Customer centricity means offering insurance services that meet SA’s socio-economic realities

Etienne du Toit, Chief Commercial Officer at Momentum Short-term Insurance (MSTI)

True customer-centricity must take account of the socio-economic realities facing South Africans, anticipate their needs and be backed by value-added products and solutions. Completing the service circle requires offering customers maximum convenience and accessibility to products and services. This is according to Etienne du Toit, Chief Commercial Officer at Momentum Short-term Insurance (MSTI).

Having access to multiple feedback points has enhanced the insurance industry and particularly, MSTI’s business. This includes an insurer’s own operational data and industry data, as well as feedback from intermediaries. These insights provide insurers with a valuable understanding into the needs – both new and the elevated importance of those previously identified - of clients and potential clients.

“Digitisation is also a significant industry disruptor, making a company’s commitment to putting customers first more critical than ever. Consumers want convenience, real-time and self-service alternatives and overall piece of mind from an insurer. Technology is a key enabler of much of this,” says du Toit.

Expecting the market to adopt products devised within insurance companies without consultation is no longer appropriate. Testimony to this is the rise of mechanisms like the Consulta South African Customer Satisfaction Index (SA-csi) which enable players in the industry to ascertain if they are fulfilling their customers’ needs.

“Delivering on our brand promise of safety and convenience is at the heart of our service offering. We are proud that the 2018 survey named us one of the top-three achievers with ratings based on a potential 100, with MSTI scoring:

• 82.6 for delivering customer peace of mind
• 81.1 for keeping its promises
• 82.4 for being easy to deal with
• 80.2 for listening and responding
• 80.7 for offering competitive products
• 83.1 for having simple products

“Results such as these and the 2018 report from the Ombudsman for short-term insurance speak to our commitment to fairness to clients when it comes to claiming. The report indicated that less than 0,3% of our claims are referred to the ombudsman with our original decision overturned in only 5% of those cases, which is much lower than the industry average of 18%.

“The successful introduction of products, all accepted by various market segments serviced by MSTI has reinforced the company’s commitment to its customers,” says du Toit. These included the recently launched Safety Alert feature. This innovative emergency panic button is linked to armed response. It is presently offered free of charge on an introductory basis to all existing and new policyholders.

The Safety Alert feature comes at a time when South Africans fear for their safety is at an all-time high based on recent gender violence. The feature is linked to more than 1 500 armed responders throughout South Africa who are able to pinpoint a location and immediately dispatch assistance to the person in need. Monthly security fees can be prohibitive for many South Africans, who are trying to stay financially afloat in particularly trying economic times. Safety Alert is viable solution to addressing this need.

“Customer-centricity may involve an assessment of everything a company does and how it delivers its services. Meeting customer needs, however, undoubtedly delivers results and is the basis of sustainable success,” concludes du Toit.