Care Line Group is a accredited Momentum partner.
Minimising cross-subsidisation, and building a healthy risk pool At Momentum, we understand risk business.
This is why Momentum Myriad has one of the most accurate pricing models that does not rely on traditional rating classes, but utilises personal risk rating to determine an accurate and much fairer premium that each client should pay.
Myriad’s accurate pricing methodology ensures that actual experience is less likely to deviate from the expected experience because cross-subsidies are minimised. This enables Momentum to build a quality risk pool and to protect the soundness of the risk pool in the future.
Momentum Interactive is a further refinement of personal risk rating. By selecting Momentum Interactive, clients choose to undergo an additional assessment to see if they qualify for a premium discount. The assessment includes the measurement of blood pressure, cholesterol and body mass index, as well as the number of kilometres travelled, number of vehicle accidents and marital status.
Myriad also offers clients the opportunity to get an additional fitness discount based on their number of gym visits, participation in certain sport events or even how much they walk!
The Momentum Interactive book is showing significantly better experience compared to the non-Momentum Interactive lives. This can be attributed to the fact that the concept not only attracts healthier lives to the Myriad risk pool, but also essentially provides insured lives with free health assessments that could lead to the discovery – and proactive treatment – of potential health problems. As more health-conscious clients join Myriad, the risk pool becomes healthier, which results in fewer claims, which in turn results in Momentum being able to share its positive experience with clients in the form of competitive and sustainable premiums.
Momentum Interactive is one of the biggest Myriad success stories. The discounts have been enhanced a number of times and we also guarantee that the discount will never completely fall away, irrespective of the client’s state of health.
The intent of Momentum Interactive is threefold:
1. It offers clients the potential for significant premium discounts (up to 60%), both now and in the future,
2. It enables clients to increase or change their cover as their needs change, with limited underwriting, and
3. It helps to make clients aware of potential health issues so they can address them before they become a serious problem.
Another example made possible by our sophisticated pricing engine is individually calculated guarantee terms, and a premium guarantee term extender, whereby the initial guarantee can be almost doubled.
The premium guarantee term extender results in Myriad offering the longest premium guarantees in the market.
Building block flexibility
Enabling optimal, cost-effective solutions
Unparalleled flexibility puts Myriad at the cutting edge of financial planning. We don’t believe in a one-size-fits-all approach or flashy products. We believe solutions should take centre stage, and we give financial advisers the building blocks to tailor solutions that are just right for clients.
A good example is being able to choose different funding plans for different benefits on one policy, thereby maximising initial affordability and longterm sustainability. Benefit-level funding (as opposed to the same funding for all benefits) can mean significant cost savings for your clients in the long term.
Other examples of our flexibility include:
• Tailored income protection solutions, combining optimally with lump sum disability benefits.
• The ability to structure preferred critical illness solutions, with a choice of tiered or nontiered payments, and an option to cover lower severities.
Giving clients the best possible protection Momentum Myriad is in the business of paying claims, and no effort is spared in ensuring that our benefit definitions are as comprehensive and objective as possible.
Life companies often have different philosophies in terms of disability and critical illness benefits, leaving intermediaries to choose between all the pros and cons. A key advantage of Myriad is the cost-effective combination of these different philosophies into single benefits, giving clients the best of both worlds.
Our “best of” approach has resulted in the most competitive benefits in the market, for instance:
• Our market-leading income disability benefits offer the best of a sickness and loss-of-income approach, and include impairment and illness events.
• All Myriad’s lump sum disability benefits include functional impairment events, to provide clients with the maximum possible protection.
• Our critical illness benefits offer the best of a traditional and a tiered approach, resulting in unsurpassed breadth and depth of cover.
Myriad’s critical illness benefits offer the best of both worlds.
Living product philosophy
Serving clients’ needs, today and in the future
In a dynamic environment, where risk benefits are continuously improving, it has become vital to find ways to allow existing clients to benefit from future product enhancements.
This is especially true with regard to the ‘living’ risk benefits, such as critical illness and disability benefits. The fuel for the recent increase in risk benefit innovation lies not only in the competitive nature of the industry, but also in advances in medical science.
The last thing an intermediary wants is for a claim to be repudiated under an older version of a benefit, where the claim would have been paid had he/she upgraded the client’s benefit to the latest version.
This is where Myriad’s living product philosophy comes in. Momentum endeavours to keep existing clients’ benefits up to date with the latest enhancements, either automatically and free of charge or through easy policy alterations.
Examples of enhancements made available at no extra cost include the following:
• Continuous enhancements to critical illness and functional impairment definitions
• 100% functional impairment definitions added to the Own Occupation Disability Benefit
• Automatic Critical Illness Cover for Children
• Automatic reinstatement on stand-alone critical illness benefits
• Conversion of lump sum disability benefits to a whole-of-life Functional Protector
• Numerous enhancements to the Income
Protector, including the addition of impairment and illness definitions, the “best of both” approach to determining the claim amount, the partial claim upgrade, claim increase booster and guaranteed insurability feature.
This living product philosophy allows Momentum to embrace risk innovation, while at the same time ensuring that existing clients’ solutions stay contemporary, and the financial advisers’ advice appropriate.