IDBI Intech Limited, a leading information technology company, implemented an Anti Money Laundering solution at the country’s insurance giant – Life Insurance Corporation of India (LIC). The technology-led business transformation organisation offers specialised solutions in the banking, financial services, and insurance (BFSI) verticals.
The iAML (Anti Money Laundering) solution which is implemented at LIC, will provide an enterprise-wide single view of risk & compliance at the transactions and customer level, according to a statement shared by IDBI Intech.
The reporting system will operate by harnessing advanced analytics, workflow, and artificial intelligence (AI) with a comprehensive set of pre-built rules and scenarios. The Mumbai-based dominant FinTech products and services organization focuses on strategic niche digital transformations for its clients.
Part of the leading commercial IDBI Bank, IDBI Intech also leverages next-generation technologies including blockchain, cybersecurity, artificial intelligence, and machine learning.
“We are humbled at the opportunity to serve the nation’s oldest and most trusted insurance provider with our state-of-art Anti Money Laundering solution. It is an honour to be associated with LIC in their digital journey,” said Mr. Surajit Roy, MD & CEO, IDBI Intech Limited.
On Thursday, September 9, shares of IDBI Bank settled 0.91 per cent lower at Rs 38.30 apiece on the BSE. IDBI Bank opened at Rs 38.65 and registered an intra day high of Rs 38.90 and an intra day low of Rs 38.15, throughout the trading session today.
With more than 500 million policies and an overall asset base of over Rs. 31 trillion, LIC is one of the largest insurance companies in the world. The government expects to raise around Rs 80,000 crore-Rs 90,000 crore from its stake sale in LIC, in what is set to be the country’s biggest-ever initial public offering (IPO).