Benefit Recovery Services (BRS), launched in Johannesburg last night, has used its self-developed IT systems to help recover R3.5 million in unclaimed benefits for about 600 beneficiaries. And that was just during a test phase.
BRS is backed by empowerment company Safika Holdings; investment and financial advisory services company Brian H Burts & Associates; professional consultancy, management services and financial backing company MGF Capital; and IT group ICL SA.
The company says there is about R8 billion in unclaimed life assurance policies, shares, investments and pension funds at financial services companies waiting for the owners to be identified or to claim it.
BRS MD Ian Lewin says the company was formed in August last year, and has been in a testing phase since then.
Participating financial institutions provide BRS with a database of untraced beneficiaries which the company then cross-checks against other databases, including that of a credit bureau and its own databases built mainly through registrations on its Web site.
The company says more than 90% of the business will be paid for by financial services organisations and pension funds. In some cases beneficiaries will be charged, with a fee structure based on a cross-subsidy model.
MGF Capital chairman Charles Stride says BRS was able during the testing phase to trace 70% of beneficiaries on a database provided by Liberty.
Lewin says when BRS was formed it sought an off-the-shelf IT system that would help it meet its objectives, but found nothing appropriate.
The company`s IT system was developed by partner ICL, which also offers support and maintenance.
Lewin says the system also powers the company`s call centre, which BRS sales and marketing manager Tony Cross says is being inundated with calls.
BRS`s infrastructure and processes are contained in a separate networking environment and the systems and processes are independently audited on a regular basis.
Cross says the company aims to have recovered R100 million by February next year.
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