Oracle Helps Kotak Improve Financial Management
By CXOtoday Staff
Mumbai, Mar 6, 2008

Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual plc. Kotak Mahindra Old Mutual Life Insurance is one of the fastest growing insurance companies in India and has grown at a rapid pace since its inception in 2001. Banking on good customer service, it has become a leading financial services group employing around 15,300 people in its various businesses and has a distribution network of branches, franchisees, representative offices and satellite offices across 340 cities and towns in India and offices in New York, London, Dubai, Mauritius and Singapore. The Group services around US $ 3.2 million customer accounts.

Need for a Solution:

Since the company is aggressively expanding its operations to new towns and cities it needed a solution for effective financial control over its nationwide operations.

Solution:

Kotak opted for Oracle Financial Management solution for effective financial control over its nationwide operations. It chose Oracle after an in-depth analysis of competitive offerings.
Benefits:

Oracle applications will help the company enhance business efficiencies by integrating data into a single instance. Dhiresh Rustogi, Chief Technology Officer, Kotak Life Insurance said, "By leveraging Oracle Applications, we would want to scale up our accounting infrastructure to keep pace with our fast paced growth."

The Oracle applications will help Kotak to gain greater financial control to support its expansion plans.

About the Deal:

The company has chosen to implement Oracle applications across its operations in 77 Indian cities and towns.

SNAPSHOT

Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual plc. Kotak Mahindra Old Mutual Life Insurance is one of the fastest growing insurance companies in India and has grown at a rapid pace since its inception in 2001. Banking on good customer service, it has become a leading financial services group employing around 15,300 people in its various businesses and has a distribution network of branches, franchisees, representative offices and satellite offices across 340 cities and towns in India and offices in New York, London, Dubai, Mauritius and Singapore. The Group services around US $ 3.2 million customer accounts.

Challenges:

* Needed a solution for effective financial control over its nationwide operations

Solution:

* Kotak opted for Oracle Financial Management solution for effective financial control

Benefits:

* Helps to enhance business efficiencies by integrating data into a single instance

* It will help Kotak to gain greater financial control to support its expansion plans

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