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Employing safety as a responsible business imperative

ARTICLE BY

  • Momentum Insure

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Customers have always had the ability to exert significant influence on the longevity and progress of a business since the business’s service or product has been created to cater to some of the specific preferences. 

Traditionally, companies looked to compete for market share by being more competitive around pricing or offering a higher quality product. While this is still the case today, it has become increasingly difficult for businesses to stay relevant to consumer preferences and habits due to these changing rapidly within a hyperconnected and increasingly digitised world. Therefore, the Momentum Insure Science of Safety campaign aligns its offerings with consumers’ needs and priorities.


Safety in South Africa

South Africa currently has the third-highest crime rate (76.86) globally, following Venezuela and Papua New Guinea – 61% and 67% higher than the US and UK, respectively. 

Local crime rates have been increasing across most crime categories, with the most significant increase seen in contact-related crimes that include murder, attempted murder and sexual offences, as well as common assault and robbery. In addition, there was a 3.5% year-on-year increase in hijackings between 2020-quarter two and 2022-quarter two, with the South African hijack rate already being the highest in the world. 

South Africans live in a society marred by daily crime and violence to persons and property, resulting in most segments of the population living in constant fear. This fear is often heightened due to individuals not being adequately insured and possibly experiencing the high cost of loss to persons and property and expecting the worst possible outcome.

Proactive Pillars

Momentum Insure is here to keep clients safe on their journey to success. We believe this feeling of safety and peace of mind will provide our clients with the confidence they need to achieve what they want to in life without being burdened by concerns over what might happen. By entrusting us with the safety of their possessions, our clients can go about their daily lives and strive to reach their personal and business goals while feeling safe, secure, and well taken care of. That is Momentum Insure’s ultimate aim.

To achieve this, we have four proactive safety pillars to instil a sense of confidence that will enable our clients on their journey to success and safety. The first is personal safety, which involves protecting our clients and their loved ones, wherever they are, whilst the second is safety (while travelling) on the road. The third is safety at home, dealing with keeping our clients’ most precious possessions safe, even when they are not at home. The final pillar is financial safety, which aims to provide our clients with confidence in our ability to pay out their claims. 

These pillars are supported through various safety features and offerings. For example, Safety Alert is a mobile panic button that provides unlimited access to a network of 1 800 armed responders, 24/7 and offers a real-time interactive map to track the responding vehicle’s movement at no additional cost to the client.

Another is Safe Dayz, an app-based telematics solution that rewards clients for being safe on the road. Once activated on the Momentum app, each journey is scored based on driving behaviour metrics. Clients earn a Safe Day for each weighted daily score of 60% or more. In addition, clients can also earn “drive-free” days when they stay at home and don’t travel on the roads and will automatically score 100% for a trip if travelling on the Gautrain. These Safe Dayz contribute to the client’s annual Safety Bonus, which is paid out regardless of claims. 

Empowering Clients

Through initiatives such as these targeting crimes and other prevalent safety concerns like the Covid-19 pandemic, we are empowered our customers with verified and actionable information to help address concerns and cover all of their risks.

These features also directly support the business since clients who engage with the various Momentum Insure safety features/offerings such as Safe Dayz have improved claims behaviour and, hence, have lower the claims frequency than clients with no safety engagement. 

Ultimately, when companies’ offerings meet the customer preferences, it will result in increased retention rates, greater lifetime value and brand reach, amongst other benefits. Companies like Momentum Insure – that aspires to address customer needs such as the need to feel safe – are unlocking these same benefits.

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