management spotlight, the most salient features of each ...biassa.co.za/fanews2009.pdf · software...

spotlight Software

systems

under the

Packages: 1. Admin system only - set

up fee R4 500 (excl VAT) + monthly site licence fee of R350

2. Admin system + premium collection - set up fee R4 500 (excl VAT) + monthly site licence fee of R750

System overview: • Windows-based• one entry level computer

to a complete network of computers

• unlimited number of users - no additional licences required

• ideal for small and larger brokerages

• tailor-made features on request at no additional cost

Accessibility: • option to access system via

login or direct access • remote access from e.g.

Company: KUMA software ccIndustry: Short-term Target market: Independent brokersUser requirements: PC or network of PCs

home office• access from a laptop even

without Internet connection

Reporting:• tailor-made reports on

request at no additional cost

• users can also design own reports

Insurer/Under-writer approvals: • no official approvals • incorporates features

required by Zurich and M&F

Competitive advantage: • developed for the

independent broker • affordable solution • offers tools to be

competitive against corporate brokers

• facilitates compliance tracking

Packages: 1. Standard installation,

including all modules and maximum 10 concurrent logins - R750 per month

2. Additional concurrent logins to be negotiated

3. SMS portal allowing SMSs to be sent from the system - R150 month

System overview: • operates on any version of

MS Windows• great flexibility to customise

modules • system changes deployed

via the Internet and immediately accessible

Accessibility: • system can operate on a

standalone computer• operates via an office

network • can be accessed remotely

via Remote Desktop Connection

Company: BIAS Industry: Life; Retirement; Investment; Healthcare; Stokvel; Funeral; Trust and Wills; Short-term (non-delegated offices only) Target market: Broker environment User requirements: PC with MS Windows

Reporting:• system tailored to

individual requirements by programming team

• changes deployed via Internet and immediately accessible

Insurer/Under-writer approvals: • no official approvals • used by various small

MUAs

Competitive advantage: • cost effective • easy to use and provides

efficient practice management control

• facilitates compliance tracking

• facilitates commission tracking

• incorporates financial needs analysis

FAnews places some of the software management systems in the market under the spotlight, providing advisors with a useful overview of the most salient features of each system.

Advisors may find it quite difficult to determine which of the available software systems on the market is best suited to their needs. In response, FAnews compiled this feature highlighting the most salient features of several systems currently available on the market. While it is not possible to make direct comparisons between the widely divergent systems, the objective is to provide a comprehensive overview to assist advisors to find a system that is most suited to their particular requirements.

We also spoke to the users of the systems to get their feedback about the functionality of the system and its contribution to the successful management of their practices. Please bear in mind that the user ratings* are simply based on the average of the scores ranging from 1 – 5 (1 = poor and 5 = excellent) provided anonymously by five randomly selected users of each system.

BIAS Affi nity Insurance Management System

User ratings* User friendliness 4.3After sales service 3.3Accurate reporting 4.0 No hidden costs 5.0Contribution to success of practice 4.3


Packages: • all in one software suite• fully hosted solution including

back office administration or installation on client’s server

• fixed monthly fee inclusive of all support, training and upgrades

• unlimited number of users

System overview: • Windows based with web

interface • appropriate to all channels of

short-term insurance• handles underwriting; claims;

finance • full general ledger accounting• full re-insurance• includes comprehensive

business intelligence; workflow; CRM; interlinked voice recording; integrated correspondence manager; electronic document solution user performance monitoring; TUITC interface; updating of Sharing of Claims Information Database

Accessibility: • deployed via both Windows

and web for remote offices• insurers, policyholders and

third party access such as assessors

Company: CardinalIndustry: Short-term Target market: Brokers; Underwriting Managers; InsurersUser requirements: Minimum workstation and server requirements: Intel Pentium 4/ AMD Athlon CPU; Windows XP Professional or Vista Business; 100mbs network connection; Windows 2003 Server (or later); Microsoft SQL 2005 or 2008 (preferred); Web access

Reporting:• tailored report options for

each user• tailored reports automatically

generated on a scheduled basis

Insurer/Underwriter approvals: • approved by all insurers

and UMAs including M&F; Santam; Zurich; Hollard; Etana; Regent; A&G

Competitive advantage:• comprehensive all-in-one

system • FAIS and Sasria compliant• follows insurers requirements

for products • user-friendly and robust

platform• level 3 BEE contributor• over 10 years in the industry,

with a growing compliment of 35 dedicated staff

• multiple quoting functionality on Personal Lines across all major insurers Black Boxes

• currently administering over R3 billion

• highly referenceable• emphasis on personal

client relationships and partnerships

Packages: • Fully integrated insurance

system - qoute, policy admin, claims processing and money management

• Service-based model, where fees are negotiable

System overview: • IBM iSeries technology

platform providing stability, robustness and capacity

• configurable, rule based system - screens, security, data, processes and reports can be defined as required

• access to various short term insurance products within agreed delegated authorities

• system modules: quote facility, policy issue, endorsements and amendments, full claims module and services, full financial management, processing collections, premium splits and automatically processed RD’s, SMS and email

Accessibility: • servers accessed in various

ways from ADSL connectivity to dedicated leased line bandwidth connections

• access via the web through a GUI interface with Windows look and feel

Company: Trustco Financial Services Industry: Short-termTarget market: Brokers; UMAs; insurers User requirements: PC and Internet connectivity

Reporting:• standard reports on a

push basis, examples of which include production, cancellations, RD’s, loss ratios, renewals, premium collections, portfolio packs

• reports in Excel format for further analysis

• data warehousing extract available

• customizable reports available

Insurer/Underwriter approvals: • administer business on

behalf of major underwriters

Competitive advantage: • empowering brokers

to perform all functions independently via software installed at their offices

• all underwriting requirements are clearly indicated and enforced (rule based system)

• facilitates compliance with FAIS and PPR regulations

• comprehensive premium collection solution, including automated RD processing

• complex premium splits accommodated

Company: Ilanga Information SystemsIndustry: Short-termTarget market: Underwriting Managers; Brokers; Cell captives User requirements: Windows-based workstations; Internet access to connect to hosted server components.

Packages: • Integrated Policy

Administration system; Rating Engine; Client Needs Analysis

• hosted and in-house solution • fees based on percentage of

premiumSystem overview: • Windows based • product builder and rating

engine for setting up products

Accessibility: • accessed from anywhere with

an Internet connection

Reporting:• no end-user report writer, but

creating and integrating new


CIMS3 Trustco

User ratings* User friendliness xAfter sales service xAccurate reporting x No hidden costs xContribution to success of practice x


Ilanga Information Systems

reports are simple

Insurer/Underwriter approvals: • Santam; Regent; New National

Competitive advantage: • new-age solution built from the

ground up, taking advantage of changing insurance needs and exploiting the latest technology

Company: The Imprexxion [im présh’n] GroupIndustry: Insurance Target market: Brokers; Insurers; UMA’s; Reinsurers; Pension Fund Administrators; Commercial Banks

User requirements: • 1 - 5 users – PCs running at least Windows XP• 6 – 10 users – one PC as server, other PCs connected• 10+ users – server class server and Microsoft SQL database• 15+ users or multiple branch access – to be negotiated

Packages: • Broker systems up to 10 users - once off fee (R10 000 + R1

500 per user) + monthly fee (R1 500 per user, minimum R3 000)

• Insurer systems - once off setup fee negotiable + 0.80% per month of gross written premium

• Workflow and web enabled Enterprise systems– negotiable.

System overview: • Windows based system• users can enter, monitor and control data, from birth dates to

claims experiences• product set up and system customisation via data tables - no

programmer intervention required• broker documentation customised

Accessibility: • accessed from anywhere with an Internet connection

Reporting:• standard suite of reporting catering for most requirements• suite of ‘Query by form’ modules providing a varied base of

information • industry standard reporting standards

Insurer/Underwriter approvals: • no official approvals• users write business on behalf of almost all of the major

underwriters

Competitive advantage: • real time, online system with full audit trails• fully slice in time enabled and versioned• easily customisable• caters for smaller brokers requiring policy management to

insurance companies requiring full administration including reinsurance

Imprexxion Footprint


Company: FASTERFORWARD ELEMENTS®Industry: Short-term: Life; Bonds; Healthcare; Investment; Retirement; Niche productsTarget market: Brokers; Underwriters; Insurers; Membership networks; Banks User requirements: Laptop or PC with Internet connection

Packages: • Total package includes range

of Faster Forward Elements® • 30% cheaper than existing

products

System overview:• Internet based system

operates on any platform: Windows; Mac; Mainframe; etc.

• Faster Forward Elements® includes CRM (ERP); Financial Needs Analysis; bonds; reporting; invoicing; CMS; financial administration and accounting system; commission management system; workflow management; system administration; STP: Digital Office (ECM);

• business intelligence with leads management and cross-selling capabilities

• relationship management – email; fax; SMS

• external interfaces (e.g. Astute)

• MS Outlook synchronisation and integration

Accessibility: • access from any computer

with Internet access

Reporting:• complete, integrated

Reporting Module • pre-designed reports • easy to create own reports

Insurer/Underwriter approvals:• used by major Dutch

underwriters including De Hypotheekshop C.O.; FDC Financieel Planners & Adviseurs; Hypodomus C.O.; ViaFeria/StercK

Competitive advantage: • proven Internet ERP System • only pay per licence - no

capital expenditure; local hardware; installations required

• Software as a Service Concept

• multi-language: English; Afrikaans

• flexible - easy to adapt to new products and market changes

• one single login to total integrated modules

• FAIS Compliance

FASTERFORWARD ELEMENTS®

Company: Oscar SystemsIndustry: Short-termTarget market: UMAs; Administrators; Brokers; UnderwritersUser requirements: PC with Internet Explorer 6.0 or higher and Internet connection

Packages: • fees based on a percentage of premium collected• cost allocated to administrator - brokers and underwriters

access free of charge

System overview: • Web based • quick, efficient updating of policies • user-friendly new client quoting and loading• built-in helpdesk system allows system changes to suit user

requirements at no charge• system customised for other specialised insurance markets

on request

Accessibility: • can be accessed from anywhere with an Internet connection• administrator can give all brokers full access via various

options • underwriters can have access to the administrator’s data ,

reports, etc.

Reporting:• customised reports at no charge via built-in helpdesk system

Insurer/Underwriter approvals: • approved by most major underwriters

Competitive advantage: • policy and claims administration bureau• no setup costs - no installation required• no maintenance, no backups required • fast, truly web-based• simplify administrative processes • multi–insurer platform • more efficient relationship between brokers and underwriting

managers


Company: Computer Science Software (Pty) Ltd Industry: Short-term; Life (Funeral; Credit Life); Healthcare

(Hospital Cash Plans; GAP)Target market: UMAs; Cell Captives; Administrators;

BrokersUser requirements: PCs; network; Internet connection for

Packages: • Option to purchase (once-off fee) • Lease option (monthly license fee) 1. Professional Edition (Short-term brokers) 2. Administrator Edition (Funeral administrators)3. Administrator Edition (Short-term administrators)4. Underwriting Edition (Short-term underwriters)

System overview: • Java programming, runs on Windows and Linux• policy issuing, claims administration, financial

accounting, collections, marketing campaigns• electronic record keeping and document management• standard letters, policy schedules and statutory

notices customised with logos, images, text

Accessibility: • very flexible via PROFIDA Replication Technology or

PROFIDA Web Access In browser

Reporting:• users can design own reports

Insurer/Underwriter approvals: • approved by all major underwriters

Competitive advantage: • integrated data mining and segmentation facilities • integrated database targeted campaigns via mail merge

and email • life and non-life covers administered in one policy• high-sophisticated collection facility integrated with all

major collection bureau, including support for entry-market products via Easy Pay

• available as off-the-shelf application or customised to special requirements

• Quotation tool for call centre staff and brokers available


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PROFIDA

Oscar Systems

Company: www.Randmark40.comIndustry: Short-term Target market: Both independent brokers & administration housesUser requirements: Standalone PC within either LAN and/or WAN setup. Ms Windows 2000 (or higher), SQL 2000 (or higher)

Packages:• The KIS policy

administration system; and• Ks4 Insurance data platform

(NEW); within a once-off installation fee and only R510 (ex VAT) per user per month with a very affordable minimum fee!

System overview:• Stable, flexible systems

(hosts more than 400 products)

• We can convert GILTS data• Custom broker policy

documentation incorporated• Ks4 will constitute industry-

leading web based technology

• Systems are innovative. Easy. Fast. Stable.

Reporting:• Vast array of standard reports • All system-data can be

extracted into MS Excel; and

Insurer/Underwriter approvals: • Fully auditable, client

approved systems used in administration of all major Insurer’s products.

Competitive advantage: • Low cost of ownership• Low annual increases• Unrivalled return on

investment• Flexible, fast & easy

operation.

Company: Tial TechnologiesIndustry: Short-termTarget market: Insurers; UMAs; Administrators; BrokersUser requirements: SQL; Terminal Server; ADSL for support

Packages: • System A package based

on percentage of monies administered on the system

System overview: • Windows based • highly customisable

Accessibility: • can connect from anywhere

in the world with ADSL; Terminal Server; cellphone; 3G

Reporting:• very easy to create

customised reports

• brokers can design own reports

Insurer/Underwriter approvals: • approved by all insurers in

South Africa • two insurers are direct Tial

clients

Competitive advantage: • 15 years of insurance

systems experience • extensive insurance

knowledge translated into IT

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Kevod Insurance System (KIS)


Tial Technologies

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User ratings* User friendliness After sales service Safety of data No hidden costs Contribution to success of practice

Company: Part of Innovation Group PLC represented in USA, UK Germany, China and AustraliaIndustry: Short-term; Life (excluding pension and provident funds)Target market: Brokers; administrators User requirements: PC and Internet connection

Packages: • various packages can be

structured depending on individual requirements

• fees based on a percentage of premiums ranging from 0.75% to 3%

System overview: • Windows based • highly flexible

Accessibility: • can be accessed from

anywhere with an Internet connection

Innovation Group

Reporting:• highly flexible

Insurer/Underwriter approvals: • Santam; Zurich; New

National; ABSA; Standard Bank; other approvals pending

Competitive advantage: • hosted bureau offering

with outsourced claims and premium collection processing

management spotlight, the most salient features of each ...biassa.co.za/fanews2009.pdf · software...

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