UAB “Finance engineering” has successfully completed the implementation of the project “Implementation of R&D activities aimed at creating a new non-life insurance risk management IT solution” (project No. VP2-1.3-ŪM-02-K-02-145).

For the implementation of this project, the company was granted up to 49.27% 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.

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), and other companies.

Insurance risk is the main factor determining the cost of insurance services and the results of an insurance company’s operations, which is why much attention is devoted to risk assessment. This requires significant human resources, large volumes of data processing, and a substantial amount of intermediate calculations. Insurance risk assessment is still poorly automated; therefore, the cost price of insurance (and service pricing) calculated by different companies varies greatly, with a high risk of errors that can cause losses or even lead to bankruptcy of insurance companies.

During the implementation of the project, a new IT product was developed – a non-life insurance risk management IT system. The new IT system is designed for insurance companies, enabling accurate and rapid risk assessment even without specific expertise. Using the IT system developed during the project ensures precise insurance service pricing based on forecasted risk. The system allows not only calculation of insurance product costs but also segmentation of clients and their insured objects by risk groups, as well as identification of parameters influencing the price.

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