Exceptional performance by Momentum Short-term Insurance
Vickey Swanevelder, Head of Operations from MSTI.
In 2015, the Ombudsman for Short-term Insurance (OSTI) reported Momentum Short-term Insurance to have performed exceptionally well with regards to claims submitted to the ombudsman – for every 1 000 claims processed by Momentum Short-term Insurance, only three complaints were received by OSTI.
In addition to this, Momentum Short-term Insurance (MSTI) also achieved an overturned rate of only 19.5 percent, which is around seven percentage points lower than the industry average. This is an improvement of 4.4 percentage points since 2014.
With the current South African economy being inconsistent, consumers are being prompted to cut costs where they can – one such option is on insurance. Vickey Swanevelder, Head of Operations from MSTI says, “We have realised that to retain clients, it is not enough to only offer exceptional customer service. All customers have a reasonable expectation that services should be of a high standard. What our business concentrates on is putting the client at the heart of what we do. Client centricity should play a pivotal role in how insurers conduct their business; whether it is designing a product, providing a service, re-engineering a process or making a decision on a claim.
The 2015 OSTI results revealed the top complaints in the short-term insurance industry were:
• Motor insurance (48%)
• Homeowner insurance (18%)
• Householder insurance (8%)
• Commercial insurance (7%)
• Other types of short-term insurance (19%)
Swanevelder adds, “MSTI’s recent OSTI overturned ratio results are indicative of our commitment to client centricity.”
Off the back of the recent OSTI results, Carinfo.co.za placed Momentum Short-term Insurance in second place in the “small company” category, with the highest number of compliments from consumers on HelloPeter.com. “We’re thrilled with these results, which shows that our focus on service excellence and the needs of our clients is resonating well with our clients and is paying off,” says Swanevelder.
Swanevelder adds that the future of the short-term insurance industry lies in the digital client relationship, which will play a critical role in equipping insurers to simplify processes, and provide greater insights into the client journey. The launch of MSTI’s mobile application called ShorTerm Client doesn’t only provide clients with a choice on which channel to submit a claim, but it also fast tracks the claims process.
“Focussing on what is practical and helpful to consumers, Momentum is also proud of our online innovations that draw attention to risk awareness and safety. Safety is a concept that is close to the heart of each individual in South Africa. It is for this reason that MSTI has developed Safety Score, an innovative tool designed to help measure a client’s personal, car and home environment safety status and suggest ways to improve it,” concludes Swanevelder. The Safety Score asks a series of questions and once completed, gives tips and recommendations on how to be and feel safer.
