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Momentum Myriad fast-tracks success through innovation

19 October 2018Momentum Myriad

As part of the national financial adviser roadshow, Momentum Myriad shares in the exciting journey of ensuring that clients achieve their desired financial goals and aspirations successfully.

Since we make it our business to understand clients’ unique needs, we offer them a unique Myriad value proposition which consists of us looking for opportunities in every risk and making sure that clients benefit from the innovative outcomes linked to this, every day. As a result, we are proud to introduce the following innovative solutions that are set to fast-track clients’ journeys to success.

Momentum Interactive 2.0
Momentum Interactive was designed as a voluntary membership and rewards programme for Myriad clients. Members provide additional information, at new business stage and every three years thereafter, on risk rating factors not usually associated with life insurance underwriting. This additional information provides valuable insight that guides us to assess their insurance risks more accurately.

Momentum Interactive 2.0 is the latest version of the programme, redesigned based on in-depth knowledge gained from analysing client data gathered over more than 15 years. The new programme represents the most up to date pricing refinements to support Myriad’s accurate pricing philosophy and will unlock even more value for members because it offers clients:

• A further refinement of our accurate pricing philosophy;
• It simplifies the discount calculation by refining and reducing the risk rating factors;
• It provides a transparent and easy to understand discount, of up to 20% on qualifying benefits, that can be guaranteed at quote stage; and
• It is expected to provide higher average discounts to more clients with a minimum guaranteed discount of at least 5%.

Latest Myriad living product enhancements
Risk benefits are always improving therefore it is vital to find ways to allow existing clients to
benefit from future product enhancements. For this reason, where possible, we keep existing
clients’ benefits up to date with the latest enhancements, either automatically and free of charge,
or through easy policy alterations. This ‘living product’ philosophy enables us to embrace risk
innovation while simultaneously ensuring that client solutions remain contemporary and in line
with financial advice.


A new Monthly Longevity Pay-out Option
Myriad’s Longevity ProtectorTM – Income Protector Benefit is designed to provide clients with
regular, additional lump sum pay-outs every five years after a qualifying claim event. It pays 50%
of the previous five years’ Income Protector Benefit pay-outs as an additional lump sum after five
years, and repeats this, every five years thereafter, until the benefit expires. Client feedback indicated that there is a distinct need for higher cash flow immediately after a claim event occurred. This is, because there are generally more unplanned expenses during this period, and some clients simply cannot wait for five years before receiving the next longevity pay-out.

As a solution to this liquidity problem, clients can now select to receive an additional 50% of the monthly Income Protector Benefit pay-out on a monthly basis. This selection is possible after receiving 24 consecutive months of full benefit pay-outs on the Income Protector Benefit to which the Longevity ProtectorTM – Income Protector is attached.

This new option solves the need for additional income immediately after a claim event occurred by providing a higher pay-out of up to 112.5% of net monthly income from month 25 onwards. For the first 24 months, clients can top up their income protection pay-outs to 100% of net income by “stacking”* a Temporary Income Protector Benefit on top of their Income Protector Benefit.

This new Monthly Longevity Pay-out Option is applicable to the following benefits:
• The Longevity Protector™ – Income Protector Benefit that was launched in October 2012.
• The Longevity Protector™ – Group Income Top-up Benefit.

The Monthly Longevity Pay-out Option will be available to existing clients, provided that the inception of the claim on the Income Protector Benefit / Group Income Top-up Benefit, that entitles the client to a payment under this option, occurs after 12 November 2018.

* “Stacking” refers to selecting an Income Protector Benefit and a Temporary Income Protector Benefit with the same waiting period.

More living enhancements

Removing the general 14 day survival period
Myriad is in the business of paying all valid claims and in line with our “Best of breed benefits” design philosophy, we spare no effort to ensure that benefit definitions are precise, comprehensive and as objective as possible. To remove any unnecessary and ambiguous definitions from our benefits, we decided to remove the general 14 day survival period and revise our survival period definition.

Going forward, no survival period applies to Myriad benefits; however, our clients will still need to meet the requirements of the defined events, as prescribed in their policy documents, prior to their death. Even with the existing general 14 day survival period, the intention has never been to deny a valid claim.

However, there are certain medical criteria that must be met by clients to qualify for a critical illness or functional impairment claim pay-out. These criteria are clearly stipulated in the benefit definitions and still apply. This means that even after the removal of the general 14 day survival period, in accordance with the purpose of these benefits, a critical illness or functional impairment event followed by immediate death is unlikely to result in a claim pay-out of these benefits.

This free automatic living benefit enhancement will be available to all existing critical illness and
functional impairment benefits provided that the inception of the claim, that entitles the policyholder to a payment under this enhancement, occurs after 12 November 2018.

Removing the standard six month waiting period on lump sum disability
We understand that having access to funds in the event of a disability is a fundamental requirement for clients which is why we use permanency as an indicator to pay a claim and not an explicit six month waiting period. We have therefore removed the standard six month waiting period in order to remove any doubt that we will use this clause as an excuse not to pay a claim.

For clients to qualify for a lump sum disability claim, the condition must be total and permanent. When we pay under functional impairment, the maximum medical improvement must be reached and reasonable optimal treatment must be completed.

QuotaM
The Myriad quick quote and new business App makes quoting faster and easier than ever. It has now been enhanced to turn the quote into a new business application without having to recapture information. As a fully digitally enabled platform, QuotaM now allows for capturing of medical information electronically, booking tele-interviews and Fastlane medical appointments online and fast-tracking underwriting for qualifying healthy lives.

QuotaM embodies flexibility. It provides a fully digital and paperless application after a quote has been completed, but for financial advisers who prefer the old approach, the paper application route is still available. With its speed, convenience and simplicity, submitting a new business proposal has never been easier or quicker.

Quick Polls

QUESTION

The FSCA has said that the intrusive nature of regulation actually benefits insurers and intermediaries. Is this the reality on the ground?

ANSWER

Yes, intrusive regulation has helped us see how we can work towards better customer service
No, intrusive regulation comes at a cost and a major headache