Shinhan iTAS Launches Variable Insurance Back Office System for Insurance Companies

[Asia Economy Reporter Kwon Haeyoung] Shinhan iTAS announced on the 9th that it has launched a variable insurance back-office system necessary for calculating the net asset value of funds within variable insurance.

By using this system, insurance companies can drastically reduce the calculation time of the net asset value of funds managed within variable insurance, enhance the reliability and consistency of data, and provide more competitive comprehensive services.

Utilizing the newly developed system by Shinhan iTAS, insurance companies can now aggregate the net asset value information of funds, which was previously dispersed by individual asset management companies, all at once. This enables faster accounting closing, and the business closing time is expected to be shortened by more than two hours.

The variable insurance back-office system began development in October last year and completed IT development by the end of February this year. After program integration testing and stabilization, the service is currently provided to a total of five insurance companies and 29 asset management companies.

Shinhan iTAS plans to accumulate various know-how and innovate digital technologies to become a comprehensive fund management company like Manco in Luxembourg, which represents the European-style back office, and develop differentiated services tailored to the demands of institutions such as insurance companies, pension funds, mutual aid associations, and cooperatives.

Kim Daehee, Vice President of Shinhan iTAS, stated, "With the development of the variable insurance back-office system, we have strengthened the speed and stability of variable insurance data processing, significantly improving our clients' investment risks," adding, "We also plan to provide various additional services in line with the new IFRS17 to be applied in the insurance industry."