Both SS&C Singularity and Precision LM are expected to improve the accounting operations of American Fidelity
American Fidelity to deploy SS&C Singularity and Precision LM solutions. (Credit: bertholdbrodersen from Pixabay)
SS&C Technologies said that American Fidelity Assurance will migrate its insurance investment accounting to SS&C Singularity, the former’s cloud-based smart investment operations and accounting system.
Based in Oklahoma, American Fidelity Assurance is a supplemental benefits provider. The company serves customers in education, municipality, healthcare, and auto retail.
According to SS&C Technologies, the benefits provider is its seventh client in three months to adopt its artificial intelligence (AI) powered Singularity investment operations and accounting platform.
SS&C Singularity VP and head Kyle Fields said: “We are thrilled to partner with American Fidelity as we continue to see strong demand for an innovative, next-generation accounting platform.
“Singularity’s AI-driven investment operations and accounting capabilities, broad asset coverage and strong analytics position our clients to future-proof their global operating models.”
American Fidelity will also use SS&C’s Precision LM platform
In addition to SS&C Singularity, the full loan lifecycle of American Fidelity’s commercial mortgage investments will be supported by SS&C’s Precision LM platform. This includes support for origination, servicing and accounting, and also risk-based capital reporting.
Precision LM is said to be a single database application that offers comprehensive commercial loan management from initial request to final disposition.
The solution is claimed to enhance results by handling all aspects of the loan process with a single database application.
American Fidelity chief investment officer John Robison said: “Singularity’s unique ability to provide a single, flexible, multi-basis accounting platform and comprehensive support for all of our core and alternative assets significantly enhances our operational efficiency.
“SS&C’s strong capabilities for loan origination and servicing through Precision LM, tightly integrated with Singularity, provides us with a truly holistic and powerful solution that we felt was unmatched in the industry.”
Recently, SS&C claims to have signed a range of new customers, which include insurance companies across US, Canada, and Europe, and also mortgage REITs, endowments, banks, and hedge funds.
As per the company, it offers clients the flexibility to deploy Singularity and Precision LM on a SaaS basis or via complete or partial middle/back-office outsourcing services from its team of insurance accounting and reporting experts.
Earlier this year, SS&C Technologies signed a deal to acquire the Irish life insurance and pension services business of Capita.