STRIDE delivers industry solution

Almost three years ago the industry, through the SAIA, FIA and their respective members, started planning an industry solution to address the need for data sharing as stipulated in the binderholder regulations. “The industry soon realised that, not only

After a rigorous evaluation and selection process, Astute (switch provider for the Life Insurance Industry) was appointed as the technology partner to STRIDE early in 2011. The first phase of the switch delivery was planned to be implemented by April 2012 and through hard work and dedication by the project team, this tight deadline date was achieved. After signing off the testing on the 12^th April 2012, the long anticipated STRIDE switch went into production on Saturday 21^st April 2012.

This means that both brokers and insurers will be able to share and access policy, claims and financial information in a batch format. “This enables compliance to Binderholder Regulations by the specified date of January 2013” says Deon Olckers CEO of STRIDE.

Potential participants are reminded that this is an industry owned and managed solution. All the necessary processes are in place to ensure absolute security and integrity of the data and no parties other than the intended recipient of the data will have access to the detail of the message being processed. Transactional costs will be kept as low as possible and there will be no additional costs such as monthly or annual subscriptions that will be incurred.

Participating in the switch requires mapping data to the SA ACORD AML standard, development to integrate with the technology and the completion of a certification process. Although various experts are available to assist organisations with this process, participants are reminded that this could be a lengthy process (it is estimated that an internal project could take up to 6 months) and with the Binderholder Regulations compliance date set at January 2013, you have no time to waste! The STRIDE team can be contacted to assist you with your planning.

What better way to play a critical role in the sustainability of the South African Short Term Insurance Industry than to contribute to the development of an industry owned and managed data switch? The implementation of the South African ACORD Data Standard will unlock the hidden potential in risk data while the STRIDE switch facilitates communication across channels.

Phase 2 of the solution will enable real-time bi-directional communication of business process messages, from quote request to cancellation. “This development is already initiated and is expected to be in place by January 2013 to unlock business value over and above compliance” says Olckers.