Sovereign Trust Insurance Nigeria, enhances automation with Eskadenia Software

One of Nigeria’s leading Insurance companies, Sovereign Trust Insurance (STI) Plc, has announced upgrade to some of its technology utilities, as the organization wants responsibilities to be carried out expeditiously – going forward. STI’s Head of Information Technology and Strategy, Lekan Oguntunde, who made this known, pointed to a number of reasons and gave some specifics about the upgrade.

According to him, the firm realised that technology remains the hallmark and arrow-head of any successful business and as such it adopted Eskadenia, business application software for the insurance industry, as far back as 2009 to drive its business. Eskadenia software was developed using an object-oriented programming language which was designed to automate the general insurance policy life cycles of insurers' customers and reduce operational gridlock. It also enhances job quality, maintains up to-date historical data on all businesses generated while ensuring high level of customer confidentiality and security.

He said, “STI is indeed committed to creating a world-class organisation in every sense of the word. More than ever before, the company is set to drive the implementation of its new business model by employing cutting-edge technology to shore up its operational efficiency.  Tapping into up to-date technology can yield plethora of opportunities which will yield dividends as well as create cost effective measures in which the company plans to utilise optimally to the benefit of stakeholders and the organisation as a whole”.

The Head of Information Technology and Strategy in the company, Mr. Lekan Oguntunde, made this known in a statement in Lagos recently. He reaffirmed the company's commitment towards driving its new business model with up-to-date technology. "STI is indeed committed to creating a world-class organisation in every sense of the word. More than ever before, the company is set to drive the implementation of its new business model by employing cutting-edge technology to shore up its operational efficiency," he said.

He noted that any forward-looking organisation should have a real time, cutting-edge technology at the fulcrum of its business operations, adding "that is what Sovereign Trust has adopted in pushing the frontiers of its operations beyond the shores of the country."

Oguntunde said his organization has done several upgrades of the software over the years to ensure delivery of seamless world class services to its customers of the underwriting firm across the country. In order to meet all the functional specifications and technical capabilities as required by its teeming customers, STI has made necessary enhancements to the software to accommodate recent changes and to ensure successful execution of the new business models, he assured.

Established 16 years ago, Sovereign Trust prides itself as a firm that continuously pioneers initiatives that are geared towards the promotion growth, development and human capital development in the insurance industry in Nigeria.

The Global Credit Rating (GCR), a South Africa based financial rating agency rated STI A-, a confirmation of the firm's strong resolve to stay true to the tenets of transparency, professionalism, corporate governance, accountability and ethical standards in the practice of insurance business. The company's shareholders' funds is in excess of N4 billion, with N2.6 billion paid-up capital and a balance sheet size of over N6 billion.

According to information from Eskadenia, STI Plc installed the General Insurance System for its services in Nigeria. The General Insurance system automates and accelerates the process of creating quotations, issuing policies, endorsements, and claims, in addition to running reinsurance and renewal transactions. Multi insurance Classes are supported; motor & Non-Motor along with various functionalities as Import Policies & Import Risks.

The General Insurance system supports Several Premium Calculation Methods whereas Earned/Unearned premium & commission calculation are well captured as the Accumulation Risk Calculation & Monitoring is also contained and fulfilled. The system is dynamic and fully-integrated to better help companies manage the full lifecycle of all General Insurance functions and services. The system supports Islamic Insurance (TAKAFUL) and is scalable to cater for new market demands due to its parametric nature and flexible structure.