State Insurance Institute, Bulgaria

Overview

State Insurance Institute – one of the biggest insurance companies in Bulgaria turned to Fadata for implementation of insurance integrated solution. The Company had the goal to assessing how it intended to manage their current business, accounting and reporting on current financial results and to plan for the future growth. State Insurance Institute chose Fadata insurance package INSIS and Oracle enterprise resource planning (ERP) applications to manage its financial functions.

Solution

State Insurance Institute engaged Fadata for the implementation of INSIS.

“The main reasons to choose Fadata had the professional know-how and the install base to pull off that kind of development in a rapidly changing technology market,” Mr. Danchev said ” INSIS ensures the necessary speed of the performance and leveraged INSIS package functionality to introduce efficiencies to insurance business processes.”

The project covers implementation of INSIS Non-life insurance package.The services provided include: Project Management; Review of the entire operation system and business processes of SII; Documenting current systems – manual and automated used; Identifying and detailing missing information and processing needs of management; Detailing and documenting broader MIS requirements; Preparing and presenting findings and recommendations to senior management for review and concurrence; Developing and presenting a high-level design specification, etc.; Development; Configuration set-up; Reporting; HW and SW supply; System administration; Implementation; Distribution; Training; Data migration; Documentation; Maintenance.

Benefits

Leveraged INSIS functionality to introduce efficiencies to insurance business processes; tight integration of the other information systems; automated and more effective business processes; increased productivity and control; full coverage of all aspects of the insurance business, both horizontally and vertically; valuable insights into best business practices; powerful actuarial calculations and reporting facilities, global application and functionality to support a global single instance; created support for the future growth.

“The employment of INSIS made our work much easier. With the unification of the complete set of technological systems not only the duration of daily operations has been sped up dramatically but also that of the monthly balance sheet elaboration. Statistical references and insurance reserves are much easier to prepare due to the fact that they are processed automatically by the package.” –Dancho Danchev, Deputy Executive Director, State Insurance Institute