MOSCOW; Nov. 19, 2008 – Accenture (NYSE: ACN) and Fadata, one of the leading insurance software vendors in Europe, have been selected to help Russian Standard Insurance, the second-largest life insurance company in Russia, streamline its insurance operations and accelerate the pace at which it launches new products.
Drawing on its systems integration expertise, Accenture is helping Russian Standard Insurance implement INSIS Life, Fadata’s flagship insurance software solution for life insurers. The new IT solution will further automate Russian Standard Insurance’s policy administration processes, enabling the insurer to reduce operational risks and grow its business without a significant increase in its back-office costs.
“The targeted capabilities of Fadata’s solution combined with Accenture’s success in implementing insurance-specific software solutions and its deep understanding of the Russian market were the key criteria for selecting the two companies for this project,” said Alexey Kochik, Russian Standard Insurance CIO.
Russian Standard Insurance is Fadata’s second client in Russia, following Fadata’s implementation of INSIS Life at Alfa Insurance.
About Russian Standard Insurance
“Russian Standard Insurance” is one of the leading life insurers in Russia. Since 2003, a specialized bancassurance operator “Russian Standard Insurance” distributing its products through Russian Standard Bank sales network across Russia
· More than 12.2 million lives insured
· More than 3.2 million policies now
In 2008 launched network of specialized agencies across Russia selling savings and protection life insurance products. RSI’s aspiration is to become one of the leaders in this line of business.
Accenture is a global management consulting, technology services and outsourcing company. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. With more than 186,000 people serving clients in over 120 countries, the company generated net revenues of US$23.39 billion for the fiscal year ended Aug. 31, 2008. Its home page is www.accenture.com.
Established in 1990, Fadata is a leading provider of software solutions for insurance companies worldwide. Its leading insurance product INSIS has customers in USA, Bulgaria, Romania, UAE, Estonia, Slovenia, and Greece. The INSIS trademark has been patented and protected in USA, Bulgaria, Ukraine, Romania, Slovakia, Slovenia, Macedonia and Hungary. Fadata also offers solutions and consulting services in area of Oracle Financial/Applications and FileNet implementation, development of integrated Information Systems for government sector and Embedded systems & Real-time operating systems development. Headquartered in Sofia, Bulgaria, Fadata has a global distribution and supports office and partners network in 20 countries including Russia and Ukraine,where it serves the needs of 110 customers.