Constellation Insurance, a leading insurance company specializing in property and casualty insurance products, has recently replaced its legacy loan management software with SS&C Technologies’ Precision LM software. This decision was made to grow its mortgage portfolio and to ensure a more efficient process for loan tracking and management.
Legacy software inefficiencies
The legacy software used by Constellation’s investment accounting department was inefficient and lacked user experience, process efficiency, and an upgrade path. The department faced constant challenges that led to manual workarounds and slowed down their overall efficiency. Upgrades were limited, leaving them unsure about the potential risks of outdated software and leading to scattered data and confusion within departments.
Dependence on outsourcing
Moreover, the outsourcing of data extraction caused dependencies and workarounds for other departments, making them reliant on a few professionals for specific knowledge. This limited the company’s overall flexibility in adapting to new market conditions and growing its mortgage portfolio.
There is a need for a comprehensive solution
Constellation needed a comprehensive solution that would enable it to track loans from origination through servicing and accounting. The legacy technology was also suboptimal in terms of user experience and lacked support, which put customers at regulatory risk.
Decision to Choose SS&C Precision LM
Given the aforementioned inefficiencies with their legacy system, Constellation decided to switch to SS&C’s Precision LM software. The decision was based on a number of factors including the system’s status, user experience, process efficiency, software development/support, and suitability for growing the mortgage portfolio. The Precision LM software also provides additional benefits such as flexibility, scalability, and seamless integration with existing systems.
Benefits of Precision LM Software
SS&C’s Precision LM software provides the flexibility that the previous system lacked, enabling the creation of new processes to benefit the company. It provides real-time data visibility and transparency, giving Constellation a better understanding of its loan portfolios and driving consistent results. The software also provides quick and accurate data access, which will help Constellation stay competitive in the marketplace.
Implementation and Migration Timeline
After the implementation of the new system is complete, Constellation plans to switch from its existing accounting system to using only Precision LM on January 1, 2024. This will provide the company with a comprehensive solution that covers all of its loan management needs, with the potential to expand in the future.
Secondary benefits of the new system
The new system provides several secondary benefits, such as decreasing personnel risk, removing dependence on specific IT skill sets, and offering an economical solution. Due to the added efficiency, Constellation can free up personnel to work on higher-priority tasks and ensure that the company is not dependent on IT personnel for credit management. Additionally, the software is cost-effective, providing long-term benefits for the company.
Ongoing development and support
One critical benefit of SS&C’s Precision LM software is the company’s active and ongoing development of the solution. This means that the software will evolve and continue to meet Constellation’s needs over time, obviating the need for workarounds or other temporary “Band-Aid” solutions.
In conclusion, Constellation Insurance’s decision to implement SS&C Precision LM software represents a substantial investment in the future of their mortgage portfolio. The comprehensive solution provides end-to-end coverage and ensures increased efficiency and accuracy in day-to-day operations. The software provides several benefits such as flexibility, scalability, an economical solution, and ongoing development and support. By embracing the advantages of the Precision LM software, Constellation Insurance has positioned itself for success in the competitive mortgage market.