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SBI Life Insurance goes live on iDeal Funds
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BI Life Insurance has gone live on Credence iDeal for their fund management operations. SBI Life is the biggest private sector insurance company in India with Rs. 21,992 crore assets under management. The company has 6.12% share of the total market and 18.07% share of the private players market.
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ubsidiary
of SBI, largest bank in India had chosen to shift from their existing TCS
software to Credence iDeal funds some time ago. The change in software
coincided with new guidelines from the regulator and the need to automate
portions of their operations like NAV calculations.
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he
software was expected support a large scale of operation with a number of users
and active investment department. The implementation involved a team of domain
experts and project consultants from Credence focusing on automating as much of
operations as possible.
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ith the new software going live the investment department can now keep track of all investments, monitor regulatory and internal compliance, account for the operations and generate NAV for unit linked plans. Integration with stock exchanges and CCIL also allows straight through processing. According to SBI life officials "the support provided by Credence team at the time of go live was especially appreciable". With this, Credence iDeal has proven itself in managing operations and adhering to stringent IRDA regulations at the largest private sector insurance company in India.
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redence Analytics is a highly specialized financial software product provider with a rich experience of over 15 years in the industry. As a highly focused vendor credence analytics address the requirements of Banks, Asset Management Companies, Insurance Companies, Non-Banking Financial Companies and Corporate finance departments in the areas of Treasury, Investment Management, Fund Administration, Investor serving and Risk Management.
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ased in India, Credence Analytics has a reputable customer base in India that comprises of leading Banks/institutions like Reliance Mutual Fund (Largest Asset Management Company in India), HDFC Bank (Second Largest Non-Government owned bank in India), SBI Life Insurance (Second largest life insurance company in India) and SBI Associate Banks (Largest Banking Group in India). Credence Analytics also has presence in South East Asia, Middle East, African Countries with clients in Nigeria, Bahrain, UAE, Sri Lanka and Philippines. The strength of Credence Analytics is its strong domain expertise in the areas of Treasury, Investment Management and Risk Management. The Firm Strongly believes that its role goes beyond providing software solution by actively implementing the solution and advising the customer on how to use the software to the fullest extent.
| Credence Analytics 301, Palmspring, New Link Road, Malad (W) Mumbai, India. Pin - 400 064 Tel: +91 22 4061 1000 Fax: +91 22 4061 1000 visit us: www.credenceanalytics.com Mail to: marketing@credenceanalytics.com |
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