OFI Mandats, the investment management services provider for insurance funds within OFI Group, has switched from the in-house deployed version of Linedata’s Chorus investment accounting software to the recently released software-as-a-service (SaaS) version.
Its aim is to modernise and improve the security of the solutions it offers to its clients and, through the inclusion of Linedata’s Nile market data repository and reporting tools in the SaaS solution, to offer Solvency II compliance.
OFI Group inherited the deployed Linedata solution when it was formed by a merger in 2006. In 2007, OFI Mandats started to use Chorus for account management in its insurance business and the software was also deployed by its customers. The move from old infrastructure at both OFI Mandats and its clients to the SaaS model was made last October and, to date, five OFI Mandats clients are using the service.
Pascale Gabriel, head of IT at OFI Group, explains: “We have three objectives: to capitalise on the business expertise of the back-office team at OFI Mandats and its experience in using Linedata Chorus; to relieve our customers of their technical and functional administrative tasks so they can concentrate on core business; and to modernise and secure the IT solutions we provide. To achieve these goals, we have designed a comprehensive, modular and open offering that uses Linedata Chorus and is hosted by Linedata, but where we manage its configuration and future development.”
In terms of Solvency II compliance, Gabriel adds: “To comply with Pillar 2 of Solvency II we have built a secure, reliable and complete solution and we are also offering Linedata’s data repository to help our clients with Solvency II calculations and reporting.”