Franklin D Roosevelt wisely said: “We cannot always build the future for the youth, but we can build our youth
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We’ve existed under the Fulcrum brand since 2012 (although our origins go back nearly three decades), and in the past nine years we’ve built an enviable reputation as South Africa’s foremost provider of premium collection and premium finance solutions to the insurance industry.
“We’ve established our name through providing brokers, insurers and underwriters with administrative and financial support services that allow them to de-risk and optimise their operations, and most importantly focus on their core business: providing their policyholders with great insurance products and service,” says Steve Schnell, Fulcrum Group CEO.
“Industry observers will notice that we’ve updated our brand image, including remaking the group’s website. We’re excited to be undergoing our makeover, but underneath it all we’re still the Fulcrum that our clients and the insurance industry know well and trust,” says Schnell.
Barry Scott, managing director of Fulcrum Collections, says that our three premium collections products clearly reflect the evolution of our systems over the past nine years.
“From our Legacy collections system, which provides brokers, UMAs and insurers with an effective electronic debit order service, to Fulcrum AirCollect™, which completely de-risks premium collections by splitting single debits into net premiums, commissions, fees and value-added product (VAP) components and paying the recipients directly, one can see how Fulcrum Collections has grown and adapted with the times.”
“Our premium collection products have evolved to meet the changing needs of our clients, the regulatory framework, and advances in technology. Each iteration has brought with it greater automation, much more convenience, substantially lowered risk and fewer requirements. For example, Fulcrum CollectDirect™ and Fulcrum AirCollect™ collect premium directly into recipient bank accounts, de-risking them to the point that financial guarantees are no longer required,” Scott says.
We are also South Africa’s largest independently owned provider of premium finance. For Delarey van Dyk, managing director of Fulcrum Premium Finance, our premium finance offering represents a win for policyholders, brokers and insurers alike.
“Organisations that elect to buy annual insurance policies win because they can do so without impacting their cash flow, affecting their standing banking facilities or having to access additional security.
“Our rates are competitive, and multiple lines of cover can be combined under one loan agreement and debited monthly with a single debit order. Clients also enjoy a VAT benefit, as it is claimable up front at the beginning of the policy period.
“At the same time, brokers win because they are able to receive their full annual fees and commissions up front, and Fulcrum manages the administration process for them. And both brokers and insurers win, simply because policyholders are less likely to move their insurance cover elsewhere while their policy is in force,” van Dyk says.
At Fulcrum, we’re licence neutral – and we jealously guard our independence. This allows us to enjoy strong relationships with all major broker-facing insurance companies, and provide our clients with smooth, efficient service.
“Our corporate slogan is, ‘We see it differently.’ We strive to live up to this, as we have in the past, through developing novel methods and products that both pre-empt changes in the regulatory environment and support the insurance community to thrive in sustainable and risk-free ways.” says Schnell.