State Street Strengthens Insurance Solutions Team with Several New Appointments

Business Wire 12-Jan-2018 11:40 AM

Firms Latest Study Reveals the Most Significant Pressures Insurers Face Today and What They Must do to Remain Competitive

BOSTON--(BUSINESS WIRE)-- 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, Daileys focus will be on service delivery and aligning the breadth of State Streets 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 firms Insurance Solutions business. Matviak previously led State Streets 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 Streets services
  • Penny OKelley 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 its becoming more challenging to find avenues for growth in todays 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 Streets 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 Corporation Brendan Paul, +1 617-662-2903BPaul2@statestreet.com@StateStreet

    Source: State Street Corporation

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