10.12.2009 | Austria
S&T implements SAP solution for CosmosDirekt
Rapid and flexible customization of payment systemsCosmosDirekt, the largest direct insurer in Germany, entrusted IMG, the Consulting Services of S&T Group, with the modernization of its payment reminder and payment handling systems. With the introduction of SAP FS-CD, the company’s old current account system was replaced, as well as its in-house developed payment reminder systems.
With the recent reform of the German Insurance Agreement Act (VVG Reform) and as a result of new demands such as SEPA, CosmosDirekt was confronted with the challenge of implementing an extensive range of new systems and processes. At the same time, it was obligatory to ensure compliance with the group-wide specifications of its parent company, the Generali Deutschland Group.
SAP FS-CD (SAP Financial Solutions - Collection and Disbursement) is a solution specifically tailored to the needs of the insurance industry for the management of all procedures relevant to collection and disbursement. SAP FS-CD provides a detailed overview of all premiums paid in for current policies and also all insurance payments made to customers. Cash flows are reported in a current account which provides information at any time about the status of payments.
IMG has extensive skills and expertise with the implementation of SAP insurance solutions, particularly in the field of FS-CD. “Our consultants have many years of experience with the implementation of SAP insurance solutions. With IMG as a partner ensuring a successful launch, Cosmos now possesses a modern and standardized current account system that can quickly and flexibly be adapted to meet possible new demands,” comments Christian Rosner, CEO of S&T AG.
The cooperation with CosmosDirekt involved the IMG experts providing assistance during every stage of the project, from the initial design to the launch of the system. As well as overseeing the implementation, their support extended to fine tuning in order to ensure compliance with the VVG-Reform, testing the business processes and performing data migration. The ultimate goal was the realization of SAP FS-CD with a connection to the ICIS portfolio and payments system in order to establish a standardized version of the system environment and the insurance and IT processes. The attainment of this objective provides the basis for a possible roll out of the new payment systems within the entire Generali Deutschland Group.
The tight time frame for this comprehensive project, which had to be completed within two years, challenged the IMG consultants and the team from CosmosDirekt. “The tight schedule placed great demands on the skills and commitment of all participants. Furthermore, the two teams had to ensure that the business, and all its operationally optimized processes, continued uninterrupted, throughout the implementation,” states Dr. Roland Feldhoff, Head of Accounting and Controlling at CosmosDirekt.