Momentum Corporate has won the Imbasa Yegolide Award for Best Risk Underwriter in 2017. This award from the Batseta Council of Retirement Funds for South Africa recognises professional service excellence in the retirement fund industry.
The Imbasa Yegolide Awards are distinct in that the nominations are submitted by the trustees and principal officers of South African retirement funds. These fiduciaries play a key role in ensuring consistent service excellence in the industry. Service providers in various categories are rigorously assessed against criteria which evaluate the extent to which they are member-centric, incorporate TCF (Treating Customers Fairly) principles into their culture and cater for the specific needs of clients.
While a range of factors may have contributed to their win, Regard Budler, Managing Executive: Momentum Corporate Client Solutions, believes their member-centric approach is the main reason behind winning. Budler says, “Our client-centric culture ensures that TCF principles are at the heart of everything we do.”
“A key enabler for creating member-centric solutions is flexibility. The ‘average retirement fund or group scheme member’ simply does not exist. Our clients’ needs vary considerably, depending on the individual’s life-stage, personal circumstances and industry sector. If an insurer offers flexibility in the right areas, the financial adviser can tailor the selection of benefits around a particular member’s needs and life-stage, and bring to life a unique “best of advice solution”. This approach also helps to reduce areas of over or underinsurance. The result is a more optimal balance of benefits for each member.”
Working closely with our clients – keeping their financial wellness intact
Ongoing research and intensive engagement with claimants generate valuable insights, which are then channelled into designing solutions that can be tailored to address members’ evolving needs. “For example, close engagement with disability claimants highlighted how they often need additional funds during the early stages of disability to cover shortfalls between actual medical costs and what their medical scheme covers. Rather than push already indebted employees towards expensive loans, Momentum’s disability insurance solutions now offer a cash assistance benefit to cover these costs.”
Budler says the company prides itself on a culture of continuous innovation which drives the design of holistic solutions to meet members’ evolving financial wellness needs. “For example, many employees do not have sufficient retirement savings and face a glaring income gap at retirement. To help address this, Momentum gives employees in group insurance schemes who follow a healthy lifestyle, up to 60% of their group insurance premiums back. These funds, if channelled towards retirement savings, can help to close the retirement gap.”
Another important factor contributing to the win, according to Budler, is the company’s ability to pay claims continuously when members are in dire need, so that their financial wellness remains intact. This ability is underpinned by a philosophy of pricing for long-term sustainability.
Budler concludes, “All our employees are humbled and honoured to receive this prestigious award within this highly competitive industry. It inspires us to continue to innovate and embed flexibility into our solutions, so that financial advisers can continue to offer their clients “best of advice” solutions that can evolve based on their changing needs.”
About Momentum Corporate
Momentum Corporate is the division of MMI Group Limited within the JSE-listed financial services group MMI Holdings, that engages with large and medium sized businesses to enhance the Financial Wellness of their employees. Momentum Corporate offers a holistic range of employee benefit solutions such as Retirement and Insurance benefits, Health Management, Workplace Risk Management, and Business Solutions.