A leading Indian General Insurance firm selects Credence’s iDEAL Funds 5.0

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14 January 2018
Mumbai, India

to automate their Investment management solution

Mumbai, January 15, 2018 – Our client received initial approval from IRDA for the health insurance unit in September 2017 and expects the new firm to become operational by early 2018.

At present, the firm offers health insurance through its general insurance subsidiary. Our client, by setting up a separate company to offer health insurance products, is looking to tap opportunities in the retail segment.

According to studies, there are three factors indicating significant growth potential in retail health insurance.

1.Changing demographics—a younger India with higher income, higher assets, and more financially aware.

2.Rising cost of healthcare.

3.An increase in lifestyle-related ailments

Credence iDEAL Funds got shortlisted as the most preferred Investment Management System for the group. Credence Analytics offered the best fit solution for their 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.

We are happy to share that the project has been successfully implemented with UAT sign-off stage already accomplished. As soon as the last milestone of license is rec’d by our client, the solution is aptly ready for real-time usage by the investment team.

News article details

Sector
Banking, Insurance, Securities & Investments
Media Type
Interviews, In the News, Podcasts, Press Releases
Location
Asia-Pacific, EMEA, LATAM