In a multi-million Rand deal, life assurance giant Old Mutual has selected to make use of SDT Life, the life assurance administration system from local financial solutions developer and provider SDT Financial Software Solutions (Pty) Ltd, for its African operations. The system will initially be implemented in three of their current operations, namely in Kenya, Zimbabwe and Malawi.
The system will enable Old Mutual to bring a range of new products to the marketplace in a short space of time by leveraging from the extensive underlying rules base. Old Mutual Zimbabwe Managing Director, Luke Ngwerume, said: "We need to maintain and improve on our dominant position. This can only be done by launching new products that can satisfy our clients and by doing this quickly and cost-effectively. SDT Life will be the vehicle used to achieve our goals. SDT understands both the life assurance business as well as the constraints we face in Africa".
SDT Life will replace an ageing mainframe system as the primary administration platform for Old Mutual in Africa. A number of options were considered before the selection was made. Old Mutual Zimbabwe General Manager, Jonas Mushosho, states that:"SDT Life was selected because the system is proven, already running at ten other companies. We decided to implement the system with no customisation, which means that we can be up and running in a short space of time. SDT's professional project and support approach enables us to be up and running quickly."
Steve Modlin, Head of Sales and Marketing at SDT, says: "The deal with Old Mutual is valuable in a number of ways, not least of which is the increased presence that it gives us in Africa. We have seen an increase in interest from many areas and companies within Africa over the past year and with this deal it gives our plans for extending our reach into Africa a welcome boost." The deal gives SDT a much wider international footprint with twenty-one enterprise clients in seven countries across two continents, including Old Mutual and Sanlam.
The system roll out to the initial three regions has been planned as a phased implementation. Old Mutual Zimbabwe will be rolled out first, followed at regular intervals by Kenya and then Malawi. The implementation project is a challenging one, given the locations in Africa, but SDT's proven implementation methodology and project management framework will go a long way to ensuring the success of the project. "This will prove our ability to service the African market efficiently and effectively", says SDT Director Freda du Toit.
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