Constellation Insurance Selects SS&C to Scale Commercial Mortgage Operation

Rhea-AI Summary

SS&C Technologies (Nasdaq: SSNC) announced that Constellation Insurance, Inc. has selected the SS&C Precision LM platform, designed to enhance efficiency, profitability, and risk control for its $1.6 billion commercial mortgage portfolio. The cloud-based software will support various functions including loan origination, servicing, accounting, and regulatory reporting. Constellation aims to improve operational efficiency and reduce IT impact with this implementation. As of September 30, 2022, Constellation managed over $34 billion in total assets across its insurance subsidiaries.

Positive

• Selection of SS&C Precision LM enhances operational efficiency for Constellation's $1.6 billion loan portfolio.
• The implementation is expected to improve profitability and risk control.
• Precision LM's cloud-based platform reduces operational burdens on Constellation's IT staff.
• More than 130 lenders and insurers currently utilize SS&C's Precision LM software.

Negative

• None.

Insurance holding company with a $1.6 billion loan portfolio chooses next-generation SS&C Precision LM platform to improve efficiency, profitability and risk control

WINDSOR, Conn., March 9, 2023 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced Constellation Insurance, Inc. has selected SS&C Precision LM™ to help manage its growing commercial mortgage portfolio. Precision LM loan origination and servicing software will support pipeline tracking, loan servicing, accounting, asset management and regulatory reporting for its growing commercial mortgage portfolio—all on a single integrated platform.

"We were impressed by SS&C's expertise, infrastructure, and continued enhancement to its commercial mortgage technology," said Timothy Biggs, Vice President, Mortgages and Real Estate at Constellation. "Precision LM is a robust and scalable solution, which will provide increased data and automation and improve efficiency and accuracy. Having Precision LM is especially important as additional regulations continue to be implemented."

Constellation expects the implementation to increase efficiency in the loan process, improve profitability and control risk. Precision LM's cloud-based platform will also reduce the operational impact on Constellation's IT staff.

"SS&C is committed to providing innovative software and value-added services to commercial real estate lenders and insurance companies," said Bhagesh Malde, General Manager, Global Head of SS&C GlobeOp. "This complex industry is evolving with increasingly complex stakeholder expectations. With our deep domain expertise and superior technology, we simplify commercial loan management for clients."

More than 130 lenders, insurers, REITs and debt funds use SS&C's Precision LM software to support their lending operations. Learn more about Precision LM here.

About Constellation Insurance, Inc.

Constellation Insurance, Inc., is a leading insurance holding company serving consumers and small business owners in United States and Latin America through its insurance subsidiaries, which include The Ohio National Life Insurance Company, Ohio National Life Assurance Corporation, National Security Life and Annuity Company and certain other affiliated (re)insurance entities in Latin America and Cayman Islands. As of September 30, 2022, Constellation's family of insurance companies have over $34 billion in total assets under management. Constellation's investors and equal partners, CDPQ and Ontario Teachers' are two of the largest long-term institutional investors in North America, managing a total of over C$660 billion in net assets, including over C$140 billion in private capital investments.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.

Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com. Follow SS&C on Twitter, Linkedin and Facebook.

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SOURCE SS&C

FAQ

What is SS&C Technologies' latest partnership announcement regarding Constellation Insurance?

SS&C Technologies announced that Constellation Insurance has selected its Precision LM platform to manage its commercial mortgage portfolio.

How much is Constellation Insurance's commercial mortgage portfolio worth?

Constellation Insurance's commercial mortgage portfolio is valued at $1.6 billion.

What benefits does SS&C's Precision LM platform provide to Constellation Insurance?

The Precision LM platform enhances efficiency, profitability, and risk control, while also reducing the operational impact on Constellation's IT staff.

How many organizations use SS&C's Precision LM software?

Over 130 lenders, insurers, REITs, and debt funds utilize SS&C's Precision LM software for lending operations.

What are Constellation Insurance's total assets as of September 30, 2022?

As of September 30, 2022, Constellation Insurance managed over $34 billion in total assets.