Diasoft Insurance Life

2022: Product refinement due to changes in the procedure for calculating the insurance premium

Diasoft announced on July 28, 2022, the revision of the Life Insurance product due to changes in the procedure for calculating the insurance premium. According to Bank of Russia Regulation No. 710-P of 10.01.2020, which comes into force in stages and will be fully introduced in 2025, the regulator changes the procedure for calculating the reserves of an insurance company, as well as the approach to determining financial stability and solvency.

The provision assumes the following innovations:

• transition to the formation of an economic balance to calculate the amount of own funds;
• introduction of risk accounting and assessment of their influence on solvency;
• differences in the requirements for calculating technical and insurance reserves.

Amendments to legislative acts related to investment life insurance (LIS) and cumulative life insurance (LIS) are timely reflected in the Life Insurance software product, which is part of the Digital Q.Insurance development platform and is intended for insurance companies.

Responding to the change in the procedure for calculating the reserves of the insurance company, which comes into force on January 1, 2023, Diasoft specialists optimized the functionality of the Life Insurance product.

• Algorithm for transferring contracts to the current status and sending data to 1C: the contract becomes valid and is sent to the financial system only after payment of the first installment, and not after full payment of the first year.
• Payment schedule to reduce the amount of returns: you can pay for the first year of insurance with three payments with interest-free installments, and not one payment, as it was before.
• Algorithms for terminating insurance contracts and forming payments to agents, taking into account the new payment schedule: the "cooling period" for investment products has been increased from 14 to 30 days.
• Conditions for disclosure of information to customers on the profitability of contracts: information on familiarizing the client with each key block of the program is recorded in the contract with the ability to listen to the audio recording of the call.

2020: Inclusion in the Unified Register of Russian Programs

On December 21, 2020, Diasoft announced the inclusion of solutions on the Insurance Solutions business development platform in the Unified Register of Russian programs for electronic computers and databases, including Diasoft Insurance Life - Life Insurance. Read more here.

Diasoft Insurance, Life - Life insurance is designed to automate the processes of insurance activities in companies engaged in accumulative, mixed, investment, pension and credit life insurance, as well as accident insurance. The use of Diasoft Insurance Life in insurance companies ensures the automation of the entire range of life insurance tasks.