In 2011 the Faculty of Economics of Vilniaus kolegija/ University of Applied Sciences witnessed the implementation of the EU Structural Funds project, ”Establishing Bank and Insurance Company Simulation and its Activity in the Virtual Environment – a Guarantor for Increasing Professional Training Specialist Efficiency and Competitiveness for Modern IT – Based Business“ (the medium of SFMIS VP1-2.2-ŠMM-07-K-01-056, 2007-2013 priority 2 of the Human Resource Development programme “Lifelong Learning“ VP1-2.2-ŠMM-07-K ”Improving the Quality of Education“). After the project was implemented Vilniaus kolegija/ University of Applied Sciences became the first and the only higher school in Lithuania with a practical base for accountant, investment and insurance specialist training as well as information technology systems that are adequate to those actually existing in markets.

The insurance company VIKO DRAUDA offers its clients life and non-life insurance products, administers losses, prepares financial documents, contracts, insurance certificates, which are prepared in accordance with the existing legal laws of the Republic of Lithuania. VIKO DRAUDA organizational structure is in accordance with the requirements for the insurance enterprise’s structure defined under legal laws of the Republic of Lithuania.

The insurance enterprise installed the information systems DIS – a unique solution with integrated important insurance business modules: insurance product creation, selling, client data management, insurance contract management, insurance contract administration, contribution payment management, banking accounts, loss administration, technical deference and reinsurance as well as client, intermediary and debtor information management.

The current possibilities allow the employees of VIKO DRAUDA to provide quality services to the network enterprises and gain competitive advantages

Mission: To provide professional, high-quality, maximally satisfied costumers needs in insurance and guarantee the security of customers and their ability to countinue normal lifestyle without worry.

Vision: To become a competitive and leading insurance company with the most satisfied customers and have professional staff which is seeking the best results.


  • One team
  • Innovation
  • Quality
  • Organization
  • Friendliness
  • Care
  • Perseverance
  • Uniqueness
  • Attention to clients
  • Responsibility

Insurance is about:

I. Financial stability;

II. Safety;

III. Accidents;

IV. Risk sharing;

V. Liability;

VI. Reliability;

VII. Uncertain risk;

VIII. Save future;

Shortly about PTF:

The establishment of the first PTF’s in Lithuania was initiated in 1993 under the joint project of three Danish business colleges and the Ministry of Education, Culture and Science of the Republic of Lithuania.

What is a practical training firm? It is the teaching of business training within the education institutions. PT firms are the companies that imitate the activities of genuine companies and are involved in mutual trade with Lithuanian and foreign firms, which make about 5,000 worldwide. Practical training firms operate within the education institutions of Lithuania (state and private colleges, professional training and secondary schools, gymnasiums, etc.), where future specialists of economy and business management are trained.

In practical training firms pupils and students as executives make attempts to solve the issues that arise in the working process and implement their plans and ideas; thus, they obtain experience of working in a business enterprise.