HannoverRe Re-Insurance Goes live with iDEAL Funds to automate their Investment management solution
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HannoverRe Re-Insurance Goes live with iDEAL Funds to automate their Investment management solution
Mumbai, November 9, 2017– Hannover Re SE, is one of the largest Reinsurers in the world. Headquartered in Germany, In India after recently securing the General Insurance license they decided position themselves as a General Insurance (GI) fintech start-up using Technology as an enabler to automate their entire business process, proposition and servicing. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior")
Bringing global expertise of Reinsurance business, Hannover Re was extremely choosy and had very strong Vendor selection criteria.
Front to back Insurance Investment management capability coupled with strong Regulatory (IRDAI) Compliance engine being among the most important considerations for Hannover Re to opt for Credence as the chosen partner.
The considerations where Credence Analytics scored very well are as Solution Maturity, In Built Coverage of regulatory compliance, Leadership Position- Largest market share within the Indian markets, Strong Local Support and Expertise of successful projects within the same segment.
Credence scored outstanding in front of the client with the help of positive brand image created in the market as the most dependable & bankable Insurance Investment Management solution with regulatory compliance coverage from Indian regulatory environment perspective. Strong Credibility, Successful track records of successful implementations, solutions design and maturity & experience in the local market helped Hannover Re choose Credence with confidence of having a seamless implementation & integration with their Core GL (General Ledger) and other third party systems. Moreover ensuring that the out of box solution itself fully covers IRDAI regulatory compliance.
Credence completed complete migration of historical data from date of commencement of investment operations for Hannover Re. The system was delivered from plan/design/develop with migration of data in just about 3 months.
Credence’s strong domain knowledge, Technical expertise within Investment, Insurance & reinsurance industry with world class Implementation methodology and above all proactive approach towards its client’s unique requirements makes it an industry leader.