Fulcrum Delta sits at the nexus between policyholder, intermediary and insurer, facilitating integration between these three stakeholders. Fulcrum is South Africa’s only independent, fully integrated policy administration and premium collection platform. As such, it is a facilitator of change in the insurance industry, empowering brokers and UMAs to remain independent through the delivery of unique and innovative solutions.
Fulcrum Delta is the only provider of a broad base of financial and administration services to brokers, UMAs and insurers. It is also fully independent of any insurer, broker and UMA; in co-operation with other Fulcrum Group entities, it provides a basket of products and services designed to ensure intermediaries’ sustainability and independence.
What Fulcrum Delta means for insurers
The Solvency Assessment and Management (SAM) environment places significant focus for insurers on capital adequacy, and hence capital management and risk management. For this, insurers need access to significant amounts of relevant, accurate and current information on their policyholders.
Fulcrum Delta will provide a source of information to insurers on their policyholders, financial transactions relating to these policyholders and outstanding premiums held by intermediaries. This information will be delivered in a secure, internationally recognised data format.
What Fulcrum Delta means for intermediaries
Intermediaries need to become leaner and more cost-conscious to meet the requirements of this rapidly changing environment, in order to stay in business and grow their market share, particularly in the face of increased competition from direct insurers.
Brokers also need to consider seamless collection and payment of premiums, improved technology and computer infrastructure in order to provide relevant information to insurers, and provide advice in a more consumer-centric and convenient way.
Fulcrum Delta recognises the challenges faced by intermediaries in dealing with the plethora of legislation and compliance, which detracts from the time they have available to spend with their clients. Intermediaries, therefore, need partners who are able to assist in dealing with the legal compliance and back-office requirements of their business. Our role is to facilitate these services.
In turn, consumers are looking for easier, faster and more effective means of amending policies and obtaining quotes.
The Fulcrum Delta vision is to provide a set of products and services to fulfil these current and future needs of insurers, intermediaries and consumers.
Brokers will be more efficient and able to deliver seamless service, because Delta can cut out hassle and red tape; policyholders’ information is held in a safe and secure environment. The benefits of working with Fulcrum Delta are manifold: personal service and quick response times; the ability to pay premiums worldwide; and immediate access to reports via secure and sophisticated web portals.
Fulcrum Delta offers the following:
Fulcrum Delta is powered by Fulcrum Flexi, a fully integrated, web-based platform that enables all aspects of an insurance business: binders and mandates, policy management, financials, claims, administration, communications, document management, management information and data-sharing with insurers.
Fulcrum Flexi is FAIS-compliant, paperless and future-proof – it takes into account the SAM environment and Retail Distribution Review (RDR) requirements.
To find out more about Fulcrum Flexi, please send your details to email@example.com.
Fulcrum Collections is a personalised, electronic debit order service. It allows Fulcrum to collect premiums on behalf of clients, disburse commissions and fees to brokers, and pay premiums to insurers or other approved parties – all in an automated environment, and with premium collection information readily available through the Fulcrum Flexi user interface.
Because Fulcrum enjoys established, strong relationships with all major insurance companies, Fulcrum Collections is able to cater to clients with books of business underwritten by multiple insurers.
To find out more about Fulcrum Collections, please send your details to firstname.lastname@example.org.
Fulcrum CollectDirect is an insurance premium collections and management solution that collects premiums from policyholders and deposits directly into the respective insurer’s bank account, removing the need for IGF cover.
Fulcrum manages the whole process, including handling reconciliations, unpaid reconciliations and queries.
For the insurer, Fulcrum CollectDirect has completely de-risked the process and removing the need for IGF cover because the premium is in the insurer's bank account from day one.
CollectDirect accommodates all policy management systems – including Fulcrum’s own Flexi system.
The system is fully compliant with the Short-Term Insurance Act.