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Momentum Myriad
- 2. R45 BILLION
- 3. Myriad philosophy Individual risk rating Building block approach Breadth of cover Living product Transparency Treating Customers Fairly
- 4. WE BELIEVE IN THE UNIQUENESS OF EACH INDIVIDUAL Building block approach Individual Risk Rating Best of breed Living Product
- 5. Refined and dynamic risk rating Interactive experience 75% Interactive take-up 10% Average discount 30% Multiply take-up
- 6. 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
- 7. Sustainability and certainty Myriad “free” guarantee Guarantee term extender Unsurpassed premium certainty
- 8. DON’T BELIEVE IN A 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 Critical Illness 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% Proportion of business from alterations
- 12. EASIER ALTERATIONS 40% of alterations with no or limited underwriting
- 13. Persistency trend 2008 to present
- 14. BELIEVE IN RESPONSIBLE INNOVATION Individual risk rating Building block approach Best of breed Living product
- 15. EVOLUTION OF INCOME PROTECTION AND CRITICAL ILLNSS BENEFITS
- 16. 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)
- 17. 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
- 18. • Early tiered pay-outs essential • Breadth of cover • Simplicity for clients • Simplicity for advisers • Affordability • Longevity Critical Illness: What is most important?
- 19. 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
- 20. MOST COMPLETE INCOME PROTECTION AND CRITICAL ILLNESS SOLUTIONS
- 21. KEEP EXISTING CLIENTS’ BENEFITS UP TO DATE WITH THE LATEST ENHANCEMENTS Individual risk rating Building block approach Best of breed Living product
- 22. INDEPENDENTLY RATED BY IFAS AS THE PROVIDER WITH THE BEST PROPOSITION
- 23. Provider with best proposition Business Assurance Disability Income Standalone Life Comp. Plan Momentum
- 24. TOTAL LIVING BENEFIT ENDORSEMENT COST R200 MILLION
- 25. COST OF “LIVING BENEFIT” CLAIMS 2014 R25 MILLION
- 26. TOTAL MOMENTUM INTERACTIVE DISCOUNTS R1.1 BILLION
- 27. TOTAL RETIREMENT BOOSTER ALLOCATIONS – R540 MILLION
- 28. WHAT TO EXPECT FROM MYRIAD 28
- 29. IN EVERY RISK WE LOOK FOR AN OPPORTUNITY 29
- 31. First requirements 90% within 6 working hours 31
- 32. Time to set up appointment 80% within 24 hours 32
- 34. Underwriting as part of 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 for TIP/BOP/BP • Waiting periods • Exclusions vs loadings • Depressions/connective tissue disorders/auto immune diseases
- 37. Occupational underwriting for TIP/BOP/BP • Quotation upgrade for new occupations • Work percentage very important • Grey occupations (business owners / directors / managers) • Waiting periods
- 38. 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.
- 40. 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
- 41. LARGEST DEATH CLAIM R85 MILLION
- 42. LARGEST DISABILITY CLAIM R7 MILLION
- 43. LARGEST CRITICAL ILLNESS CLAIM R5 MILLION
- 44. LARGEST INCOME DISABILITY CLAIM R593 000 P.M.
- 45. 95.3% 4.3% 0.4% Claims paid Did not meet policy definition Repudiated Claims paid
- 47. NO OMBUD RULINGS AGAINST MYRIAD IN 2015
- 50. Big 4 Down from 2014 78% to 71% 2015 71% to 68%
- 51. Earlier pay-outs are increasing 0 10 20 30 40 50 60 70 100 75 50 25 Pay-outPercentage Pay-out Level 2014 2015
- 52. Lower than industry repudiations 0.4% Momentum 1% Industry 1.1% 0.5% 2012 2013 2014 1.1% 0.8% 0.4% 2015
- 53. Relevance of income disability 25% 9% 8% 7%11% 7% Musculo- skeletal Surgery Cancer Fractures & Hospitalisation Urogenital system Psychiatric/ Mental 5% Nervous system
- 55. Thank you