Astute, Managing Director, Biddie Biddulph
Astute, the financial services exchange that provides technology solutions to the life insurance and investment industries in South Africa, recently celebrated its 10th anniversary with news that it intends expanding it’s offering in response to the industry’s search for innovative ways to utilise technology.
Astute’s Consolidated Client Portfolio system facilitates the integration of financial data by giving financial advisers, who have their clients’ consent, online, simultaneous access to policy and investment information at life offices and investment companies. It also operates systems to manage policy replacements, and for risk management in the claims and underwriting processes.
Astute undertakes annual surveys to establish the tax status of financial advisers, and is currently developing solutions to integrate product providers with Financial Services Board (FSB) systems.
Said Managing Director, Biddie Biddulph: “We had bold vision to connect financial advisers to product suppliers, and from humble beginnings developed the first system it’s kind in the world, integrating three life offices. Today, Astute gives advisers access to information from 18 product providers through 14 financial needs analysis programmes processing over 2.2 million transactions a year.”
Hennie de Villiers, chairman of Astute, congratulated the company on it’s 10th anniversary and committed it to continue providing industry technology solutions of a high standard.
Leon Campher, CEO of the Association of Savings and Investments SA (ASISA), said: “Since its inception 10 years ago, Astute has specialised in providing the financial services industry with various tailor made electronic data exchange solutions. ASISA has worked closely with Astute on a number of projects and we believe that Astute’s approach to designing solutions around the client’s needs will ensure its success in the future.”
Biddulph noted that at Astute’s inception the life industry was in the midst of a transition that saw sales driven business models being replaced by an approach that put financial advice at the centre of all activities.
“Change is on-going and we will continue to collaborate with the industry to identify new opportunities and requirements to improve efficiency and competitiveness, and to comply with new legislation and regulations. The objective being to improve services to the customers of life assurance, risk and investment product providers,” he said.
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