Birla Sun Life Mutual fund launches Samriddhi and organizes exclusive investment conclave for corporate investors

India, with its thriving population and current status as an underpenetrated market for mutual funds, is now brimming with a huge base of customers looking at ways to channelize cash assets into investments. The time seems ripe to spread investor awareness like never before.

Birla Sun Life Mutual fund’s in-train magazine, Samriddhi is launched

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Recently, Mr. N K Prasad, President and CEO, CAMS, launched Samriddhi, a first of its kind in-train magazine in Chennai. Available as a complimentary copy to the passengers on the Chennai-Mysuru-Chennai circuit of the Shatabdi express, this magazine, a brainchild of Birla Sun Life Mutual Fund, aims to spread financial awareness among its readers.

CAMS CEO speaks at Investment Conclave organized by Birla Sun Life Mutual Fund

Mr. N K Prasad was invited to be one of the key speakers at an exclusive event on “Investment Conclave : India in the post-demonetization era”, organized by Birla Sun Life Mutual Fund for corporate investors, at JW Marriott Hotel, Aerocity, New Delhi on 9th December 2016.

Speakers at the event comprised of officials from the top tiers of Birla Sun Life Mutual fund and CAMS, including –

  • Mr. Bhavdeep Bhatt, Head, Institutional Sales, Birla Sun Life Mutual fund
  • Mr. Maneesh Dangi, CO – CIO Fixed Income – Equity, Birla Sun Life Mutual fund
  • Mr. Mahesh Patil, CO – CIO Fixed Income – Debt, Birla Sun Life Mutual fund
  • Mr. Gautam Deo – North Head Institutional Sales
  • Mr. Tilak Raj Khanna, Asst. General Manager – Distributor Services, CAMS

At the event, Mr. N K Prasad and Mr. Tilak Raj Khanna, elaborated on ‘Technology and ease of doing investment’ while Mr. Mahesh Patil  and Mr. Maneesh Dangi addressed the gathering on Equity Market Outlook and Fixed Income Outlook, respectively.

CAMS GoCORP, a unique solution designed to meet the investment needs of corporate investors, was elaborated upon at the event, wherein the discussion touched upon the multiple advantages GoCORP brings to investors.

CAMS GoCORP

Corporate Mutual Fund Investments

GoCORP from CAMS, is a digital solution designed to empower institutional investors with the freedom to transact across multiple mutual funds serviced by CAMS through a single portal. Launched in July 2015, CAMS GoCORP has seen a steady enrollment from both large and mid-sized corporate houses across India.

The GoCORP portal allows corporate investors to transact across all participating CAMS serviced funds using single login with facilities to enable multiple maker and authorizer combination as approved by the board. GoCORP also addresses compliance & audit needs of corporate investors. To know more about the Transaction features, Reports/Transaction tracking and other conveniences that come with GoCorp, please click here.

About CAMS:

CAMS Logo High Resolution

Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 62% of assets of the industry across 15 Mutual Funds. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading Insurance Companies, Banks, NBFCs and Alternate Investment Funds. To know more visit www.camsonline.com

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Yearly Roundup – 2016

CAMS brings you a glimpse into the key events that occurred in year 2016 in the BFSI sector, both in India and abroad. Regulatory updates or important news, here are some which might have had an impact on the sector.

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Early into 2016, Chinese economy displays signs of toppling markets across the world and sending currencies of emerging markets to their weakest levels in two decades.

In a dramatic turn of events , UK chooses to leave the EU in June 2016. Dubbed Brexit, the decision causes ripple effects that affect global proceedings politically and economically.

Falling in line with the anticipation of market experts around the world, the Federal Reserve hikes interest rates seeking to address issues related to labor market and inflation.

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Government of India decides to merge railway budget into the main budget, indicating a strategic departure from the 92 year old practice instituted by the British. Also, budget will be presented on first working day of February, starting next year.

India’s move to demonetize Rs500 and Rs1000 notes urges consumers to go the cashless and tax compliant way.

In a move to promote and boost cashless, digital payments in the country, Niti Aayog launches ‘Lucky Grahak Yojna’ and ‘Digi Dhan Yojna’ for consumers and merchants.

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In a landmark shift of stances, Indian government seeks to implement GST in 2017. GST council led by Union Finance Minister Arun Jaitley state finance ministers meets seven times to discuss amendments to be effected to GST.

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Urjit Patel assumes office as the newly appointed chief of RBI in September 2016; GoI sets up Monetary Policy Committee to manage affairs concerning policy interest rates.

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SEBI introduces several reforms in the past year, including relaxation of norms for start-up funding.

SEBI sources confirm registration of over 1700 fresh FPIs in the April-October quarter of the current financial year, accounting for an inflow of around Rs 2800 crore in equities alone.

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Mutual fund folios reach 44 lakh mark in the eight months spanning April to November 2016 alone, with considerable amount of inflow coming from B15 regions of the country.

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IRDAI mandates specific set of insurance policies to be issued in digitized, electronic form, from October 1, 2016.

The Indian Insurance industry records notable growth in year 2016, thanks to the several initiatives undertaken at the behest of the Central Government.

About CAMS

CAMS Logo High Resolution

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. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading Insurance Companies, Banks, NBFCs and Alternate Investment Funds. To know more visit www.camsonline.com

Digitalisation drive could improve insurance penetration

e-Insurance

If one were to measure the degree of penetration of insurance industry in the India, it would be found that there is scope for a lot more to be done. However, now there is scope for hope in this regard, with the Government of India promoting digitalisation in financial transactions with commitment and intensity.

A recent article published in Financial Express, authored by Mr. Kamalji Sahay, Director, CAMSRep, covers the many possibilities that digitalisation of economy would offer to the advantage of the insurance industry.

Excerpts from the article:

Prime Minister Narendra Modi has been vigorously pursuing the agenda of converting the country’s socio-economic landscape into a digital highway for faster and more inclusive growth. The mission is to map every Indian to a network to enable them to access all kinds of services, benefits and information without hassle and without discrimination. The current drive to move all financial transactions between any two entities or among several entities to the digital platform is a very determined effort to achieve this objective.

While Aadhaar provides a reliable identity to about 90% citizens, the stress on opening bank accounts such as a zero balance account under the Jan Dhan Yojana is targeted to make every entity KYC compliant and armed with a digital identity acquired through the bank account number or the registered mobile phone number.

In the marketing of life insurance, obtaining KYC data and processing the first premium payment have always been very challenging. During consideration of the insurance proposal, verification of several facts, right from age proof to income detail or records of previous policies, are required for evaluating the life before the risk is underwritten.

After completion of the proposal, the policy bond is printed with information on name, address, sum at risk, premium mode and amount and other conditions so that it establishes a legally valid contract between the insured and the insurer. Payment of subsequent premium with the contracted frequency and of any policy proceeds to the policyholder or the claimants has to be hassle free so that the insurer is able to honour its commitment in letter and spirit.

Lack of efficiency in this regard is the most important impediment in achieving higher insurance penetration. When an intermediary asks the potential customer for submitting KYC details, his first reaction is to either postpone buying of insurance or ask the salesman to come later. It’s worse when demands for documents even after depositing the money keep coming to the prospective policyholder. And in utter annoyance, he just refuses to talk to the sales person, depriving himself of a much-needed financial security cover. For people living in remote areas or those belonging to the disadvantaged sections of society, these issues have been a major deterrent in securing life insurance cover. The effect is visible in the low penetration of life insurance.

Aadhaar, which has been recognised by the Irdai as a valid KYC document, issue of guidelines regarding e-insurance account and insurance repositories by the regulator, opening of bank accounts by almost every eligible Indian have suddenly solved many of these latent issues. All these requirements can be complied with through networking with Aadhaar and banks. Even premium and claim payment can be smoothly transacted to minimise lapsation of policies and hassle-free credit of the insurance proceeds to the insured’s or claimant’s account .

Apart from such procedural advantages, digitalisation will enable insurers to identify prospective customers. Repositories can encourage people to go for more insurance. The environment would provide incentive to insurers to operate in villages. People in remote areas may also find it convenient to buy and maintain a few life insurance policies. The new landscape throws up opportunities for insurers to rethink their strategies and deepen their grip on the market. Those insurers who would take time to realise what has happened lately, may face the danger of being left behind in India’s quest for raising insurance penetration to the best global standard.

Article source: http://www.financialexpress.com/money/pm-narendra-modis-digitalisation-drive-can-improve-insurance-penetration-heres-how/479908/

About CAMSRep

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CAMS Insurance Repository Services Ltd (CAMSRep), a subsidiary ofCAMS, 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. To know more about CAMSRep, please visit https://www.camsrepository.com/.

 

 

CAMSRep CEO reiterates the growing relevance of digital insurance at the Economic Times Insurance Summit – 2016

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The last few years have witnessed the Insurance sector in India undergoing a dynamic phase of transformative growth, with IRDAI introducing several developmental reforms such as those concerning e-insurance. The stage has arrived, where the growing relevance of the Insurance industry to the economic growth of the country could not be understated anymore.

In such relevant times, the Economic Times group’s ET Edge had organized the dynamic 3rd annual edition of the Economic Times Insurance Summit, on 9th December 2016 at 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 strategically themed panel discussion titled “InsurTech: The fusion of Insurance & Technology, road to Innovation”. The panelists brought forth their thoughts, ideas and perceptions on the role and impact of technology in redefining the insurance landscape in terms of profit, acquisition and progress.

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In this line of discussion, Mr. Ramanan, CEO, CAMSRep highlighted how pertinent, right from sales to claims, it has been to have reinvented insurance in a digital avatar. He also reiterated how relevant e-insurance is an era where the digital natives in India are growing to account for a considerable section of the consumer segment.

He touched upon how other countries in the world that have successfully collaborated technologies such as GPS with digital insurance in effecting instant settlements against insurance claims in motor insurance, Mr. Ramanan and expressed his conviction that India as a nation at the threshold of being transformed into a cashless economy is surely and progressively moving towards such a phase of growth in terms of the insurance industry.

Click here to watch the entire panel discussion.

Other eminent speakers at the conclave included-

Mr. G. Srinivasan, CMD, New India Assurance

Mr. Joydeep Kumar Roy, Partner & Leader – Insurance, PWC

Ms. Kalpana Sampath, MD, Swiss Re Services India

Ms. R. M. Vishakha, MD & CEO, Indiafirst Life Insurance

Mr. Arijit Basu, MD & CEO, SBI Life Insurance

Mr. Anuj Mathur, CEO, Canara HSBC OBC Life Insurance

Mr. Anuj Gulati, MD & CEO, Religare Health Insurance

Mr. Shashwat Sharma, Partner – Management Consulting, KPMG

About CAMSRep

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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.

D&B Financial Markets Conclave 2016 : CAMSRep CEO contemplates the road ahead for distribution of financial products

The Financial Markets Conclave 2016 hosted by Dun & Bradstreet India, on 23rd November 2016, at St. Regis, Lower Parel, Mumbai, saw the coming together of industry veterans, thought leaders and prominent officeholders from across BFSI sector.

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The summit set the stage for dialogues on pertinent topics of great relevance, including the role of bond platforms in raising debts, the many innovations that are making waves in the commodity market and the prominent aspects of the regulatory landscape as instituted by IRDAI.

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Mr. S. V. Ramanan seen speaking at the D&B Financial Markets Conclave 2016

One of the key highlights of the event was the vibrant panel discussion moderated by Mr. Mrugank Paranjape, MD & CEO, Multi Commodity Exchange of India Ltd.

Titled “Distribution of financial products: The way forward”, which was also the central theme of the conclave, the session saw Mr. S. V. Ramanan, CEO, CAMS Repository Services Ltd., sharing his opinions with substantial references on the future of distributing turnkey financial products such as e-insurance policies.

Mr. Ramanan summarized how CAMS Group as an integral part of India’s Financial Infrastructure leveraged technology to the ease of distribution of financial products – be it via FinNet along with other large RTAs or through myCAMS for the retail investors.

He remarked that the success of Pradhan Mantri Insurance schemes was largely due to the ease of opening insurance policies, as in the case of CAMSRep. He also underlined how IRDAI has facilitated the process of opening eIA ( e-Insurance Accounts) in such a way that the policy-holder is rendered KYC compliant. Furthermore with the KYC, the purchase of an Insurance policy is further simplified.

Mr. Ramanan emphasized that success of distribution is not only about reach but being available at the Moment of Truth ( when there is a need for service) and of how CAMSRep has facilitated this for insurers through its pan-India Insurance Service centers (ISCs).

Other panelists at the conclave included-

  • Ms. Shilpa Kumar, MD & CEO, ICICI Securities Ltd.
  • Mr. Kamlesh Rao, CEO, Kotak Securities Ltd.
  • Mr. Amit Rathi, MD & CEO, Anand Rathi Group
  • Mr. Himashu Vyapak, Deputy CEO, Reliance Nippon Life Asset Management Ltd.
  • Ms. Vibha Padalkar, Executive Director & CFO, HDFC Standard Life Insurance Co. Ltd.
  • Mr. S. V. Ramanan, CEO, CAMS Repository Services Ltd.

Eminent guests at the summit included Mr. Ashishkumar Chauhan, MD & CEO, BSE Ltd., Dr. (Ms.) Mamta Suri, Chief General Manager (Finance), IRDAI and Ms. Preeta Misra, Director – Learning Solutions, Dun & Bradstreet India.

About CAMSRep

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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.

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Empowering investors, digitally.

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Recent events affirm that the country’s largely cash-dominated economy is gradually turning towards exploring the possibilities and benefits of adopting paperless, cashless transactional services in the BFSI domain. The last few weeks have seen a considerable spike in terms of cashless transactions across the country.

Farsighted investors have been quick to see that growing emphasis on Aadhaar based authentication, in combination with groundbreaking solutions from digital technologies and NPCI, is all set to effect a paradigm shift in the Indian Financial Services space.

As far as Mutual Funds are concerned, despite its double-digit CAGR over 20 years, the industry has grown to garner only about 7% of the Indian household savings and has tremendous potential for further growth. Low penetration levels of the Mutual Fund industry in the country can be attributed to the bottlenecks in terms of reach and easy access to investing in MFs.

Powering

CAMS, trusted IT-enabled service partner to the BFSI sector since 1988, have been pioneers in envisaging and launching several digitally empowered game-changing innovations was quick to leverage the ‘digital mega trend’, to bring ground-breaking transformation to the way the Mutual Fund industry operated. CAMS foresaw the underlying potential that digital transformation would usher in terms of inclusive growth and in channeling household savings to productive investment.

Consequently, CAMS launched a range of digital technologies to enable anytime, anywhere access to Mutual Funds, to transform investor experience with unique benefits of extraordinary convenience, customization and responsiveness. The Capital Markets Regulator (SEBI) and the Fund industry have recognized most of these digital solutions as transformational innovations to catalyze financial inclusion and industry growth.

Suite of Digital Solutions from the house of CAMS

myCAMS – the most downloaded MF mobile app in India, myCAMS brings a host of features that allows investors to open new folios, purchase, redeem, switch and stay updated on investments across CAMS serviced Mutual Funds. For more details, click here.

GoCORP – an unmatched offering for Institutional investors, GoCORP is a digital solution designed to empower institutional investors with the freedom to transact across multiple mutual funds serviced by CAMS through a single portal. For details and enquiries, click here.

Online, email based Investor Services from the house of CAMS

Camsonline, the web platform of CAMS, offers extensive Self-Management services and utilities. Typical services include tools reporting consolidated reports and statements, with the aid of which an investor can consolidate all of his/her holdings in all Funds serviced by CAMS in one single report – and have it sent via e-mail.

Some of the most recent, unique services that CAMS has to offer in terms of Consolidated Report include Consolidated Account StatementConsolidated Realised Gains StatementConsolidated Pay-In & Pay-Out StatementCommon Account Number (CAN) based Statement, Consolidated ActiveStatement, Consolidated Portfolio statement, Consolidated Transaction Details and Single Folio Account statement, as desired and chosen by the investor. For more information, click here.

 

PAN based Common One Time Mandate Services

Common One Time Mandate service hosted by CAMS is a one-time registration process that renders immense paperless convenience for investors who seek to invest in Mutual fund schemes. CAMS Common OTM brings home several advantages and service benefits to the investor, besides helping them circumvent multiple repetitions of cumbersome paper-based form-filling procedures.

More services from CAMS

Click here to know more about the plethora of services and solutions that CAMS has launched in service of Mutual Fund investors, distributors and Asset Management Companies.

About CAMS:CAMS Logo High Resolution

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. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading Insurance Companies, Banks, NBFCs and Alternate Investment Funds. To know more visit www.camsonline.com

 

 

 

Weekly Roundup – November 05

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CAMS brings you a weekly glimpse at the key happenings in the BFSI sector, in India and abroad. Regulatory updates or important news, here are some which might have had an impact on the sector.

GSecs

The US Federal Reserve chooses to leave Fed Rates unperturbed, in deference to the upcoming presidential elections.

China’s impact and contribution towards the global economy is significant, say experts. The country that accounts to 15% of the world’s economy, is attributed for more than 25% of global economic growth.

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GST given final touches at the two-day meeting held in New Delhi. A four slab tax structure to take effect. Centre rejects states’ pleas for special GST rates on specific goods of luxury.

Budget for the upcoming fiscal year to be presented in February, according to Finance Ministry sources. The Ministry seeks to wrap up the entire process by end of FY 2016-17.

RBI

The Central Bank of India now allows banks to raise funds via Masala bonds, enabling prospects for raising Tier I, Tier II capital to be lent to the Infrastructure sector.

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SEBI renders transparency to regulations concerning delisting mechanism. Firms can now seek to voluntarily delist only if it had been listed in  a registered stock exchange for a minimum period of 36 months.

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Stocks held by mutual funds now exceed those held by the country’s largest, state-run insurer, signaling positive growth for the equity markets.

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20 million railway passengers choose to go for railway insurance cover that offers a compensation upto Rs. 10 lakh

About CAMS:

CAMS Logo High Resolution

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. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading Insurance Companies, Banks, NBFCs and Alternate Investment Funds. To know more visit www.camsonline.com