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Euroins

‘EUROINS Insurance’ JSC is one of the first insurance companies in Bulgaria. The services of the company cover a wide range of risks and provide comprehensive insurance services. The portfolio of the company encompasses over 63 insurance products. ‘EUROINS’ JSC has offices in 87 towns in the country and it works with more than 4,000 intermediaries.
The main shareholder of ‘EUROINS’ JSC is ‘Eurohold Bulgaria’ JSC.

Fiscal consolidation with LucaNet

Description of the project

A solution is introduced to manage the financial performance of the organizations – ‘LucaNet’, in the part covering the automation and optimization of the fiscal consolidation process.

The solution covers two main phases of the consolidation process – collecting and loading data from subsidiaries into a unified system, and automating consolidation by presenting the data from the final report:

  1. Data collection phase:

As a final result, a unified data collection process from subsidiaries has been achieved in the holding structure, which includes:

  • Data collection in a uniform format – a 3-month financial report, an annual report, a specific operational monthly report;
  • Automatic pre-check of all intragroup balances (receivables and payables) and transactions (revenues and expenses);
  • Notification on data discrepancies by conducting a check under pre-defined data validation rules in view of removing them before the consolidation process starts;
  • Merging and unification of financial data from different sources, countries, companies, currencies, etc.


  1. Financial consolidation phase:

After the data collection, a process of automated consolidation begins with the following:

  • Automating operations which are related to capital consolidation;
  • Historical data on all changes in ownership (acquisitions, sales, changes in the capital of subsidiaries, change in the capital share of subsidiaries);
  • Non-controlling participation – automation of calculation and presentation;
  • Elimination of group balances;
  • Elimination of intragroup revenues/expenses.

      3. Additional specific functionalities

  • Automated process for the preparation of a monthly report on ‘Solvency II’ individually for all companies and for the group as a whole;
  • Automated process for the preparation of individual and consolidated reports for the Financial Supervision Commission for each quarter.


       4. Specific results for the client

  • Preview of the required final reports: on a company or group level, consolidated or unconsolidated;
  • Easy reclassification of data in existing reports, which affects all companies in the group and all prior periods;
  • Comparison of financial data that is classified by type of activity, by periods and regions;
  • Grouping of data from different reports to produce derivative reports, depending on the reporting goals;
  • Graphical representation of data;
  • Comparing reports on the grounds of specific criteria or periods.

 

Benefits

  • Saving key employees time via automating consolidation and reporting processes;
  • Quick and easy tracking of the business financial condition via automated calculations of key indicators;
  • Shortened time for checking intercompany receivables and liabilities, incomes and expenses, payments;
  • Unification of reports – all changes are reflected for all companies;
  • Prevention of errors and inaccuracies in recalculations by maintaining different exchange rates;
  • Full traceability of changes in the percentage of investments in subsidiaries;
  • Keeping a history of the adjustments to the consolidation eliminations in individual and group reports;
  • Ability to calculate and preview predefined financial analysis coefficients (KPI’s), as well as the ability to create new that are valid on a company, business, group, period, currency level.

 

Users

  • Financial management