STRIDE, what does it mean to you? Firstly let’s explain what STRIDE is and how it came about. The STRIDE project was initiated in 2009 as a joint venture between SAIA (South African Insurance Association) and the FIA (Financial Intermediary Association). The intention of the project is to enable real-time, efficient and cost effective communication across the short term insurance industry. Legislation is moving towards the insurer being in control of the risks it is covering and hence STRIDE has become a crucial component of the short term insurance industry. The reason why it is important is the legislator merely wants the insurer to be in control of what it is on risk. It is a secure and easy way of transmitting data between insurers, binder holders and institutions and will become the preferred medium for transferring insurance data. stridesa.co.za It is widely accepted as the transfer type for data because of its direct involvement in a number of product providers. By implementing what will become an industry standard for data sharing STRIDE will enable compliance whilst delivering increased efficiencies and savings. So how does this affect you? Well to start off with, our Cims3 application is STRIDE compliant and being so, Cardinal aims to create a sustainable and secure environment that facilitates informed risk taking to all stakeholders in the value chain. This is attained by following the rules of engagement for data exchange and by making use of an electronic connectivity capability. These practices and formats are all based on a South African ACORD messaging standard and global best practices, ultimately benefiting the consumer. Furthermore, standardising the way data is transferred streamlines the communication process and ensures a smooth flow of information between all parties such as intermediaries, insurers, underwriters, service providers, financial institutions, regulators and government. In addition, once implemented, a single set of data communication standards will lead to cost effective delivery mechanisms that will improve the products and services to the benefit of policyholders. We are already STRIDE compliant with: Mutual & Federal, Santam and Hollard. Sources stride.co.za and acord.org ow.ly/xvTTQ
Posted on: Mon, 02 Jun 2014 10:15:25 +0000
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