CAMS Business Intelligence presented at the MicroStrategy Summit

Technology and Business Intelligence have become integral to enabling growth in major industrial sectors in the country and the Indian Mutual Fund industry is no exception. Keeping In line with the rising interest in BI, US-based leading analytics technology platform MicroStrategy, recently organised an international MicroStrategy Symposia Series. The Symposia spread across the globe, served as a forum for experts to share industry insights and best practices.  Anuj Kumar – Chief Operating Officer, Asset Management Services, CAMS and N. Ramakrishnan – Chief Information Officer, CAMS represented the organisation and delivered the keynote address at the Bangalore edition of the symposia series. The event was attended by the crème de la crème of the Information Technology and Business Intelligence industry, including Michael J Saylor, CEO MicroStrategy.

BI services for the MF industry

Computer Age Management Services (CAMS), as a pioneering organization in technology based Mutual Fund investor & intermediary services space in India, had the scientific insight to envisage the business advantage of leveraging data trends in the Mutual Fund industry, early on.

Focused on building several layers of value over and above the core RTA service to bring about a unique value delivery model, CAMS instituted Business Intelligence services derived via Aggregated Data Repository, that compute and interpret valuable industry insights.

MFDEx CAMS data bureau services

MFDEx CAMS data bureau services, which tracks about 92 per cent of the MF industry, has been providing seamless services availed not only by CAMS serviced funds but also those served by competitors, setting new benchmarks for BI services in the MF industry.

Technically, MFDEx is the most comprehensive Data Bureau service designed to present rich, accurate Mutual Fund data in an intelligent structure using multi-dimensional parameterisation.

CAMS deploys MicroStrategy for BI services owing to the former’s good mobile capability and strong mobility strategy, transaction write back facility, outstanding visualization capability and good, flexible partner network.

CAMSsmart

Powered by MFDEx and MicroStrategy, CAMS has moved on to provide ‘CAMSsmart’ a customised BI service that transforms raw data into actionable insights. Some of the services provided by CAMSsmart include:

    • Business performance tracking
    • Sales Team performance monitoring, reporting, benchmarking
    • Incentive administration
    • Predictive Analytics; What-if scenarios
    • Sales forecasting

CAMS mfCRM+

mfCRM+ fundamentally a powerful mobility solution combining the power of CRM and Analytics, is yet another innovation from CAMS’ BI services suite. It has been implemented with 450+ users with a large AMC and soon to go-live with 2 mid-sized AMCs.

What next – the road ahead

With flourishing prospects for the MF industry, CAMS is now working towards next-gen BI services that are focused on cutting-edge technology offerings that are to benefit distributors, sales and selling strategies.

CAMSRep CEO speaks on future of life insurance distribution at the Businessworld Life Insurance Summit-2017

The Indian insurance sector is relatively underpenetrated, yet to reach its full potential. At present, the country makes up for a meager 1.5 per cent of the world’s total insurance premiums in spite of its teeming population.

While prevailing Government policies aim to take insurance penetration in the country to the next level with initiatives such as the campaign to digitize insurance policies, private Indian insurance players are also exploring various ways to engage and enroll the uninsured and the underinsured.

Creating a forum for discussion, BW Businessworld recently organized the BW Businessworld Life Insurance Summit 2017, on 26th April at Trident Mumbai, bringing together industry veterans, thought leaders and prominent officeholders from across the Indian Insurance sector.

Among the prime highlights of the summit was a panel discussion strategically titled “Into the Future of Life Insurance Distribution”.  Moderated by Dr. Anjana Grewal, Director – Centers of Excellence, MISB Bocconi – Bocconi India, the discussion saw panelists sharing their ideas and views on the role and impact of technology in approaching and optimizing the scope of life insurance distribution, on the requirement to ensure a healthy premium mix and the role of aggregators in the next phase of distribution.

In this line of discussion, Mr. SV Ramanan, CEO, CAMS Insurance Repository, highlighted the growing necessity to reinvent insurance in a digital avatar at all stages, from sales to claims.  He also reiterated how important it is in the digital world for back-end processes to keep pace with the sales process. If otherwise, it would be no different from running a BMW series 5 with an 800 engine, he observed.

The role of IR is to enable the back end process in such a way that it can be handled in a seamless digital environment. This would ensure good customer experience”, he remarked.

The discussion panel also comprised

Mr. Alok Bhatnagar, CEO & Principal Officer, EasyPolicy

Mr. Mahavir Chopra, Director, CoverFox

Mr. Adit Parekh, Principal, Blume Ventures

Mr. Manik Nangia, Director & CDO, Max Life

Other eminent guests at the event included

Mr. V. Manickam, Secretary, Life Insurance Council

Mr. Yashish Dahiya Co-Founder & CEO, PolicyBazaar

Mr. Ashish Vohra, CEO, Reliance Nippon Life Insurance

Mr. Rohit Kumar Sharma, Country Manager, Financial Services Sector, IBM

Mr. Sushobhan Sarker Director, National Insurance Academy (NIA)

Mr. Girish Malik, Director, Insurance Brokers Association of India

Mr. Vighnesh Shahane, CEO, IDBI Federal Life Insurance

Mr. Deepak Mittal, MD & CEO, Edelweiss Tokio Life

For further reading:
http://businessworld.in/article/BW-Businessworld-Life-Insurance-Summit-2017-Digital-Adaptation-Tremendously-Reduces-Insurance-Servicing-Costs-/26-04-2017-117058/

About CAMSRep

CAMS Insurance Repository Services Ltd (CAMSRep), a subsidiary of CAMS, is one of the major Insurance Repositories in India Licensed by Insurance Regulatory and Development Authority of India (IRDAI). CAMSRep, as an Insurance Repository opens unique eInsurance Accounts (eIA) for policy holders,which in essence are convenient, safe and relatively risk-free electronic policies. CAMSRep also acts as a single point of service for all ePolicies held by a policy holder. Apart from repository services, CAMSRep also provides outsourcing services to multiple Insurance Companies in accordance with IRDAI regulations.

The Big Switch – Transferring from EPF to NPS

As a Government nominated Point of Presence (PoP), we are pleased to announce that CAMS is pioneering the movement of individuals switching from the EPF to the NPS system in India. While this switchover is imminent, here’s what you need to know about the change.

Technology in the hands of Individuals

In March 2015, during the new Government’s first budget presentation, Finance Minister Arun Jaitley revealed the idea to implement a centralised pension plan, also known as the NPS or the National Pension System in lieu of the ongoing Employee Provident Fund (EPF). It promised to be a simpler, more transparent, portable and regulated system than the current one, while its supervision would be undertaken by the Pension Fund Regulatory and Development Authority (PFRDA). This move highlighted the need for the working class to make this switch in order to facilitate a better and more organised growth graph for the pension market.

The current Employee Provident Fund option is a scheme that is provided to all salaried individuals in the country. It means that when you start working, you and your employer both contribute 12% of the basic salary (plus dearness allowances, if any) into your EPF account. The entire contribution goes into this account along with 3.67% (out of 12%) from your employer, while the remaining 8.33% from your employer is diverted into your EPS (Employee’s Pension Scheme).
For example, if minimum pay for an employee is above INR 6500 per month, the employer can only contribute 8.33% of INR 6500 (INR 541) to their EPS and the balance goes into the EPF account.

With NPS on the other hand, a portion of an employee’s salary is accumulated in an individual pension account called PRAN (Permanent Retirement Account Number) using points of presence, a central recordkeeping agency, and pension funds as specified in Government norms. A PRAN number is unique to each individual and remains with them throughout their life. NPS accounts are structured into 2 tiers, namely:
Tier-I Accounts: These are non-withdrawable where any contributions made are deposited and invested according to the scheme the subscriber opts for.
Tier-II Accounts:  A voluntary withdrawable account, which is allowed on the basis of a Tier I account already existing in the name of the individual. Withdrawals can be made as per the needs of or claims made by the subscriber.

Monthly contribution to the EPF is mandatory, whereas NPS provides employees with an option to opt out of the contribution clause.This leaves them with more disposable income at the end of each month. While both schemes are aimed at provision of retirement benefits to every employee, NPS offers a more convenient and tax benefiting option to the subscriber than EPF. It is also advisable to keep in mind that, once this switch is made, the NPS system allows an individual to shift back to the EPF plan only once, and without the availability of the perks attached to either scheme.

Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 62% of assets of the industry across 16 Mutual Funds. As of today, we accept service requests 6 days a week across all our platforms for individuals opting to make this switch.