Rosgosstrakh selects CFT
Rosgosstrakh will automate financial accounting and reporting in conformity with the new CBR industry standards based on CFT solution database.
From January 2017, all insurance companies in Russia will transfer to a new (single) chart of accounts based on the current chart of accounts for credit financial organizations, and new standards of financial accounting and drawing up of reporting on the basis of IFRS. In order to successfully transfer to new requirements, insurance companies will have to fully transform their current approaches to accounting and reporting, since new accounting standards have brand new requirements to presence of in-depth analytical information on insurance activity in the accounting system. Besides, approaches to accounting of investments and borrowings will change, as well as accounting breakdowns of general economic activity. The accounting procedure will also be amended – the term "opposite accounts" will be introduced, and the accounting will be kept on 20-digit personal accounts. During the transfer to the new chart of accounts all companies will have to introduce significant changes to their information systems, and some might even replace them.
Rosgosstrakh decided that the best way to transfer to the new chart of accounts would be by replacing the current financial accounting system that had been used in the company since 2005 with a new system successfully used in major credit financial organizations in Russia. From many alternatives, Rosgosstrakh selected CFT, the vendor of own eponymous solutions for organizations of the financial economical sector.
"Selecting CFT as the IT contractor for the project on implementation of the accounting system was first of all based on their positive experience of implementation in major credit financial organizations with similar volume of operations as ours. The system functionality and expected productivity give us hope that this complex project will be completed and the system will be launched within the required period," says Arkadiy Absheyev, Financial Director of Rosgosstrakh OJSC.
"CFT has unique experience in creating innovative software products for financial institutions and implementation of complex technological projects in major banking structures," says Andrey Visyaschev, Chairman of the Board of CFT Group. "We are ready to promote our long-term experience to non-credit financial organizations as well, and to provide insurance companies with the IT tools that they require for successful transfer to the single chart of accounts."