CAPITAL LIFE Implemented Diasoft Insurance Finance to Support the Unified Chart of Accounts and Ensure Manifold Acceleration of Its Accounting Operations

Tuesday, March 19, 2019

CAPITAL LIFE, one of the largest Russian life insurance companies, provides insurance services to more than five million customers across the country and has to process hundreds of thousands of accounting operations per day, which makes tens of millions of monthly operations. Diasoft Insurance Finance provided the business with a reliable platform that successfully supports nonstop processing of such a huge amount of operations.
 
Due to its significance for the business, the project was awarded with the prestigious FINAWARD-2018 by the Banking Review magazine in the category “Technology Implementation in the Insurance Company”. 
 
CAPITAL LIFE selected to implement Diasoft Insurance Finance to cope with a significant increase in the amount of its financial transactions after implementation of the Unified Chart of Accounts and release of new accounting and reporting standards by the Bank of Russia. 
 
Diasoft Insurance Finance allowed CAPITAL LIFE to support accounting for its insurance and investment portfolios and manage its operations in compliance with new regulatory requirements. The need to download detailed analytical information on insurance reserves with a breakdown by contract resulted in a 4-time increase in the amount of accounting operations, which required to speed up the data download process by 100 times. These requirements were successfully supported by the new solution.
 
The project included implementation of 14 solution components: Analytical Data Warehouse, General Ledger, Posting Engine, Business Event Manager, Tax Accounting, Cash Documents and Transactions, Bank Documents and Transactions, Management of Operations, Asset Management, Management of Deferred Expenses and Deferred Revenue, Settlements with Accountable Persons, Settlements with Counterparties, Actuarial Accounting, and Tax Returns. One of the key milestones of the project was integration of Diasoft Insurance Finance into the IT landscape of CAPITAL LIFE.  
 
“During the project at CAPITAL LIFE, Diasoft’s team acquired a unique expertise in setup of analytical accounting. We have not had projects that required support of such detailed level of accounting before, but we have successfully overcome this challenge”, commented Alexander Budnik, Head of Insurance Business at Diasoft
 
With Diasoft Insurance Finance we are now able to generate different types of reports within the shortest possible time and ensure compliance with the new regulatory requirements. We are grateful to Diasoft for their cooperation and professional approach”, stated Igor Kozlov, Head of Technological Development Department at CAPITAL LIFE.

Diasoft offers to its customers new-generation modular solutions for the end-to-end support of the insurance business