(Image credit: Kevin May.)
RLI Insurance, a Peoria, Ill.-based specialty insurance company, will migrate its outsourced investment operations and accounting processes from SS&C’s CAMRATM platform to the company’s cloud-based Singularity solution, which it describes as the industry’s first smart investment operations and accounting system. Through its use of machine learning, predictive analytics and robotics, Singularity will increase automation, productivity and data accessibility for RLI as it continues to scale its investment business, according to an SS&C statement.
“Technology is rapidly disrupting the insurance industry and SS&C is helping drive this transformation,” comments Aaron Diefenthaler, Chief Investment Officer, RLI. “Singularity gives us powerful machine learning capabilities and actionable online monitors to enable ad hoc queries, flexible reporting and in-depth analytics, as well as the ability to streamline labor-intensive tasks such as reconciliations and break resolution.”
Singularity operates on a cloud-based platform that the vendor describes as enabling users to flexibly adapt to changing market and business needs. The solution’s machine learning enables it learns from user behavior to suggest more optimal workflows and reduce manual processes over time. The system also eliminates the need for disparate multiple systems, offline workarounds and labor intensive and risky data transformations, according to the vendor. Singularity also features multi-currency and multi-lingual capabilities are delivered through a single, integrated database and client-configurable interface. Unlike other solutions composed of disparate applications that are stitched together, Singularity’s operational functions and common services are pre-integrated components that can be seamlessly activated upon user request and automatically updated without disruption to ongoing business processes, the vendor says.
“As a functionally rich middle and back-office system with embedded innovative technologies, Singularity delivers compelling value for both existing and prospective SS&C clients,” comments Marc Zimmerman, Senior VP, SS&C. “By partnering with SS&C, RLI will be able to harness the power of artificial intelligence, advanced analytics and robotics to strengthen performance around its investment operations and accounting activities.”