SBI Life Insurance Company Ltd. selects Credence "Ideal Funds" to automate its investment operations

BI Life Insurance has been ranked 2nd among private life insurance companies for FY 08-09 with AUM of Rs. 13214 Crores (Growth of 93% over the previous year).SBI Life has decided to improve its internal processes and to emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer service and world class operating efficiency .

redence iDEAL Funds is an integrated funds management solution designed to automate the complete investment management operations for an Insurance Company. The solution is designed to monitor portfolio wise Shareholders, Policyholders and Unit Linked Insurance Plans. IDEAL(Funds) is an end to end transaction processing system right from deal capturing, position management, valuation, accounting to NAV Generation for ULIP Schemes. SBI Life will benefit from Credence iDEAL Funds extensive portfolio management tools, streamlined trade order management, real-time compliance testing and monitoring on a single integrated platform..

redence iDEAL Funds was selected after an extensive evaluation of all the available systems like MFund and TCS solution. Credence iDEAL and MFund were the only shortlisted vendor for final round of evaluation. It Front Office Module offers Pre-deal Analytics tools like Simulation and Security Analyzer and dedicated Dealing screen for various asset classes.

BI Life's evaluation made it clear that Credence iDEAL is better than MFund in terms of MIS reporting, Front Office functionalities like simulation and Mid Office compliance testing along with ready to use IRDA compliance Forms as per the latest circular which were missing in MFund. MFund proved its capability in the back office functionalities like Fund Accounting but Credence track record of proactively scaling up the solution functionalities and enhanced Fund Accounting module made clear that it is at par with MFund Back office module and helped the SBI Life decision in favor of iDEAL

redence iDEAL Funds' ability to provide end-to-end coverage for the various asset classes SBI Life deals in, portfolio rebalancing tools, and a user friendly interface were instrumental in the choice. Credence iDEAL Funds will provide SBI Life with solutions for managing various challenges in the Investment operations in terms of the volume of trades, spectrum of instrument types, complexity of the investment objectives of the funds and the need to continuously address the IRDA regulatory norms and reporting standards.

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.

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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