In June 2014, EMF Capital Partners, the management company of the New Europe Insurance Fund investment fund, decided to purchase a controlling stake in Talisman Insurance, which served as a catalyst for a new development stage of the insurance company.

Considering that the main goal of the new system was to simplify the operational accounting for insurance activities, automate the generation of regulatory and insurance reporting, as well as the possibility of further development of the information system, the Accounting for Ukraine 8 configuration was selected.

During the project, the following types of accounting were automated:

1. Operational accounting: accounting for insurance programs (underwriting subsystem); registration of insurance contracts; accounting for reinsurance contracts; accounting for insurance claims; accounting for the movement of documents ensuring strict accountability; uploading policy data to the Motor (Transport) Insurance Bureau of Ukraine; calculation of insurance reserves;

2. Accounting: accounting for insurance operations; accounting for acquisition and sale of goods and services; accounting for non-current assets; accounting for cashless funds; accounting for financial operations on insurance; accounting for operations on deposits, loans, investments, insurance payments, etc.; accounting for advances and cash.

In addition, since operational accounting will also be carried out through the corporate portal, one of the tasks of automation was the provision of an operational two-way data exchange with the 1С:Enterprise system.

The system was launched on August 3, 2015 at 35 workplaces. The company's management notes the following benefits from the introduction of the system:

1.       Increasing the efficiency of accounting for insurance contracts. Thanks to the exchange developed with the corporate portal, insurance applications from clients are automatically loaded into the accounting system after being processing by the operator. Integration with the SCAD Assistance Program makes it possible to receive operational information about the insurance contract when settling insurance claims.

2.       Reliable and accessible information on insurance contracts, settling contracts with the insured, prepared insurance acts and payments. The system has developed mechanisms for controlling accruals under contracts.

3.       Reducing the impact of risks with accurate risk analysis and management. Information on insurance contracts is detailed down to the insurance risks by type of insurance.

4.       No duplication of information by different departments in unrelated accounting systems. All necessary information is also updated in integrated systems.

5.       Now it is possible to quickly assess the financial condition of the company, to forecast cash flows, to manage accounts receivable.

6.       Due to the differentiation of user access rights in the enterprise, the level of data integrity and security has increased. Each user gets access to information that directly relates to his/her field of work and area of responsibility.