There is never a good time to receive word of an underwriter closing down a line of business or permanently shutting up shop.

When Legacy received notice in November last year that Lion of Africa (LoA) was winding down its operations, the team went into overdrive and not only very quickly found alternative cover through another underwriter, but also set an automated IT driven solution in place.

Clients were informed of the LoA closure while at the same time receiving details of the alternative cover on offer so they could seamlessly move forward. Their responses, choices and permissions were recorded electronically and brokers were regularly updated and appraised of the progress and outcome.

The result was that brokers were able to enjoy a stress-free holiday season knowing that their clients were safe-guarded against not having cover whilst at the same time being dealt with efficiently. There was 100% positive feedback, proving that life is easier when you work with Legacy.

Says proud Legacy team member Anel van Schalkwyk: “We are very excited about technology and the possibilities that it brings, and Legacy has constantly proved that its automated processes are fast and effective.”

The underwriter taking over the business was equally impressed and complimentary with regards to the highly automated, quick and efficient systems-driven process employed by Legacy using the Legacy On-Line (LOL) system. Moreover, all required communication and disclosures were done correctly and within the required time frames.

Nicky Greyling from APBCO Brokers adds: “The high level of automation (for traditionally tedious processes like following up on unpaid debit orders and renewals) makes the Legacy On-Line system a pleasure to deal with. It also alleviates our day-to-day administrative burden. With the recent Lion of Africa closure, Legacy made use of an automated process – not only to inform affected clients – but obtain their preferred course of action and permission to move their business. They then transferred all business whilst keeping us informed every step of the way. It was a truly easy and painless process for everyone involved.”

Says Legacy’s Christo Crafford: “In a world where administrative and compliance burdens have increased exponentially, it makes sense to work with an administration system that allows brokers to focus on client service and marketing. We are here to help brokers grow their business while all aspects of compliance, best practice and treating customers fairly are taken care of!”

To find out more, please visit www.lum.co.za or call Christo Crafford on +27 82 920 3062 or send your contact details to christoc@lum.co.za

The post Legacy Makes Brokers’s Lives Easier Thanks To Technology appeared first on Legacy.

For example – that brand new car you got, or the big shiny ring he bought you…. what about your brand new Apple Mac? All is shared on your social media pages for your friends to see, but who else is watching?

How many of us “check in” on Facebook with a post about how we are on the airport going away to some or other destination and we even mention “10 days of pure bliss” or “2 weeks well deserved holiday”.

The sad truth – there are criminals scanning the social media pages looking for exactly these types of people who willingly divulge information about their lives. That privacy setting that you enabled, is no barrier for a cyber-criminal. So, what do they know? They know who you are / what you own / where you are / how long you will be away.  How do they know it?  Because you told them! Getting your address is a minor detail for a seasoned criminal. You set up a shopping list for the criminals and give them time and opportunity to strike. It is nice to share information and allow people get a sneak peak of your lives – but remember, it is not always only your friends that are watching! Be careful of what information you share.

Article by Erika Lichtenstein

Contact us for more.

The post Sharing of Information appeared first on Legacy.

In September we discussed the implications of a recession and how to stay insured during difficult times. Fortunately, the Legacy MyPolicy App has a powerful insurance tool that will assist in the affordability of insurance premiums.

A powerful insurance tool in turbulent times.

• Open your MyPolicy App on your phone.
• Click on Make My Policy more affordable.
• Go to the “Lifestyle Affordability” function.

You can review and change your policy to fit your present circumstances and financial ability. Your future premium will be indicated to allow you to make considered financial decisions to ensure you stay insured.

Article by Christo Crafford and Theresa du Preez.

Contact us for more information

The post Follow Up – What is a recession and how to survive a recession? appeared first on Legacy.

User-friendly

Within an era of mobility, the fact that underwriting software is mobile-friendly and available in application format means that your portfolio is always accessible – wherever you are. This insurance software allows policy holders to better understand their cover by simplifying  insurance terms and explaining jargon and also enables them to update cover, submit claims and access a host of other functionality when and where convenient to them.

Cost Effective

Because insurance administration software is digitally focused, it lowers operating costs. It is also no longer needed to fill out a variety of paperwork and ship it off to different departments, since everything is automated. This benefits policy holders by saving time and unnecessary costs.

Open Communication Channels

Insurance administration software creates an open channel between the policy holder, broker and underwriter. Whilst viewing your policy in real time, you can also connect and communicate regarding any adjustments or amendments. The fact that the software streamlines various aspects of the insurance policy process, also allows you to spend more time on the things that matter rather than administration and paperwork. Various channels are available to both brokers and policyholders, including: a smart phone application, e-mail, telephone and telefax as well as a ‘chat’ function on the web-site.

Putting the personal back into personal insurance

Technological innovation in the insurance administration space and insurance underwriting software allows underwriters and brokers to offer clients more individualised products based on their needs and requirement for value-added or add-on products. This personal approach is enhanced by data-driven insights gathered from various parts of the business.

Breaking away from bureaucracy

With insurance and legal guidelines built in to insurance underwriting software, there is less paperwork and hassles. High levels of automation ensures a faster, more efficient and more enjoyable process start to finish. This automation also makes claiming an effortless process and takes away the guesswork by keeping brokers and policy holders in the loop throughout the process.

Any insurance company will admit that its success or failure lies within its underwriting methodology and processes. The new wave of insurance administration software and insurance underwriting software offers you the ultimate in convenience, social engagement and streamlined processing. At Legacy Underwriting Managers we pride ourselves on the fact that we can offer our clients highly skilled and experienced staff along with the latest in insurance administration software and insurance underwriting software.

This enables us to give our clients self-maintenance and management features, wider channels of communication, automated underwriting systems and fast and effective processes with various value-added services. To find out how we are changing the insurance game, contact a Legacy representative here.

The post Why use tech-savvy insurance underwriting software? appeared first on Legacy.

What does InsurTech mean?

Digital transformation in the wider Financial Services Industry (termed FinTech) became popular first. The Insurance Industry followed suit. InsurTech is literally the combination of the two words; ‘insurance’ and ‘technology’. When we talk about insurtech we are referring to the latest technological innovations within the insurance industry that focuses on making the current insurance industry model more efficient and effective.

InsureTech is a way to taking business digital and putting technology in the hands of customers via smart APPs.

The InsurTech belief system

Those at the forefront of insurtech believe that the time for insurance innovation is now. Insurtech’s core belief system is that it’s time to place control in the hands of the policy holders.

Insurtech also personalises insurance administration again. Through insurtech policy holders can receive tailor-made insurance solutions and customised policies. Data is also streamlined which makes it much more cost-effective and allows underwriters to offer their clients correctly risk rated premiums.

The InsurTech perks

Insurtech is ensuring that risk assessments are much more individualised by using the latest technological innovation. The analysis of data is used to address underwriting shortcomings of the past.

The more personalised approach also allows for a better engagement with each individual policyholder. As the technological industry is an ever-expanding landscape, insurtech is constantly adapting to the latest innovations and trends and allows for a very dynamic and exciting future. Those within the insurtech space are always contemplating the impact emergent technology in the digital space (for example AI (Artificial Intelligence)) will have on the insurance industry.

The future of InsurTech

The movement to digital technologies is a mega trend across different industries. As such insurtech is very relevant and of great importance in the insurance and financial services space. There is a lot of consumer interest in, and a great need for, channels and applications that offer a refined business model and a much more user-friendly and client-centric approach.

At Legacy Underwriting Managers we place a lot of value on our client relationships and services and we are constantly striving to be the leaders within the South African InsurTech market. Our insurance administration software and insurance underwriting software is changing the insurance game. To find out how our services can benefit you, contact us here.

The post InsurTech – what’s in a word? appeared first on Legacy.