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2nd Largest Indian Private Life Insurer

 

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Credence supporting operations of India's 2nd largest private life insurance company with over 25 users across all departments

2ND LARGEST INDIAN PRIVATE LIFE INSURER

Business Challenge

This life insurance company was poised for growth and hence needed latest technologies to address their rapid business expansion. They had the vision to be amongst the top rung company in India. However, their legacy investments system was not geared up for this. It was actually a treasury system which was being used for fund management. Another challenge was compliance. The Company had to meet strict reporting and controls guidelines from the regulator.

Solution

  • Credence Analytics - iDEAL Funds - was chosen after a formal evaluation process.
  • iDEAL Funds automated the entire front, mid and back office operations of the Company.
  • Modules for Compliance and inhouse NAV computations were delivered

Results

  • Using the System's flexible and easy to use design, Client streamlined their operational processes to maximise efficiency
  • Compliance requirements were fully adhered to, enabling our client to effectively handle audit queries.
  • Accurate NAV computations for all ULIP schemes was also achieved, helping our Client to report it on a daily basis on time.
  • The customer has scaled up its operations achieving 30% - 35% YoY growth resulting in an increase in portfolio size of approximately 10 times the initial portfolio. However, the application is still being seamlessly used across the front, mid and back office departments with periodic enhancements released as and when new regulations are brought into force by regulators or new products are launched in the market.

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