Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, today announced that Aréas Assurances, the seventh largest network of exclusive general insurance agents in France, has chosen Linedata Chorus, a specialist fund accounting and administration software solution, to manage €2 billion of assets.
Aréas Assurances, an independent group made up of mutual insurance companies of which the oldest was founded in 1825, provides its clients with Life and Property & Casualty services through a relationship based on trust and proximity. Following a decision to improve its administrative and accounting management information systems, Aréas Assurances sought to build a long-term partnership with a stable software vendor and market leader.
The functional scope of Linedata Chorus and the exceptional regulatory coverage proposed, in particular in terms of Solvency II, perfectly matched the needs of Aréas Assurances. The added value of the reference data administered by Linedata, Linedata Nile, was a deciding factor. Linedata Nile will provide a reliable, turn-key solution to all Aréas Assurances' market data needs. In addition, in selecting Linedata's SaaS solution, Aréas Assurances stands to benefit from a high level of security, the full system support and version upgrades as well as dedicated user support, all of which delivers a highly favourable cost-efficiency ratio when compared with an internal hosting solution.
This hosting solution, along with a tried and tested portfolio transfer methodology, contributed to the migration of Aréas Assurances' portfolios in less than three months. "Our implementation project had extremely tight deadlines," said Arnaud Chatellier, Aréas Assurances' Accounting and Financial Director. "Linedata's teams took this into account and provided us with the necessary business and technical expertise in the form of a small team, and ensured an overall service that was extremely efficient".
"We are delighted to welcome Aréas Assurances to our Linedata Chorus client base. This new client reinforces our position of leadership in the institutional investment market with a competitive, proven and value-added solution," commented Franck Thomas, Linedata's Back Office Asset Management Head of Sales. "Through its Back Office business line, Linedata is constantly innovating in the fields of fund accounting and administration solutions throughout the world. Linedata Chorus forms a part of this innovation through an ambitious development program which will support our growing client base through their future business challenges."