Sanlam, one of South Africa`s largest financial service groups, is celebrating the successful implementation of a brand new `mould-breaking` IT solution as part of its bold transformation strategy.
In a multi-million pound deal, the British financial services IT specialist Marlborough Stirling has installed its life and pensions administration system Lamda, and its Alpha-Calculations engine at Sanlam Life. Sanlam Life is a key product provider within Sanlam Personal Finance (SPF), the individual business company within the Sanlam group.
This project is aimed at positioning Sanlam Life for the growing demand for low-cost products from an expanding local customer base. It will pioneer new products, processes, staff training and technology to deliver "excellent levels of service and a lower cost operation".
The powerful Lamda package is based on Microsoft`s NT operating system and SQL server database and marks a further success for Microsoft in the region.
The current project sees new savings products being processed on Lamda, and begins the process of moving existing cases from current legacy systems.
David Thomas, consulting director for business development at Marlborough Stirling, South Africa, said: "This country is still going through huge economic change, which is creating major opportunities and threats for all financial services companies. Sanlam is re-positioning itself to meet these changes and to reach the new emerging markets in the face of new competition. It is offering innovative products at fair prices, with low charges and high service levels - a winning combination. Sanlam are clearly setting a good example for UK financial providers to follow."
Sanlam chose Marlborough Stirling after an extensive international search of solutions providers.
The company was finally selected for "being able to help us through the transformation programme in a very tight timetable with professionalism and commitment," according to the Chief Executive of Sanlam Life, Liz'e Lambrechts.
Lambrechts, who was voted South Africa`s Corporate Businesswoman of the Year in 1998, added: "We wanted an approach that broke the mould, and they gave us this. This new, low cost-of-ownership solution will help us to adapt quickly to change while transforming our cost base and operational efficiencies. And Lamda is proven to be scalable, capable of handling the largest of portfolios.
"We have a keen customer focus and we believe in leveraging technology to improve our capacity as well as product and service offering to our clients."
Sanlam has 2.2 million policyholders. It employs some 4,500 staff at its Belville head office, near Cape Town.
Marlborough Stirling has supported the implementation from its office in South Africa and from its UK head office.
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Sanlam
(www.sanlam.co.za) The organisation was founded in 1918 and has earned a track record for innovation. In 1922 it introduced the world`s first disability insurance. And it was the first South African firm to progress into the computer age - developing the first computer programme to handle financial analysis for individuals. It was also the first South African life assurer to establish a web-site, a site which was judged the "world`s best financial web-site" by the Financial Times in 1997. When it listed in 1998 it became the largest single shares listing on the Johannesburg Stock Exchange. Sanlam offers a fully integrated range of financial services and products.
Marlborough Stirling
Marlborough Stirling (www.marlborough-stirling.com) Marlborough Stirling plc is a leading, UK-based supplier of technology-based business solutions for the financial services industry. Its South Africa office opened in October 1997 in Cape Town, where 11 people are now employed.
Its activities are focused on meeting the needs of life and pensions providers, banks and building societies. The Group`s `total business solution` approach is complemented by a complete family of software packages for point-of-sale and administration applications, and a wide range of third-party administration services.
Marlborough Stirling has implemented solutions for over 40 clients and its systems are used at over 10,000 locations. Over two thirds of the UK`s top 25 life companies use its systems and services, as well as over half of the UK`s top 25 mortgage lenders who - between them - process around 40% of British mortgages.
Increasing demand for its expertise has resulted in consistent fast growth, leading to Marlborough Stirling being ranked in the top 1% of privately-owned UK companies (source: Brown Shipley Register).
Lamda
Lamda is a complete client-based life and pensions administration package, designed specifically to utilise the power of modern high performance PC networks. Implementing Lamda can dramatically reduce the cost of clerical and IT support for the business. Supporting the full range of current unit linked and rate-based products, Lamda is highly scalable, addressing needs from the smallest to the largest of portfolios - outperforming mainframe applications on a run time comparison. It has been developed using powerful fourth generation language tools and a relational database offering both a fully functional system and the ability to change that system rapidly and cost effectively.