State Street Strengthens Insurance Solutions Team with Several New Appointments
January 12 2018 - 11:40AM
Business Wire
Firm’s Latest Study Reveals the Most Significant Pressures
Insurers Face Today and What They Must do to Remain Competitive
State Street Corporation (NYSE: STT) today announced several
recent appointments for its Insurance Solutions business including
that Christopher Dailey has joined to lead relationship management
in North America.
In this newly-created role, Dailey’s focus will be on service
delivery and aligning the breadth of State Street’s custodial
capabilities with clients’ business objectives. Prior to joining
State Street, Dailey spent several years with J.P. Morgan Investor
Services in an insurance-centric relationship management and sales
position.
Dailey is reporting to Ivan Matviak, who recently took on a new
role within State Street as global head of the firm’s Insurance
Solutions business. Matviak previously led State Street’s data and
analytics business, State Street Global Exchange, in North
America.
The Insurance Services team also announced the following
additional appointments:
- Brian Buchinski has been appointed head
of client solutions, responsible for delivering innovative
solutions integrating the breadth of State Street’s services
- Penny O’Kelley has been appointed
global chief administrative officer
- Nirmitee Shah has been appointed head
of product management for insurance platforms and services that
provide accounting and regulatory reporting for clients
- Rick Young has been appointed head of
Insurance Services for North America
“Our Insurance clients want a nimble and reliable partner that
can provide more than traditional accounting and administration
services,” said Matviak. “As a market leader with unique technology
and data advantages, these new appointments will further enable us
to meet our clients’ goals and ambitions.”
State Street recently released a new thought leadership report
focused on the insurance sector, “Capturing Opportunity through
Technology: Growth Readiness for Insurers.” The report highlights
how insurers’ business models are facing significant pressures from
regulatory complexities to demographic shifts, and suggests that
unless they change, there could be negative consequences to revenue
growth and profit margins.
Key findings from the report include:
- Overall, 72% of insurers are concerned
they could lose their competitive advantage if they are unable to
become more operationally agile and 68% say it’s becoming more
challenging to find avenues for growth in today’s environment
- 74% say their ability to upgrade
technology to keep pace with the changing demands on their business
is highly important
- Yet only 20% have a highly digitized
operating model today, and only 26% say their senior leadership is
highly effective at understanding digital innovation and its
implications for future growth
- Despite these challenges, 72% plan to
increase their investment risk appetite over the next year,
motivated by concerns around meeting long-term obligations
As part of the report, State Street outlined three keys to
growth for insurers:
- Align digital strategy with ambition:
insurers must upgrade technology and data abilities to drive new
efficiencies, enhance investments and better manage risk.
- Rethink investment models: to meet
long-term liabilities under new market realities, insurers need to
further diversify their portfolios, increasing allocations outside
of traditional fixed income investments.
- Strengthen client engagement: customers
expect products that are tailored to their needs,
digitally-accessible and low cost; insurance companies much devise
new ways to differentiate and add value in the hyper-competitive
digital era.
Click here to read the full Growth Readiness report for
Insurers.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $32.1 trillion in assets
under custody and administration and $2.67 trillion* in assets
under management as of September 30, 2017, State Street operates in
more than 100 geographic markets worldwide, including the US,
Canada, Europe, the Middle East and Asia. For more information,
visit State Street’s website at www.statestreet.com.
* AUM reflects approx. $36 billion (as of September 30, 2017)
with respect to which State Street Global Markets, LLC (SSGM)
serves as marketing agent; SSGM and State Street Global Advisors
are affiliated.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180112005448/en/
State Street CorporationBrendan Paul, +1
617-662-2903BPaul2@statestreet.com@StateStreet
State Street (NYSE:STT)
Historical Stock Chart
From May 2024 to Jun 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2023 to Jun 2024