Maryland Care, Inc. Selects SS&C for Enhanced Insurance Investment Accounting

Rhea-AI Summary

Maryland Care, Inc. has selected SS&C Technologies to transition to the Singularity investment accounting platform. This decision aims to enhance operational efficiency, with a focus on timely and accurate reporting for its investment portfolios. SS&C's advanced technology and experienced team are expected to improve month-end close processes and statutory filings. With a 36-year track record in the insurance and asset management sectors, SS&C continues to expand its influence, especially within the insurance industry.

Positive

• Transition to SS&C's Singularity platform expected to enhance operational efficiency.
• SS&C's expertise in complex asset classes supports better investment accounting.

Negative

• None.

Maryland Care, Inc. d/b/a/ Maryland Physicians Care MCO (MPC), a Maryland Managed Care Organization (MCO) contracted with SS&C for comprehensive investment accounting, reporting and statutory statement preparation services

WINDSOR, Conn., July 14, 2022 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that MPC has chosen SS&C Singularity to support the operational, accounting and regulatory reporting needs of its investment portfolios. MPC will be transitioning from its current service provider to Singularity™, SS&C's innovative cloud-based investment accounting platform supported by an experienced team of professionals who have unmatched expertise in a wide range of asset classes, accounting treatments and insurance reporting requirements.

"The knowledge and responsiveness of SS&C's insurance team coupled with their proven control process gives us confidence that we will receive timely, accurate deliverables, especially at critical times," said John Walega, Chief Financial Officer of Maryland Care, Inc. "Through SS&C's flexible and transparent technology platform and dedicated service model, we expect to improve automation and operational efficiency, while streamlining our month-end close and statutory filing process."

SS&C has a 36-year track record providing software and outsourcing services to the global insurance and asset management market. Singularity automates middle/back office processes using evolving technologies like AI and Natural Language Processing to deliver a centralized view of all public and private assets. As the world's largest fund administrator for alternative investments, SS&C also has deep expertise to support complex asset classes like private equity, real estate, commercial & residential mortgages, syndicated bank loans, private credit and derivatives.

"Singularity has significant momentum in the insurance space and we are delighted to welcome Maryland Care to SS&C's growing family of insurance clients," said Stan Szczepanik, Managing Director and Head of Insurance Solutions at SS&C. "Our unique ability to combine industry-leading technology with subject matter experts allows us to deliver a tailored and scalable solution for our insurance clients."

About Maryland Care

Maryland Care, Inc. is a Linthicum Heights, MD-based Managed Care Organization. Founded in 1996, MPC believes in helping its members make good decisions about their health through free, quality health care services. MPC is a Managed Care Organization in Maryland participating in the Maryland Department of Health, Health Choice program.

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.

SOURCE: SS&C 

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

Follow SS&C on Twitter, LinkedIn and Facebook.

View original content to download multimedia:https://www.prnewswire.com/news-releases/maryland-care-inc-selects-ssc-for-enhanced-insurance-investment-accounting-301586552.html

SOURCE SS&C

FAQ

What is the significance of Maryland Care selecting SS&C for investment accounting?

Maryland Care's decision to select SS&C for investment accounting aims to improve operational efficiency and regulatory reporting.

When did Maryland Care announce its partnership with SS&C?

The partnership was announced on July 14, 2022.

What platform will Maryland Care use for its investment accounting?

Maryland Care will use SS&C's Singularity platform for its investment accounting.

How does SS&C's Singularity platform benefit Maryland Care?

The platform is expected to improve automation, streamline reporting processes, and provide timely, accurate deliverables.

What industry does SS&C Technologies primarily serve?

SS&C Technologies primarily serves the financial services and healthcare industries.