FANews
FANews
RELATED CATEGORIES

Setting the bar for innovation in customer engagement

22 August 2018 Regard Budler, Momentum
Regard Budler, Head of Product Solutions at Momentum.

Regard Budler, Head of Product Solutions at Momentum.

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.

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now