American National Insurance Company Selects SS&C Precision LM to Streamline its Loan Servicing Operations
WINDSOR, Conn., Oct. 25, 2016 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced that American National Insurance Company has selected SS&C's Precision LM™ software to manage the full lifecycle of its commercial loan portfolio.
Precision LM will provide Galveston, Texas based American National with a single, integrated platform for origination, servicing, accounting, insurance statutory reporting, and asset management. It will replace older, less flexible systems, provide easier navigation, and eliminate numerous manual spreadsheets and work-arounds.
"Due to the limitations of our existing system, we have had to utilize a number of offline processes and Excel spreadsheets," said Kelly Baker, Mortgage Loan Servicing Manager at American National. "Precision LM will make it much simpler and easier to do things like Schedule B reporting, risk based capital calculations, automated correspondent/shadow servicing, escrow analysis, cash flow projections, and a number of other mission-critical loan management functions, all within one system."
Precision LM is modern, easy-to-use servicing technology that is widely used by leading life insurance companies across North America. Precision LM is feature-rich and known for its superior ability to support a broad range of commercial loan products like participations and construction, and handle complex investor structures.
"SS&C is strongly committed to proving insurance companies with a robust technology platform to optimize their servicing, accounting and statutory reporting requirements," said J. Timothy Reilly, SS&C's Senior Vice President and General Manager, Institutional and Investment Management. "Today, nearly 50% of the top 40 life insurance companies use Precision LM. As we continue to focus our development efforts on the unique challenges of the insurance sector, we expect our market share to continue to grow."
SS&C Precision LM is a fully-integrated system that supports commercial loan origination, servicing and accounting. A single point of entry increases efficiency by eliminating redundant data, reducing errors and lowering maintenance and operating costs. A centralized loan portfolio enables users to maintain a detailed loan history and audit trail from inception, and generate comprehensive loan portfolio reporting from a single database. Precision LM also provides the ability to measure risk and exposure with proactive, integrated portfolio analytics and executive dashboards.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 10,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.
About American National Insurance Company
American National Insurance Company, headquartered in Galveston, Texas, was founded in 1905 and is licensed to conduct the business of insurance in all states except New York. American National and its subsidiaries (collectively American National) offer a broad line of products and services which include life insurance, annuities, health insurance, credit insurance, pension products, and property and casualty insurance for personal lines, agribusiness and targeted commercial exposures. For more information, including company news and investor relations information, visit the company's website at www.AmericanNational.com.
Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.
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