Brokers and financial intermediaries are challenged as never before to comply with new legislation and a tough business climate beset by rising costs and declining margins.
There have even been suggestions of extensive attrition in brokers` ranks as occurred when similar developments took place in the UK and Australia.
Predictions are bandied about in the insurance sector that smaller brokers in particular are being hard hit and that in turn, there could be numerous mergers and acquisitions with larger brokerages swallowing smaller operations.
However, what the overseas scenario lacked was a workable, effective administrative platform which cuts back-office costs while at the same time ensuring smooth administration and compliance with all the latest statutory obligations contained in FAIS.
It`s precisely that which WebSoft MAVeN has developed in the form of its new Web-based "Bureau/Administration" package. Brokers will recall that the two companies announced their merger last year, creating the largest player in the specialised field of insurance industry software solutions.
What they have now come up with is a new Web-based brokers admin and compliance package which incorporates the know-how of decades and well integrated, packaged solutions.
The new package builds extensively on past experience at the coalface with the addition of significant new functionalities, taking into consideration the latest business and legal issues that impact on brokerages.
It`s cost-effective for even the smaller brokerage and importantly it incorporates an accredited FAIS compliance officer authorised to act on brokers` behalf, something that will undoubtedly prove to be an enormous boon for those smaller companies in particular who are faced with having to appoint an in-house officer at what would almost certainly be a three figure salary, not to mention benefits.
The fully supported package is stupendously feature rich, yet user-friendly and requires very little training.
Conversion for existing MAVeN bureau clients is automatic and even new clients can go on-line within days while allowing for a high degree of client customisation and "fit" without compromising the package`s integrity says Peter Roberts, Marketing Director of MAVeN.
A central database gives you the ability to standardise and control your portfolio through your various branches and sub agents and being rules-based it enforces certain underwriting criteria along with auto rating.
Features include the generation of quotations both personal and commercial, client and policy management, product rule maintenance, underwriting document and letter management, endorsements and automatic mid-term adjustments as well as rate and insurance table maintenance.
It issues policies, handles premium remittances and claims management (where necessary), integrates financial accounting and generates management information essential for controlling your business.
It stores scanned documents, (again storage is a FAIS requirement) and optionally records all telephonic conversations with the client, on equipment in their own offices.
Simplicity of operation is key and all output documentation is of the highest standard and can be e-mailed or downloaded to the policyholder while security issues are dealt with via access-only to business processes as specifically authorised by the user.
Sub agents can login but can see only their clients` data and all data capture carried out by them can be checked via an audit trail.
Roberts explains that users can "cherry pick" those features that they require and modify or scale up the functionalities of the overall package as their business needs change.
Users logon via the Internet, ISDN or Diginet networks, allowing them to capture new business and daily endorsements in real-time and performance is optimised over local and wide area networks.
Also, its user-friendly menu-driven design allows easy capture of new business data, training needs are minimal and ready-to-run product sets deliver a full range of functionalities rapidly.
Adds Roberts: "We`ve done some initial cost benefit comparisons and they have come out extremely favourably while efficiencies generated by the package increase the business capacities of the user significantly, without having to add staff or invest in additional hardware.
"Also the system provides for future technology requirements in that there is self updating deployments of system updates and the system is exceptionally flexible in providing for additional features and functionalities as well as business opportunity and technology.
"It`s a great system and the live sites we have up and running at this stage all report excellent results."
For further information, visit www.maven.co.za.
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