Namechange marks next step in Alexander Forbes Momentum integration
As of Thursday, 18 March 2021, all existing Alexander Forbes Insurance clients migrated to Momentum Short-term Insurance as the next step in the journey to turn the two entities into a single, market leading short-term insurer, now ranking among the top four local insurers.
After Momentum announced its acquistion of Alexander Forbes Insurance late in January, the wheels were set in motion to turn Momentum Short Term Insurance into a major full-service insurer. The acquistion came after Momentum Metropolitan Namibia, through its subsidiary Momentum Short Term Insurance Namibia (MSTIN) and Alexander Forbes Namibia Holdings entered into a binding agreement for the former to acquire the latter’s full shareholding.
Momentum Insurance Chief Executive, Johan Barnard said the renaming is a result of the completion of Momentum Metropolitan Namibia Limited’s acquisition of Alexander Forbes’ short-term insurance business following regulatory approval.
For the time being, the two businesses will continue to operate as two separate entities 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.
“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,” said Barnard.
“Our goal is 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.”
“The benefits of the integration will also extend to our broker community, with a greater emphasis on digital 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.