Momentum Metropolitan Holdings CEO donates 1/3 of salary to Solidarity Fund
DURBAN - Hillie Meyer, Group Chief Executive of Momentum Metropolitan has pledged to forego a third of his salary for three months and donate it to the Solidarity Fund.
Momentum Metropolitan Holdings has committed R5 million toward the Solidarity Fund while Momentum Metropolitan CSI made over R4 million available in emergency funding to the Red Cross and UNICEF, as well as partners working in communities to distribute food, provide access to water and enable testing.
The company has also partnered with Gift of the Givers to establish a drive-through testing facility at their Cape Town regional head office in Bellville.
Momentum Metropolitan clients my opt to receive their future bonusses now. Clients who have this benefit will typically get 2 months, but even up to 6 months worth of insurance premiums. The insurance company is also offer an automatic 10 percent premium rebate to all clients for their vehicle insurance premiums that are due in May and June.
All clients have a ‘premium and cover pause’ option. Upon reinstatement of the premium following the pause, MSTI will not deem the period as a break in cover, which otherwise might impact the clients’ risk profile and future premiums.
An alternative ‘downscale of cover’ option is also available. The insurer understands that clients may be under strain financially and may find it difficult to afford an increase in premium once they change the cover back to comprehensive cover.
In light of this, Momentum Metropolitan has undertaken the following; if this change is done within the lockdown period and reverting to the original cover happens within 10 working days after the lifting of the lockdown restriction, we will keep premiums the same as what it was before the change, provided that there is no material change in the risk.
How we are supporting our service providers?
Momentum Metropolitan has suspended all volume-based discounts that the insurer receives from motor body repairers for a period of three months.
The company has also Implemented an upfront invoice payment measure to assist specific suppliers, whereby MSTI will immediately make available 50 percent of the initial assessment costs upon proof that the vehicle is in their workshop and parts have been ordered.
Momentum Metropolitan has also doubled their resources responsible for making service provider payments, and payments are made immediately versus the typical industry 30 day payment cycle.
Members are covered for Covid-19 – irrespective of their chosen benefit option.
Momentum Health allows members to pay their medical aid premiums from the positive balance in their HealthSaver accounts. Through Multiply, active members could get up to R3 000 in monthly rewards paid into their HealthSaver accounts.
Momentum Metropolitan gives all South Africans free access to Hello Doctor, a 24/7 medical doctor-on-call service, providing access to more than 140 doctors on standby to call you back if you need assistance.
There are no exclusions on any of the insurer's Myriad life insurance benefits with regards to the coronavirus.
If a client dies as a result of contracting the coronavirus, the death claim will be paid.
Income protection cover
Confirmed cases of coronavirus infection will be treated as a defined event for a 14 day guaranteed pay-out. This will be applicable to clients who selected a 7 day waiting period. If clients are medically booked off for longer periods, they will qualify for additional pay-outs.
Momentum Multiply members get an extra 3 percent in cashbacks on their whole basket from Pick n Pay, Dis-Chem and Clicks on top of their normal cashbacks percentage.
Momentum Multiply credits members with additional Active Dayz to ensure they maintain their rewards levels and don’t lose out on HealthReturns, Myriad discounts and Employee Returns due to inactivity.
Momentum Multiply will also extend Healthy Heart Score or fitness assessment results to the end of April 2020 for members whose results expire during lockdown.
Group retirement fund contribution payment relief options for those clients who need to make use of these options.
Regular communication packs for employers to enable their employees to deal with Covid-19 are available.
BUSINESS REPORT ONLINE