Syntegs automates compliance with financial sustainability requirements at HDI Global

2023: Implementation of "710-P Indicator" and "XBRL Factories"

On August 1, 2023, Syntegs announced the implementation of a project to automate the fulfillment of financial stability requirements in the insurance company HDI Global.

To meet the requirements of the HDI Global 710-P Regulations, it was important to configure seamless integration of the new calculation module with installed accounting systems. This concerns the comfort of users: they should not focus on the processes taking place in one system, working in another. The 710-P Indicator for calculating the cost of own funds and filling out supervisory reports and the XBRL Factory for forming and submitting reports to the Central Bank met the requirements.

The start of HDI Global in these systems required not so much integration as a lot of methodological work. Therefore, the project was divided into two stages.

At the first stage, Syntegs experts, together with future users, analyzed the completeness of the initial data in the insurance accounting system and the trust management system for 7 months. Further - enrichment of data from external sources, for example, Interfax RU Data, the website of the Bank of Russia. In parallel, the project team analyzed and coordinated the filling methodology for each asset register, the assembly of each section of form 0420154. The second stage was the technical part of integrating all systems and services.

In 2023, Regulation 781-P entered into force, which amended the methodology for calculating risks, and then taxonomy 5.2. The insurance company adapted the assembly of 154 forms on its own, in consultation with Syntegs support.

"Reporting on new requirements is unique every time. In this case, the systems quickly adapt and work stably and quickly enough. Automation, of course, reduces the time for assembling reporting, especially in conditions of tight deadlines, "said Ekaterina Zubova, chief accountant at HDI Global.

"With significant legislative changes, it is better to lay down more time to work out the methodology so that the transition is as comfortable as possible for users. As a result of painstaking joint work, HDI Global received not only a program for working with a specific position, but also a basis for further adaptation to the new requirements of the Central Bank in terms of the financial stability of the insurer, "said Ekaterina Kuzminskaya, senior business analyst at Sintegs.