Trustco Financial Services is a specialised provider of holistic solution-driven products and services across the financial and management service sectors.

This entails issuing policy contracts to policy holders, calculating and collecting premiums and fees from policy holders, paying commissions and fees to Trustco brokers, paying risk premiums to Trustco insurers and executing all aspects of claims settling. 

In the very complex world of insurance administration, where information is the heart of the business, our client’s success depends on our ability to provide correct and timely information. Our team of specialist business analysts and portfolio managers successfully supports the interpretation of information. Having these scarce recourses in the IT world, gives us our competitive edge.

The Trustco Financial Services acts as the intermediary between the insurance companies and the brokers. We supply the computer systems to administer premiums on behalf of the insurer and empower the brokers to manage their businesses effectively through the use of our computer systems.

Background Information 

Our target market is the insurance brokers who do not posses an in-house system to perform the premium administration and who are not large enough to have much negotiation power with the insurance companies. By pooling the businesses of our brokers, we can negotiate better rates with the insurance companies and thereby enable the smaller brokers to compete with the larger role players in the insurance industry.

We act as custodian of the premiums collected and administrate the premiums on behalf of the insurance companies. This crucial function is governed by law, and to be able to act as an intermediary, one needs to comply with a number of acts of government.

Once the broker has concluded a contract with a policyholder and the policy has been activated on our system, we take responsibility for the collection of the premium from that policyholder. The collected premium is then kept in trust in terms of the Insurance Act until it is due to the relevant parties.

An automated process splits the premiums received to the different stakeholders and on the due date the commission is paid to the broker and the risk premium to the insurer. All of this happens within the ambit of the various acts applicable to the insurance industry. Record is kept on our system to the lowest possible level of each transaction.

< Prev