Sovcombank Life Insurance has updated its accounting infrastructure with Syntegs programs

2022: Modernization of the accounting system by Syntegs programs

Sovcombank Life Insurance has updated its accounting infrastructure with the programs of Sintegs, which announced this on December 14, 2022.

The insurance company chose the 710-P Indicator and XBRL Factory programs to create an IT accounting infrastructure to 100% get away from manual operations.

Sovcombank Life Insurance was preparing to introduce an accounting system on the 1C platform. At the same time, users were looking for a program for fulfilling the 710-P Regulation, in conjunction with which it would be possible to automate all processes as much as possible: there should have been no manual operations between the accounting database and reporting. For this purpose, the 710-P Indicator from Syntegs came up.

The upgrade started with the installation of an accounting accounting system and 710-P Indicator to calculate financial sustainability and solvency indicators. Syntegs specialists adapted the Indicator to the methodology of the insurance company, and also helped set up a list of registers in the accounting system. Based on the positive experience of cooperation, "Sovcombank insurance life" chose another Sintegs product - the Factory, XBRL which closes the reporting chain in the format established. Bank of Russia

As a result, Sovcombank Life Insurance completely eliminated the need to collect reports manually, thereby simplifying the work of employees and fulfilling the requirements of the Central Bank, which actively advocates the automation of accounting systems of the NFO.

The 710-P indicator and the XBRL factory are successfully integrated not only with each other, but also with the systems of other developers, and for December 2022 we have fully automated tools that work without failures. As a result of the project, I can say that this was one of the most successful implementations, "said Anna Petukhova, chief specialist of the financial and supervisory reporting department.