STRIDE takes the integrated data switching leap
01 April 2013 | Magazine Archives FAnews & FAnuus | Short Term | Jenny Theunissen, STRIDE
Since its inception, STRIDE was envisioned to be what Bankserv is for the South African banking industry – not just a means of sending and receiving data, but a platform that enables efficiencies and e-transacting across all areas of the short-term insurance industry. Access to data and online, real-time transacting is something that this industry only dreamed about until recently.
The first phase of the STRIDE project enables insurers to receive policy data from their binder holders, on a single industry data standard, through a secure infrastructure. This enables them to roll out to multiple distribution points placing cover online through intermediaries.
This infrastructure has been available since April 2012, with the data standard finalised during October 2012. Several projects are underway to integrate this on various platforms, including:
• Innovation Group
• Flexi Brokers
• Cardinal
• Tial
• Genasys
• Brolink
• Profida
The first full data transfer, from an intermediary to insurer, through a system provider, was completed in March 2013, proving that an integrated data switch is the new reality of the local insurance industry.
Deon Olckers, CEO of STRIDE, congratulated the three project teams of Santam, IntegriSure and Innovation on the success of the project, saying it was a watershed moment that promised a new, exciting future for the short-term insurance industry. Real-time transacting offers a multitude of benefits.
Alan Stitzer, manager of ACORD Southern Africa, said: "ACORD is very pleased to be involved with the STRIDE effort. We are impressed with the dedication and commitment of the South Africa market in working to create and implement a new standard in such a short period of time.”
E-based real-time placement and administration across multiple insurers enables intermediaries to provide the client with the best possible service delivery. Real-time processing leads to automation, increased productivity and increased profit. Once the process is implemented, there is no need to worry about data and one can focus on delivering world-class service to one’s customers.
With access to data, product providers can create innovative products while actuaries can create accurate and fair pricing models. This benefits both the intermediary and the client.
The good news for intermediaries is that, if your system provider is integrated with STRIDE, it significantly decreases the time and effort to get integrated.
10 reasons for binder holders to become involved in STRIDE:
• Adherence to binder holder agreement requirements;
• Single data capture for quotes, new business, endorsement and renewals;
• Seamless integration with different insurer platforms;
• Ensuring the sustainability of your business model;
• Reducing paperwork and forms;
• Freeing up your valuable time to concentrate on selling;
• Straight-through processing reduces admin costs;
• Connect with all insurers – comparative quoting and low switching costs;
• Drastically reducing time to market and implementation costs of new product offerings; and
• Seamless processing between insurer and broker and system provider.
