Software Systems: at the forefront of service excellence
Technology has and continues to significantly impact the financial services industry and at the forefront of service excellence, with comprehensive insurance administration systems, unique solutions exist for brokers, insurers and policyholders.
In this feature, our readers can gauge a better understanding of what options are available to them as we focus on short term software systems.
1. Company name
• Brolink
• Fulcrum Group
• Genasys Technologies
• Computer Science Software
• Teessen Consulting
• Tial Technologies
2. Name of system
• Brolink – Websure
• Fulcrum Group – Fulcrum Flexi also known as Flexibroker
• Genasys Technologies - SKi (Software Key to insurance)
• PROFIDA
• Teessen Consulting - Insure-IV
• Tial Technologies - SystemA
3. Target audience
• Brolink - Short term insurance (personal lines and commercial). These are tailored to specific product requirements.
• Fulcrum Group – Small, medium and national brokers.
• Genasys Technologies - Insurers, Underwriting Management Agencies (UMAs), administrators and brokers in the short term insurance industry..
• PROFIDA - Small insurers, UMAs, cell captives, administrators and brokers in short term and long term insurance industry.
• Teessen Consulting - Short term brokerages and administration houses.
• Tial Technologies - Insurers, niche insurers, intermediaries and corporate brokers with specific emphasis on binder holders operating in the short term insurance industry.
4. Time to distribution market is becoming a critical factor. How does your system enable clients to test new products quickly and cost effectively?
• Brolink - This remains a constant challenge - the identification of customer requirements and needs is integral to timely delivery. New products are increasingly complex and integration to rating engines requires increased specification and multiple system providers (within insurers).
• Fulcrum Group - This is an industry wide challenge which Fulcrum is spearheading with the insurer to design and implement a product definition and rollout frameworks to enable stakeholders in the intermediated market to be agile.
• Genasys Technologies - Genasys has invested heavily in providing a toolset to quickly define new products, test and deploy them. The product builder is designed for use by business users and not technical users. This allows the business requirement to quickly be captured, previewed and tested before deployment. Many of our clients design products themselves without the need for our involvement.
• PROFIDA - Clients can duplicate existing products, change cover and rates and then test this new product setup with its broker network or call centre.
• Teessen Consulting - Insure-IV includes product factory capabilities that allow for new products to be created without any required programming.
• Tial Technologies - SystemA boasts more than 100 standard insurer products straight off the shelf as well as black box integration to most of the major insurers. The activation of these products is a fast and effective process. As far as product customisation is concerned, our products team have access to a number of pre-configured classes of insurance which limits the need for code development and speeds up the process.
5. Is there downtime to consider with updates?
• Brolink - Downtime is dependent on the nature of the updates and other system developments or changes. No downtime over and above the backup time. In terms of updates there is no down time, however periodic factors require consideration.
• Fulcrum Group - Fulcrum Flexi has a monthly update cycle which is initiated by the broker on notification that a new release is available. This will entail a two hour downtime for backup and installation.
• Genasys Technologies - Genasys typically looks at releasing two main updates annually. Updates are relatively simple as long as the gap between versions does not exceed more than two. Updates are planned and done over a weekend to limit downtime.
• PROFIDA – There is no downtime during business hours. The update process takes place after business hours for about 15 to 30 minutes.
• Teessen Consulting - Updates are scheduled for after hours and remote users are automatically updated.
• Tial Technologies - Strategic version control methods serve as an important component to the software configuration management process. Upon conclusion of User Acceptance Testing, new releases are deployed seamlessly and have virtually no impact on production.
6. Does the system cater for different user profiles and restrictions?
• Brolink - Yes, additional controls are present based on the nature of our role and relationships with stakeholders (insurers).
• Fulcrum Group - There is an extensive security framework which enables segregation of duties within a brokerage. The security framework also supports access by third parties such as insurers, by enabling them only to view policies and claims relevant to them.
• Genasys Technologies - Yes, SKi supports a role based security model which allows for roles to be defined and configured. Users are then assigned a number of roles together with the ability of customising a single user to have more or less access based on the assigned roles.
• PROFIDA - Yes.
• Teessen Consulting - Yes, clients can create roles that suite their specific process and assign specific rights that will only apply to that specific profile.
• Tial Technologies - Yes, user role definition and control is an integral feature of SystemA. User permission control and the ability to create user groups’ makes role and duty segregation easy to manage.
7. What are your deployment options?
• Brolink - Private cloud and on premise.
• Fulcrum Group - Fulcrum Flexi supports on premise and hosted private cloud deployments.
• Genasys Technologies - On premise, private cloud provided by the client in a virtual environment and cloud based virtual deployment.
• PROFIDA - On premise and private cloud.
• Teessen Consulting - On premise on a Windows platform and/or Intranet and also shared- and private cloud.
• Tial Technologies - Shared cloud computing, private cloud or on premise.
8. Can your system interface to third party software?
• Brolink - Yes it can interface.
• Fulcrum Group - Fulcrum Flexi supports a number of interface architectures. The Stride/Astute switch is supported for Policy Sync and Real-time Messages (New business, cancellation, endorsement, reinstatement, and renewal). Fulcrum Flexi has an API framework which exposes standard functionality enabling interfaces to mobile solutions and web portals. This interface is being enriched continuously. All the legacy interfaces to insurers are actively supported. Fulcrum Flexi can support Restful API, Soap Service and Flat file integrations with collections companies, dependent on which technology they support.
• Genasys Technologies - SKi provides full end to end functionality and can be integrated into legacy platforms.
• PROFIDA - Yes, PROFIDA can interface with third party software.
• Teessen Consulting - Very strong integration capabilities allow integration with third party applications through the use of web services.
• Tial Technologies - The system has an enterprise service layer enabling integration and interfacing to almost any system.
9. How do you ensure data consistency between platforms?
• Brolink - Validation is performed within Websure when direct interface takes place.
• Fulcrum Group - Fulcrum Flexi is integrated to Fulcrum Collections to ensure data integrity between the two environments.
• Genasys Technologies - SKi is a single platform and data is shared across platforms.
• PROFIDA - The mapping of fields and validations ensures data consistency.
• Teessen Consulting - Our user interface is very similar to the Microsoft Office products, so if a user is familiar with any of these products he/she will be in familiar territory. We also have an induction program and online support to assist users.
• Tial Technologies - A full configurable business rule engine exists to ensure data integrity of any data imported into SytemA.
10. How easy is it for a new client to learn your system?
• Brolink - User feedback is positive and we offer a complete training solution.
• Fulcrum Group - Fulcrum Flexi is an extremely intuitive system which is easy to setup and use. Most users seamlessly adopt the system in days.
• Genasys Technologies - The SKi interface is modelled around the standard windows type user interfaces-similar to Microsoft office which allows new users to quickly find their way around the application. Typically, a user will get a day’s training and additional handholding which enables them to be comfortable enough to confidently navigate around the application.
• PROFIDA - PROFIDA is very user-friendly and intuitive.
• Teessen Consulting - Our user interface is very similar to the Microsoft Office products, so if the user is familiar with any of these products they will be in familiar territory. We also have an induction program and online support to assist users.
• Tial Technologies - With SystemA’s client centric approach users have the ability to easily navigate between the various sections of the policy and even claims. Consistency in layout and the adoption of industry standards and best practices in terms of user interface ensure ease of use.
11. Can your platform support cross border expansion?
• Brolink - Capability potentially exists but still needs to be tested.
• Fulcrum Group - Fulcrum Flexi does not have localisations for any country outside of South Africa. The system is not multi lingual or multi-currency.
• Genasys Technologies - SKi supports both multi-currency and multi-language which this allows for a single instance of SKi to supports multiple countries.
• PROFIDA - Yes, PROFIDA has a multi-currency facility, a dynamic business rule and product setup, which accommodates different foreign residency addresses and languages spoken.
• Teessen Consulting - Localisation capabilities are built-in and with the product factory capabilities, products are developed for a specific territory.
• Tial Technologies - We have a number of sites which include Namibia, Botswana, Zimbabwe and Zambia. We also have a number of clients that do cross border business and we have done the long yards in terms of ensuring the system caters for different currencies, fees, commissions and taxes.
12. How do you keep up with compliance requirements?
• Brolink - We ensure that all compliance requirements are managed, tailored and adapted for the continuous evolving regulatory landscape.
• Fulcrum Group - Fulcrum has an internal compliance officer that is continuously in touch with the regulatory environment, which results in compliance requirements being implemented within the solution in advance of public rollout. Fulcrum Flexi has a comprehensive communications capability, which enables the broker to keep track of documents, emails, SMS actions and events recorded against the client, policy or claims recorded. The users can record notes and schedule diary events / tasks to be actioned in the future. There is an integrated activity log to audit user actions. Treating Customers Fairly (TCF) capability has been incorporated to report on certain metrics e.g. quote acceptance.
• Genasys Technologies - SKi facilitates a fully paperless environment. Document management is included in the offering allowing for system generated documentation to be stored and categorised together with the ability to attach external documentation.
• PROFIDA - PROFIDA includes - an event log, which keeps an audit trail of any data captured, changed or deleted via a user, date, time and PC IP address stamp; a document tracking facility tracking documents already received and expected to be received; a reminder facility for the expiry date of documents; a history of sent letters per policyholder; a facility to integrate with voice logging where the log is automatically linked to the policyholders’ or broker’s record and an email or SMS trail including an history of any bulk emails or SMS message sent on each and every policyholder record.
• Teessen Consulting - Built-in document management, task management and workflow services combined with strict security measurements, allow for custom processes that will fit any business process.
• Tial Technologies - SystemA is continually being upgraded and geared towards utmost compliance and SystemA comes standard with complete document management capabilities, email and trail management.
13. Can your system detect fraud?
• Brolink - Certain automated controls facilitate detection, however the MIS functionality mitigates additional risks arising from user abuse.
• Fulcrum Group - The system can export claims data to the South African Insurance Crime Bureau - which manages the fraud - combating environment for the short term insurance industry.
• Genasys Technologies – The security model allows for stringent controls within the application. Payments have multiple levels of authorisation to ensure that it cannot be made unless they have followed the correct process. Bank details are encrypted to facilitate the POPI requirements.
• PROFIDA - It rather prevents fraud by allowing different access levels. For example, a claim or beneficiary payment needs to be approved by up to three different managers before it may be paid.
• Teessen Consulting - Various security options and the segregation of roles are focussed on the prevention of fraud while monitoring processes can trigger alerts on email and SMS.
• Tial Technologies - SystemA is geared to prevent fraudulent activity where it matters. All interactions are logged and rules applied to ensure validity of a specific claim. Full detailed reporting is available to monitor activities at all levels and to detect possible fraudulent activity. Interfaces to several industry intitiaves like the SAICB are included in the package.
14. Can your application enable clients to pick and choose what to insource and what to outsource without placing their business at risk?
• Brolink - Yes, multi models are available and facilitated through menu type options.
• Fulcrum Group - Yes , due to the security framework in Fulcrum Flexi third parties, including outsource administration can either be performed on the Fulcrum Flexi system by giving them access to the system or by providing the administrator with sufficient information to process the operation.
• Genasys Technologies - Yes, all of these are modules and can be used as required.
• PROFIDA – Yes.
• Teessen Consulting - The tiered implementation capabilities of Insure-IV allow the business to decide to what extent it wants to perform functions in-house or not. Its comprehensive CRM and task tracking capabilities, allow for all tasks to be centrally controlled and tracked.
• Tial Technologies - Yes, our system is flexible.
15. What options does your system provide to enable self-help?
• Brolink - The support office is available and we are confident that the training solution provides the required guidance and support to facilitate reference back to the training material.
• Fulcrum Group - Users Manuals. Tutorials on YouTube. We will be releasing a wiki based user guide and knowledgebase by the end of the year.
• Genasys Technologies - Online help is available within the application.
• PROFIDA - Policyholders or brokers may log in via their own login details.
• Teessen Consulting - All our solutions link to our client portal that allows the customer to access his/her portfolio online and to initiate certain activities. Customized mobile application allows the business to white label an application for their customers.
• Tial Technologies – We provide an HTML5 responsive design broker and client portal. From a UMA perspective brokers are able to log in via the web and access their client policies, download schedules, request changes and even track claims. From a broker perspective policyholders can access their own policies and request changes and track claims.
16. In terms of financial controls, what facilities does your system provide to enable various general ledger interfaces?
• Brolink - Strong interface control processes facilitated through MIS, taking place through the likes of SAP, Great Planes and Pastel.
• Fulcrum Group - Integrations with various financial packages e.g. AccPac have been developed in the past. Future development will include standard integrations via the API.
• Genasys Technologies - We have integrated to a number of GL platforms. These typically interface daily with invoices, receipts and claims payments categorised as required.
• PROFIDA - has its own financial accounting module. The total of monthly premium received, risk premiums, fees and commission paid is calculated to be entered into the general ledger.
• Teessen Consulting - Integration is provided to various accounting packages and customisation can also be provided.
• Tial Technologies - We have integrated to most major accounting packages from Great Planes and SAP to Pastel and Accpac. SystemA offers various transaction specific features and Insurance specific Debtors and Creditors functionality.
17. What payment frequency and methods does your system cater for?
• Brolink - Monthly, annual and once off payment arrangements facilitated through ACB, cash, credit card, loan accounts, salary deductions etc.
• Fulcrum Group - Deposit, cash and debit order via numerous premium collection agencies. The monthly process can cater for most payment frequencies and there is an ad-hoc debit order facility. The system is fully integrated to Fulcrum Collections.
• Genasys Technologies - SKi supports a contract period together with a payment frequency. This allows for the following combined options – annual paid annually, monthly, quarterly, bi-annual, once monthly; once-off; quarterly or weekly
• PROFIDA - Cash, debit orders and EFTs. Annually, bi-annually, bi-weekly, daily, every 4 rolling weeks, monthly, once-Off, quarterly or weekly.
• Teessen Consulting - Annual, monthly and quarterly.
• Tial Technologies - The system caters for a number of payment frequencies such as annual, monthly, bi-annual, quarterly, once-off polices etc. Any payment methods can be configured on the system and reported on independently.
18. What are your collection options?
• Brolink - We cater for all options within industry.
• Fulcrum Group - Fulcrum Collections (Fully Integrated), Epic (IOM), Nedbank, Standard Bank, ABSA, Nedinform, Nedbank Premium Finance, Cypher, PACS (FNB), FNBOnline, Mercantile, MultiData, ACB, VIP, BOE, NBS, Regent, BISS, Stratcol, Collect Easy.
• Genasys Technologies - Cash, debit order, naedo, payroll, snapscan, insurer collect, broker collect. Any day of the month collection is supported.
• PROFIDA - Debit order collection via all major money collection bureaux and banks; credit card debit order and Naedo debit order.
• Teessen Consulting - Xcelerate, SAGE pay and various banking systems.
• Tial Technologies - Debit orders, cash, salary deduction and insurer collect.
19. What are your reinsurance facilities?
• Brolink - MIS facilitates reporting, however not directly within the system.
• Fulcrum Group - Basic reinsurance capability and reporting facilitating to provide information for further processing.
• Genasys Technologies - SKi supports both proportional and non-proportional reinsurance agreements.
• PROFIDA - We cater for proportional and non-proportional treaty management, override/ manage treaty compliance and Maximum Possible Loss (MPL).
• Teesen Consulting - Insure-IV can keep track of re-insured items including the percentage of re-insurance and where items are re-insured.
• Tial Technologies - Reinsurance is one of the system’s strong points and we cater for all treaty types as well as proportional, non-proportional and variable quota share treaties. All reinsurance placements are calculated real time and automatically allocated to the default reinsurance structure and are supported with full detailed reporting.
20. What makes your system the best in the market?
• Brolink – We provide a multi insurer offering to the industry- providing optionality and choice for the consumer. We enable the broker to provide suitable advice through a cost effective solution. Our process facilitates implementation and monitoring of the Treating Customers Fairly (TCF) objectives, resulting in our offering providing greater accountability and responsibility to the consumer. Furthermore, we make use of our own system to perform administration and hence we are confident in the level of functionality and advantage our offering presents in the market.
• Fulcrum Group - The core system design enables data accuracy and consistency, which is validated by the pervasive view that the accounting in Fulcrum Flexi is best in class. Supported by the Fulcrum Group, which is a broad based financial services company specialising in the intermediary market. Fulcrum continuously scans the environment to ensure the system complies with regulation. It’s the only policy administration system, integrated to a premium collections agency, with ongoing development to support a more seamless payments & bordereaux to insurers.
• Genasys Technologies - SKi allows for quick time to market and custom configurations to model your business requirement rather than adapting your business around a platform. System implementations are configuration and do not require new releases of the platform which further assists with time to market.
• PROFIDA – PROFIDA is so versatile and can even drive marketing campaigns and newsletters.
• Teessen Consulting - The ability of Insure-IV to adapt to business processes and to customise reports to the specific needs of the business, will allow a brokerage to create a unique value proposition for their customers.
• Tial Technologies - SystemA is an end to end solution that comes standard with a multitude of features and is packed with functionality such an integrated diary, email, SMS, document management and much more. The system is user-friendly and with a proven track record of more than a decade with reliability guaranteed. We understand insurance and the system reflects that.
