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.
Fulcrum Escrow Services
In our ongoing drive to offer valuable solutions to our clients, Fulcrum Delta has procured the services of Chattan Escrow to act as the escrow agent in respect of the Fulcrum Flexi software suite.
Chattan Escrow offers a dedicated source code escrow solution to software owners, developers and users both in South Africa and internationally. Fulcrum has partnered with Chattan Escrow to offer a facility for Fulcrum Flexi clients to put their system software source code into escrow for safekeeping. The escrow service incorporates regular software updates and reporting.
By placing the source code of the software in escrow, Fulcrum is ensuring that its clients are able to ensure business continuity should any disaster occur that would prevent Fulcrum from ensuring the continued operation of the software. By subscribing to the escrow service, you will not only be ensuring compliance with regulatory and internal governance requirements in this regard, but also mitigating your own business continuity risk.
Chattan Escrow is an independent agent that will act on an instruction from both Fulcrum and the Flexi client to release the source code held on its behalf, if an escrow event is triggered. Chattan Escrow adheres to a strict process to ensure everyone’s interests and rights are protected.
The service is available to all Flexi users, who will in turn deal directly with Chattan Escrow.
2018 fees (excluding VAT)
- Initiation fee: R8 500 – to set up the escrow agreement and onboard the user
- Annual repository fee: R12 500 – including all software updates and reporting
(As a special offer, Chattan Escrow and Fulcrum will waive the initiation fee for any Fulcrum client who signs up before 31 August 2018)
Fulcrum Premium Reconciliation Tool
Fulcrum has developed a Premium Reconciliation Tool to identify unreconciled payments against premium debit notes, allowing for a smoother month end process. This service is available to our clients who use both the Fulcrum Collections and Fulcrum Flexi offerings.
This is how it works: the Fulcrum Flexi team runs a premium reconciliation tool data script extract on the client’s server; this data, along with the Collections data, is then uploaded into the Fulcrum Premium Reconciliation Tool and matching algorithms are run. Reports are produced detailing the results of the algorithms, to identify items that require reconciliation.
These reconciling items will be provided to the client to make amendments in the following month’s Flexi bordereaux. These reconciling items will be categorised for ease of identification. Manual deposits will also be identified as items to be reconciled, and will be included in the report.
Corrections or amendments of reconciling items remain the responsibility of the client, as does the day-to-day management of policies in Flexi.
Fulcrum will provide the client with training on the process of carrying out reconciliations from the reports.
Please note that this service offering is limited to insurance premiums only, and excludes non-insurance type debit order collections.
For more information, contact email@example.com.