Brand Pretorius, CEO, Momentum Insure
As we step into a new year, it’s an opportune time to reflect on the journey Momentum Insure has undertaken over the past few years.
The story of our transformation is one of strategic adjustment, resilience, and a commitment to the future. I had the pleasure of discussing this with Tony van Niekerk, COVER, and I’d like to share insights from that conversation.
A Transformative journey – Momentum Insure has undergone a transformative journey in recent years, beginning with the strategic acquisition of Alexander Forbes Insurance in 2019-2020. This pivotal move has positioned us as a significant player in the retail short-term insurance sector. Initially driven by a focus on scale and growth, the acquisition also required a critical turnaround phase, which has since laid the foundation for a dynamic, future-focused growth strategy. This ongoing transformation is central to us achieving our long-term ambition of becoming a leading insurer, helping our clients feel safe, beyond insurance.
Looking back, the timing of this acquisition and business integration was both challenging and opportune. In the years following 2020, we faced a series of external pressures—from the 2021 riots and prolonged La Niña-driven weather events to persistent inflation and the ongoing impact of load shedding, to name just a few. These challenges, combined with the complexities of integrating our businesses, tested our resilience. Yet, these challenges only strengthened our resolve to innovate and improve.
Focusing on partnerships – Financial advisors, both independent and tied, play a critical role in our success, contributing to over half of our business. The partnership between insurers and advisors is mutually beneficial, fostering growth, innovation and good client outcomes. Momentum Insure’s recognition as the second-ranked company in the recent FIA Experience Benchmark is a testament to our dedication to building meaningful advisor relationships. Notably, the report acknowledged us as the most improved in terms of experience outcomes—a clear indicator of our progress.
Looking ahead, we are implementing initiatives to simplify administrative processes for advisors, enabling them to focus more on their core function: providing sound financial advice. By enhancing ease of engagement, we aim to create value not only for our advisors but also for their clients.
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Addressing key industry challenges – As Tony highlighted, brokers and advisors consistently cite three key challenges: time, money, and skill. These issues resonate across the industry and require collaborative solutions. Our role as an insurer is to work alongside advisors to alleviate these pressures. By leveraging technology, streamlining processes, and investing in professional development, we can help advisors overcome these obstacles and focus on delivering exceptional advice and service.
Embracing digital transformation – Technology has become a cornerstone of our business strategy. At Momentum Insure, we are embracing digitalisation to transform our business. Sophisticated and enriched data models, enable us to assess risks more accurately, and optimise pricing. By introducing better tools and platforms, we are fostering a more agile and forward-thinking approach to business. This shift not only enhances operational efficiency but also strengthens our ability to meet the evolving needs of clients and advisors.
Enhancements to the Momentum Insure app and web platform are driving faster claims processing and better overall customer outcomes. Recent updates include the introduction of the Accident Alert feature on the mobile app, along with innovative tools designed to help clients manage their digital safety more effectively.
Our focus on technology is not just about operational improvements; it’s about empowering advisors to excel in their roles. We’ve seen how technology has revolutionised the life and investment sectors, turning sales-focused roles into professional practices. This transformation is underway in the short-term insurance space, where we see a future defined by advice-led, technology-enabled solutions.
The power of collaboration – The relationship between insurers and advisors is a partnership built on mutual growth and shared knowledge. Advisors—especially those with niche expertise—play a pivotal role in shaping insurance solutions. Their insights often guide insurers in navigating complex challenges and achieving success. This dynamic fosters a two-way learning process, benefiting all parties involved.
Momentum Insure’s collaboration with advisors is more than a business strategy; it is a critical factor for future success. By working together, we can address industry challenges, adapt to emerging trends, and continue to deliver exceptional value to clients.
Looking ahead – As we begin 2025, I am optimistic about the future of Momentum Insure, the industry as a whole and our country. The sentiment emerging from the intermediary environment is one of positivity and a willingness to embrace change. This mindset aligns with our vision of becoming a sustainable, technology-enabled, advice-driven insurer, known for helping our clients feel safe.
Our ongoing transformation underscores the importance of adaptability, innovation and resilience. From our strategic acquisition in 2019 to our focus on digital transformation and advisor partnerships, we have laid the foundation for sustained growth. The year ahead holds tremendous potential, and I am confident that together with our advisors, clients, and partners, we will seize the opportunities it presents.
As we continue to navigate the evolving landscape of short-term insurance, our focus remains on creating value, embracing technology, and fostering meaningful partnerships. I look forward to sharing more about our progress and initiatives in the months to come.