Momentum short-term insurance ranks in top 3 for customer satisfaction

24 June, 2019: Delivering on its brand promise of safety and convenience to customers, Momentum Short-Term Insurance (MSTI) prominently features as one of the top three insurers currently meeting customer expectations.

This is according to the Consulta South African Customer Satisfaction Index (SA-csi) for Short Term insurance research results released today. The Consulta SA-csi Report 2018 provides insights into the overall level of satisfaction of customers of South Africa’s short-term insurers. It is hailed as the most comprehensive survey of customer satisfaction.

While the Consulta South African Customer Satisfaction Index (SA-csi) for Short Term insurance tracks the performance of all insurers participating in the survey, it does not necessarily publicise all results – as in the case of Momentum Short Term Insurance – but rather focuses on the larger insurance industry players.

According to Ineke Prinsloo, senior partner, Consulta, MSTI’s results put it in the top three short-term insurers when it comes to customer satisfaction. According to the results scored out of 100, MSTI scored 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; and 83.1 for having simple products.

Momentum Short Term Insurance Head of Operations, Vickey Swanevelder, says MSTI is very pleased with the exceptional results which highlight that MSTI is easy to deal with, provides peace of mind, keeps its promises and listens and responds well to clients’ needs. “As one of the fastest growing insurers in the market, MSTI has certainly shown up as a company to look out for in the highly competitive short-term insurance market in South Africa. I believe that our ongoing focus on the fundamentals of customer care, and delivering on customers’ needs is what contributed to our pleasing results.”

Brand Pretorius, Momentum Short Term Insurance CEO: said “Our fundamental belief that our clients come first, naturally manifests in business success. As an outcome of focusing on our clients, MSTI has grown more than twice as fast as the growth rate recorded in the short-term insurance industry.

The 2018 report from the Ombudsman for short-term insurance also indicated that less than 0,3% of MSTI claims are referred to the ombudsman, and our original decision was overturned in only 5% of those cases. This is much lower than the industry average of 18%. All the matters were resolved through conciliation by parties as opposed to enforcement by the Ombudsman. This confirms our commitment of fairness to our clients.

“These results indicate that we keep our promises, that we listen to our clients and that we have earned their trust not only in our products, but also in our people. We are delighted by our clients’ positive sentiment towards our products, promises, people and service delivery,” concludes Swanevelder.

Additional highlights from the MSTI SA-csi report include:

SA-csi measures MSTI score / 100 Industry average / 100
Customer expectations 81.1 81.6
Perceived quality 82.2 80.5
Perceived value 79.9 76.6
Complaint handling 61.3 49.8
Complaint incidence 9.2 14
Customer loyalty to MSTI 66.9 64.9
Staff are professional 86.5 85.5
Easy to deal with 82.4 81.3
Peace of mind 80.6 82.6
Staff are knowledgeable 84.2 82.1
Products are simple 83.2 81.2
They keep promises 81.1 79.5
Electronic platforms 79.5 76.1
They listen and respond 80.2 78.9
They have competitive products 80.7 78.4
Staff take ownership 80 77.8
Likelihood to recommend the brand 52 49
Brand treats me with respect and there is an open, win-win relationship 83 81.4
Brand offers products / services that address their needs 81.9 79.7
Fair treatment of the customer is central to the brand’s culture 79.6 78.9
Brand provides them with transparent and easy to understand info 81.5 79.3
Brand delivers products / services as they led you to expect 80.5 78.2

About Momentum Short-term Insurance:

Momentum Short-term Insurance aims to enhance the safety of individuals, families, their businesses and communities, so they can reach their long-term financial goals on their journey to success. Our business offers short-term insurance products and solutions tailored to the individual needs of clients. With self-service functionality available on our website and innovative mobile app, we put the power back in the hands of our clients to bring them convenience. Whether the need is for personal cover on all-risk items, car, home contents, building; or business insurance, we have the capability and competitive solutions to meet the short-term insurance needs of our clients. Our personal insurance includes vehicles, buildings, contents, all-risk, personal accident and watercraft cover. Our commercial insurance vehicles, buildings, contents, business interruption, electronic equipment, money, stock, goods-in-transit, public liability, employer’s liability, fidelity guarantee and motor traders cover. We pride ourselves for rating our clients on their individual risk profile and not on an average calculation.

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