Momentum Myriad
-
Upload
senate-group-financial-advisors -
Category
Investor Relations
-
view
159 -
download
2
Transcript of Momentum Myriad
![Page 1: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/1.jpg)
MOMENTUM MYRIAD 2016
![Page 2: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/2.jpg)
R45 BILLION
![Page 3: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/3.jpg)
Myriad philosophy
Individual risk rating Building block approach
Breadth of cover Living product
Transparency
Treating Customers Fairly
![Page 4: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/4.jpg)
WE BELIEVE IN THE UNIQUENESS
OF EACH INDIVIDUAL
Building
block
approach
Individual Risk
Rating
Best of
breed
Living
Product
![Page 5: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/5.jpg)
Refined and dynamic risk rating
Interactive experience
75% Interactive take-up
10% Average discount
30% Multiply take-up
![Page 6: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/6.jpg)
Value proposition integrating Momentum Interactive and Multiply
Actual
Income
and
education
Health and
lifestyle
Wellness
activities Fitness
Personal risk rating
Momentum Interactive
Momentum Multiply
Fitness
R R
![Page 7: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/7.jpg)
Sustainability and certainty
Myriad “free”
guarantee
Guarantee term
extender
Unsurpassed premium certainty
![Page 8: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/8.jpg)
DON’T BELIEVE IN A ONE-SIZE-FITS-ALL APPROACH
Individual
Risk Rating
Building block
approach
Best of breed Living
Product
![Page 9: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/9.jpg)
Sustainability and certainty
Lifestyle
protection
Asset
protection
Income
protection
Critical Illness benefit
Temporary Income
protection
Functional Impairment
benefits
Lump sum disability benefits
Income protection
Death Benefit
Death Benefit
Death Benefit
![Page 10: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/10.jpg)
Compulsory increase % selected
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
<20 20 - 24 25 - 29 30 - 39 40 - 49 50 - 59 60 - 64
![Page 11: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/11.jpg)
Alterations more important
0%
5%
10%
15%
20%
25%
30%
35%
40%
Proportion of business from alterations
![Page 12: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/12.jpg)
EASIER
ALTERATIONS
40% of alterations with
no or limited
underwriting
![Page 13: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/13.jpg)
Persistency trend
2008 to present
![Page 14: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/14.jpg)
BELIEVE IN
RESPONSIBLE
INNOVATION
Individual risk
rating
Building
block
approach
Best of breed
Living
product
![Page 15: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/15.jpg)
EVOLUTION OF INCOME
PROTECTION AND CRITICAL
ILLNSS BENEFITS
![Page 16: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/16.jpg)
Most comprehensive income protection
Own occupation
definition
Impairment
or illness event
Severity of disability
(Sickness benefit)
Loss of income
(Indemnity)
R
R
(Defined payout levels
and payment periods)
![Page 17: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/17.jpg)
Income Protection Evolution
Temporary Income Protector
Income Protector Benefit
Temporary Group Income Top-
up
Group Income Top-up
Functional Protector
Complete Functional Protector
Business Overheads Protector
Business Protector
(Professional)
Business Protector (Self
Employed)
Annual Income Commutation
Income Enhancer
Complete Family Protector
Longevity Protector
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
NEW
NEW
NEW
NEW
NEW
NEW
NEW
NEW
![Page 18: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/18.jpg)
• Early tiered pay-outs essential
• Breadth of cover
• Simplicity for clients
• Simplicity for advisers
• Affordability
• Longevity
Critical Illness: What is most important?
![Page 19: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/19.jpg)
Critical Illness Evolution
Complete Critical Illness Benefit
• Specified Claim Event Enhancer
Complete Enhanced Critical Illness Benefit
Child Critical Illness
Early Cancers
Breadth of Cover Guarantee
Longevity Protection
Birth
Death
Critical illness
Critical illness
![Page 20: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/20.jpg)
MOST COMPLETE INCOME
PROTECTION AND CRITICAL
ILLNESS SOLUTIONS
![Page 21: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/21.jpg)
KEEP EXISTING CLIENTS’
BENEFITS UP TO DATE WITH
THE LATEST ENHANCEMENTS
Individual risk
rating
Building block
approach
Best of breed
Living product
![Page 22: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/22.jpg)
INDEPENDENTLY RATED BY IFAS
AS THE PROVIDER WITH THE
BEST PROPOSITION
![Page 23: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/23.jpg)
Provider with best proposition
Business Assurance
Disability Income
Standalone Life
Comp. Plan
Momentum
![Page 24: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/24.jpg)
TOTAL LIVING BENEFIT ENDORSEMENT COST R200 MILLION
![Page 25: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/25.jpg)
COST OF “LIVING BENEFIT”
CLAIMS 2014 R25 MILLION
![Page 26: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/26.jpg)
TOTAL MOMENTUM INTERACTIVE DISCOUNTS
R1.1 BILLION
![Page 27: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/27.jpg)
TOTAL RETIREMENT BOOSTER ALLOCATIONS – R540 MILLION
![Page 28: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/28.jpg)
WHAT TO EXPECT
FROM MYRIAD
28
![Page 29: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/29.jpg)
IN EVERY RISK WE
LOOK FOR AN
OPPORTUNITY
29
![Page 30: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/30.jpg)
Turn-around
times
30
![Page 31: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/31.jpg)
First
requirements
90% within
6 working hours
31
![Page 32: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/32.jpg)
Time to set
up appointment
80% within 24
hours
32
![Page 33: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/33.jpg)
Completing
the
appointment
90% within a
week
33
![Page 34: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/34.jpg)
Underwriting as part of pricing
0%
5%
10%
15%
20%
25%
30%
Counteroffer rate over the past 10 years
![Page 35: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/35.jpg)
MORE THAN 85% OF
COUNTEROFFERS ACCEPTED
![Page 36: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/36.jpg)
Medical underwriting for TIP/BOP/BP
• Waiting periods
• Exclusions vs loadings
• Depressions/connective tissue disorders/auto immune
diseases
![Page 37: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/37.jpg)
Occupational underwriting for TIP/BOP/BP
• Quotation upgrade for new occupations
• Work percentage very important
• Grey occupations (business owners / directors /
managers)
• Waiting periods
![Page 38: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/38.jpg)
Financial underwriting for TIP/BOP/BP
• Why? Ensure that the insured is not in a better position in the case of an event
Minimise the 'moral' risk: effecting an insurance policy in itself increases the chance of
an insured event
Minimise the risk of lapse and/or early surrender of the policy by ensuring that
insurance is appropriate and premiums affordable.
• What do we need? >R50 000 pm*
• Proof of income: tax return (IRP5/ITA34)
• Proof of overheads expenses, i.e. income statement (Specified Expenses Only)
• Proof of fee income , i.e. income statement (NB professional vs non-professional)
• Important: Income Protector Benefit
• 75% of Net Income from nominated occupation
Temporary Income Protector
• 100% of Net Income from nominated occupation
*passive income earned by way of investments etc. cannot be included as income to be insured under the income benefits.
![Page 39: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/39.jpg)
![Page 40: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/40.jpg)
We look for reasons to pay claims:
Risk claims 2015
Disability
R242 million
Critical illness
R398 million
Death
R2.4 billion
Income disability
R91 million
Total paid
R 3,1 billion
![Page 41: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/41.jpg)
LARGEST DEATH CLAIM
R85 MILLION
![Page 42: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/42.jpg)
LARGEST DISABILITY CLAIM R7 MILLION
![Page 43: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/43.jpg)
LARGEST CRITICAL ILLNESS CLAIM R5 MILLION
![Page 44: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/44.jpg)
LARGEST INCOME
DISABILITY CLAIM
R593 000 P.M.
![Page 45: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/45.jpg)
95.3%
4.3% 0.4%
Claims paid
Did not meet policy definition
Repudiated
Claims paid
![Page 46: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/46.jpg)
88%
12%
Non-disclosure
Suicide
Reasons for repudiated claims
![Page 47: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/47.jpg)
NO OMBUD
RULINGS AGAINST
MYRIAD IN 2015
![Page 48: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/48.jpg)
SOME INTERESTING
OBSERVATIONS
![Page 49: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/49.jpg)
TERMINAL ILLNESS CLAIMS STAND OUT AGAIN R49 MILLION
![Page 50: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/50.jpg)
Big 4
Down from
2014
78% to
71%
2015
71% to
68%
![Page 51: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/51.jpg)
Earlier pay-outs are increasing
0
10
20
30
40
50
60
70
100 75 50 25
Pay-o
ut P
erc
en
tag
e
Pay-out Level
2014
2015
![Page 52: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/52.jpg)
Lower than industry repudiations
0.4%
Momentum
1%
Industry
1.1%
0.5%
2012 2013 2014
1.1%
0.8%
0.4%
2015
![Page 53: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/53.jpg)
Relevance of income disability
25% 9% 8% 7% 11% 7%
Musculo-
skeletal Surgery Cancer Fractures &
Hospitalisation Urogenital
system
Psychiatric/
Mental
5%
Nervous
system
![Page 54: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/54.jpg)
LONGEVITY
PROTECTION
![Page 55: Momentum Myriad](https://reader034.fdocument.pub/reader034/viewer/2022042618/589fb4001a28abf9038b57bb/html5/thumbnails/55.jpg)
Thank you