Sagent Opens India Operation, Grows Mortgage Servicing Fintech Talent By 120+

Sagent, a Warburg Pincus-backed fintech software company modernizing mortgage servicing for banks and lenders, today announced the opening of its non-U.S. headquarters in Chennai, India, supporting Sagent’s newly incorporated software engineering team resulting from Sagent’s 2022 partnership deal with Mr. Cooper, the third-largest mortgage servicer in America.

In 2023, Sagent is selectively adding talent and operations to accelerate its building of cloud-native platforms to power America’s complex $13 trillion mortgage industry. 

“Three key Sagent operational milestones this year are hiring Fannie Mae vet Marianne Sullivan as COO, hiring Wells Fargo vet Perry Hilzendeger as EVP, Servicing, and opening our Chennai, India operation to accelerate our cloud-native mortgage servicing software development,” said Sagent CEO Dan Sogorka.  

“In our landmark 2022 deal with Mr. Cooper, they became a Sagent customer, plus we acquired their highly experienced mortgage servicing fintech team, many of which are in India. With today’s opening of our Chennai location, Sagent now has 520 employees along with hundreds of contractors. We’re the only major fintech firm with a global team dedicated to building core, default, and consumer mortgage servicing platforms for top banks and lenders.”

Sagent’s new 18,367 square-foot non-U.S. headquarters in India opened its doors on May 8 and will host 120+ Sagent team members. 

“Sagent India is a bright team full of relevant, reliable talent, and this team has a relentless commitment to the Sagent vision,” said Naren Sundram, SVP, Head of India at Sagent. “We’re all moving quickly on Sagent’s vision to fundamentally change America’s housing ecosystem and deliver positive outcomes for servicers and homeowners.”

Sagent Chief Technology Officer Uday Devalla has led Sagent’s vision by insisting on team members with experience in both fintech and mortgage servicing. 

“Dual mortgage/fintech experience is required to truly innovate in a sector as complex as mortgage servicing,” said Sagent CTO Uday Devalla. “Sagent’s team now has the most successful servicing operators and best-in-class product engineers/fintech leaders, and our India expansion will help us fulfill our high talent bar.”

Sagent has the industry’s only enterprise, default, and consumer mortgage servicing platforms that are all synced by real-time data. This is the latest in a series of Sagent moves to transform the homeowner experience for financial organizations servicing millions of consumers with trillions in mortgage balances.

Aviva Life Insurance Bags India’s Most Trusted Private Life Insurer Award for the 5th Consecutive Year

Aviva Life Insurance has been ranked as India’s Most Trusted Private Life Insurance brand for the fifth consecutive year, according to the 12th edition of TRA’s Brand Trust Report 2023. Additionally, the company has been ranked sixth in the overall BFSI sector and 73rd in a list of 1000 brands across sectors.

Commenting on the recognition, Mr. Vinit Kapahi, Head of Marketing, Aviva Life Insurance, said, “We are honoured to receive this award for the fifth year in a row. This achievement is a reflection of the trust our customers and partners have placed in us. We take immense pride in our customer-centred philosophy and our purpose, “With you today, for a better tomorrow”. This award inspires us to continue our journey towards excellence and serve our customers with utmost sincerity and dedication.”

Aviva Life Insurance offers a comprehensive range of life insurance products that cater to the financial needs of its customers, including child plans, investments, and retirement plans. The company is guided by the principle of providing seamless and hassle-free life insurance solutions. Catering to the financial needs of the customers, the company has launched 2 new products in its Signature Series this year; Aviva Signature Guaranteed Income Plan to meet long-term income needs and Aviva Signature Investment Plan for market- linked investment seekers. Going forward, the company remains committed to helping their customers build a better tomorrow and will continue to innovate and adapt to meet their ever-changing requirements.

 

Mr. N. Chandramouli, CEO, TRA Research, quoted that “This award is a testament to Aviva’s unwavering dedication and consistency in becoming the Most Trusted Private Life Insurance Brand of India for five years in a row. This accomplishment reflects their customer-centric approach, engagement, and trustworthiness. We extend our congratulations to them on this well-deserved recognition.”

The Brand Trust 2023 report is conducted by TRA, a consumer insights and brand analytics company that has been conducting this syndicated research for the last 12 years. The research has developed an intricate Brand Trust Matrix, which includes 61 Brand Attributes, 10 Brand Behaviours, and 3 Foundations of Trust namely Building Capacity to Trust, Creating Perception of Positive Intent, and Demonstrating Relevant Competence.

Aviva Life Insurance India is a leading life insurer in India with a sustainable growth model. It is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited, a UK-based insurance group that has been taking care of people for more than 325 years.

Vinit Mishra appointed as Head of Treasury, Global Trade Finance and Insurance at Absolute®

Absolute®, a global bioscience company has announced the appointment of Vinit Mishra as the Head of Treasury, Finance, and Insurance, for their global trade finance, Silkroute. With his experience of more than 17 years, Vinit will assist in supervising all aspects of the company’s global trade financial operations, drive business growth and lead the team towards achieving strategic goals

At Silkroute, Vinit will oversee and manage the organization’s Treasury, Trade Finance, Risk function, including global trade finance activities, including import and export financing, letters of credit, and trade credit insurance. He will work closely with sales, procurement, legal, and other internal teams to facilitate smooth international trade transactions. He will also be responsible for establishing and maintaining relationships with banks, insurance providers, and trade agencies to ensure favorable trade finance terms, mitigate risks, and comply with trade regulations.

Neeraj Choudhary, Group Head Finance, Absolute® says, ” I am thrilled to have Vinit joining our team. As an accomplished financial strategist, Vinit brings invaluable experience and expertise to our organization. I am confident that his exceptional problem-solving skills, strategic thinking, and ability to cultivate strong relationships with both internal and external stakeholders will be instrumental in strengthening Absolute® network across the globe”

Vinit Mishra, Head of Treasury, Global Trade Finance, and Insurance, Silkroute, Absolute® says, “I am committed to leading with integrity, driving innovation, and fostering a culture of excellence. With my industry experience, I look forward to making a positive and resilient impact with the aim to bring in sustained success to the organization by collaborating with the leadership at Silkroute.”

Prior to joining Absolute®, Vinit was Head Treasury and Trade Finance at Louis Dreyfus Company India Private Limited. During his tenure, his efforts were recognized thrice by Adam Smith Awards Asia, and last was in 2022 for Best Sustainable Treasury Financing Solutions for Better Cotton Initiative in India. Vinit’s core strengths are Treasury, Trade Finance and Risk Management, Supply Chain Financing, Strategic Financial Management, Management of Investment Portfolio, Funding, Accounting, Taxation, and Financial Planning.

Vinit holds an MBA degree in Finance, Chartered Global Management Accountant® (CGMA), and Fellow Certified Management Accountant from Chartered Institute of Management Accountants® (CIMA®) and Certified Treasury Professional from the Association for Financial Professionals (AFP) -USA. He is also an APAC Treasury Advisory Council Member formed by AFP to promote best practices and innovative solutions, create advocacy and solve problems in the Treasury domain.

Businesses are cautiously optimistic about their performance in Q4 2022 – Dun & Bradstreet India survey

The Dun & Bradstreet Composite Business Optimism Index stands at 83.1 for Q4 2022, a fall of 12.2% compared to Q4 2021. Five out of six optimism indices have registered a decline compared to Q4 2021. The Dun & Bradstreet Composite Business Optimism Index, which has been measuring the changing business sentiment of India Inc. since 2002, is a leading indicator for India’s overall growth, with a correlation co-efficient of around 80% with the Gross Domestic Product (GDP).

Highlights 

  • Optimism for selling prices stands at 41% in Q4 2022 compared to 47% in Q4 2021
  • Optimism for net profits stands at 55% in Q4 2022 compared to 62% in Q4 2021
  • Optimism for volume of sales stands at 70% in Q4 2022 compared to 79% in Q4 2021
  • Optimism for new orders stands at 65% in Q4 2022 compared to 69% in Q4 2021
  • Optimism for size of the workforce stands at 48%, the lowest in five quarters 
  • The intermediate goods sector is the least optimistic on net profits and employees


Dun & Bradstreet’s Composite Business Optimism Index:  Q4 2002 – Q4 2022

Note: BOI Index is for new base (2011)

 

Arun Singh, Global Chief Economist, Dun & Bradstreet said: “While optimism amongst companies has declined compared to the same period last year, the festive season has helped the optimism level to improve from Q3 2022. The optimism level for new orders, net sales, selling price and profit levels has witnessed a considerable increase as consumers are expected to spend heavily after two years of restricted festival celebrations. Surprisingly, optimism for hiring employees is at a five-quarter low, even though all the other parameters are up, which might indicate that employers are cautious around increasing the size of their workforce, given earnings could be negatively impacted by the expected slowdown. Going forward, optimism levels are expected to wane after the festive season is over as geopolitical tensions remain high, financial markets remain volatile and global challenges create significant headwinds for businesses.”

 

Key findings from the Q4 2022 survey

 

70% of the respondents expect the volume of sales to increase in Q4 2022 compared to 79% in Q4 2021, a decrease of 9 percentage points. While 21% expect it to remain unchanged, 9% expect the volume of sales to decline.

 

55% of the respondents expect an increase in net profits in Q4 2022 compared to 62% in Q4 2021, a decrease of 7 percentage points. 34% expect net profits to remain unchanged, while 11% expect it to decrease.

 

51% of the respondents expect no change in the selling price of their products in Q4 2022. 41% of the respondents expect the selling price of their products to increase during Q4 2022, while 8% expect a decline.

 

65% of the respondents expect their order book position to improve in Q4 2022, compared to 79% in Q4 2021, a decrease of 14 percentage points. While 28% of the respondents expect new orders to remain unchanged, only 7% anticipate new orders to increase.

 

50% of the respondents expect their inventory level to increase during Q4 2022, compared to 38% in Q4 2021, an increase of 12 percentage points. While 35% anticipate no change in inventory level, 15% expect inventory level to decline.

 

48% of the respondents expect an increase in the size of their workforce employed during Q4 2022, which is 1 percentage point lower than Q4 2021. While 45% anticipate no change in the number of employees, 7% expect their workforce size to decline.

 

Asian Development Bank (ADB) and IIFL Home Finance Ltd. (IIFL HFL) initiate the policy dialogue around green affordable housing in India

Asian Development Bank (ADB) and IIFL Home Finance Ltd. (IIFL HFL), India’s fastest growing digital first home finance company, organised ‘Kutumb’ event in Delhi discussing scope around green affordable housing in India. They launched ‘Kutumb’ on December 2, 2022, with an event titled ‘Green Affordable Housing Ecosystem’ in Delhi.

The event focused on insights based on promotion and propagation of Green Affordable Housing in India, the perspective opportunity of making green affordable housing accessible to all. This required capacity building to empower stakeholders involved at various levels supported by research and innovation to contribute to the dialogue.

In February 2022, IIFL HFL signed a USD 68 million loan with ADB to improve financial access of affordable green housing for economically weaker section and lower- income groups in India.

To accelerate initiatives that improve access to green affordable housing for meeting the targets of Sustainable Development Goals 2030, it is important to actively pursue issues related to climate resilience, sustainability-orientated thinking and the achievement of gender-balance as fundamental approaches to development. Additionally, there is a need to address market constraints around a lack of awareness around green home.

The event was graced by many dignitaries, including Shri. Kuldip Narayan (IAS, Joint Secretary & Mission Director PMAY(U)), Mr. Takeo Konishii (Country Director, Asian Development Bank, India Resident Mission), Mr. Monu Ratra (ED & CEO, IIFL Home Finance Ltd), Shri Rahul Bhave (Executive Director, National Housing Bank), Susan Olsen (Unit Head, Private Sector, Financial Institutions Division, Unit for South Asia, Asian Development Bank), Mr. Saurabh Diddi (Director, Bureau of Energy Efficiency), Mr. Rajan Rawal (Senior Advisor, Centre for Advanced Research in Building Science and Energy (CARBSE) |CRDF, Professor, CEPT University) and Ar. Ashok B Lall (Principal Architect, A B Lal Architects) and Mr. Sean Kidney (CEO, Climate Bonds Initiative) who joined the event virtually.

At the event, Monu Ratra (ED and CEO, IIFL Home Finance Ltd) said, “TA programme in collaboration with ADB has shown great progress to gain insights on green affordable housing in India. We are putting together our observations and learnings from the various facets of the programme. The outcome from the activities within the TA are of great relevance, considering the pertinent need of affordable green housing in India. We partnered with ADB and CEPT for the TA programme and are thankful to them for making the entire process a great success.”

Kutumb endeavours to promote green, sustainable, future-ready and affordable housing by actively collaborating and consulting with developers, architects and rating agencies. The programme focuses on mainstreaming green and affordable housing in India.

Moreover, the policies need to focus on affordability of green housing and construction of green buildings. Kutumb focuses on bringing all the relevant influencers together to deliberate on addressing the existing gaps and finding ways for convergence between the various aspects and stakeholders of the green housing movement.

The event was also live streamed on YouTube and later available as recording on the same platform. Click here for the event link:  https://www.youtube.com/watch?v=SJx8tp7Vspo

To know more about Kutumb, https://www.iiflhomeloans.com/Kutumb

For news and updates, visit  https://www.iiflhomeloans.com and follow us on twitter at https://twitter.com/IIFLHomeLoan

Chirag Joshi Joins Samco AMC as CGO

Samco Asset Management Company (AMC), asset manager of Samco Mutual Fund (Samco MF) has named Chirag Joshi as its Chief Growth Officer (CGO). The SAMCO Group is a diversified wealth-tech company with stock broking, asset management, wealth management and MF distribution being its core business verticals.

Chirag Joshi is a management graduate and has a master’s degree in Marketing. He has overall 11 plus years of experience in Marketing & Growth strategies and Sales. Prior to the current assignment, He was CGO at Samco Securities. Chirag has previously worked with brands like Hindustan Times and CNBC-Awaaz.

Viraj Gandhi, CEO, Samco AMC, while welcoming him said, “We are very happy to have Chirag on board with us. He brings with him a lot of experience in marketing and communication space, which will help our AMC to grow and scale new heights in future. We are looking forward to make Chirag an integral part of that journey.”

Reacting to his appointment, Chirag said, “I am grateful for the board’s support and opportunity given to me to serve as CGO, Samco AMC. I am happy to be part of a team who share the passion of scaling up Samco Group’s businesses together. I feel privileged to be a member of this young and dynamic team”.

Though relatively new entrant in the industry, the magnitude and diversity of this vibrant sector provides tremendous scope of growth for Samco AMC. In this context, Chirag said, “The position of CGO, Samco AMC becomes more intriguing and I’m eager to take on the challenge”.