Money Management is an independent module that offers the functionality to collect money from one or more debtors and to pay money to one or more creditors. Various collection and payment methods can be utilised within Money Management.

Money Management has been in operation since May 1996. Every month, more than R55 million is collected via Money Management on behalf of our clients. Built-in security modules ensure confidentiality of information. Detailed transactions are stored in a history database for a period specified by the client. Online enquiries and exception reporting is available.

The system is menu driven and all transactions are user, date and time stamped.
Our system allows various methods of collecting premiums. Bank debit order, Salary stop order, EFT’s, Credit card, Cash

Client Premium Administration

The premium that is due by the policyholder is determined by complicated calculations done within e-Sure , according to the different items the policyholder has on cover on the policy. As the policyholder makes changes to his policy, the premium is amended and either debits or credits are created on e-Sure.

These changes will have an effect on the amount that will be collected for the next month of cover. Refunds are paid directly to the bank account of the policyholder in case of credits on the policy, if so desired by the policyholder. The financial status of the policyholder is thus updated in real-time as the transactions occur.

Premium Splitting

The calculations to determine what portion of the premium should go to which stakeholder, is quite a complicated matter. Each and every item insured on the policy has the potential to have a different premium split than the next item. The commission to the broker on motor and non-motor are, for example, 12,5% and 20% respectively.

The broker fee may be split to several different parties, depending on what was negotiated beforehand. Our unique way of configuring a table that drives this premium split process, makes it an automated process at month-end, once the rules have been configured. Because we make use of levels and priorities, almost any permutation of possibilities can be achieved. The premium split process writes the outcome of the calculations to a file from where commission statements are produced. These commission statements can be run in summary mode or in detail per policyholder. The commission statements are delivered electronically to all stakeholders on a monthly basis.