Fulcrum enters strategic partnership to upgrade prominent broker system
Johannesburg, South Africa: Local specialists in bespoke lending, investment and management services for the insurance industry, the Fulcrum Group, have partnered with international digital technology house Markit Systems, specialists in the insurance industry, for strategic upgrades and enhancements to the organisation’s well established broker system – Fulcrum Flexi (Flexibroker).
Fulcrum Flexi is an integrated platform that enables the day-to-day business of the insurance industry, from policy and claims administration, insurance accounting management, through to communications and data-sharing.
Barry Scott, Head of Fulcrum Delta at the Fulcrum Group, notes that this partnership was initiated due to Markit Systems combination of in-depth experience in both the insurance market and digital technology. “We at Fulcrum recognised that Markit Systems’ interest and experience in this space aligns with our business needs to deliver on speed, agility and flexibility. The choice was therefore an easy one.”
Scott says, “This partnership will enable us to enhance and improve our systems and will see our clients benefit from the incorporation of new technology for an integrated, easy to use and more streamlined system. We are also being proactive by complying with both existing and anticipated regulatory legal and compliance standards and requirements.”
He highlights that the major focus of the project is to provide clients with better efficiencies, allowing for broker independence.
Scott explains that this calls for the enhancement of a number of features including:
Hosted and online application in the cloud
Functionality for real-time data integration with Insurers
Automated processes and workflow modules
Overall improved functionality
Easy integration for various applications
The project is anticipated to be piloted in early 2019 with the current Flexi system running as normal until then. Once all aspects of the upgraded system have been completed, tested and approved, our clients who use the system will be able to electronically transfer their data safely over to the new system.
“We will provide our clients with regular information to keep them up-to-date on our progress as the project commences. We will use various communication channels to ensure that our messages, and our clients’ feedback are heard and taken into account by all parties. These channels will include emails, visits, newsletters, webinars, user workgroups, and a roadshow closer to the launch date,” adds Vaughan Jones, CEO at the Fulcrum Group.
Simon Turner, Director & Founder of Markit System and a former insurance CEO adds, “Our goal is to enable every Fulcrum client to do more business better”. Co- Founder Nicholas Thurlow adds “We are delighted to be partnering with the Fulcrum Group, on what we expect to be a game-changer for Fulcrum clients operating in the South African insurance market”
“Our ultimate aim is to ensure that our clients have access to the most efficient and effective systems and technology in order to assist them in delivering the best integrated technological solution to their customers. Such upgrades and system enhancements are essential in delivering on our brand promise - ‘We see it differently’ - offering innovative solutions to meet the needs of our clients’ businesses,” Jones concludes.
Eclipse Public Relations
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