SDT Financial Software Solutions announced the successful implementation of SDT Life at Old Mutual Kenya.
SDT Life handles the administration of modern life assurance products, such as universal life, linked investments and credit life assurance, as well as conventional products. The roll-out in Kenya was successfully completed in the scheduled time frame.
"SDT is committed to make a difference in financial services. With the implementation of SDT Life in Old Mutual Kenya, we extended that commitment further into Africa. I believe that our expertise can make a big contribution to developing life assurance as part of the NEPAD initiative. A lack of administration capability has always hampered the industry, and the African economy," says SDT Director Jaco Swanepoel.
The system roll-out to the initial three regions was planned as a phased implementation. Old Mutual Zimbabwe was the first to be successfully rolled out, followed by Old Mutual Kenya. The implementation of SDT Life at Old Mutual Malawi is currently under way.
"The implementation clearly demonstrated SDT's ability to configure our newly designed financial products in record time. This backed by their ability to train staff on the use of the system gave Old Mutual Kenya the opportunity to go to the market within the time frames that were planned," says Stewart Henderson, Chief Executive Officer of Old Mutual Kenya.
The administrative team from Old Mutual Kenya feels the system is a distinct upgrade from their previous experience. They said: "Data entry is easier and more readily altered, client management is simpler and more effective and processes are more easily managed."
SDT Life has a modular design with no duplication of functions or data. The core administration system has a powerful underlying rules base to ensure flexibility in constructing and altering system processing options and products. One of the basic imperatives for the implementation was that there be minimal customisation. Because SDT Life covers the entire spectrum of life assurance administration, has a complex underlying rules base and has a large installed user base, it is possible to implement the system with little or no customisation.
The need for minimal customisation was achieved during the project which meant that Old Mutual was able to focus on expanding and streamlining its business rather than specifying and testing functionality that should already exist.
Servicing in excess of 20 financial services and life assurance companies both locally and internationally, SDT realises the importance of a stable administration environment to ensure optimal time and resource allocation. Old Mutual Kenya runs an extremely efficient and effective operation supported by SDT Life.
Now that SDT Life has been deployed for a new set of financial products at Old Mutual Kenya, effort will be put into a data conversion to consolidate all policies onto a single platform, being SDT Life. The implementation will also be used as a base to fast-track the implementation of SDT Life at Old Mutual Malawi.
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