Sberbank insurance, a subsidiary of Russian bank Sberbank, has announced a major project to create an automated system to manage its individual and group life insurance business. The system will be based on Solife from BSB.
"Our priority is to implement IT systems that will improve the efficiency of our operational processes while helping to position us as a market leader. I am confident we have chosen the best product and the most reliable subcontractors," says Maxim Chernin, CEO of Sberbank insurance.
Solife will be implemented jointly by BSB and its Russian IT partner I-Teco, a major systems integrator. Solife will enable Sberbank insurance to automate its business processes and optimise the management of its insurance product portfolio. In addition, it will enable real-time process simulations that will fundamentally improve business performance.
"With this major project in Russia, BSB continues its international expansion, and confirms its ability to support world-class organisations with the most advanced insurance policy administration system," says Jean Martin, CEO BSB.
During the first phase, Sberbank insurance will migrate its products onto the new platform, which will be used by 1,000 Sberbank offices. After completion, Sberbank insurance's clients will have access to significantly enhanced system functionality, as well as the ability to manage portfolios remotely in real time via "Sberbank Online". Through an extensive network of partnerships, agents and brokers, customers of Sberbank insurance also will be able to purchase insurance coverage at up to 10,000 points of sale.
"BSB and I-Teco will work together to implement a genuinely flexible platform for managing individual and group life insurance. Since our foundation, we have worked in close co-operation with the credit, financial and insurance sectors and our 15 years of experience of managing large scale projects will contribute to rolling out a successful project," said Pavel Zubkov, Deputy General Director and Finance Industry Department Director of I-Teco.
BSB (www.bsb.com) is a provider of business solutions and IT services for the life insurance, wealth and asset management industries. It has 100 customers in 23 European countries.
BSB's solutions create efficiency by increasing automation, standardising processes, lowering costs and shortening time to market. They are simple to use and integrate easily into complex IT environments. BSB's flagship products are Solife for the life, pension and healthcare policy administration and Soliam for institutional asset management and private client wealth management. A subsidiary, Solfia, offers SaaS, ITO and middle-office BPO services.
BSB was established in 1995, employs 350 people and has its headquarters in Belgium. It has offices in Belgium, France, Ireland, Luxembourg, the Netherlands, and the United Kingdom.
I-Teco Company (www.i-teco.ru) is a leading Russian systems integrator and provider of information technology for corporations. It has been in business since 1997 and is listed among the Top-400 Russian companies, Top-10 IT outsourcers, Top-5 leading IT consultants and Top-3 IT providers for banks. I-Teco operates the TrustInfo data center with 1,000 rack spaces, the biggest Russian commercial DPC of Tier III level, which has no equivalent in terms of functionality or disaster protection.
IC Sberbank insurance (www.sberbank-insurance.ru) is a subsidiary of Sberbank Russia, being a large-scale project in the Russian life insurance market, the company specializing in risk programs (including corporate) savings and investment life insurance. Development of investment and savings life insurance is a new business line of Sberbank, which acquired a life insurance company at the beginning of 2012. In April 2012 Maxim Chernin, chairman of the All-Russian Insurance Union Committee for the development of life insurance was appointed a CEO of the company. In September 2012 the company was renamed IC Sberbank insurance and announced the start of sales. November 12, 2012 sales of investment and savings products of life insurance were started. Long term life insurance products are available to customers in more than 1,500 service areas "Sberbank Premier" and more than 150 offices of "Sberbank1".