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Momentum Myriad
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- 3. Myriad philosophy Individual riskrating Building block approach Breadth of cover Living product Transparency Treating Customers Fairly
- 4. WE BELIEVE INTHE UNIQUENESS OF EACH INDIVIDUAL Building block approach Individual Risk Rating Best of breed Living Product
- 5. Refined and dynamicrisk rating Interactive experience 75% Interactive take-up 10% Average discount 30% Multiply take-up
- 6. Value proposition integratingMomentum Interactive and Multiply Actual Income and education Health and lifestyle Wellness activities Fitness Personal risk rating Momentum Interactive Momentum Multiply Fitness R R
- 7. Sustainability and certainty Myriad“free” guarantee Guarantee term extender Unsurpassed premium certainty
- 8. DON’T BELIEVE INA ONE-SIZE-FITS-ALL APPROACH Individual Risk Rating Building block approach Best of breed Living Product
- 9. Sustainability and certainty Lifestyle protection Asset protection Income protection CriticalIllness benefit Temporary Income protection Functional Impairment benefits Lump sum disability benefits Income protection Death Benefit Death Benefit Death Benefit
- 10. 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
- 11. Alterations more important 0% 5% 10% 15% 20% 25% 30% 35% 40% Proportionof business from alterations
- 12. EASIER ALTERATIONS 40% of alterations with noor limited underwriting
- 13. Persistency trend 2008 topresent
- 14. BELIEVE IN RESPONSIBLE INNOVATION Individual risk rating Building block approach Bestof breed Living product
- 15. EVOLUTION OF INCOME PROTECTIONAND CRITICAL ILLNSS BENEFITS
- 16. Most comprehensive incomeprotection Own occupation definition Impairment or illness event Severity of disability (Sickness benefit) Loss of income (Indemnity) R R (Defined payout levels and payment periods)
- 17. Income Protection Evolution TemporaryIncome 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
- 18. • Early tieredpay-outs essential • Breadth of cover • Simplicity for clients • Simplicity for advisers • Affordability • Longevity Critical Illness: What is most important?
- 19. Critical Illness Evolution CompleteCritical 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
- 20. MOST COMPLETE INCOME PROTECTIONAND CRITICAL ILLNESS SOLUTIONS
- 21. KEEP EXISTING CLIENTS’ BENEFITSUP TO DATE WITH THE LATEST ENHANCEMENTS Individual risk rating Building block approach Best of breed Living product
- 22. INDEPENDENTLY RATED BYIFAS AS THE PROVIDER WITH THE BEST PROPOSITION
- 23. Provider with bestproposition Business Assurance Disability Income Standalone Life Comp. Plan Momentum
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- 25. COST OF “LIVINGBENEFIT” CLAIMS 2014 R25 MILLION
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- 28. WHAT TO EXPECT FROMMYRIAD 28
- 29. IN EVERY RISKWE LOOK FOR AN OPPORTUNITY 29
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- 32. Time to set upappointment 80% within 24 hours 32
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- 34. Underwriting as partof pricing 0% 5% 10% 15% 20% 25% 30% Counteroffer rate over the past 10 years
- 35. MORE THAN 85%OF COUNTEROFFERS ACCEPTED
- 36. Medical underwriting forTIP/BOP/BP • Waiting periods • Exclusions vs loadings • Depressions/connective tissue disorders/auto immune diseases
- 37. Occupational underwriting forTIP/BOP/BP • Quotation upgrade for new occupations • Work percentage very important • Grey occupations (business owners / directors / managers) • Waiting periods
- 38. Financial underwriting forTIP/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.
- 40. We look forreasons 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
- 41. LARGEST DEATH CLAIM R85MILLION
- 42. LARGEST DISABILITY CLAIM R7MILLION
- 43. LARGEST CRITICAL ILLNESS CLAIMR5 MILLION
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- 45. 95.3% 4.3% 0.4% Claims paid Didnot meet policy definition Repudiated Claims paid
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- 50. Big 4 Down from2014 78% to 71% 2015 71% to 68%
- 51. Earlier pay-outs areincreasing 0 10 20 30 40 50 60 70 100 75 50 25 Pay-outPercentage Pay-out Level 2014 2015
- 52. Lower than industryrepudiations 0.4% Momentum 1% Industry 1.1% 0.5% 2012 2013 2014 1.1% 0.8% 0.4% 2015
- 53. Relevance of incomedisability 25% 9% 8% 7%11% 7% Musculo- skeletal Surgery Cancer Fractures & Hospitalisation Urogenital system Psychiatric/ Mental 5% Nervous system
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