Asset servicing latest news | Northern Trust upgrades cloud-based insurance accounting and analytics application

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Northern Trust upgrades cloud-based insurance accounting and analytics application

Northern Trust has announced the upgrade of its SAP financial asset management application to SAP S/4HANA in an effort to enhance its insurance accounting and analytics services solutions.

The application has been 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 that aims to provide an end-to-end solution covering all investment types and reporting needs.

Chris Dvorak, practice executive of Asset Owners, Americas at Northern Trust, says: “Our upgrade to SAP S/4HANA 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.”

Falk Rieker, global head of IBU Financial Services at SAP, comments: “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.”

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