South Africa's financial services giant Sanlam is in the process of upgrading its software solution for its reinsurance business with Exergy, an insurance software solution from SDT Financial Software Solutions. The solution has replaced an ageing, in-house system, which Sanlam found lacking in flexibility for its future needs.
Exergy will provide Sanlam with a “view of the truth”, better business intelligence, better reporting to re-insurers, and in future, an enhanced view of its reinsured risk portfolios. It has also been able to automate previously manual processes, which makes for smoother, standardised outcomes.
“Sanlam will now be in a position to assess the risk that needs to be reinsured more accurately. The information that needs to be given through to the re-insurers will be more easily reconcilable and available on a frequent basis,” says Lee Kuyper, commercial executive at SDT, a company in the JSE-listed SilverBridge Holdings group.
"Sanlam needed to automate a number of the processes relating to the calculation and distribution of reinsurance in Sanlam. Sanlam issued an RFP, which we were able to satisfy, and we won the resultant tender and contract," he adds.
St'efan du Preez, development actuary at Sanlam, says Sanlam is reconsidering its reinsurance business model and that a single technology platform and flexibility of design were crucial elements that Sanlam considered when awarding the contract.
“SDT's Exergy solution, and the company's overall value proposition, met all these criteria and we are pleased to have them on board,” Du Preez says.
Sanlam expects to go live with Exergy towards the end of May.
The contract win is one of the most important to date for SDT, says Kuyper, as "it entrenches us in Tier 1 of the financial services market. Having negotiated terms and conditions with the group, we are now a selected vendor for further business, and we hope to enhance our presence with them, both in South Africa and elsewhere in Africa".
Exergy is an events-driven, rules-based administration solution that empowers life insurance administrators with the tools needed to achieve strategic success.
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