SBI Life Insurance goes live on iDeal Funds |
Dec 30, 2009 |
| SBI 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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Subsidiary 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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The 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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With 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 regaulations at the largest private sector insurance company in India. |