Банкеръ Weekly



Bulstrad - the leader on the domestic general insurance market - will be the first Bulgarian company in the branch to use the finance system based on the world standard in that sphere, Oracle Finance. The business software will be part of the new integrated information system, to be introduced by the company, and will also include the insurance programme INSYS. The combination of the two will allow real time communication between the individual offices of Bulstrad in the country and will thus enable the managers to follow in detail the processes going on within the company.A research of the prestigious consulting agency PriceWaterhouseCoopers, carried out in December 2003, showed that Oracle Finance is the best business software on the market at present. The introduction of the new information system in Bulstrad will facilitate the procesing of incoming data and will increase the efficiency of the insurer's operation. That will make easier the work with clients as compensations will be paid more quickly. More than 700,000 polices for the over 40 products in the company's portfolio were processed in the insurer's offices round the country in 2002 alone.The introduction of the new software will allow quicker servicing of customers at a single insurance desk and a more efficient management of the insurance risk, as well as harmonization of the Bulgarian insurance market with the latest international tendencies. Oracle Finance will be introdced also in the top domestic pension insurance company Doverie, which is within the TBIH holding, too. We have been working with products of the Oracle family since 1994 and we have become convinced in their reliability and security, Yulian Maslyankov, Director of Doverie's IT department said in front of the BANKER weekly. The shareholders in TBIH have made a decision to gradually introduce the new business software in all its subsidiaries not only in Bulgaria but abroad as well. The introduction of Oracle Finance coincides with the 10th anniversary since the financial group TBIH began operations in this country. The celebration will be next week.

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