UAB “Finance engineering” has successfully completed the implementation of the project “Development of a new IT product for forecasting cash flows of non-life insurance companies in accordance with the requirements of the EU Solvency II Directive” (project No. VP2-1.3-ŪM-02-K-04-066).

For the implementation of this project, the company was granted up to LTL 276,155.00 (up to 60.00%) in funding from the European Union European Regional Development Fund under the measure VP2-1.3-ŪM-02-K “Intelektas LT” of Priority 1 “Research and Technological Development for Economic Competitiveness and Growth” of the Economic Growth Operational Programme. The project partner is UAB “Sistemų integracijos sprendimai”.

UAB “Finance engineering” is a consulting and information technology company established in 2008. The company specializes in developing insurance business management systems and other applied IT solutions and products for companies operating in the insurance and financial sectors. IT products developed by the company’s specialists have been implemented in UAB “Industrijos garantas”, “Euler Hermes” (the leader in credit insurance, holding over 30% of the global trade credit insurance market), AAS “Balta” (Latvia), “BTA Insurance Company” SE Lithuanian branch, and other companies.

During the implementation of the project, UAB “Finance engineering” created a prototype of a new IT service designed for forecasting cash flows of non-life insurance companies in accordance with the EU Solvency II Directive. The developed solution will serve as a set of auxiliary tools for Solvency II and will help insurance and other sector companies to promptly and comprehensively assess the financial outlook for the next several years.

Although the product was developed for insurance and financial companies, it can be easily adapted for other companies selling mass, standardized products: retail or wholesale companies, telecommunications companies, etc.

This new IT product will enable companies to accurately forecast and efficiently manage cash flows, reduce operational risks, and minimize bankruptcy probability. The ability to form optimal pricing, taking into account the impact of price elasticity and customer loyalty, will allow companies to increase revenue without raising operating costs, thus positively influencing business profitability.

More information: www.fengineering.lt, www.esparama.lt