Momentum Myriad was launched in September 2002. May 2007 saw the ninth launch of benefits and enhancements to the product in less than five years. FAnews investigated what drives Myriad.
Myriad today doesn't look like the original product. What was the initial gap in the market that Myriad was created to fill?
In essence, Myriad identified three distinct opportunities in the market. Firstly, insurers did not tailor insurance solutions to meet individual needs, so we adopted a building blocks approach. Secondly, insurers did not effectively reward those clients who followed a healthy lifestyle, so we introduced Momentum Interactive. And thirdly, to change the norm of products, once purchased, gathering dust until it was time to submit a claim, we brought our clients the living product strategy.
In short, Momentum Myriad is a new generation breed of insurance solutions. The offering embraces a number of non-traditional principles, each designed to meet a specific need. These needs are as relevant today as they were five years ago and that is why the product has enjoyed so much success. Furthermore, while there have been many changes along the way the original design principles still hold true.
Why use a building blocks principle?
Momentum Myriad's 'building blocks' principle completely shifts the product away from the one-size-fits-all risk solutions in the market. This ensures more flexibility to package unique risk solutions for clients. The product is a flexible risk contract for life that covers all the needs for many different clients.
How does Momentum Interactive fit into the picture?
Momentum Interactive is a revolutionary concept that effectively rewards clients who embrace a positive lifestyle with premium discounts. In addition, as we live in a constantly changing world, it allows clients to increase or change their cover as their needs change, with limited underwriting. The extensive revamp of Momentum Interactive in May 2007 makes it more attractive than ever. It is now a must for all of your clients, particularly the healthy ones. The healthier the client, the greater the rewards received.
What does the living product strategy entail?
On their road to success, clients need risk benefits that can change and adapt to their varying needs at different times of their lives. The people behind Momentum Myriad understand this need. This is why our 'living product' strategy makes sure that clients do not lose out on the benefit improvements that take place after purchase.
With Momentum Myriad, clients receive updated benefits in line with the enhancements made to the product offering. They will either receive these enhancements free of charge or they will have the opportunity to upgrade their contract to the most up to date risk solution.
What drives the annual enhancements?
Primarily internal innovation coupled with feedback from financial advisers.
What was the single best or most innovative enhancement ever made to Myriad?
One of the most innovative enhancements made to Momentum Myriad has to be Momentum Interactive. It presents clients with the potential for significant premium savings. What could be better than knowing you have top class risk protection and that you are getting it at a great rate simply because you embrace a positive, healthy lifestyle? It also it allows clients to increase or change their cover as their needs change, with limited underwriting.
In addition Momentum Interactive helps build a quality risk pool with the associated long-term advantages for Momentum and its clients alike.
What other enhancements are in the pipeline?
As a result of our relentless focus on product innovation, Momentum Myriad introduces new benefits and makes enhancements to existing products on a regular basis. There is definitely a lot of good stuff in the pipeline. Watch this space!
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