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Vilnius College students will have an opportunity to do their practical work in a virtual bank and in a virtual insurance company

From March 2011, the students of Vilnius College will have an opportunity to do their practical work in Viko bankas virtual bank and in Viko drauda virtual insurance company established for the training purposes.

In December 2010, Forbis and Sintagma Companies won a public tender announced by Vilnius College for purchasing of information systems for providing banking and insurance services. The project is partially financed by the European Social Fund.

The main purpose of the project for the first time in Lithuania to create simulation companies providing banking and insurance services and operating corresponding banking and insurance information systems in Lithuania, which would enable to improve the quality and efficiency of the practical training of the students of Vilnius College as well as their competitiveness in the labour market, and intended to increase the students entrepreneurship, encourage them to use the opportunities offered by newest information technologies. Such simulation companies are already successfully operating in Germany, Czech Republic, Austria and Slovakia.

This project is part of a programme carried out by Lithuania’s business practical training centre Simulith. The membership of the centre in the EUROPEN - PEN INTERNATIONAL worldwide practice firms’ network gives Lithuanian virtual companies a possibility to trade with more than 5500 companies of 42 world countries in the virtual environment.

In January 2011, UAB Sintagma introduced to Vilnius College teachers the possibilities of their created insurance business management system called DIS and UAB Forbis presented its created banking management system FORPOST.

Forbis is presently implementing the FORPOST banking information system in the Viko bankas virtual bank established in Vilnius College; and UAB Sintagma, in its turn, is installing the DIS insurance information system in the virtual insurance company Viko drauda.

Already in March 2011, the students in their 3rd year of studies at Vilnius College will have an opportunity to do their practical work in a virtual bank and in a virtual insurance company, which will provide all the services to world’s virtual companies, founded for the training purposes according to the UROPEN - PEN INTERNATIONAL programme, as well as to individuals. The virtual bank will operate as a real bank, i.e. it will be possible to perform all the banking operations, including servicing of individuals and legal entities, to work with securities or investments. The virtual insurance company will provide insurance services similar to those provided by real insurance companies, i.e. the students will be able to perform all the functions and operations, which are performed in the real insurance companies.

The students in their 3rd year of banking and insurance studies are enthusiastically preparing to participate in an international professional training fair, which will take place on the 29th to 31st of March 2011 in Prague (Czech Republic) and on April the 7th and 8th in Alytus (Lithuania). During these fairs the Simulith program participants will be for the first time introduced the newly established professional training firms Viko bankas and Viko drauda and their services.

“Earlier Vilnius College students would do their practical work in Lithuanian banks and insurance companies, however similar practical work would usually be narrow and inefficient, because the students would not be able to use the bank data bases or tools available in the banks or insurance companies in full, they could not also get acquainted with the activities of all divisions and spheres of financial institutions. Thus, the practical work would not give much knowledge to students about the real bank and insurance company work specifics, functional particularities and challenges, which are being faced by such companies in their everyday life”, said Nijolė Kašėtienė vice-dean of the Economy faculty of Vilnius College. The project being implemented by Forbis and Sintagma in Vilnius College, will allow the students to operate as if in a real bank or a real insurance company, with the specially formed management bodies and the main divisions. Accounting departments and customers servicing units will operate here too. In the insurance company’s damage assessment division the students will learn to regulate insured events. For being “employed” in the virtual company, the students will have to submit their CVs and participate in a competition, which will be carried out by human resources division of the virtual company. The students will acquire practical knowledge of how the real bank or the real insurance company operate.

According to the CEO of Forbis Andrej Zujev, “The Forbis Company is proud to take part in giving Lithuanian students practical knowledge and assist in their education. The students after having got acquainted with the FORPOST system will acquire practical skills of how to work in the bank and to use the FORPOST system, which functions in the 80% of the Lithuania’s banks. This system is also installed in Estonia, Latvia, Belarus and Russia. This knowledge will help the students of Vilnius College to get a job in a bank and to be able to immediately be beneficial to that bank, because they will not have to be trained how to use the banking information system.”

“Sintagma for many years has been creating specialised software for the management of the insurance business. Its insurance business management systems are being used in Lithuania, Latvia, Kazakhstan life and non-life insurance companies, belonging to such groups as SEB, PZU, ERGO, Mandatum, Citadele etc. In the software created by Sintagma we employ unique insurance business experience of many people. We are glad to share our many-years’ experience to educate students and we hope that other educational institutions will follow the example of Vilnius College”, stated Evaldas Drąsutis, CEO Deputy of UAB Sintagma, which implements the insurance solution.