UNIQA first implemented SimCorp Dimension in 2004, initially for their Austrian business. Later, it was rolled out across eight of the 18 countries UNIQA is currently operating in.
Expanding the usage of SimCorp Dimension across 10 countries in less than 10 months
Before that 10 countries of the group were using different systems for managing their assets with countless interfaces and enormous manual effort to consolidate the investments across the group. Having already centralized a lot of their investment processes and executed tasks centrally, it was the next logical move to expand the strategy and onboard additional subsidiaries within the group.
In June 2019, it was decided to keep enhancing and rolling out the platform to the remaining countries: Albania, Bosnia and Herzegovina, Bulgaria, Macedonia, Montenegro, Romania, Russia, Serbia, the Ukraine and Kosovo. The rollout of SimCorp Dimension started in June 2019 and continued until April 2020. It took on average only one month per country for implementation. The complex rollout included the analysis of the local accounting and regulatory reporting rules per country, technical implementation, development of interfaces, training, testing, data migration and go-live.
There were numerous challenges identified at the start of the rollout process. The operating team had to align and coordinate 10 countries almost in parallel while taking into consideration that all 10 countries used different systems, different approaches, and languages. Six employees from UNIQA’s Investment Accounting department formed the core team together with around 30 colleagues from other business units such as IT, Risk Management and UNIQA Capital Markets, supported by three SimCorp consultants.