Diasoft Helps CIV Life to Implement the New Statutory Chart of Accounts

Monday, January 9, 2017

Diasoft, the leading provider of software solutions for the global financial industry, started implementation of its Diasoft Insurance Finance solution in the insurance company CIV Life. The solution will complement the existing functionality of the Diasoft Insurance system, currently run by the insurance company, with additional features that are required to support the new statutory chart of accounts. The methodological guidance and consultancy, required to ensure full compliance of the solution with local and international standards of financial reporting and with statutory requirements of the Central Bank, will be provided by an international consulting company.

Diasoft Insurance Finance was specially designed to support accounting based on the Unified Chart of Accounts and generate financial, tax and other regulatory types of reports in full compliance with requirements of regulatory bodies. Accounting technologies and methods, as well as the required reporting forms supported by the solution fully comply with the requirements of the Central Bank and with industry standards. Functional capabilities of the solution allow closing reporting periods with required frequencies, support all types of regulatory reporting and maintain all required types of operations.

The insurance company CiV Life was established in 2008. In 2015, the company was listed among the top five largest insurance companies in the Russian life insurance market, based on the total amount of insurance premiums. CiV Life is part of the German insurance group Talanx AG, which is one of the largest insurance groups in Europe. The company operates in 150 countries with the staff of about 22,000 employees. 

About Diasoft: Since 1991 Diasoft has been providing cutting-edge financial software solutions supporting all aspects of retail, wholesale and universal banking, financial market services, and insurance business. The company’s main offering to the financial market is FLEXTERA — a SOA-based universal system comprising a comprehensive suite of modules for front-to-back automation of modern financial services.

FLEXTERA’s functional scope covers the following areas of financial business:

  • Back Office and Core Banking operations including daily processing of banking transactions; product and service management; BI, accounting and reporting;
  • Multichannel Front Office operations and customer management;
  • Middle Office risk management and decision making.

 

The modern technological principles lying at the core of all FLEXTERA solutions in combination with their broadest functionality provide our customers with limitless opportunities for their business development in accord with market trends and customer requirements.