SOFTWARE OCTOBER 2020
SPECIAL SUPPLEMENT
WHY SELECTING A CLIENT MANAGEMENT SYSTEM IS LIKE CHOOSING A CAR
TODAY’S ADVISER NEEDS AN EFFICIENT, EFFECTIVE, ENDTO-END SOFTWARE SOLUTION TO MEET CLIENT EXPECTATIONS
The system must suit your way of working and it should meet your practice’s needs PAGE 4
Running a financial advice business under current market conditions is complex PAGE 6
THE RED OR THE BLUE PILL? As a financial adviser, you can give your clients the tools to realistically follow their dreams PAGE 3
BROKERTOOLS – A SOLUTION TO HEALTHCARE INTERMEDIARIES’ CURRENT AND POST-LOCKDOWN CHALLENGES Intermediaries need tools only technology can provide to automate the year-end revision process and reduce physical interaction with clients PAGE 8
HELPING OUR CLIENTS #RiseAboveTheRest We pride ourselves on delivering practical, fun and relevant learning experiences PAGE 11
SOFTWARE SUPPLEMENT
31 October 2020
FRANCOIS DU TOIT CFP® Founder, PROpulsion Learning and Technology
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GUEST EDITOR’S NOTE
ear Reader Regardless of which sector in financial services your business is positioned in, technology cannot be ignored. Too often we see financial services business owners not taking the time to study the needs of their business and establish where technology can play a vital role.
or their competitive edge. I do not agree with this viewpoint. My view is that technology is what enables the business to be more efficient, to communicate better, to have critical data at its fingertips, to move quicker than others and to deliver a truly great customer experience in the process.
The areas in a business to consider Financial and product advice, implementation and servicing are only one part of the business. Many other areas must also be considered, such as revenue management, accounting, payrolls, communication, marketing, compliance, reporting, data analysis and the overall client experience, to name a few.
Seamless integration Often businesses over-integrate, or don’t integrate at all. Different systems are required to run different aspects of the business. This often leads to duplication of work, inefficiency and frustration. The solution is to integrate different systems, so they work together as one. However, this is in a perfect world. The reality is that the more systems you have, the harder it is to integrate them successfully. Not that it can’t be done, though.
The role of technology Many business owners and financial professionals see the technology they implement as their solution
GUY KRIGE Director, Escrow Europe
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Choosing technology Before any technology and software
solutions can be considered, the business must fully understand its needs and requirements. For example, the needs of a financial services business that offers advice and service across multiple channels (such as medical aid, life assurance, investments, short-term insurance, etc.) are vastly different from a business focusing on one channel only. This is a critical first step. Too often technology is chosen based on price, popularity and ‘userfriendliness’. One system This is the dream for just about everyone. One system that handles and offers everything the business needs. This dream leads many down the path of designing and developing their own system, usually at great cost. Why? Simply because no such system exists. The risk here is that the business loses sight of its core function and value it offers. Many believe that when their system is
completed (hint: it never is) they will offer it to the market and sell it to other firms. However, each business is unique and again the system does not offer everything they are looking for. The stack In a world where flexibility and personalisation are requirements, financial advisers will start to create their own technology stack to suit their unique needs and ways of working. A technology stack is two or more pieces of software that work together seamlessly. Each piece of software in the stack is best-of-breed and fulfils a specialised function. Last thought Technology must fit the business. It must enable the business. It must be an investment, not a cost. Francois du Toit CFP®, Founder, PROpulsion GUEST EDITOR
KEEP CALM AND MANAGE YOUR SOFTWARE RISK
he reality facing companies embracing the current trend to ‘go digital’ is that the same technology also negatively impacts their business continuity risk. ‘Going digital’ is punted to build new routes to market, improve productivity, facilitate a remote workforce and cut costs. But, it also comes with the risk that the supplier of the digital solution could go bankrupt or refuse to support it, severely compromising the company’s ability to do business. The good news is the risk of relying on outsourced tech can be mitigated by THE RISK OF RELYING software escrow. As research ON OUTSOURCED and advisory TECH CAN BE company MITIGATED BY Gartner says, SOFTWARE ESCROW escrow is “a smart and effective component of a business continuity strategy that software licensees can use to protect their mission-critical applications in an ever-changing environment”.
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This is particularly true of non-SaaS applications; SaaS being the acronym for ‘software as a service’. In terms of a relatively simple escrow agreement, the source codes of the vital software product and related documentation will be deposited with a neutral third party, an escrow agent like Escrow Europe. The escrow agent is authorised to release the materials under the conditions stipulated in the agreement. These could address operational risk, technical malfunction or even the business failure of the supplier. However, if your solution is a SaaS application, in addition to you not having access to the source code, you won’t hold your own data. This will reside with another company, which ‘hosts’ both your data and the application. Also, while the nonSaaS solution is only updated or upgraded a few times a year, the SaaS solution is likely updated on a continuous basis. These differences give rise to a new set of risks, and require a more complex escrow agreement but, the fact remains: escrow remains an elegant solution for mitigating risk in a digital environment.
Do you need software escrow? 1. Determine how many of your applications are licensed, and therefore contain technology or intellectual property beyond your control. If their failure could impact your revenue, productivity and public safety, you need the security that software escrow provides. 2. If you have escrow, ensure it is active software escrow, not passive. For active escrow, the material on deposit is technically verified at least once a year, providing proper reassurance that it is complete, up-to-date and is most likely to be usable. There is no proper check on passive deposits to ensure they are complete and deployable. 3. If you do not have escrow, ask the software provider if they have. If ‘yes’, scrutinise the terms and conditions to ensure that, in the event that there is no answer to the supplier’s phone when you want to place that emergency support call, your business continuity will not be compromised. 4. If ‘no’, insist that the vendor and your company enter into an agreement that protects your interests and investments in mission-critical technology. Insist on an internationally reputable escrow agent.
SOFTWARE SUPPLEMENT
31 October 2020
KOBUS BARNARD AND ANGELIQUE BARNARD, Allegiance Consulting
“Do not let your fire go out, spark by irreplaceable spark, in the hopeless swamps of the approximate, the notquite, the not-yet, the not-at-all. Do not let the hero in your soul perish, in lonely frustration for the life you deserved, but have never been able to reach. The world you desired can be won, it exists, it is real, it is possible, it’s yours.” Ayn Rand, Atlas Shrugged.
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hat is the world your client desires? As a financial adviser, this question should be the driving force behind all your interactions with your clients. We’re all wired differently. It is your duty as a financial adviser to help your clients untangle their wires and articulate where it leads them. Advice that doesn’t use your client’s ideal life as a roadmap, and that doesn’t take their complete current financial position into account, is irrelevant. If you’re going to help your clients plan for their future, you need to understand what that ideal future is, and you need to understand where the starting line is. In a world with a Ad _ Money marketing.pdf 1 2020/09/21 11:08:19 population Avalon upwards of 7.7 billion, cookie-cutting your
THE RED OR THE BLUE PILL?
clients into a financial plan will no longer work. hour workweek and an ocean view Avalon is a goal-based financial planning system from their home office. However, clients that enables lifestyle financial planning. With Avalon, have not necessarily woken up to the fact that if your client can be the informed co-author of their they’re going to live their best life, planning is the plan as you guide them through the trade-offs of their best gift they can give themselves. Without a plan, possible financial decisions in real-time. A client may a goal is just a wish. Without a realistic plan, a goal wish to focus on saving for education, is just an unrealistic wish. As a financial a big purchase, understanding adviser, you can give your clients the AS A FINANCIAL tools to realistically follow their dreams, the implications of their debt, and retiring. Goal-based financial and properly prepare for their future. ADVISER, planning requires a contextual Unfortunately, no one can be told YOU CAN GIVE understanding of the sequence and what the perfect life is. You have to impact of a client’s needs to ensure dream it for yourself. Make your clients YOUR CLIENTS the optimal allocation of resources the co-authors of their plans. Get them THE TOOLS TO for each specific goal in the context of fully invested in the process. Give your REALISTICALLY clients the tools to untangle their own their available resources. Goal-based planning is a financial FOLLOW THEIR wires and see the magic unfold before planning method to help clients: your eyes as you inspire and excite DREAMS • articulate their goals and dreams them. Avalon is the sparkle in your • prioritise their financial goals clients’ eyes as they see their future before them. • find an optimal plan to fund them Avalon is the spark that will reignite your passion • find the optimal plan to protect the achievement for financial planning. of those goals in the context of the client’s current But please, don’t take our word for it. Take financial landscape. the red pill by visiting www.avalon.co.za and registering for your free, no-commitment trial. Clients are caught in a worry-work-eat-sleep You have nothing to lose and everything to gain. matrix, but they are waking up. They want a fourWhat are you waiting for?
When last were you excited about financial planning? When was the last time that you deeply connected with clients? Change their lives and help them to become the best versions of themselves.
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Avalon will reignite a passion for financial planning. Avalon is the
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red pill in the financial services matrix. If you want to wake up from worry-work-eat-sleep and rediscover financial planning then go to
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www.avalon.co.za for a free trial.
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SOFTWARE SUPPLEMENT
31 October 2020
WHY SELECTING A CLIENT MANAGEMENT SYSTEM IS LIKE CHOOSING A CAR It’s all about finding a system that suits your practice’s needs (a sportscar isn’t much use for a family of five) and is safe and secure, says atWORK’s Group Executive Business Development, Trevor Stacey.
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dviser forums are awash with discussion of which client management systems and technologies are ‘the best’. I thought I’d share some insights into what is always a complex decision with far-reaching consequences. Selecting a system is a little like shopping for a car. The system must suit your way of working and it should meet your practice’s needs. It’s essential to evaluate any system holistically and not be swayed by one or two snazzy features. (Electric seat warmers never served much purpose in a head-on collision!) Key considerations Systems are becoming more complex by the day and there are loads of issues to consider. Taking my atWORK hat off for a moment, here are a few of the factors I’d be taking into consideration if I were in the market for new software: • Reputation, track record and financial position (especially since COVID-19) of vendor
• What components does my business need and does the vendor offer these tools? • Openness to partnerships with other specialist vendors • Ability to adapt and adopt new services as they become available • Can I use my own branding on the system? Can I customise my reports? • Level of training and support (online chat, email, call centre) offered by the vendor • Ease of use and implementation. Peering ‘under the hood’ Once you’ve found a system that seems to tick most of your practice’s basic needs, it’s time to look ‘under the hood’ so to speak. Just like when you buy a car, the components that you can’t actually see are equally – or often, more – important. • Security When choosing the system that is going to house all your clients’ data, cybersecurity is a massive consideration. But, as we’ve seen
with the recent ‘Experian hack’, cybersecurity alone is not enough to prevent a data breach. True data security can only be achieved through the combination of cybersecurity and system security and integrity. If anything goes wrong, the buck stops with YOU, so it’s absolutely imperative to know that your chosen software partner conducts regular audits and is certified to POPI and GDPR standards. (Also, make sure the contract guarantees you your data back if you ever decide to move on.) • Support and adaptability It’s really important to know how deep your chosen provider’s support mechanisms go. These days, all the best systems use ‘open architecture’ that allows them to partner with third-party data services (AML and KYC services, for example) almost overnight. • Innovation COVID-19 has forever changed the world of business. Does the system you’re looking at offer a client portal, where clients can login to view and sign documents, review their investment portfolios and even hold virtual video meetings with you?
Instead of being beguiled by snazzy features (like a video rear-view mirror…have you ever?), focus most of your attention on the underpinning technology platform. It’s impossible for one company to be good at everything – which is why you need a platform with open system architecture that allows you to plug into the latest risk profilers (FinaMetrica), commission systems, KYC services, and antimoney laundering providers, to name but a few. The long and the short Now we come to the crux of the matter: Is the system easy to use? And will it save you and your clients time and money? The only way to answer these questions, of course, is to give the car a test drive. Contact me on 082 880 9477 to arrange your no-obligations trial of atWORK 6.
Trevor Stacey, Group Executive Business Development, atWORK
THE DASHBOARD OF THE FUTURE Electronic signatures empower a remote workforce.
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n the long-forgotten pre-COVID world, electronic signature solutions were considered a ‘nice to have’ by many South African businesses. Why not print and hand deliver documents for signature? After all, this is more secure… isn’t it? In a locked-down economy, the value of innovative technology certainly came to the fore as remote workforces endeavoured to ensure that it was business as usual. This was not only convenient, but essential to survival. It was in this environment that the proudly South African technology provider, Impression Signatures, developed a web-based Electronic Signature Dashboard – offering businesses quick access to eSignatures for themselves and their customers, within the necessary legal parameters and incorporating advanced security features. This Dashboard is not only fully compliant with the Electronic Communications and Transactions Act but
WHEN DOCUMENTS CAN BE SIGNED LEGALLY, FROM ANYWHERE, WITHIN A MINUTE OR TWO, THE PRODUCTIVITY BENEFITS ARE LEGION 4 WWW.MONEYMARKETING.CO.ZA
gives users the power to brand their tool and ensure optimum productivity. As the first African member of the global Cloud Signature Consortium, Impression’s digital and cloud signature products meet rigorous cybersecurity requirements and comply with the world’s most demanding electronic signature regulations. “The development of this Dashboard was driven by six key elements, essential to reliable eSignature/ document management: confidentiality, authenticity, accountability, non-repudiation, integrity and availability,” confirms Andy Papastefanou, founder of Impression Signatures. Whether users created the document or received it from another, it can be uploaded to the Dashboard online in virtually any format (PDF, Excel, Word, Image, PowerPoint). It will automatically be converted to a PDF document, ready to sign or send for signing and track. “We focussed on creating a tool that is straightforward, offers instant value and doesn’t require a user guide to operate. It is intuitive and simple, operating on a highly affordable monthly consumption model with no hidden costs,” adds Papastefanou. “Our goal is to help you get to your ‘yes’ quicker, while making the process of sending and signing documents convenient, legal and safe.” Once the user has logged in with Active Directory details, they can track and manage the signing, sending and finalisation of documents in a simple ‘email’ environment. Conveniently, the signee doesn’t
need to install any software, and will simply receive an email with a secure link, allowing them to sign and return the document – immediately. Consent is ensured with Active Directory Integration. “With no limitations to the number of signatures required, users can either send the document to all required signatories at once or set a workflow if the document must be signed in a particular order. The mobile-friendly tool is available on all web browsers,” confirms Papastefanou. Demand for this solution has grown exponentially across the board – from banks to insurers, retailers, government organisations and hospital groups. “In today’s world, it is essential that businesses save both time and resources. When documents can be signed legally, from anywhere, within a minute or two, the productivity benefits are legion,” says Papastefanou. Founded in 2011, Impression Signatures (an iOCO company) is the leading provider of e-signature solutions in South Africa. Our patented approach is locally created whilst committing to making this innovative technology available to the public, enabling true social inclusion to fully realise digital transformation in South Africa. For more information, visit Andy www.impressionPapastefanou, Founder, signatures.com. Impression Signatures
SOFTWARE SUPPLEMENT
31 October 2020
JOHN MC LOUGHLIN CEO, J2 Software
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nother day, another data breach. South African businesses are becoming more susceptible to cyberattacks and seem to be easy targets for criminals. Data breaches are now a common phenomenon, with Nedbank, Momentum, Lombard Insurance, Experian and Stefanutti Stocks making headline news. Who is the next victim to be made public? The truth is, this is not new – there has been an ongoing spike in cyberattacks that continues to grow from year to year. It is only recently that businesses are being exposed in the media. These publicly known breaches are only the tip of the iceberg. Cybercriminals are successfully infiltrating and taking down systems on a daily basis. Until businesses take proper action, one can expect a continued increase of successful attacks. Many small businesses assume they are too small to be attacked, but the truth is businesses of all sizes are targets. A cyberattack on an SME will often have a devastating effect and possibly mean the end for them. More and more SMEs are targeted as they are often easier to access because little or no attention is given to cybersecurity. Gartner Research predicts by 2024, personal liability will fall directly onto many CEOs for failing to protect systems from cyber incidents. It believes that CEOs will no longer be able to plead ignorance or retreat behind insurance policies. The financial
DATA BREACHES ARE BECOMING MORE COMMON impact of cyber-physical security (CPS) attacks, resulting in casualties to human life, is predicted to reach over $50bn by 2023. Furthermore, poor advice and lack of understanding means that a small business will have a false sense of security, with only the free anti-virus software between them and a cyberattack. Many SMEs do business with larger firms, and this is another reason that the SME is a very valuable target for cybercriminals. Account takeover is rife, and weak passwords, or the reuse of passwords, is a contributing factor. Once an attacker has the credentials, all they need to do is wait. They set rules, forward emails and add themselves to management groups – waiting for the right piece of information to target their victims. We recently discovered, in a pool of over 400 mailbox rules on Microsoft 365, there were four malicious rules configured that scrape for financial information and then forward the information out to a Gmail account. These rules were in place for some time at this company and they were unaware of it. The rules were set using known user credentials and were never checked. Visibility of real and available sources of information provide visibility to combat the growth in cybercrime. We recommend that you get visibility across data, machines, applications and people to understand what is really happening across your environment.
Focusing on the network is simply not sufficient – this is evident with the spate of breaches in the news each day. Businesses must push towards a usercentric approach to security. The users are the ones accessing information and these are the places that the attacker will target. Your network is where your user is. Increased visibility is critical with the remote workforce and changing office landscapes. It’s a myth that cybersecurity is unaffordable, and this misconception is driven by fear. The fact is that some businesses are taking advantage of the lack of knowledge and fear to overcharge their customers. We prefer to remove the ‘fluff ’ and get things done. There is no value is deploying tech for the sake of tech and then not doing the basics. Covering the basics of cyber-resilience will ensure that you can properly maintain, monitor and prevent cyberattacks. Using a combination of proven tools and services, cybersecurity is achievable, whether you are a listed multinational or a family-run business that operates from the dining room. Finally, partner with a reliable service provider to ensure increased visibility and report to stakeholders. Bolster your cyber-defences by running a simple, comprehensive and effective cyber-resilience program.
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J2 Software is a security-focused African technology business founded in 2006 to address the need for effective cybersecurity, governance, risk and compliance solutions in Africa.
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TODAY’S ADVISER NEEDS AN EFFICIENT, EFFECTIVE, END-TO-END SOFTWARE SOLUTION TO MEET CLIENT EXPECTATIONS
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any financial advice practices, no matter their size, face similar challenges: • to deliver the best possible client experience • to provide dependable, high-quality financial planning advice based on accurate data and calculations • to automate repetitive and timeconsuming tasks to improve efficiencies and increase client satisfaction.
efficiency with delivering against increasing client expectations and meeting regulatory requirements,” he adds. “To get this right, financial advisers should have software that helps them manage the entire advice journey – from lead capture to ongoing reviews – as well as engage with clients digitally, and safely store client data and documentation.”
Flexible, configurable and modular Iress has used its extensive experience in To meet these goals, financial advisers financial planning and advice technology need comprehensive financial advice and to evolve its software into a complete and investment management software that comprehensive technology platform. enables them to digitise and streamline Xplan is built to fit different advice their processes, while models and business delivering complete, requirements, as RUNNING A compliant and highwell as being flexible, quality service and FINANCIAL ADVICE configurable and outcomes to the client, BUSINESS UNDER modular. says Barrie van Zyl, Supporting the CURRENT MARKET delivering of advice Head of Account Management for Iress, across the entire CONDITIONS IS South Africa. process, Xplan is COMPLEX “Running a financial scalable to suit advice advice business under current market businesses of any size. Xplan streamlines conditions is complex, with firms business processes and improves required to balance the need for efficiencies in every facet of the business,
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with all client data and documentation stored in a single system, as well as workflow management capabilities, powerful calculator, portfolio management and modelling tools, and comprehensive reporting. An open ecosystem Iress offers over 450 available integrations, including data feeds, applications, research platforms and gateways. Through Iress Open, Xplan integrates with leading technology and data providers to give advisers choice and flexibility. This includes both standard and custom integrations, enabling clients to determine what makes up their technology ecosystem, with Xplan at the core. Built on user insights To unlock efficiencies for users, a collaborative software design approach is available through Iress Labs. This means that shared user experiences shape the design and development process for future functionality. Built for better advice Delivering a quality client experience
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is key, with an increasing demand for digital channels during this time of remote working. Iress’s digital Client Portal allows advisers’ clients to view their real-time consolidated investment and insurance portfolio online, and has recently become an even more important feature for advisers. As a powerful client database and relationship management system, Xplan provides the tools to stay close to clients and help them maximise financial outcomes. Iress’s full suite of financial advice and investment management software provides better ways to track revenue, analyse data, source and compare the right financial products, and deliver quality advice more efficiently. Ready to reduce administration, maximise business opportunities and deliver high-impact advice? Find out how we can help at www.iress.com.
Barrie van Zyl, Head: Account Management, Iress
Built for better advice. iress.com/financial-advice
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From a full suite of advice and investment management software, to better ways to track revenue, analyse data, source and compare the right financial products and deliver quality advice more efficiently, we’ve got financial advice covered.
SOFTWARE SUPPLEMENT
31 October 2020
BROKERTOOLS – A SOLUTION TO HEALTHCARE INTERMEDIARIES’ CURRENT AND POST-LOCKDOWN CHALLENGES Over the past 12 years, Brokertools has established itself as a software provider specialising in medical scheme comparison and quote generation software integrated with a CRM system. Healthcare intermediaries need technological solutions tailormade for healthcare to help them navigate through the potentially challenging times ahead.
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espite the recent easing of the COVID-19 lockdown, many of the virus-induced societal and work-related changes will continue long after the pandemic has passed. At this time of the year, healthcare intermediaries have the immediate task of informing each of their members about the available medical schemes and options for the following year, analysing their needs, providing FAIS compliant advice, collecting their option change forms, and submitting them to medical schemes. And all of this has to be done in the shadow of the still virulent virus that limits the physical interaction normally required for this purpose. At the same time, intermediaries need to continually generate new business, and reduce their expenses, in an increasingly competitive environment. Brokertools has the tools to help your business adapt to the new work environment, automate the year-end renewal process, produce FAIS compliant medical scheme comparisons instantly, generate new leads, and streamline your business processes to enhance your profitability. The Year-End Revision Wizard With the annual year-end revision (YER) upon us, and a limitation of physical interaction required by corporates and individuals, intermediaries need tools only
INTERMEDIARIES NEED TOOLS ONLY TECHNOLOGY CAN PROVIDE TO AUTOMATE THE YEAR-END REVISION PROCESS AND REDUCE PHYSICAL INTERACTION WITH CLIENTS
technology can provide to automate the year-end revision process and reduce physical interaction with clients. Brokertools has developed the Year-End Revision Wizard, which makes the annual YER process easy to do at the push of a button. It is fully FAIS compliant and more efficient than can be achieved with a personal consultation with an individual or a group of people. For the past five years, the innovative Year-End Revision Wizard integrated into the Brokertools CRM has been used by brokerages to communicate with their members electronically, providing them with online scheme information and enabling them to find the best option and submit their option changes electronically. This has proved to be highly cost effective in areas where brokers have clients in outlying areas, reducing the cost of travel and, now, reducing the need for in-person consultation. How the Year-End Revision Wizard works • You may want to inform your clients that, due to the limitations on physical contact and travelling, you intend doing the YER in this manner and explain the process. • The YER Wizard is part of the Brokertools CRM. Once your clients are loaded on the CRM (import EPR reports from the Schemes) – as soon as the 2021 scheme benefits information is available – it is easy to select clients, including groups, and send a link by email or SMS to each client using the bulk mail function on the CRM. • Clients who receive your FSP branded link can simply click on it to compare their current option with the 2021 option, compare upgrade or downgrade options among the permitted schemes, and submit their option and scheme choice for 2021. • In addition, should the client opt
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to also complete the needs analysis to assist with the option choice, the YER Wizard employs advanced scheme benefit intelligence to make a recommendation, using information such as: • Budget for contributions • Preferred in-hospital reimbursement rate • Preferred out-of-hospital benefit structure • Non-CDL conditions prevalent • Member benefit importance ranking for 2021. • Furthermore, an algorithm is applied that rates the option benefits, financial and demographic information to recommend the most benefit-rich option within the parameters set by the member in the needs analysis. The system is designed to recognise that group clients may have the ability to select between multiple schemes and that you may wish to retain individual clients on their current scheme. • Clients who complete the option choice process receive an email with: • A FAIS compliant PDF option change letter on your letterhead • A statutory notice • Record of advice • A comparison between their current and chosen option • An application form or option change form, depending on their choice • Any brochure or document you selected to attach when sending out the bulk SMS/emails. • When the final date for option changes approaches, clients who have not yet completed the YER process receive reminder emails/ SMSs with the link. • You also receive a detailed report indicating who completed the process and what their choices were, together with links to the generated documentation. This report is then submitted to the various schemes to affect the option changes. Medical Scheme benefit comparison and quotation software A core element of providing FAIS compliant advice, both for the year-end review process and for prospective new members, is the ability to compare all suitable medical scheme options to enable members
to make the most appropriate choice. The benefit comparison and quote tool is integrated with the Brokertools CRM, enabling the following: • Compare any open medical scheme option, including several restricted medical schemes • Medical scheme, gap cover and primary care comparisons • Member needs analysis that identifies the most appropriate product given the member health profile • FAIS compliant individual and group quotations • Contribution calculator calculates contributions, LJPs, prorated savings and add-on savings products • Actuarially sound Benefit Richness tool lets you unlock the value of each medical scheme option for your clients • Intelligent Group Quotes where products are compared based on cost, benefit structure and Benefit Richness • All quotations and supporting documentation, including emails, are stored on the Cloud, as per legislative requirements • The CRM tool enhances efficiency in dealing with queries, records of advice, members and corporate clients, making communication and delivering on promises effortless • Output documentation such as quotations and record of advice are customised per FSP, displaying their branding and letterhead • Share bulk or individual communications/newsletters with corporate and individual clients • Document repository for brochures and forms on all schemes, gap and primary care products. Brokertools is easy to use, with intuitive navigation, a training manual, and both online and telephonic user support. Web Needs Analysis – generating qualified leads and transforming into an online business Digital technology is available to help transform a brokerage into an online business. Brokertools has developed the Web Needs Analysis (WNA), an interactive lead generation tool that can be used to replace physical sales. This feature
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31 October 2020
can be placed on your website and social media platforms, with completed needs analyses from prospective clients sent directly to the intermediary via Brokertools CRM for follow-up consultation. COVID-19: transforming to work smarter More people than ever are working from home and this trend will continue long after the pandemic has passed. Using Brokertools to form the core of their consulting infrastructure, brokerages can confidently deploy employees to work remotely, having secure remote access to client data. Additionally, the CRM system contains all of the broker’s client records, queries and communication templates, enabling uninterrupted service and continued professional client relationships. The CRM is ideal to track sales leads and queries to manage employee productivity, and also has capabilities to help streamline work processes. Many
compliance-related processes are taken care of automatically by the Brokertools CRM system. However, intermediaries should continually train employees on FAIS and POPI compliance policies and procedures, to instil a compliance-centred work culture that becomes second nature. About Brokertools The various Brokertools applications were developed by a team with over thirty years’ experience in the healthcare intermediary sector, with team members having had in-depth exposure to the workings of both the intermediary and medical scheme environments. The system and applications were specifically designed for healthcare intermediaries with compliance in mind. FAIS, POPI, CMS and TCF regulatory requirements have been integrated into every step of the advice process. The Brokertools software has become the industry benchmark, used by a national base of
intermediaries ranging from large corporate to SMME healthcare intermediaries. Currently, approximately 45% of all principal medical scheme members in South Africa are administered by intermediaries using Brokertools. Collectively, intermediaries using Brokertools service 2 815 057 medical scheme beneficiaries, and 467 820 queries were logged and resolved by intermediaries in the past year. A total of 377 006 FAIS compliant quotations have been done on the Brokertools system in this period. With all the core functions that brokers perform integrated into one system, Brokertools provides a comprehensive one-stop solution, ideally suited to address compliance, the upcoming YER, and the unfolding scenarios during and after COVID-19. The brokerage of the future will be redefining client touchpoints, using the web needs analysis, automated year-end revisions, online applications and digital platforms such as medical
MYCYBERCARE BUNDLES PROVIDE TOTAL CYBER-PROTECTION
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s businesses increasingly move towards digitalisation, it brings with it a plethora of opportunities for cyber-attackers. The predominant serious cybersecurity issues that organisations face are credential phishing, viruses, malware, ransomware, DDoS attacks, BEC/wiretransfer fraud, account takeover, malicious or unsafe apps (cloud and mobile), SQL injection, and manin-the-middle attacks. Similarly, consumers face a continuously expanding range of cyber-attacks as hackers become more sophisticated and devious in their approach. “We find that often two predominant reasons exist for lax or non-existent cybersecurity,” says Simon Campbell-Young, CEO of MyCyberCare. “The first is budgetary limitations. However, while it may seem judicious to save money on security, even just one breach can seriously harm an organisation or an individual. Secondly, a lack of knowledge of bespoke protection can lead to system updates being for the most part absent. The solution is a cybersecurity bundle that provides extensive and inclusive coverage from cyber-attacks.” MyCyberCare works hand in glove with security software developers and insurance companies to develop cybersecurity SECURITY bundles that adhere to the SOFTWARE stringent requirements of insurance policy ON ITS OWN procedures that IS NO LONGER claims stipulate the use of SUFFICIENT security software. “We have bundled TO THWART together a number of our ATTACKS own locally-developed
solutions with third-party software that we represent in South Africa. Taking the specific cybersecurity requirements of both the business sector and the consumer into consideration, we can now offer a comprehensive bundled solution that includes our MyCyberCare fully regulated insurance solution, Cybercare4U product warranty, MyCyberDNA monitoring, MyCyberTraining products, together with Bitdefender and McAfee security software,” says Campbell-Young. “Security software on its own is no longer sufficient to thwart attacks. Global security software vendors are already shifting towards the monitoring solutions that form a large part of the MyCyberCare offerings, specifically in the form of MyCyberDNA,” he adds. MyCyberDNA adds an extra layer of protection to typical antivirus software. The software includes a personal cybersecurity score and report, scamprevention training and awareness, support, device vulnerability protection, stolen and leaked ID monitoring, threat alerts and vulnerability scanning across all SME protection plans, and three of the four personal and family protection plans. Additional functionality, such as router vulnerability protection, digital footprint management and custom intelligence, is provided on some or all of the personal and family protection plans. The SME protection plans also include multi-device protection and simulated attacks. The Cybercare4U product warranty (R10 000 per annum) covers fraudulent online purchases, phishing scams, fraudulent in-app purchases, fraudulent EFTs and virus attacks, and includes cyber-bullying trauma support, legal assistance and ID theft mediation. The signed agreements that MyCyberCare have
scheme member and employer portals. The technology will free up the broker from the administrative burden, with more time to dedicate to proper specialised advice. In the emerging new business landscape, healthcare intermediaries embracing specialised software such as Brokertools will be optimally positioned to provide professional advice, manage their workforce productivity, and be effortlessly POPI and FAIS compliant. You can visit the website www.brokertools.co.za for more information and to schedule a demo. Brokertools can be contacted at 012 665 3899.
with both the Bitdefender and McAfee brands allow them to embed their cyber-insurance bundle with these offerings and take this new bundled offering to the SA consumer and SMMEs. Bitdefender antivirus solutions are available for home users with packages available for PCs, MACs, iOS, Android or multiple platforms, and for businesses from SMMEs through to large enterprises. The McAfee internet security cloud-based threat analysis solution provides ransomware protection, safe web browsing, performance optimisation, password management and multi-device protection. McAfee Total Protection is an antivirus package with a two-way firewall with McAfee NetGuard™, a vulnerability scanner, WebAdvisor, Shredder, Quick Clean, security for mobile devices, online advice from security experts, anti-spam, password management, File Lock and Safe Family. “Underpinning all of these software offerings is MyCyberTraining, which provides users with complete cyber-awareness content in short-format videos. The fully automated cyber-training platform includes real-world scenarios showing techniques, tactics and schemes that hackers are currently using to jeopardise your cybersecurity. In this training campaign, we explain how to avoid email scams, ransomware, unintentional data leaks, travel and public Wi-Fi incidents,” says Campbell-Young. The MyCyberCare bundles are available for purchase either off-the-shelf at major retailers or online. For more information contact MyCyberCare, +27 (0)83 633 7947, info@mycybercare.com, www.my-cybercare.com.
Simon CampbellYoung, CEO, MyCyberCare
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SOFTWARE SUPPLEMENT
31 October 2020
GENASYS UNVEILS NEW LOOK
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enasys Technologies has undergone an external brand refresh as part of its strategy to continue the global expansion of its operations and further cement its place as a leading insurance technology provider in South Africa. The company has deep roots in the South African market but is still in the early phase of its global expansion. “Based on the maturity of our processes and products, we are poised for rapid growth in other parts of the world,” says founder and CEO Steve Symes. “Genasys will continue to be an insurance technology provider that leverages the best of established and new entrants through the early adoption of Nocode and an Open API architecture, with the solidity of a proven platform,” says Symes. The rebrand includes an overall new modern look: A redesign of its logo and the company website, strengthening and simplifying the company name by dropping ‘Technologies’, to just be known as Genasys going forward, and consolidating its product offerings under the Genasys umbrella. In line with the company moving to become a global role player in the insurance technology sector, Genasys is also merging its South African and UK websites, which now exists under the URL www.genasystech.com.
THE COMPANY HAS DEEP ROOTS IN THE SOUTH AFRICAN MARKET BUT IS STILL IN THE EARLY PHASE OF ITS GLOBAL EXPANSION “The Genasys refresh comes at a pivotal time for insurance around the world, as the pandemic has accelerated the adoption of insurance technology by the global insurance industry, who are in a rush to streamline their operations and stay relevant,” Symes explains. “Insurance technology providers are no different. We have to remain nimble, or Agile, to stay on top of our game and offer our partners the tools to grow and streamline their processes and enhance their digital sales capabilities.” Customer of One South African-born Genasys has undergone various transformations in its 23 years of operations. The name Genasys is a portmanteau, a blend of the words “generating systems”, but the company started doing business as Gen-A-Sys CC. “From the outset, we approached systems development with a Computer Aided Systems Engineering (CASE) mindset, which starts with design and generates code,” says Symes.
There were other insurance platforms available in 1997 but the critical design element for Genasys was a client-centric model. “The single-view-of-customer across all classes of insurance business is widely used today, but at the time most systems were policy-centric,” Symes explains. Genasys’ first product was called Customer of One, which emphasised the importance of customercentricity. The company’s first three customers were an insurer, a broker, and an underwriting management agency (UMA), or managing general agent (MGA) as it is known in other parts of the world. “Based on the quick uptake by South African insurers, we knew we had something different,” says co-founder and Chief Technology Officer Craig Olivier. The first years are critical for any company. Genasys went through a period of intense growth and balance, says Symes. “We quickly learned that business was not only about developing systems but also hinged heavily on building and sustaining relationships,” he says. “We were also acutely aware of growing pains and preferred controlled growth rather than implode under the pressure of precipitous growth, which has been many a company’s downfall.” “As our clients got bigger, our product and services had to keep up and mature rapidly, while we ensured that we did not lose the agility of a start-up,” says Olivier. On being Agile Agile, in its truest sense, means to be able to move quickly and easily. In recent years, the technology sector has annexed the word to mean the frequent reassessment and adaptation of plans. “We were agile before it was a thing,” says Symes. In 2016, the company decided to go international and opened its London office in 2018, with current Managing Director Andre Symes relocating to the UK full-time to oversee their UK operations. “In the last two decades, we have implemented many changes in the company – some more noticeable than others – to continue delivering value to our partners. This latest move is another step in the evolution of Genasys, in which we aim to expand into new territories, gain market share in existing territories, and further enhance our partner agreements,” Olivier adds.
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Steve Symes, CEO, Genasys
JOHAN VOSLOO CEO, Commspace
WHY INVEST TIME IN HIGH-LABOUR LEGACY TOOLS?
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sk yourself in a nutshell: why do you invest so much time and energy in high labour legacy tools like Excel? The answer is likely somewhere in the region of… • It’s cheap and accessible • It’s familiar and convenient • I haven’t time to learn something new • Er… now that you mention it, I’m not entirely sure. Now think about your end game. Are you looking to right size your book? Diversify your offering? Maybe you’d like to become part of a larger FSP outfit? In all cases, revenue intelligence will be the key insight that will allow you to make it happen. Commspace wants to give you the time back and provide a wider-angle view while it’s at it. The side-by-side shows it’s really no contest: Excel
Commspace
Audits & version history
Doable, though you’ll have to do the grunt work constantly. It won’t volunteer to do it for you, only showing the ‘now’.
Standard issue. It’ll keep the breadcrumb trail of activity live and accessible, for the entire usership, in its sleep.
Scalability
Type ‘scalability’ into a cell and it’ll likely crash.
Born for scale. Say ‘scalability’ around it, and it’ll probably jump on you, tail wagging. It’s raring to go.
Real-time integrations
Nothing to see here.
Primed and ready for real-time integrations with many in place, and more in the works.
Dashboards & visibility
Low visibility with painful info-sharing.
Live, active dashboard views for multi-user, labour-free visibility and sharing.
Usability & convenience
Seems convenient until suddenly it’s not, as spreadsheets become monstrous and unmanageable.
Powerful functionality that stays lowcomplexity. If you’re cloud literate and even if you’re not, you’ll get up to speed in no time.
Commspace will give you back the bandwidth you crave: • Instantly and autonomously tracked, single-click commissionloading that’s intelligently allocated. • On-demand answers via rich analytics, fully-branded reports and smart integrations for smarter, more detailed dataflows that will give you a clearer picture of what’s going on. • Geared for individual, single office or multi-group operations for an integrated, ‘grow with you’ approach to business development and scaling. Digital Revenue Management truly is today’s viable escape plan for those who want to finally break free from institutionalised thinking.
SOFTWARE SUPPLEMENT
31 October 2020
HELPING OUR CLIENTS #RiseAboveTheRest PROpulsion Learning and Technology was founded by Francois du Toit in 2015. Initially known as Francois du Toit Consulting and Technology, the business rebranded this year to align its value proposition and vision with the future. What we do PROpulsion serves financial professionals like financial planners and advisers, accountants, tax practitioners, bookkeepers, broker consultants, and paraplanners – as well as the businesses that employ them. We offer training, learning content and technology specifically developed for financial professionals and the individuals and teams that support them. The PROpulsion podcast is a free resource where guests that have valuable stories to share with financial professionals are interviewed. It is our sole purpose to help and support the continued growth of financial professionals and assist them in building forward-looking and sustainable practices. Our training We pride ourselves in delivering practical, fun and relevant learning
experiences. Learners can immediately apply what they’ve learned. This is what makes PROpulsion unique. We deliver training in a variety of formats: • Self-paced online learning – learn at your own pace, at any time, choosing what you want to learn, when you want to learn. • Live online refreshers – attend live online sessions designed to fully refresh your knowledge and skills on several financial planning topics in the shortest amount of time. • Webinars and courses – webinars are short and online, while courses are deep dives into specific financial planning topics. Courses are offered both face-to-face and online. • Tailored training sessions – we customise sessions according to your needs. Our content We design, create and produce
all our own content. The content covers all areas of financial planning and several soft skills, practice management and technology. Our content is: • Licenced – we retain ownership and rights of the content, but allow clients to use our content, saving them time and money. • Used on your own internal LMS – all our online content can be hosted on your own internal Learner Management System, in line with the licensing agreement. • Approved for CPD – all our content meets the CPD approval criteria and can be approved and administered by the client if they so require. • Sponsored – we brand our content with the sponsor’s branding and offer these programs for free on our online learning platform. We also create bespoke content on behalf of sponsors, when required. Our technology Technology is at the centre of PROpulsion and we have a passion for staying on top of the latest developments.
We offer: • The Tax Tool – niche software developed by us to enable financial advisers, accountants and tax practitioners to identify risks and opportunities for clients from their annual tax assessments. This is also a very handy tool when it comes to investment and retirement planning. • ESET Security – PROpulsion is an approved partner and offers consultation and product implementation to protect your IT infrastructure and data. • Consulting – we offer guidance and recommendations on technology solutions for our target clients. Our mission Our mission is simple: Help our clients #RiseAboveTheRest. For more, please visit www.propulsion.co.za
Francois du Toit CFP®, Founder, PROpulsion Learning and Technology
Learning
Content
Technology
Online or face-to-face Self-paced or live Including CPD
License our content Host on your own LMS Sponsor our content
The Tax Tool ESET Security Partner Consulting
Visit www.propulsion.co.za
WWW.MONEYMARKETING.CO.ZA
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RIGHT PLATFORM?
Ever wondered if the investment platform you’re on is the right fit for you? At INN8, we’ve created a purpose-built platform, inspired by you, the wealth manager. PURPOSE BUILT. Adviser inspired. quazar.co.za • INN8/RP/003
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