Momentum tech makes life insurance easier and more affordable

Stephen van Niekerk, Executive Head of Momentum Myriad

Imagine your smartphone can quickly and accurately assess your health, telling you about your health risk factors, such as your blood pressure, heart rate, and oxygen and stress levels.

And imagine this information could be used to give you an instant personalised discount of up to 35% on your monthly life insurance premium, at the same time simplifying and streamlining the life insurance underwriting process.

Momentum Life Insurance has done just that. ‘We embraced digital developments and reimagined life insurance as we know it’, says Stephen van Niekerk, Executive head of Momentum Myriad. ‘This led us to the launch of our revolutionary new screening innovation and discount mechanism, called LifeReturns®. LifeReturns® is a first in the life insurance industry and uses available smartphone screening technology for analysing light reflected from facial skin to measure health risk factors, such as heart rate, blood pressure, and oxygen and stress levels – all within a 90-second mobile screening session.’

Through this innovation, Momentum Life streamlines the underwriting process and enables immediate confirmed discounts on clients’ life insurance premiums, making life insurance easier, more accessible, and more affordable.

Numbers indicate that life insurance plays a vital role in adding value to the lives of South Africans. The Association for Savings and Investment South Africa (ASISA) recently reported that R578 billion in claims and benefits were paid out in 2022, with insurance providers such as Momentum paying out R5,2 billion in life insurance claims (excluding benefits) in 2022 alone.

The growing need for life insurance, coupled with financially precarious times, has driven a greater need for value in the industry – something that technological innovations are poised to deliver.

‘Because the screening is quick and easy, and provides accurate digital health assessments, we can use these screening results immediately to offer our clients discounts on premiums. In addition, technology provides us with the opportunity to digitalise our application process completely – from the quote stage all the way to submitting the application for insurance. This saves our clients, our financial advisers and us time and effort, reduces costs and helps us keep life insurance affordable,’ says Stephen.

‘Overall, incorporating technology into the life insurance industry allows for more innovation, now and in the future, which leads to numerous benefits for both insurers and clients,’ concludes Stephen.