LONDON, October 3 /PRNewswire/ -- FIS Software Ltd., a leading global provider of package-based software solutions for life and pensions companies, is delighted to announce the successful implementation of ALIS, its class leading policy administration system at Rosgosstrakh in Russia. The implementation went into production in July 2008 and ALIS is now operating live in all 65 regional sales offices across Russia.
Background
At the beginning of 2007, Rosgosstrakh, the leading insurance company in Russia with over 30 million policies, awarded FIS Software a multi-year, multi-million dollar contract for the implementation of ALIS as its new Policy Administration System covering the entire portfolio of Life Insurance, Health Insurance, Personal Accident Insurance, Investments and Pensions for both individual and group business. Rosgosstrakh's business operations encompass a vast geographical area, from Kaliningrad in the west to Kamchatka in the far east, covering 11 time zones.
The Russian insurance industry is sharply increasing sales in the midst of a growing economy and increasing household disposable incomes. As the life insurance business grows ever more dynamic it demands appropriate automated facilities to stimulate active growth. The customer base in Russia benefitting from the indisputable advantages of conventional life insurance is expected to grow every year. Therefore Rosgosstrakh needs to be ready with the capability to process a huge amount of information and supply a high quality service.
Solution Benefits
ALIS, which manages the complete policy lifecycle, will enable Rosgosstrakh to reach its strategic business goals through the rapid launch of new insurance products in response to developing market opportunities. ALIS will also allow Rosgosstrakh to process its business efficiently and effectively, delivering improved customer service and increasing client satisfaction. ALIS provides full support for all policy processing, including automatic and manual underwriting and automatic allocation of payments. It enables claim, survival benefit processing and automatic accrual and maintenance of agent commission. ALIS maintains accounting in accordance with the Russian Accounting Standards.
The primary advantage of ALIS to Rosgosstrakh is its flexible Product Management module allowing Rosgosstrakh to respond promptly to changes in market needs and configure products at its own discretion. For salespeople the system offers a user-friendly web-interface enabling agents to calculate quotes and enter policy applications around the country and the world via the internet.
Project Director Renat Konurbaev says: "The ALIS implementation has been quite a challenging project in Rosgosstrakh. The project team have gone a long thorny way. This may be one of the most challenging projects in the industry. However the result is worth the effort and contribution of all concerned: the implemented software has not merely laid the foundation for the long-term life business development but also introduced new engineering solutions and advanced business development methods in the Rosgosstrakh group of companies."
Project Manager Svetlana Zakharova notes that "The essentials of this successful implementation first of all included absolute support of management, and that of our professional and committed customers, who fully participated in the project from the very beginning, and encouraged and believed in the successful outcome."
FIS Software Ltd. Business Development Director Nigel Gardner says: "We have successfully adapted ALIS to the insurance legislation and requirements of the Federal Insurance Supervision Service and fully Russified the product. We believe that Russian insurers will appreciate our time-tested business approach."
"FIS is very pleased to be working with Rosgosstrakh on this new and exciting long term relationship" said Shay Alon, FIS CEO. "Entering the emerging Russian Insurance market is another strategic milestone for FIS and the deal further endorses FIS' growth strategy in the European market. The insurance market in Russia, as the overall Russian economy grows, presents new business opportunities and market challenges". Shay Alon adds: "Our goal is to ensure that ALIS supports Rosgosstrakh's lead in the Russian Insurance market through growth, sales volume, and customer service through the rapid launch of new life and pension products."
FIS Software is dedicated to developing and delivering packaged-based global insurance solutions that enable life insurance, pensions and investment companies to run their businesses more efficiently, and respond to territorial legislation and regulations.
Our software solutions are based on ALIS, a single packaged, parameter-driven platform which manages the entire policy lifecycle of all life insurance, pensions and investment products, throughout the global insurance market.
For further information visit http://www.fis-software.com
About "Rosgosstrakh-Life Ltd.:
Insurance company "Rosgosstrakh-Life" (IC "RGS-Life") is dedicated to life insurance, voluntary pension insurance, health and accident insurance (License No. 398477 of 11.11.2005).
IC "RGS-Life" is a part of "Rosgosstrakh" Group of Companies - Russia's leading insurance group.
After the first half year 2008 IC "Rosgosstrakh-Life" ranks fourth against 2007 when it ranked seventh. According to the official statistics, within the first half year 2008 "Rosgosstrakh-Life" collected RUR 545 million for life insurance. The market share increased from 1.6% (the first half year 2007) up to 6.2% (the first half year 2008).
IC "RGS-Life" business is based on the main Rosgosstrakh infrastructure: about 3000 agencies, insurance departments, claims processing centers and offices.
IC "RGS-Life" is a modern dynamically developing company. Its insurance technologies meet global insurance business development trends.
Contact Details for FIS Graham Newman, Global Marketing Director, +44(0)7816-857279, gnewman@fis-software.com
Contact Details for FIS: Graham Newman, Global Marketing Director, +44(0)7816-857279, gnewman@fis-software.com
Comments