Vicky Swanevelder, Executive Head for Claims and Client Experience
The significance of providing a quick and fair resolution to customer complaints cannot be reiterated enough. Despite the documented challenges facing short-term insurers, Momentum Insure has demonstrated high levels of customer-centricity when it comes to the handling of customer concerns.
To provide context, in 2021, the Ombudsman for Short-term Insurance (OSTI) reported that Momentum Insure (previously known as Momentum Short Term Insurance) delivered a stellar performance concerning claims submitted to the ombudsman.
For every 1 000 claims processed by Momentum Insure, less than 2 (1.776) complaints were received by the OSTI, which is a marketable year-on-year improvement compared to 2020 (2.482 OSTI referred claims out of every 1 000).
The second brand operated under Momentum Metropolitan Holdings Limited, namely Momentum Insurance* (formerly Alexander Forbes Insurance), achieved similar levels of performance. Momentum Insurance, previously Alexander Forbes Insurance, officially started operating under the Momentum brand on 15 July 2020, following its acquisition by Momentum Metropolitan Holdings Limited.
Momentum Insurance had less than 2 (1.709) complaints received by the OSTI, for every 1 000 claims processed by the insurer, which represented a significant improvement compared with 2020 (3.284 out of every 1 000 complaints referred to OSTI).
“The short-term insurance industry had its fair share of challenges this year, ranging from riots to continuous rains and other devastating natural disasters. All of this has placed our Momentum Insure employees under tremendous pressure, but every day they showed up because they believed in our purpose, and they wanted to make a difference and live up to the promise of being there for our clients and intermediaries when they need us the most. I want to thank all our employees for making these results possible. They made, and are still making, clients feel safe by changing their concerns into confidence,” said Vickey Swanevelder, Executive Head for Claims and Client Experience.
“Despite this challenging environment, Momentum Insurance and Momentum Insure remain committed to client-centricity and service”.
The 2021 OSTI report revealed that the greatest number of complaints received in the short-term insurance industry were related to:
- Motor vehicle insurance
- Homeowner insurance claims
- Commercial insurance claims
- Household content claims
“Our clients remain the heartbeat of our business and therefore enable us to commit to going the extra mile to exceed their expectations. Eventually, we will endeavour to keep on partnering with our clients and intermediaries to find quick and fair resolutions to any complaints,” concludes Swanevelder.