URALSIB Life Implements Diasoft Insurance Life to Support Its Business Operations

Tuesday, February 6, 2018

URALSIB Life, one of the leading companies in the Russian life insurance industry, goes live with Diasoft Insurance Life. The project was aimed at automation of the actuarial accounting for the company’s geographically distributed agent network. 

The purpose of Diasoft’s project team was to automate management of insurance contracts, agents and the structure of the sales network. The project had to increase transparency of operations, set up limits and control rules, increase the speed of recognition and linking of payments and commission payouts, and establish the document workflow between business units of the insurance company. Due to the launch of new insurance products, the planned works had to be completed within a short timeframe.

The project has automated accounting for the following business lines: unit-linked life insurance, endowment life insurance, credit life insurance, accident insurance. Diasoft also ensured integration of the solution with the front-office (sales) system, the accounting system and the commission calculation system.

The implementation of Diasoft Insurance Life in URALSIB Life fully automated management of insurance contracts and created a single information environment for insurance products, contracts and payments. Due to this, the insurance company expects to significantly reduce its expenses and to implement its target operations model. 

The project office of URALSIB Life has expressed its gratitude to the Diasoft team for the quality project management during this intermediate stage, which was extremely important for the business. The customer thanked each member of the project team for their commitment and highly estimated their professional project management skills, strong expertise in software development and configuration, skills in seamless integration with external systems and in design and implementation of the business logic of processes. The customer also paid special attention to personal qualities of Diasoft’s employees, emphasizing the high level of cooperation between the team members and their willingness to assist. The synergy between the two teams allowed them to achieve excellent results – the implementation of the operational system was complemented within the time schedule and took only four months. The compressed deadlines did not affect the quality of the data, and the number of operational errors was minimal.

During the next stage of the project, the project team will complete migration of the company’s historical data, which should be done by the end of February 2018.

URALSIB Life is a member of the All-Russian Insurance Association and the Association of Life Insurance Companies. The company is assigned with the ruBBB reliability rating by RAEX. It is also included into the TOP-15 largest insurance companies. The net profit of the company for 9 months of 2017 increased by 2.5 times in comparison with the same period of 2016. In accordance with NAUMEN, the company’s contact center is recognized the best in Russia.