The Short Term Reinsurance Information Data Exchange (STRIDE) successfully sold the short-term switch to the industry-owned financial services exchange company, ASTUTE.
With its 15-year track record in the life insurance, risk, and investment space, having successfully delivered data exchange services to the industry, ASTUTE is an ideal technology partner for the short-term insurance industry.
ASTUTE acquired the data switch from STRIDE South Africa RF (Pty) Ltd, effective 1 January 2016.
ASTUTE will operate the short term insurance switch in a subsidiary known as ASTUTE-STE (ASTUTE Short Term Exchange (Pty) Ltd), with insurers Santam, Mutual & Federal, and Hollard becoming minority shareholders in the new company. STRIDE as a legal entity will cease to exist subsequent to the finalisation of the legalities.
The STRIDE Switch will continue to function and operate as it did prior to the acquisition, and ASTUTE-STE will be in communication with all key role players to ensure that a smooth transition takes place.
It is widely anticipated that under the incoming Retail Distribution Review legislation, data will become a more significant and valuable strategic business resource than ever. The switch will maintain its focus on improving the quality of short term insurance related industry data and reducing the inefficiencies that currently drive data acquisition costs. There is general acceptance by the industry that the ACORD standard will remain the industry standard and the investment made by the industry over the last four years will not go to waste. The short-term insurance industry remains committed to the implementation of a successful industry data switch.