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PROFIDA receives STRIDE switch certificate

25 July 2013 PROFIDA
Daniel Putra, managing director of the PROFIDA Team

Daniel Putra, managing director of the PROFIDA Team

The PROFIDA Team, a leading provider of insurance management software, has successfully completed the certification process for integration with STRIDE which means that PROFIDA can electronically send and receive policy as well as underwriting data via ST

STRIDE stands short for Short Term Insurance Data Exchange switch, which is an industry initiative to assist with data sharing among insurers, underwriters and brokers to fulfill the legislative requirements in the new binder regulations and SAM framework.

Daniel Putra, managing director of the PROFIDA Team, explains the significance of the certification: “PROFIDA’s integration with STRIDE’s technology assists our clients, who are underwriters and brokers, in meeting their reporting responsibilities to insurers. STRIDE acts as a post office to provide insurers with regular policy updates and more detailed and transactional level information on policies, money collections and claims. Insurers, whose systems are also integrated with STRIDE, receive the data directly into their systems.

PROFIDA’s policy administration and underwriting software is developed using the latest Java Enterprise technology. It is one of the first systems to complete initial integration with the STRIDE switch to provide copies of policy, claims and bordereaux information to insurers underwriting specific risks.

Said Putra: “As the technology leader it was important for us to enable the sharing of information in line with legislative changes, and we are proud that our clients are able to achieve this. Our success is largely based on PROFIDA’s speed, agility and flexibility in integrating with different standards and technologies matching the requirements of our clients”

The PROFIDA Team will be exhibiting at the annual insurance conference, hosted jointly by the Financial Intermediaries Association (FIA), the Insurance Institute of South Africa (IISA) and the South African Insurance Association (SAIA) at Sun City from 28 to 30 July 2013.

Quick Polls

QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

ANSWER

Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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