Frequently Asked Questions 

1.     What is an Insurance Broker?

An insurance broker (or brokerage firm) is an independent agent often contracted by large insurance companies to market, advise on and sell insurance policies to the general public (“clients”). Since brokers are independent agents, they can sell products belonging to multiple insurance companies such as Sanlam, Old Mutual or Assupol (“Service Providers”).  All the products they sell (e.g. life, funeral or education policies) must be underwritten by a registered service provider. To carry out their work, brokers often rely on a number of sales agents (“Reps”) who market, advise on and sell actual policies to clients. In South Africa, their activities are regulated by the Financial Services Board (FSB), which among other things ensures that a broker is registered and that all the reps that work for a broker are accredited. In addition, FSB requires a broker to keep records of any client policy sold (client name and ID, name of the policy, rep responsible, the service provider among other important details).

Brokers earn a commission for each policy sold. Reps are paid a portion of this commission using a pre-agreed revenue share model.

    2.     What is the problem?

The task of handling client records, tracking which policies belong to which client, which policies were sold by which rep, how much commission was paid by the service provider, how much goes to the Rep and how much goes to the broker, which policies have lapsed and which Rep sold them etc. can quickly overwhelm a brokerage if relying on manual procedures. In addition, it is too cumbersome and time consuming to accurately work out commission pay-outs for reps and keep accurate records of these transactions. Inaccurate and hard to find records may create dis-harmony between the Reps and the broker.

3.     What is eBroker?

eBroker is an innovative, cloud based (“online”) system that is designed to assist a brokerage to capture, store, verify and track client policies as they move through the entire processing chain; right from when the rep drops them off at the brokerage; through to when the insurance company pays out the commission to when the rep gets paid. eBroker has a rich set of features that collectively assists a broker carry out the following activities:

  • Capture new policies (who is the client, which rep is responsible, for which service provider, which product is it, how much premium etc)
  • Verification of new policies (Is the application form completed properly? Are all the required documents attached?)
  • Send out SMS and Email notifications and alerts to Reps (For example, if the policy fails verification due to missing documents, automatically send an SMS to alert the Rep and give clear instructions on what the rep needs to do.
  • Keep an accurate record of all applications submitted to the service provider. If required, send an email to the service provider with a summary report containing the details of all applications sent through via courier (the client, type of policy, the rep, premium etc)
  • Once the service provider provides a feedback, eBroker allows the broker to quickly process the response from the service provider. If the policy is approved, the broker updates the policy status to PAID and captures the actual commission received. If the policy is rejected, the broker notifies the rep by automatically sending out an SMS with the reason why the policy was rejected. Rejected policies could be resubmitted later if the query is resolved.
  • Generate payslips and quickly pay out commissions to reps in accordance with an agreed upon commission sharing formula (e.g. Broker – 35%, Rep – 65%). Each payslip indicates the Gross Pay (all unpaid commissions plus any adhoc payments due to a rep (e.g. bonus payments)), all deductions (policy lapses, advances, loans etc) and Net Pay (Gross – Deductions).
  • Automatically issue Payslip Alerts to Reps through SMS, and send detailed payslips via email.
  • Keep a detailed record of all paid out policies as well as payslips issued to Reps (Date paid, which policies, any deductions, net payments etc). This prevents double payments for policies, and helps resolve disputes if the rep forgets he/she was paid.
  • Keep track of lapsing policies and automatically institute recovery procedures (by deducting all commission payments received by the Rep from his/her future earnings).
  • Remain FSB compliant by keeping accurate records on clients, reps and policies.
  • Store, search and update crucial documents for Reps, clients, office staff and policies (ID documents, Qualifications, Birth Certificates, Scanned copies of policies submitted to the service provider etc.)

For a detailed user guide, Click Here (Should Take You to the Home Page )

4.     Why do I need eBroker?

  • Save time, effort and money by simplifying and automating your core processes: - handling records of clients, reps, policies and payments.
  • Improve your FSB compliance requirements by maintaining accurate records of your Reps, Clients and Policies as well as related documentation. A compliance visit need not keep you awake at night, because eBroker makes available all the records required at the click of a button.
  • Eliminate the risk of losing critical data in the case of fire or natural disasters by securely storing it in the cloud. For example, if your manual “black book” or your office computer with your Excel spreadsheet perished in a fire (God forbid!!), your business could suffer irreparable damage.
  • Improve your corporate brand by going digital, paying your reps on time, keeping them informed about their policies, issuing payslips electronically and generally looking cool.
  • Maintain robust and affordable communication with your reps and clients using modern communication tools (Email, SMS).
  •  Kick out the hassle of generating accurate payslips, fast. No more manual payslips that can easily get misplaced, lost or damaged resulting in endless quarrels with your reps and office staff…. not to mention the resultant waste of time and resources.
  • Access your data anytime, anywhere and using any type of device (the laptop, a smart phone etc) 

5.     How do I get eBroker?

eBroker is a cloud based application, hosted online using state of the art cloud servers managed by AFRIHOST, an MTN backed Cloud Service Provider(CSP). All you need is an Internet connection and an Internet ready device (a lap top, desktop computer, a tablet or a smart phone). For best experience, we recommend either a lap top or a desk top computer. In future versions, we will release mobile friendly versions. Since eBroker is cloud based, you do not need to buy a server to host it in-house. You can access it anywhere; in the office, at home, while away in the field or even when travelling abroad. All you need is an Internet connection. For you to start enjoying eBroker, Signup Here.

                           

6.     How Much do I pay for eBroker?

To get a detailed pricing guide click here  (takes you to the Pricing page)

7.     What are minimum requirements for eBroker?

(i)                  An internet connection. Any entry level ADSL connection (1-2 Mbps line) is sufficient for most small offices. All modern routers (ADSL or otherwise) have Wi-Fi capabilities with sufficient range to cover a small to medium sized office.

(ii)                Lap top, office computer or Smart phone. eBroker runs remotely, so any entry level lap top or office computer is sufficient. A tablet or smart phone can also work, but due to screen limitations, the experience may not be pleasant (this will be to be resolved in future releases)

(iii)               Web Browser – Google Chrome (recommended), Internet Explorer 9 or above.

(iv)               SMS credits – On signup, you receive a bulk SMS account with 200 credits. Once these are exhausted, you need to buy more credits from us. 1 SMS costs 50cts. A small brokerage needs about 100 credits per month, so it’s a small overhead.

8.     How do I get Training?

We take training very seriously, for we believe poorly trained users are not empowered to fully exploit the system. The initial set up fee caters for training of two people from your brokerage. It could be you and your office assistant or if you are too busy, you could nominate two of your staff to attend the training. If you want to train more people, then it costs R800.00 for each extra person. Participants get a thorough, hands-on training on all modules of eBroker. Realistic workflows covering all possible usage scenarios are covered. Training is organised in small groups of 5 – 10. Participants need to bring their Wi-Fi capable lap tops. Lunch and tea is provided.

9.     Can I cancel my subscription?

Yes. eBroker has no long term contracts, it’s a month to month subscription paid in advance. If you want to get out, you simply give us a one-month notice of intention to terminate and your account will be de-activated. You have a cooling off period of 3 months, during which time you may re-activate your account (subject to paying a re-activation fee applicable from time to time). None of the earlier fees paid are refundable.

                

10.Can I get my Data once I cancel my Subscription?

Yes. If you cancel your subscription and you do not wish to continue, we will download all your data and give it back to you in Excel format(.csv). There is a small fee to cater for this that varies from time to time.

11.What Kind of support do I get?

We take support very seriously, because we are committed to ensuring that you get an un-interrupted service as much as possible. If your service is disrupted in any way, send a message to our support email:

support@ebrokeronline.co.za    OR          call our emergency cell phone +27782028799.

We commit to resolve the problem as soon as possible BUT within 6 hours upon receiving the support request, as long as the fault is within our control. However, if the fault is due to problems with our service provider (AFRIHOST), say network outages or data centre disruptions, THEN we may not be able to service your request until the services are restored. In such cases, we will keep you updated on the progress of our service provider.

12.Can I request for Additional Features Not Currently available in eBroker?

Yes. Although eBroker undergoes regular upgrades to keep it in line with changing user needs (at no additional cost), you could request additional enhancements that are specifically tailored to your needs. Additional features that fall outside the current, standard features available in eBroker will attract extra charges. For example, since commissions form the bulk of your revenue, you could probably want an enhancement that caters for expenditure tracking (staff salaries, utility bills, office rent, etc) that help you get more accurate financial statements.

13.About Us.

Optimal Cloud Solutions (Pty) is a software development and Integration Company that specializes in the development and implementation of innovative, cloud based software solutions for the small and medium sized business sector. Our staff comprises experienced developers boasting many years’ experience in implementing information systems in various industries. Our products are rigorously tested by personnel who not only understand what goes on in the respective business environments, but are able to predict trends driving these sectors, helping our customers to always stay one step ahead. Our products are closely aligned with the requirements of the relevant regulatory bodies and are sufficiently agile to quickly adapt to changing requirements.

               

14.0   Our Contact Details

18 Hegar Crescent, Hospital Park

Bloemfontein, Free State

South Africa

Tel : 27 51 5225707 / 27 51 5073677

Cell: 27 782028799

Email : info@ebrokeronline.co.za

       

Website: www.ebrokeronline.co.za