South Africa-based Sanlam Group selects WebXL reinsurance software
Paris-headquartered global reinsurance solutions provider Effisoft has been selected by the Sanlam Group - a listed diversified financial services group with business interests across Africa as well as in Europe, India, Malaysia, the USA and Australia – to manage its life reinsurance cessions.
Stéfan du Preez, actuary with Sanlam Personal Finance, said the magnitude of Sanlam's life reinsurance project meant it was crucial to find an exceptional solution provider.
"Sanlam makes extensive use of reinsurance arrangements. As such it is extremely important that reinsurance data and administration is up-to-date and correct. Any system we use should be agile enough to handle quick changes to even the most complex reinsurance arrangements. After an exhaustive search, Effisoft proved to be the best fit as development partner, both from a cultural and functionality point of view. In particular, the configurability of the group's WebXL system was a very strong advantage."
Julien Victor, managing director of Effisoft said the company was delighted with the new partnership. "We were once again able to demonstrate the depth of our expertise in reinsurance management and the comprehensive functionality of our system, in particular its strong life reinsurance features."
Victor said that the WebXL reinsurance software would help Sanlam manage and streamline complex life reinsurance operations, reduce maintenance expenses and benefit from strong analytics capabilities.
Additionally, it will provide enhanced reporting functionality to the reinsurers and will support any new reinsurance agreements going forward.
The software changeover project is already in progress and the planned launch is set for January 2015. Numerous challenges have been overcome, including ensuring interface compatibility between policy and claim production systems, as well as managing the significant data requirement created by the millions of policies currently provided by Sanlam.
"This new partnership confirms our continuous international success and the growing appreciation for our solutions and implementation methodologies," added Victor. "Partnering with Sanlam will allow us to extend our functional scope and maintain an excellent record worldwide."