Melbourne-based financial planning research and software group PlanTech Consulting has made its first foray into overseas market with a deal in South Africa.
Melbourne-based financial planning research and software group PlanTech Consulting has made its first foray into overseas market with a deal in South Africa.
PlanTech has struck a deal with South African research group Moonstone Information Refinery to supply risk insurance software to financial advisers.
The two-year deal involves the supply of risk research software to be distributed through Moonstone. PlanTech has already carried out extensive work to customise the package for local needs and will establish a regional office in Cape Town to provide customer support and carry out ongoing product research.
PlanTech managing director Tony Smith says Moonstone is the primary distribution sup-port group for South Africa’s independent adviser network and will initially market 1,000 software packages to the country’s independent advisers. PlanTech and Moonstone also plan to target the country’s 4,000 advisers who are attached to large financial services groups.
PlanTech is one of the first Australian financial services groups to enter the South Afri-can market in recent years. Other entrants include Ipac’s financial planning business sys-tem and PolicyLink’s traded policies business.
Smith says the deal represents a watershed for the group.
“South Africa’s insurance industry is a largely untapped market and, as a software leader in this area, the opportunities are enormous. This deal has the potential to double the size of our current user base,” Smith says.
“It also provides a springboard into the market for our other products, including the full ProPlanner package, with a comprehensive client management facility, a Master Trust Planner and Illustration systems.”
It is expected the new software package will be available to South African advisers within three months.
Smith says PlanTech will continue to monitor overseas opportunities, particularly in Asia, however he did not mention any markets in particular.
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