Mumbai, September 12, 2017 - Nearly Rs. 1 lakh-crore general insurance business has turned profitable for many companies. Looking at the Lucrativeness, Dewan Housing Finance Corporation, a Delhi-based mortgage firm focused on smaller cities plans to expand its footprint in general insurance business.
Wadhawan Global Capital, which has Dewan Housing Finance (DHFL) as its flagship brand, is set to launch its general insurance business in the third quarter of the current fiscal. DHFL General Insurance, which in May this year received the regulatory nod to start operations, recently appointed Vijay Sinha to head the venture. During the post-results interaction with the media, Kapil Wadhawan, CMD, DHFL told that the group was on track to launch its general insurance business in a few months time.
DHFL General Insurance, a new entrant in the General Insurance segment has recently got an R2 approval. With that, they were looking for an experienced Vendor who will quickly deploy the system on a temporary infrastructure for their final approval and will later migrate the data to their preferred DC. So the biggest challenge was to squeeze the project plan in two phases (Standard Deployment & Data Migration to DC) in a time frame which is less than half of our standard timeliness.
Credence iDEAL Funds has been the most preferred Investment Management System for DHFL General Insurance in the country and offered a best fit solution for their requirements with comprehensive asset class coverage, strong limits management and IRDA compliance. The Application also covers enhanced third party integration through uploads, seamless STP solution, strong pre-deal Analysis and what if‘ simulation facility, scalable to manage high volumes & handle future business requirements, consolidated dashboard for specific user profile based information, specialized liquidity projections for better Investment planning, enhanced report generation engine, configurable batch process scheduler to automate EOD & BOD processes, enhanced transaction processing engine for single and bulk processing of trades, spectrum of Instrument and currency types, continuously upgrade to address the regulatory norms.
DHFL General Insurance today it has received certificate of registration from the Insurance Regulatory and Development Authority of India (IRDAI) and will start its business operations soon.
The venture has been promoted by Wadhawan Global Capital ((WGC)), whose flagship brand is Dewan Housing Finance Ltd (DHFL), a listed entity.
DHFL general insurance venture would help the company in its commitment to offer protection and mitigate the economic effects of illness, accidents, death, disability and disasters. It will also help DHFL to provide the protection for assets as a safety net to cope with economic consequences of unexpected events. Along with the traditional channels, the focus of this new venture will be to give a cutting edge digital experience to the customers & will empower them to take insurance buying decisions.
DHFL General Insurance will focus on providing a positive customer experience not only at the point of sale but across the customer engagement cycle to ensure customer retention.
About Credence Analytics
Credence Analytics is an International software solution provider for over 25 years having marquee clients across Asia, Middle East & African markets. In its home market i.e. India, its clients comprises of leading Banks & Institutions like Reliance Nippon Asset Management (One of the Largest Asset Management Companies of Indian subcontinent), State Bank of India (Largest Bank in India), ICICI Bank (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). Globally Credence Analytics has presence in South East Asia, Middle East, and African Countries with clients in Nigeria, Vietnam, Oman, 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.
Except for the historical information contained herein, statements in this release, which contain words or phrases such as "will", "would", "expect", "believe", and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of our principal international markets, the performance of the industry sectors in which our clients are based, the performance of the information technology industry sector world-wide, competition, our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of our growth and expansion in business, technological implementation, changes, advancements, and redundancies, the actual demand for software products and services, or the future potential or feasibility thereof, changes in revenue, income or cash flows, our market preferences and our exposure to market risks, as well as other risks. Credence Analytics undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.