Eagle Investment Systems LLC, a BNY Mellon company announced on Feb 14 that has been selected by NTUC Income to deliver a technological transformation of its middle- and back-office for its Investment division. Income will replace its existing legacy technology platforms with Eagle's full suite of data management, investment accounting and performance measurement and attribution solutions.
Income is Singapore's largest composite insurer, providing life, health and general insurance products to two million customers across the country. At the end of 2015, it managed assets totaling S$32.4 billion.
"We were looking into a technology platform that will support us well into the future, especially one that provides us the flexibility to accommodate new asset classes as we diversify our business," said Andrew Clay, Income's Investment Chief Operating Officer. "We look forward to evolving our daily operations and rapidly adding value to our organization with Eagle's pre-built daily workflow tools and management dashboards."
This transformation will provide Income with an accounting book of record (ABOR) and enable it to achieve an investment book of record (IBOR) to aid investment decision-making. The solution will be deployed over Eagle ACCESSSM, Eagle's secure private cloud.
John Legrand, Managing Director for Eagle in EMEA and APAC, said, "We are receiving a lot of interest from insurance companies looking to introduce new portfolio management systems to adequately support their evolving business needs. Singapore has long been a key target market for us and we have experienced significant growth since we first opened our office here in 2009. We are therefore delighted to welcome Income to our growing client base in APAC."
With offices in Singapore, Beijing, and Sydney, Eagle's business continues to see strong growth in the APAC region. Eagle's solutions are helping leading financial institutions in the region by providing cloud-based technology and managed service solutions to help firms efficiently manage their investment data.
Over the last 46 years, Income has served the protection, savings and investment needs of the people in Singapore. Today, it is Singapore's largest composite insurer offering the widest range of life, health and general insurance products.
Income also boasts the industry's broadest distribution network to provide insurance access to two million customers across all social segments of Singapore.
The company remains committed to its foundational purpose of serving the people of Singapore through insurance that is affordable, accessible and sustainable. The social purpose of maximising value for policyholders continues to be a guiding principle in its decision making. At the end of 2015, it had assets under management of S$32.4billion.
