Mumbai, August 21, 2017– Insurance industry in India has seen a major growth in the last decade along with an introduction of a huge number of advanced products. This has led to a tough competition with a positive and healthy outcome.
Insurance sector in India plays a dynamic role in the wellbeing of its economy. It substantially increases the opportunities for savings amongst the individuals, safeguards their future and helps the insurance sector form a massive pool of funds.
With the help of these funds, the insurance sector highly contributes to the capital markets, thereby increasing large infrastructure developments in India.
The future of Insurance industries flows with the increase in income and exponential growth of purchasing power as well as household savings, the insurance sector in India would introduce emerging trends like product innovation, multi-distribution, better claims management and regulatory trends in the Indian market.
Acko General Insurance which has recently acquired License and conducted extensive evaluation of all software vendors, required a reputed vendor who has a ready solution for their requirements for setting up General Insurance Business. The company required investment management software to quickly go live with their business and offer reliable services to support their operations for a very long time. Acko General Insurance evaluation committee opted for a thorough product demonstration session of Credence iDEAL Funds. The team was highly impressed to see that in addition to being compliant to all regulatory requirements, Credence iDEAL Funds is future ready and supports new investment instruments like IRF, IIB, Equity Futures & Options, also is flexible to integrate their unique requirements.
Credence iDEAL Funds got shortlisted as the most preferred Investment Management System for Acko General Insurance in the country. Credence Analytics offered the best fit solution for Acko General Insurance’s requirements, with comprehensive asset class coverage, strong limits management and IRDA compliance. The solution offered also covers enhanced third party integration through uploads, seamless STP solution, strong pre-deal Analysis and ‘what if’ simulation facility, scalable to manage high volumes & handle future business requirements, consolidated dashboard for specific user profile based information, specialized liquidity projections for better Investment planning, enhanced report generation engine, configurable batch process scheduler to automate EOD & BOD processes, enhanced transaction processing engine for single and bulk processing of trades, spectrum of Instrument and currency types, continuously upgrade to address the regulatory norms
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