Using SAP S/4HANA to enable advanced data analytics and offer valuable insights for informed decision making by insurance customers
CHICAGO, April 25, 2024—(BUSINESS WIRE)–Northern Trust (Nasdaq: NTRS) today announced the successful upgrade of its SAP Financial Asset Management application to SAP S/4HANA, further enhancing its insurance investment accounting and analytics solution designed to support the complete spectrum of investment accounting and regulatory reporting needs for US insurance companies and corporate and stock markets.
The upgrade incorporates Northern Trust’s interactive digital interface with the power of SAP S/4HANA to provide a comprehensive 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 calculations. Redesigning the database repository to prioritize transactions in a timely and accurate manner means stakeholders can explore more data in less time. This means that business decisions can be made with a more holistic data set that meets the accounting needs of insurers as they face both increased regulatory reporting requirements and pressures for digital transformation across the industry.
“For Northern Trust, moving to SAP S/4HANA is about more than a system upgrade, it’s about improving the digital experience for our customers and enabling greater efficiency,” said Chris Dvorak, Executive Director, Asset Owners, Americas Northern Trust. “Our upgrade to SAP S/4HANA significantly improves the speed of reporting and sets the stage for future enhancements, including investment-related insights and analytics. This upgrade benefits our customers by providing faster and more efficient reporting, in line with our commitment to innovation in insurance investment reporting and analytics.”
The investment accounting and analysis services solution enables insurance companies to:
-
Discover trends, risks and opportunities through the ability to review and analyze underlying data.
-
Analyze data faster and more finely by drilling down into detailed views of the underlying data.
-
See the impact of portfolio changes across the entire portfolio by clicking on the report types.
-
Get report updates faster when you provide new data to the Northern Trust team.
-
Identify strategic issues with deeper data analysis.
“Northern Trust’s upgrade to SAP S/4HANA reflects their commitment to using cutting-edge technology,” said Falk Ricker, Global Head of IBU Financial Services at SAP. “With S/4HANA’s innovative in-memory computing capabilities, Northern Trust will gain faster data access, streamlined operations and reduced data duplication. We are excited to support them with their insurance investment accounting operations.”
“We are excited to continue working with Northern Trust on their latest integration to SAP S/4HANA,” said Vesa Kemppainen, executive vice president of msg global solutions. “Our role as a system integrator is to improve their operational efficiency and overall performance. Our seamless integration and customized solutions enable Northern Trust to achieve its business objectives and remain competitive in the market.”
The platform’s technology is supported by Northern Trust Insurance Solutions’ fully dedicated service team led by insurance accounting experts focused on unique customer requirements. Northern Trust Insurance Solutions serves 183 insurance clients worldwide with $814 billion in assets under custody as of December 31, 2023.
Northern Trust has had an unwavering and long-standing commitment to the asset owner space for many decades. The goal within the Asset Owners segment is to enable the missions of its clients by helping them maximize return on investment so they can then serve their constituents, their communities and the world.
© 2024 SAP SE. All rights reserved.
SAP and other SAP products and services mentioned herein and their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional information and trademark notices.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of asset 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 US states and Washington, DC, and 22 locations in Canada, Europe, the Middle East and the Asia Pacific region. As of March 31, 2024, Northern Trust had $16.5 trillion in assets under custody/administration and $1.5 trillion in assets under management. For more than 130 years, Northern Trust has distinguished itself as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us at northerntrust.com. Follow us at x (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, IL 60603 USA, incorporated with limited liability in the USA Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions .
Check out the source version on businesswire.com: https://www.businesswire.com/news/home/20240425164170/en/
Contacts
Europe, Middle East, Africa and Asia Pacific:
Camilla Green
+44 (0) 20 7982 2176
[email protected]
Simon Ansell
+ 44 (0) 20 7982 1016
[email protected]
USA and Canada:
John O’Connell
+1 312 444 2388
John_O’[email protected]
http://www.northerntrust.com
