Source: asiainsurancereview.com

HSBC has launched an improved fund administration solution for Asia-based insurance companies, after onboarding HSBC Life, its Hong Kong insurance business.

Securities Services is now providing accounting, valuation and other administration services to HSBC Life as part of efforts to enhance its fund administration capabilities, the bank says in a statement. Over $56bn of assets under administration was onboarded with more scheduled across Hong Kong and Singapore.

Mr Omar Malik, CFO of HSBC Life Hong Kong, said: “The implementation of this end-to-end solution has brought HSBC Life towards a best-in-class set of processes for our fund administration and asset accounting. The automation is already enabling a timelier provision of data to support strategic decision making as well as streamlining our management and financial reporting considerably.”

“We have seen increasing demand from our insurance clients to outsource back and middle office functions over the last 12 months. We expect this trend to continue as the pace of change rise across accounting standards and regulation with focus on new asset classes and improving operating models,” said Edward Turner, global product head, insurance sector, securities services, at HSBC. “This partnership with HSBC Life enhanced our insurance securities services offering, providing a robust and scalable solution that meets the complex accounting and data needs of our insurance clients. With our specialist securities services, our insurance clients can improve their operating model, reduce costs and become more flexible.”