BCS Life Insurance has completed a project to automate the requirements of the 781-P Regulations

2023

Completion of the project to automate the requirements of the "781-P Regulations"

On June 22, 2023, Syntegs announced that, together with BCS Life Insurance, it had completed a project to automate the requirements of Regulation 781-P.

As reported, following the Regulation of 710-P, the vendor and the insurance company automated the calculation of insurance reserves and filling out form 0420155.

In 2023, BCS Life Insurance faced the task of automating the calculation of insurance reserves and filling out form 0420155 within the framework of Regulation 781-P. Previously, reserves were calculated by actuaries, and reporting was filled out in semi-manual mode. But the requirements double the number of calculations, as a result, it has become too labor-intensive to submit reports "in the old way."

The calculator 781-P suited the company according to all the main criteria. Firstly, the functionality of the program is not limited to calculating reserves and includes auto-completion of reporting. Secondly, the program integrates with external systems, including from other developers. To maximize the automation of all reporting steps, the 781-P Calculator has been introduced into the insurer's network infrastructure. Users carried out improvements and integration with their own actuarial module and accounting system on their own.

The project with BCS Life Insurance was the debut for the Calculator 781-P and in April 2023, the insurer's team, with the support of specialists, Syntegs submitted the first reports on form 0420155 from this program.

It is convenient to work in the program, visual navigation allows the user to quickly understand the functionality. The implementation of the Calculator in the work influenced, first of all, the optimization of processes and the quality of data for calculations and reporting. Given the requirements of the regulator, without automation it would be extremely difficult to fill out reports in a timely and high-quality manner. After all, calculating reserves is only one of the stages in the preparation of data for the Central Bank. We have a lot of plans for the future with the Syntegs team. For example, it is already clear that the addition of new details in the Calculator registers will greatly facilitate not only the completion of the NSO, but also the Notes to the BFO. told Anna Shushakova, head of accounting projects of BCS Life insurance

Automation of requirements for the stability and solvency of insurers under Regulation 781-P

In 2021, the insurance company BCS Life Insurance handed over its first reporting in accordance with Regulation 710-P together with the 710-P Indicator. Two years later, the company also entrusted Syntegs with automating the stability and solvency requirements of insurers under Regulation 781-P. Representatives of the company reported this on June 2, 2023.

BCS Life Insurance was one of the first to turn to Syntegs in search of a solution for the Regulation of 710-P. The document not only changed the methodology, but also complicated the calculations. For BCS Life Insurance, the main task was to reduce the burden on employees when switching to new requirements.

"Everything in the system is as automated as possible: the path from loading registers to calculating the regulatory ratio and filling out reports in the 710-P Indicator takes only a few steps," said Anna Shushakova, head of accounting projects at BCS Life Insurance.

A feature of the project was the expansion of the basic functionality of the 710-P Indicator in terms of settlements and reporting of urgent transactions. This was important for BCS Life Insurance: the company specializes in investment life insurance and, as a result, has a wide range of derivative financial instruments on its balance sheet. Subsequently, new features became available to all Syntegs customers as part of monthly updates. To form detailed data, it was necessary to refine the insurer's accounting system based on 1C. In the future, this helped to quickly adapt the Indicator to the requirements of Regulation 781-P.

"The refinement of the systems helped to increase the level of automation of uploads and calculations, for example, reconciliations and stop controls were developed when loading data from front systems. The initial settings were carried out by Team Sintegs. Now we support and finalize the filling of registers in the Indicator on our own, "added Anna Shushakova.

To ensure the transition of the insurance company to the 781-P Regulation by the beginning of 2023, the 710-P Indicator has been updated to meet current requirements within the framework of customer support. Users received updated functionality that takes into account both changes in the assembly of assets and liabilities and the latest decisions of the Board of Directors of the Central Bank.

2021: Selection of the "710-P Indicator" to comply with the requirements of the Central Bank

BCS Life Insurance has chosen the 710-P Indicator to comply with the requirements of the Central Bank. Sintegro Consulting announced this on July 12, 2021.

Since 2020, BCS Life Insurance has been operating in the XBRL Factory. With the release of Regulation 710-P, we decided to select the Syntegro program again to automate requirements - the 710-P Indicator. This helped to reduce the project time - both programs are easily integrated with each other, and you just need to configure the receipt of detailed data from other accounting systems of the insurer. In the future, support for systems will be easier - through "one window."

Work on the project began in January 2021.

For July 2021, we interact a lot with the project team - we are completing the stage of integrating the Indicator with our accounting systems. Everything is going well: the deadlines are being met, and we are already seeing the first results, said Anna Golovina, chief accountant of BCS Life Insurance.