United India Insurance Company Limited (UIIC) was incorporated as a Company on 18th February 1938. General Insurance Business in India was nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, besides General Insurance operations of southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited. After Nationalization United India has grown by leaps and bounds and has 18300 work force spread across 1340 offices providing insurance cover to more than 1 Crore policy holders. The Company has variety of insurance products to provide insurance cover from bullock carts to satellites.
Intellect Design Arena Limited, a specialist in applying true Digital Technologies across Banking, Financial Services & Insurance, announced that United India Insurance Co Ltd (UIIC) has gone live with Intellect’s OneTREASURY solution. Intellect OneTREASURY seamlessly integrates and automates treasury functions across front-mid-back offices, providing enterprise wide view of real time liquidity, which enables a firm to meet stringent liquidity requirements and regulations, ensures compliance to changing Capital Adequacy norms while supporting robust risk management practices.
UIIC went live with Intellect OneTREASURY-real time treasury management for Insurance. Intellect OneTREASURY integrates front-mid-back office treasury, ALM, Lending ,IRDA Reporting and Derivatives suite on a single platform. Intellect OneTREASURY caters to an array of asset classes viz, Fixed Income, Money Markets, Equities & MF and derivatives. Intellect OneTREASURY integrates cash flows from different sources (branch,portal etc) and provides consolidated as well as drilled down view of liquidity which aids in better funding decisions and thus enabling just in time funding thereby reducing the cost on avoidable borrowings. This was complemented by the Lending module covering the complete lending life cycle an important need for a mature institution like UIIC. The solution was completed using Asset Liability management module from OneTREASURY which has helped UIIC manage Balance Sheet risk and growth. UIIC is now able to generate all the required reports with a single click. This implementation also helped UIIC reduce processing time considerably as well as increased the data accuracy and reliability, by automating the entire data exchange process with source systems. The solution was flexible enough to handle local regulatory reports as well insurance specific business reporting which was a big plus for UIIC. To meet both the internal and regulatory reporting requirements, the ALM reports have been made fully customizable with regard to structural tenors, asset and liability portfolio hierarchies. . The overall solution enhances transparency on attribution of earnings and costs.