Customer convenience is insurance’s new normal

These days, convenience and added value rank high on clients’ decision-making agendas. For 68% of tech-savvy insurance consumers, value-added services rank as one of the top 10 moments of truth, according to the 2017 World Insurance Report. Consumers are increasingly looking for options to access additional value propositions made by their insurance firms.

The same report shows that 42.1% of the same consumers are likely to buy additional products from their insurer.

Insurers are taking processes that historically were time consuming and cumbersome for both the insurer and consumer and changing this into smart solutions that produces quick results in a convenient manner.

In this context, Momentum offers clients a service called Fastlane, a tailored service offering. This service provides travelling medical doctors and nurses who visit clients at their convenience to conduct medical examinations required for insurance cover. Not only is this easier for clients, it also allows financial advisers to do business more efficiently.

The service offering is activated when the Fastlane-related question on the application form is selected. Clients are then contacted directly for appointments to gather the required medical information. It’s quick - all requests received before 2pm are dealt with that same day and requests received after 2pm are actioned the next day. Nurses’ appointments are booked within 48 hours, but scheduling is determined by client availability.

During appointments, nurses complete short medical reports, complete blood pressure, height and weight questionnaires, do blood and urine tests and gather all other relevant medical information.

Doctors will conduct General Practitioner (GP) medicals, perform electrocardiography (ECG) and test lung functions, should that be part of the underwriting requirements. Nurses and doctors only work with digital solutions and can transmit most medical information to insurers as soon as it becomes available.

Contract and third-party nurses are used for outlying areas where the insurer doesn’t have a presence, and medical information will be available within 24 hours of appointments.

In a world where efficiency and speed are increasingly seen as indicators of success, this service is an example of an exceptional value-add to Momentum customers. For both insurer and the customer, “life in the Fastlane” saves time and money.