HANA is more than just a system upgrade, it’s about enhancing the digital experience for our clients and enabling greater efficiency,” said Chris Dvorak, Practice Executive, Asset Owners, Americas at Northern Trust. “Our upgrade to SAP S/4HANA significantly improves reporting speeds and sets the stage for future enhancements, including investment related insights and analytics. This upgrade benefits our clients by providing faster and more efficient reporting, aligning with our commitment to innovation in insurance investment accounting and analytics.”
The Investment Accounting and Analytics Services solution allows insurance companies to:
- Spot trends, risks and opportunities through the ability to view and analyze underlying data.
- Analyze data more quickly and finely by drilling down into detailed views of the underlying data.
- View the impact of portfolio changes throughout the portfolio by clicking through report types.
- Receive report updates faster when providing new data to the Northern Trust team.
- Identify strategic questions with more detailed data analysis.
“Northern Trust’s upgrade to SAP S/4HANA reflects their commitment to leveraging cutting-edge technology,” said Falk Rieker, Global Head of IBU Financial Services at SAP. “With S/4HANA’s innovative in-memory computing capabilities, Northern Trust will experience faster data access, streamlined operations and reduced data duplications. We are excited to support them with their insurance investment accounting operations.”
“We are thrilled to continue working with Northern Trust on their most recent integration to SAP S/4HANA” said Vesa Kemppainen, Executive Vice President at msg global solutions. “Our role as the system integrator is to enhance their operational efficiency and overall performance. Our seamless integration and tailored solutions empower Northern Trust to achieve their business objectives and stay competitive in the market.”
The platform’s technology is backed up by Northern Trust Insurance Solutions’ fully dedicated service team led by insurance accounting experts focused on clients’ unique requirements. Northern Trust Insurance Solutions services 183 insurance clients across the globe with $814 billion in assets under custody.
Northern Trust has had an unwavering and longstanding commitment to the asset owner space for many decades. The goal within the asset owner segment is to empower the missions of its clients, helping them to maximize investment returns so that they may then serve their constituents, their communities and the world.
About msg global solutions
msg global solutions is a systems integrator, software development partner, and managed services provider focused on SAP solutions for accounting, finance, regulatory reporting, performance management, and customer experience. Operating from offices across the globe and growing, our expert teams help clients achieve operational efficiency and improve decision-making capabilities. While the heart of our expertise is in the financial services sector, our solutions are utilized in various industries. We’re part of msg, an independent, international group of companies with over 10,000 employees worldwide. These companies offer a broad spectrum of creative, strategic consulting, intelligent, sustainable services, and value-added IT solutions. To learn more about msg global solutions, visit www.msg-global.com.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2023, Northern Trust had assets under custody/administration of US$15.4 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.