Adapt or die – Momentum’s Myriad is evolving

You have to be innovative if you want to prosper in today’s competitive financial services industry. Product providers have to pull out all the stops to keep the intermediary and end consumer happy. And that’s exactly what Momentum is doing.

The effort they put into their Momentum Myriad ‘No Limits’ presentation is a case in point. Those who attended the product re-launch were treated to a fantastic show which included a ‘fantasy’ aeroplane ride complete with captain, flight attendants and in-flight entertainment. A cover band played Queen hit singles Under Pressure and Another One Bites The Dust while Momentum assured those in attendance that this didn’t have to be the case for brokers!

Making it easier for brokers

These songs were played to acknowledge that brokers are operating in very difficult times and to introduce the new product and product changes that Momentum was making to help the broker going forward. There are two motivations for changes and enhancement to the already popular Myriad long-term insurance product.

The first is to ensure that the Momentum Myriad product maintains its reputation as a ‘best-of-breed’ product in the long-term industry. And the second is to create additional sales opportunities for financial services intermediaries. Kevin Letord, Head of Myriad Marketing at Momentum summarises some of these intentions: “We at Myriad strive to develop financial solutions that are comprehensive, yet simple, with much-needed certainty when it comes to claim stage.” What have they done to achieve this?

Myriad’s income protection benefits have been totally revamped. Momentum realised it had to address the negative perceptions that make this class of risk insurance so difficult to sell. This meant tackling issues like high cost, product complexity and uncertain benefits. “We believe that we have demystified this area of risk cover and now bring true and much-needed certainty and simplicity to it – giving new meaning to the term New Generation Benefits,” said Letord. The company has extended disability benefits to include individuals who “do not qualify for the own occupation definition.” The Myriad ADW (“activities of daily work”) offering has been structured to provide the same level of comfort as Myriad’s existing lump sum disability benefit products.

Building on the ‘interactive benefits’ game plan

Momentum continues on the road to interactive benefits for clients using a range of its services… And like South Africa’s leading medical aid scheme the company is also encouraging clients to lead healthier lifestyles. Momentum Interactive has introduced three new alternatives to assist clients in taking advantage of the annual fitness discount. Drivers who have Momentum Short-term Insurance also receive a guaranteed discount. Such innovations, says Letord, give Momentum the edge, and “Momentum Interactive is one of the big reasons why Momentum Myriad is the risk product to support.”

Other product improvements included: benefit enhancements to functional impairment definitions, new methods to reduce remaining ancillary benefit amounts after a claim and increasing certain maximum benefit amounts. These benefits and enhancements will take effect on 4 August 2008.

Take your vitamins

There’s nothing as frustrating as buying a new car only to discover three months later that the new model offers the ‘Tiptronic’ gearbox you always wanted… If you buy Momentum Myriad you shouldn’t experience a similar problem. Group strategy ensures that existing policyholders get the same ‘deal’ as new customers. “Momentum Myriad’s ‘living product’ philosophy means that existing clients will benefit from all the enhancements to the income protection benefits, Momentum Interactive, the ancillary benefit claim rules, as well as the improved functional impairment claim event definitions, at no extra cost.”

Everyone who attended the launch received a pack of Bioharmony vitamins as recommended by world renowned health guru, Patrick Holford. Vitamins are essential for a healthy body and mind… just as innovative products are essential for a successful financial services practice.

Editor’s thoughts:
There’s no doubt that your sales success hinges on the product you have to offer. Clients tend to demand the best-of-breed in almost every category of financial service. While advertising and marketing play a great part in influencing a client’s purchasing decision there are some products that practically sell themselves... Did you attend the Momentum Myriad product launch? What do you think of the enhancements to their Myriad product range? Add your comment below, or send it to gareth@fanews.co.za