Sovereign Trust Insurance Plc, STI, has upgraded its core information technology infrastructure to enable it drive new business model, deliver cutting edge services to customers and ensure a sustained improvement in its top and bottom line financial figures.

According to a statement by the company, in order to meet all the functional specifications and technical capabilities as required by its teeming customers, all necessary enhancements have been made on its Eskadenia Software to accommodate the recent changes and ensure the successful execution of the new business model.

Mr. Lekan Oguntunde, Head, Information Technology and Strategy, said the company is positioned to tap and optimally utilise for the benefit of stakeholders, up-to-date technology, which is expected to yield plethora of opportunities in areas of increased dividends as well as create cost effective measures.

According to him, the company has identified 21stcentury technology as the hallmark and arrow-head of any successful business, which was what informed the company’s adoption of second-to-none business application software in the insurance industry known as Eskadenia in 2009 with several upgrades over the years to ensure seamless world class service delivery to the teeming customers of the underwriting firm.

He said, “Any forward-looking organisation must have real time, cutting-edge technology at the

fulcrum of its business operations and that, is what Sovereign Trust Insurance Plc has adopted in pushing the frontiers of its operations beyond the shores of the country.

“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.”

Commenting further, Oguntunde said  that the Eskadenia Software was developed using an object-oriented programming language which was designed to automate the general insurance policy life cycles of the company’s customers, reduce operational gridlock, enhance job quality, maintain up to-date historical data on all businesses generated while ensuring high level of customer confidentiality and security.

Also speaking, Mr. Wale Onaolapo, Managing Director/Executive Officer, said that the newly adopted business model will latch on greatly on the benefits of the 21stcentury technology in enhancing the performance and the profitability of the organisation in creating wealth for the various shareholders.

He maintained that STI will continue to provide insurance and financial risk- based management solutions that will strategically position the company as a market leader in the insurance industry and consequently impact on the fortunes of its teeming customers.