D2 Insurance to Reform its IT Infrastructure Based on CFT Solution
D2 Insurance and Center of Financial Technologies have signed a cooperation agreement under which within the framework of transfer to the new chart of accounts the insurer’s key business processes will be transferred to the new technological platform, CFT-Insurance Company.
The project peculiarity lies in the fact that D2 Insurance is going to use the new software on the terms of outsourcing. CFT-Insurance system will be installed on the technological facilities of the CFT data center; the vendor will support the system users, provide its development, maintenance and updates.
“It is important for us that this will be an outsourcing project,” says Andrey Visyaschev, Chairman of the Board of CFT Group. “CFT is actively engaged in the outsourcing of bank IT infrastructures and the company has unrivalled expertise in the field. We are steadily launching our solutions in the market of non-credit financial organizations (NFO), which are to transfer to a single chart of financial accounts from January 2017 till January 2018. In accordance with these innovations, the IT systems used by organizations must support the accounting based on new technologies, and a lot of participants of the NFO market are expecting serious technological modernization, which means significant financial expenses. Under the current conditions, the software outsourcing model seems the most rational and easily applied to insurance market players.”
“D2 Insurance is going to deploy the single chart of accounts on the new technological platform, for which we have selected the solution of CFT. The choice was mostly based on the company’s experience in banking system automation, with several banking principles being transferred by the mega regulator to the insurance field,” says Yuriy Vavilov, Director General, Member of the Board of Directors of D2 Insurance JSC. “Another important factor is the system flexibility, opportunity to support all key processes in complex, and scalability. The D2 shareholders and management are ready for M&A deals and for incorporation of insurance teams and business, therefore the readiness of the IT platform to several-fold increase of the scope and its ability to integrate with other systems is of great importance for us. Besides, the CFT solution will be implemented on the outsourcing terms, which will be an important step to reduce the company’s IT expenses in the future.”
The software solution “CFT-Insurance Company” is based on the CFT’s vast experience in accounting automation in accordance with the requirements of the Central Bank of Russia and has all necessary functionality to observe the regulatory requirements.