Credence Analytics, the India-based specialist investment and risk solutions provider, announces an upgrade in their investments management solution for the insurance industry.
The insurance version of Credence iDEAL was launched in November 2004. The solution was designed to address the complete investment management operations of an insurance company including cash management for multiple schemes/portfolios, investment planning and tracking, valuation, interest and corporate actions management and accounting.
Credence Analytics is now pleased to introduce various enhancements to the insurance version of Credence iDEAL including an on-line limits monitoring module and an upgraded internal MIS & IRDA reporting module. The new modules would address the core requirements of an insurance firm in terms of:
Limits monitoring - IRDA limits setting and monitoring and Internal limits setting and monitoring.
In this module, various types of internal and IRDA limits could be set which would be monitored on a real-time basis during the investment transactions. The system would take care of both the hard and soft limits. All limit breaches would be thrown up as an online message prompt to the relevant users so that appropriate action could be taken. An exception report would also be maintained within the system as required from an audit and risk perspective. With this solution, limits monitoring, compliance and reporting would now be a simple, relevant and actionable task for the organisation.
The Credence online limits management module enables insurance companies to track and report internal and regulatory compliance for limits and exposure management. This module works across all asset classes, has multi-level authorisation screens, limit previews and dealer dashboards which display exception and breach warnings. The real-time, pre-deal limit checks enable dealers to perform "what if" scenarios on trading ideas. Real-time reporting to all users of the application ensures that limit and compliance information is disseminated instantly and helps provide increased transparency across the organization.
Regulatory & MIS Reporting - Internal MIS reporting and IRDA reporting
Credence iDEAL – Insurance helps in generating a set of standard reports and compliance reports. All the reports as per the IRDA format for an insurance firm have been built into the system. The system generates various important internal MIS reports, such as:
- Transactions listing report
- Holding statement after valuation
- Costing report: FIFO, WAC
- Interest/dividend receivable report
- Scheme wise inflows and outflows report
- Exposure reports to the internal limits set, etc.
The system also takes care of IRDA Compliance reports and generates the same as per form 1, 2, 3, 4, 5, 6 and 7.