Momentum hopes that widening its rewards programme to more clients who need premium discounts will go some way in easing consumer financial pressures.Momentum has launched a wellness progamme that offers clients discounts on their premiums without having to pay an extra fee.
However, things might be starting to change, with head of Momentum Life Insurance, Stephen van Niekerk, saying that in the past few months, the insurer observed a concerning increase in bounced debit orders because of insufficient funds in people's bank accounts.Since over the Christmas season, the beginning of the year, we are seeing some signs of higher rates of non-collection from bank accounts. It's not cancellations, but accounts that don't have sufficient funds.
Previously, clients had to be members of Momentum Multiply and pay a separate monthly premium to get premium discounts on their cover if they lived a healthy lifestyle. Van Niekerk said that while even some of Momentum's high-middle-income clients couldn't afford to pay this fee, the new"We had a trend showing that the take up of our wellness proposition was really concentrated on higher [value] contracts, clients who were able to afford it," he said.
Van Niekerk also hopes that as the technology enabling this matures, and more players providing it enter the market, it would become cheap enough for the group to eventually roll it out to its sister company that serves low-income earners, Metropolitan.
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