IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconFinancial Planners
IconLife Insurance Companies
IconLife Insurance Products
IconOnline Quotes
IconPublic Loss Adjustors
IconRe-insurance Companies
IconRegulatory Authorities
IconSocial Grants (Government)
IconWellness Programs
Advertise Here
  Subscribe To »

Setting the bar for innovation in customer engagement






Loeries Award for Momentum Corporate’s Smart Underwriting solution
On Saturday, 18 August, Momentum Corporate’s Smart Underwriting solution won the silver award at the Loeries. The award is in the Service Design category which was introduced in 2015 to recognise brands that engage their customers in an innovative way.
Regard Budler, Head of Product Solutions at Momentum Corporate explained that the financial services provider identified a lack of customer orientation when it comes to underwriting. This was the starting point for reimagining and reinventing the underwriting experience within the group insurance space.
Underwriting is the process used by insurers to gather the medical information needed to assess an individual’s risk before granting - or increasing insurance cover. This means that when an employee’s salary increase causes their insurance cover through their employer to exceed a certain limit and they need to opt for underwriting to align their cover to the higher salary, many avoid the hassle of a cumbersome process and remain underinsured.
“This is where we spotted a gap, and developed an underwriting solution that puts the customer first, named Smart Underwriting. Where it was seen as complex and lengthy, this has reduced the length of the overall underwriting process from up to three weeks, to an average of 10 minutes,” said Budler.
Sharing personal health information is also seen as invasive. For this reason, Momentum took the process to their customers’ mobile phones, so they can complete the process privately, in their own space and time.
“We found out that we needed to change the way we speak to customers. So, we designed our App to be familiar and conversational, to make answering questions really easy,” says Budler. In addition, the App uses simple visuals, like an illustration of a human body, where the user just needs to click where it hurts.
Smart Underwriting, Momentum Corporate’s third ‘smart’ service over the last two years, enables customers to engage with the insurer through everyday channels on a real-time basis, by using a combination of SMSes, emails and a user-friendly website.
“By putting the focus on the customer, we are working towards removing the ‘grudge’ aspect of the insurance purchase which can result in negative consumer behaviour and in turn, poor financial wellness. We are delighted with our Loeries win which marks a step forward in our company’s journey towards transforming the service experiences of our customers and financial advisers,” concludes Budler. 
Source: MSL Group
« Back to previous page Print this page » |

Breaking News »

Introducing Our New Website!

The Insurance Gateway® team is excited to share our new website with you. Given our strategic objectives for 2019 and the fact that our last website redesign was over five years ago, we decided on a much anticipated ...
Read More »


FSCA appoint the new Divisional Executive for Conduct of Business Supervision

FSCA commissioner, Mr Abel Sithole has appointed Ms. Kedibone Dikokwe as the Divisional Executive: Conduct of Business Supervision, effective from 1 July 2019. This is the division that supervises the way financial ...
Read More »


Funeral cover leads insurance uptake, but are millennials bucking the trend?

          Vera Nagtegaal, the Executive Head of Hippo. co. za.                   In South Africa, burying a loved ...
Read More »


Breast cancer: managing the unthinkable

Due to widely published content regarding cancer and the impact thereof, the awareness of this silent killer is rapidly increasing. Not only are people becoming more aware of the prevalence of cancer but ...
Read More »


More News »


Healthcare »


Investment »


Retirement »


Short-term »

Advertise Here
Advertise Here

From The Glossary »


Approved Reinsurance Policy:

Any proportional and non-proportional short-term reinsurance policy which remains in force until the liabilities under the policies reinsured has expired. A foreign reinsurance policy will only be regarded as approved if the reinsured has: _ received a deposit from the reinsurer or has retained a deposit against balances owing to the reinsurer; or _ received from a local bank an irrevocable guarantee in the form prescribed by the Registrar; or _ ...
More Definitions »






Contact IG


Media Pack


RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2019. All Rights Reserved.