Driven by the convergence of risk and performance, increasing regulation, the emergence of ESG, and more sophisticated investment strategies, FactSet has progressed with expanding its insurance solutions, used by the largest global insurers.

The company has worked to help firms make the transition to a modern-day middle office, which requires the support of more workflows by a single provider, relying on a single source of truth for data needed to power business processes, reducing the operational burden of their employees, and moving to cloud-native scalable technologies and away from monolithic on-prem systems.

Key progress from the last year included data integration with external asset managers, supporting the integration and monitoring of multiple data feeds to be used in insurance general account analysis and stratification, and its portfolio services which monitor and reconcile the day-to-day client data operations around the clock to ensure process integrity and on-time delivery.

It has also been active in data enrichment and enhancement – for example, calculating over 200 bond and derivative sensitivity analytics daily for clients on its cloud-based enterprise calculation engine.

Its equity models incorporate fundamental and quantitative factors, including company-specific information, industry and sector exposures, and cash flows, providing insurers with the tools to accurately evaluate the risk-adjusted return potential across all their investment products.

FactSet has also been savvy on data delivery, offering insurers a range of analytics and reporting tools that allow insurers to visualise and communicate insights from their modelling efforts to regulators and internal and external stakeholders.

It is a broad suite of functionality that gets FactSet this year's insurance asset risk technology provider of the year award.