JSC “Devon-Credit” Transfers Business Processes to CFT-Bank
JSC “D2 Insurance” and Center of Financial Technologies have concluded the first stage of the project on transfer of the key business processes of the insurance company to the technological platform “CFT-Insurance Company”. Launched in March 2016, the project ended this January with successful commissioning of the new software. Within the required period, D2 Insurance fulfilled the requirements of the Bank of Russia on the transfer to the single chart of accounts.
Technologically, the company’s key business processes have been perfectly integrated into the new system. “D2 Insurance has raised its internal reliability and technology standards to the bank level,” says Yury Vavilov, Director General of JSC “D2 Insurance”. “Our focus is the B2B segment, and first of all, banking insurance, therefore we have the same end consumer as banks, a natural person. We are ready to develop and support services complying with the requirements and standards of our partner banks. We chose the new IT platform based, for the most part, on the vast experience of CFT in automation of financial organizations, and particularly in automation of accounting in the banking sector in compliance with CBR requirements, since the mega-regulator translates a whole range of banking principles on the insurance industry.”
The project specifics is the use of the new software by D2 Insurance as a cloud service. “CFT-Insurance” system is installed on the server facilities of CFT datacenter. The vendor supports the system users as well as its development, maintenance and updates, which will significantly cut down future IT costs for the new CFT partner.
According to Andrey Visyaschev, Chairman of the Board of CFT Group, CFT has been engaged in the outsourcing of bank IT infrastructures for many years now. “I am sure that the “Software as a Cloud Service” model will become popular among insurance market players as well,” says Andrey Visyaschev. “Outsourcing has proved itself to be cost-reducing, whereas the high-tech solutions that insurance companies are looking for now are quite often pricy. The best alternative is outsourcing, since it allows all market players to use better technologies and compete head to head in IT terms.”
Along with the transfer of its key business processes to the new IT platform, D2 Insurance connected to the National Gorod System (part of CFT Group). Now, users of the Gorod System can get property insurance policies online.