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Why short-term insurance matters

Momentum  |  21 August 2014

Product, Media release, Short-term Insurance

Momentum Short-term Insurance’s (MSTI) participation in the DNA of financial wellness partnership forums that commenced on 21 July 2014 in Polokwane came as no surprise because of the diverse and innovative nature of Momentum’s short-term product offerings.

MSTI largely focuses on enhancing the financial wellness of its clients by specialising in personal, commercial and vehicle fleet insurance that meets specific short-term insurance needs.

In addition, MSTI has launched an exciting mobile application that offers clients the ease of doing business from their phone. Events, like a car accident or a house burning down, need immediate attention and this is why MSTI has made it possible for its clients to get that attention as soon as possible. Whether there is a vehicle claim, geyser claim, an emergency or clients just needing a check-list to remind themselves of any outstanding tasks before that well-deserved holiday, they can do all of this via the mobi application.

MSTI Chief Commercial Officer Imran Mahomed says: "By developing and implementing a mobile application that offers clients possible preventative measures, as well as protection in the event of an emergency, we list our clients' safety as a priority."

He adds: "In terms of the client application, we have selected some events that we have found to be the most traumatic for clients and where they often don't know exactly what to do, and we've provided them with a structured and convenient process to help them through these events." Momentum Short-term Insurance clients have five applications at their fingertips, each one with its own set of functionalities.

These include:

  • Help!: Clients can set up a predefined list of friends and family who will receive a customised message when they activate a panic alert. The panic sends a “help” SMS with their GPS coordinates to their contacts.
  • Arrive Safely: Clients can set a time delay of how long it will take them to reach their destination. Should they have an emergency on their trip and not reach their destination in time, a customised message will be sent to their predefined contacts. If they reach their destination safely, they can deactivate the panic button.
  • Stay Alert: This feature consists of check-lists that allow clients to better manage their risk (for example, a to-do list before they travel on holiday).
  • Vehicle Accident Assist: Clients can use this mobile application to gather relevant information at the vehicle accident scene by scanning their own and the third party’s licence and drivers' discs. They can also record any conversations at the scene; add their case number after reporting the incident to the police, and even take photos of the damaged vehicles. Clients can store their information and submit their claim to MSTI. With this application, they also have access to the company's emergency service assistance when they need medical support, tow truck operators, and many other supporting activities.
  • Claims Notification: Clients can submit a claim for vehicle theft, windscreen, geyser and pipes, all-risk contents (your portable possessions), household contents and building.

Momentum's clients are always top of mind and the recently published Ombudsman results prove this. For MSTI, treating customers fairly is a part of its DNA. MSTI achieved an overturned ratio of 10.26% in 2013 versus the 27.91% published in 2012. And this is an achievement, considering that the number of personal line claims received by the company in 2013 has increased.

Over and above this, MSTI aims to enhance the financial wellness and safety of individuals, their families, businesses and communities to help ensure continuous protection of their valuable assets.

Some benefits for clients include:

  • An individual underwriting model, which means that clients are rated on their individual risk profile and not on an average calculation.
  • A professional contact centre and outstanding service - MSTI has consistently exceeded its compliments target of 80 percent on
  • Fixed excesses provide clients with peace of mind in knowing that irrespective of the nature and value of the claim, MSTI believes in "one incident, one excess".
  • Guaranteed premiums for 12 months.
  • Momentum Assist, which offers free roadside, home and medical and legal assistance.
  • HomeDrive, so that clients can have themselves a good time and use this service to get themselves and their vehicles safely back home.

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