Astute appointed as Short-Term Insurance Data Exchange (STRIDE) Vendor

The South African Insurance Association (SAIA) is proud to announce that Astute has recently been selected as the Short-term Insurance Data Exchange (STRIDE) vendor for the technical solution. STRIDE is an initiative formed by SAIA and the Financial Intermediaries Association (FIA). The solution will provide a secure method of transferring insurance data, primarily between insurers and intermediaries.

"After following a rigorous review process, we are confident that Astute provides the best possible solution for our requirements," says Barry Scott, Chief Executive of SAIA. The Financial Services Exchange (Pty) Ltd, trading as Astute, was launched in April 2000 as a collaborative service between members of the previous Life Offices’ Association of South Africa (LOA), now part of the Association of Savings and Investments SA (ASISA), which recognized the need to establish an electronic data exchange for the long-term insurance industry.

STRIDE’s mission is to create a sustainable and trusted insurance industry that facilitates informed risk taking to all stakeholders in the insurance value chain, by defining the rules of engagement for data and process interchange and an electronic connectivity capability that is based on a South African ACORD messaging standard and global best practices, ultimately benefitting the consumer. The partnership with Astute is seen to hold many strategic benefits to the insurance industry as a whole, as this will combine the technology solutions for both the short-term and life insurers and financial advisors.

"Standardising the way data is transferred will streamline the communications process and ensure the smooth flow of information between industry stakeholders, namely intermediaries, insurers, underwriters, service providers, financial institutions, regulators and government. Furthermore, once implemented, a single set of data communication standards will lead to cost effective delivery mechanisms that will improve the products and services to the benefit of policyholders," says Jenny Theunissen, Programme Manager for STRIDE. 

ACORD is an international not-for-profit association based in the USA which sets worldwide data and systems communication standards aimed at improving the exchange of data across diverse technological systems and platforms. The organisation serves the insurance sector and related financial services industries globally. For any queries, please contact Jenny Theunissen, Programme Manager for STRIDE on 084 840 2979 or via email on jenny@stridesa.co.za.