Star Allied Goes Live on Credence iDEAL Funds


 

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tar Health & Allied Insurance, a specialist in Health Insurance, has gone live on Credence iDeal Funds for their funds management operations. Star Health has chosen to be in the field of health insurance in spite of having a capital base of Rs 303 Crores, which is more than sufficient to form a General Insurance Company. With the requirement of an IRDA compliant robust system to automate the investment management operations, Star Allied chose Credence system. The system has the capability to monitor IRDA compliance and generate accounting and IRDA reports. After the implementation of iDeal Funds, which is interfaced with PREMIA, there is no manual intervention required in posting investment operations data to their core system.

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n the words of S Ramaswamy (CFO) “When the Credence iDeal was implemented, the team was able to complete the process in a very short span of 27 working days which is not possible without a good product, domain expertise and dedicated team which has made the product successful.” The dependable product and domain expertise of Credence employees enabled to complete the implementation within a month. The transition from existing excel system to iDeal Funds was smooth and the new system is up and running in Star Allied.

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tar Health and Allied Insurance Company Limited (Star Health) is a joint venture between Oman Insurance Company, ETA Ascon Group and a number of insurance veterans in the country. Star Health has chosen to be in the field of health insurance and was the first stand-alone health insurance company in India. It offers a wide range of health insurance services and related products at affordable prices, dealing in personal accident, Mediclaim, and overseas travel insurance.

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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.

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Tel: +91 22 4061 1000 Fax: +91 22 4061 1000

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