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Follow UsInfrasoft Technologies, a specialist global company delivering technology solutions to banking & financial institutions will implement its Anti-Money laundering Solutions at HDFC Standard Life, which is a powerful combination of Customer Profiling through KYC (Know Your Customer), Customer Identification Process, Customer Risk Rating, Behavior Profiling, Customer Links and STR Reporting.
HDFC Standard Life Insurance is the first life Insurance Company to select an Anti Money Laundering Solution from Infrasoft Technologies Limited, a leading BFSI software solutions company. This solution will be the first of its kind in India enabling HDFC SL to carry out Customer profiling, KYC, Customers and Transactions due diligence norms based on IRDA guidelines.
HDFD SL is one of India’s leading private life insurance companies with a customer base of 1.6 million individuals (as on 31st March 2006). They have initiated the process of deploying InfrasoftTech’s OMNIEnterprise TM: Anti Money Laundering Solution, created specifically for the insurance segment, to simplify the task of detecting suspected money laundering activities.
InfrasoftTech’s robust and scalable solution will automate the task of regulatory reporting and internal risk assessment and integrate with their core back office system, Life Asia.
Mr. Hanuman Tripathi, Managing Director, Infrasoft Technologies said, “We are delighted to work with HDFC Standard Life, and implement our comprehensive AML solution on their systems. OMNIEnterpriseTM follows a component-based architecture and is designed to fit into any existing financial institution’s system, with a remarkably short deployment cycle. Post implementation, HDFC Standard Life will be the first life insurance company to be AML compliant.”
Mr. Sunil Rawlani, Head – Information Systems & Technology, HDFC Standard Life, said “We are happy to be the first Insurance company in India to implement an enterprise wide Anti Money Laundering solution, based on IRDA guidelines. InfrasoftTech’s OMNIEnterpriseTM: Anti Money Laundering solution delivers superior detection through its Expert Rules, Profiling and advanced statistical and processing techniques. We have also looked at their experience with Indian financial institutions for the purpose of commitment on Support Services.”
About HDFC Standard Life Insurance
HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life insurance companies offering a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), India’s leading housing finance institution and the Standard Life Group, United Kingdom. Both the promoters are well known for their ethical dealings and financial strength and are thus committed to being a long-term player in the life insurance industry – important factors to consider when choosing your insurer. HDFC Ltd. and Standard Life Group, UK, have a long and close relationship built upon shared values and trust.
As a joint venture of leading financial services groups, HDFC Standard Life has the financial expertise required, to manage long-term investments safely and efficiently.
HDFC Standard Life offers a range of individual and group solutions, which can be easily customized to your specific needs. Their group solutions have been designed to offer you complete flexibility combined with a low charging structure.
About Infrasoft Technologies Limited
InfrasoftTech, one of the fastest growing Banking & Financial Solutions Company, has used its years of banking domain expertise coupled with its state of the art technological capability, to come up with an end-to-end Anti-Money Laundering (AML) Solution specifically for the insurance sector.
InfrasoftTech has served 100+ banks & FIIs globally in diverse areas of Core Banking, Islamic Banking, Wealth Management and Anti Money Laundering. A leading AML solution provider with AML implementations in over 20 financial institutions in diverse geographies including Asia, Europe and Americas. The company has its offices in Mumbai, London, New York, Singapore, Malaysia, Bahrain, & Dubai.
Source: Ciol Bureau