Sanlam Upgrades Software System

April 30 - In a bid to introduce better business intelligence and assess risk in a more efficient way, Sanlam will be replacing its tired, in-house software system.

The group will be upgrading its software for its reinsurance business with SDT Financial Software Solutions package, Exergy.

The Commercial Executive at SDT, Lee Kuyper said: "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.

Kuyper added that Sanlam needs 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 said.

The winning of the contract is extremely important for SDT as it entrenches the group in "Tier 1 of the financial services market," according to Kuyper.

"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," he said.

In the meantime, Sanlam said that it was reconsidering its entire reinsurance business model and therefore needed a single technology platform with maximum flexibility.

The Development Actuary at Sanlam, Stefan du Preez said that he believed the new Exergy platform met these demands.