India’s State-Owned Reinsurer GIC Re Selects Diasoft as Its Exclusive IT Partner for Its Subsidiary GIC Perestrakhovanie LLC in Russia

Tuesday, March 3, 2020

On 30th January, 2020, the Bank of Russia issued a license for reinsurance operations in Russia to GIC Perestrakhovanie LLC, a subsidiary of India’s state-owned reinsurance company – General Insurance Corporation of India (GIC Re). Having analyzed the local IT market, GIC Perestrakhovanie LLC selected Diasoft as its exclusive partner for automation of its business processes.
Diasoft will implement its Diasoft Reinsurance and Diasoft Insurance Finance solutions in the Russian subsidiary of GIC Re. Diasoft Reinsurance is used to manage the whole lifecycle of reinsurance contracts and ensures automatic generation of all reinsurance postings. The solution supports all types of domestic and international reinsurance contracts and provides the interface in English and Russian for convenience of users of a global company.
Diasoft Reinsurance will be integrated with Diasoft Insurance Finance. This solution is designed to support consolidated accounting in insurance companies and is used to generate accounting reports, tax statements and regulatory reports required by supervisory authorities. Accounting technologies, methods and reporting forms supported by Diasoft Insurance Finance fully comply with the domestic industry standards and regulatory requirements of the Bank of Russia. The solution allows quick customization to the specific accounting policy of the reinsurance company.
We greatly appreciate the trust of the new player in the Russian reinsurance market. Our solution was selected in the highly competitive market, and we will provide our customer with efficient tools to support its business processes in compliance with Russian regulatory requirements”, commented Maxim Shelpyakov, Head of the Insurance Business at Diasoft.
As a state-owned reinsurance company of the Republic of India, GIC Re operates all over the world. Besides Moscow, the company has a subsidiary in Johannesburg (South Africa) and branches in Dubai (UAE), Kuala Lumpur (Malaysia) and in London (UK). The company also has a syndicate at Lloyd’s of London. As of January 2020, the registered charter capital of GIC Perestrakhovanie LLC, the Russian subsidiary of GIC Re, is 600 million rubles.