SK "ROSNO" implemented a financial system of SAP

According to the global strategy of Allianz directed to standardization of financial statements of all companies of Group in SK "ROSNO" transition to the new software – SAP is complete. Support and system maintenance is performed by the all-corporate operational center Allianz in Slovakia (ABS).

The global strategy of the shareholder of ROSNO, the international financial and insurance concern Allianz SE, is aimed at simplification and standardization of business processes, ensuring transparency of activity of all subsidiary companies and financial reliability and stability of Group in general. For achievement of these purposes the decision on step-by-step transfer of the companies in Central and Eastern Europe on a single financial system (SAP) on national and to International Financial Reporting Standards was made. For achievement of this purpose in February, 2006 in Slovakia the operational center Allianz Business Service Centre (ABS) providing services in the field of finance and controlling of the companies of Central and Eastern Europe was created. Now ABS services Allianz companies in Poland, Romania, Croatia, the Czech Republic, Bulgaria, Hungary, Slovakia and Russia.

"SK "ROSNO" became the first insurance company in the Russian market which performed not only SAP implementation, and and the using SAP for accounting of receipts and payment execution, - the deputy chief executive Stefan Schmid tells. - Terms of transition to the new financial platform were record-breaking short – nine months. In Russia start of SAP in commercial operation at first was complete in Allianz ROSNO Life, and then – in SK "ROSNO". Together with the SAP platform two add-on modules for management of investment and insurance transactions were implemented".

According to Olga Krymova, the chief financial officer of SK "ROSNO", "now service of ROSNO in ABS is conducted in two directions: input of primary financial documentation in SAP and reporting of the company for the shareholder. At implementation of a new system the innovative solutions, for example, on parallel preparation of the reporting under RAS, by IFRS, tax statements and also on accounting of investments, etc. were applied. In addition to reduction of our reporting and a financial system in a full compliance to requirements of the shareholder, SAP implementation allowed us to move to a new level of transparency of business operations, to increase quality of data in the reporting and to reduce expenses which were incured by the company with assistance of several IT-systems".

SK "ROSNO" consistently adheres to policy of transparency and openness for clients, partners and shareholders. The company of the first among the Russian insurers, since 2006, began to represent publicly results of the activity on the basis of international standards of accounting and financial statements (IFRS). The quarterly reporting under IFRS allows to estimate objectively the current activity and results of a company performance, its stability.