State Street Corporation and SimCorp plan to team up in providing a fully integrated, front-to-back investment outsourcing solution for insurance companies in Europe, the Middle East and Africa. The partnership will integrate SimCorp Dimension’s cloud-based, multi-asset class capabilities, advanced accounting functionality and managed services with State Street’s leading data management, middle office and custody services on its AlphaSM platform, the two companies said in a statement.

It comes as EMEA insurers face increasing pressure due to low returns, a decline in interest rates, increased regulatory burden and rising technology costs. The solution seeks to enhance operational efficiency, delivering improved accuracy and timely, high-quality, multi-asset data for the insurers’ full front-to-back operations.

“This new offering will provide a significant competitive advantage for our insurance clients in the region,” says Jörg Ambrosius, head of EMEA at State Street. “This partnership is an example of the open architecture and flexibility that our Alpha platform provides and our commitment to working with SimCorp as a strategic partner to offer the best solutions to our clients.”

Adds Jochen Müller, chief commercial officer at SimCorp: “We are pleased that State Street is expanding the use of SimCorp Dimension in their European business and we are impressed how open they want to be in their Alpha Platform, also accepting the complete SimCorp Solution to deliver their services.”