The move comes as the insurance industry has been searching for ways to enhance risk-adjusted return, given the continued challenge of a low interest rate environment. Managing non-traditional assets requires complex investment accounting and reporting often not supported by insurance companies' legacy systems.

"Traditionally accounting and reporting for Schedule BA assets and syndicated bank loans has been largely manual and managed on spreadsheets. Insurers reaching for yield are turning to these non-traditional asset classes as they typically provide higher returns in the long run," said Tim Reilly, Senior Vice President and General Manager, SS&C Institutional and Investment Management. "Outsourcing accounting and reporting to SS&C moves these assets off spreadsheets to a more controlled environment and rigorous process. SS&C's service, available as part of a full service offering or on a component outsourcing basis, enables insurers to automate accounting and reporting of these investments."

SS&C's service automates the accounting and reporting of non-traditional assets, which are seamlessly integrated with General Ledger and Treasury applications. Insurers benefit from web-based reports which are customized to fit individual requirements.

SS&C's services for syndicated bank loans include tracking the lifecycle of loans and secondary events, reconciliations between custodians, agent banks, and asset managers, balancing of Schedule Ds as well as valuation and reporting. SS&C's full administrative service for Schedule BA assets, such as limited partnerships, includes the recording and posting of all partnership activity, reconciliation to partnership statements, GAAP equity method accounting, and reporting on a STAT, GAAP and a tax basis.

The adoption of SS&C's outsourcing services and expertise by insurance companies is driven by several specific, escalating challenges. These include growing competition for higher returns, tighter operating budgets and the need for specialized talent and technology to handle new accounting and regulatory reporting requirements. SS&C has more than 600 accounting professionals providing investment accounting and financial reporting expertise to financial services organizations worldwide. More than 500 insurance companies, including 75 of the top 100, trust SS&C as their investment accounting provider.