SilverBridge Software Solutions, a subsidiary of Alt-X-listed SilverBridge Holdings, has completed the roll-out of its Exergy suite at First Mutual Life Assurance Company in Zimbabwe on time and within budget.
The new solution is helping First Mutual Life to drive down administration costs and gear up for the future growth of its business as the Zimbabwean economy recovers.
First Mutual Life is one of Zimbabwe’s largest life insurers. SilverBridge Software Solutions was chosen as the partner for this project because of the rich functionality and flexibility of the Exergy solution. Exergy is a proven product that is already widely used by many financial services companies through-out Africa.
The new solution replaced an older SilverBridge solution. First Mutual Life, a subsidiary of First Africa Renaissance Corporation Limited (AFRE), recognised that it would need a more modern platform that is scalable, flexible and robust to meet the growing needs of its business.
Exergy is an events-driven, rules-based administration solution for life insurers that is built on an integrated, unified framework. The software appealed to First Mutual Life because it offered a means by which to cost effectively grow their business without limits to products and channels, and thus meet the insurer’s needs, says Colleta Simbanegavi, individual life and funeral business executive of First Mutual Life.
The product was selected only after First Mutual Life completed a thorough evaluation of various solutions and established that Exergy would be the solution best aligned to the company business goals, explains Simbanegavi.
Exergy will enable First Mutual Life to quickly roll out new products and distribution channels to take advantage of emerging opportunities in its marketplace. This is especially important to First Mutual Life, which is looking to add new direct channels to its distribution strategy and to expand its range of products.
Exergy gives First Mutual Life the ability to administer different types of financial products off a single platform and to automate certain business processes that were executed manually previously. As a result, the company will be able to realise significant cost-savings and efficiency gains in the months to come.
“We are pleased that this project was completed on time and within budget, thanks to the efforts of the First Mutual Life and SilverBridge project teams,” says Lee Kuyper, commercial executive at SilverBridge Software Solutions.
“First Mutual Life has been one of our customers since 1997, and we look forward to maintaining our excellent relationship with the company for many more years to come.”