JOHANNESBURG – Momentum Short-term Insurance (MSTI) and Alexander Forbes Insurance (AFI) announced on Wednesday that AFI would be renamed Momentum Insurance Company Limited in the next step on its growth journey to integrate as a single entity.
Momentum said in a statement that the renaming was a result of the completion of Momentum Metropolitan Holdings’ acquisition of the Alexander Forbes short-term Insurance business following regulatory approval.
"The two businesses will continue to operate as two separate entities for the next 12 to 24 months until the integration is successfully completed. Clients will continue to receive the personal service that the business is renowned for, and all current client policy terms and conditions remain unchanged for the time being," reads the statement.
Chief executive of the combined Momentum’s short-term insurance businesses Brand Pretorius said the move cemented the combined short-term insurance businesses’ position among the top 10 in South Africa.
“We are excited about this next phase, which marks another step in our mission to provide clients with even more convenience, personalised service and a wider product range to choose from,” he said.
Pretorius said their goal was to provide a distinctive client experience across the entire client journey, from onboarding to servicing and claims. “By integrating our teams and systems we will be able to streamline both our product sales and claims processes, not only to achieve operational efficiencies, but to enhance our data asset and analytics capability as well as improve customer communications and satisfaction.”
Pretorius said the benefits of the integration would also extend to their broker community, with a greater emphasis on digitally enabling new business and service processes, allowing brokers to immediately provide feedback to policyholders while also maintaining high compliance standards.
“This will ultimately provide current and future clients with a unique journey to success that’s much easier, more convenient and safer to navigate. Clients can rest assured that they are in good hands during their time of need,” he said.