CORRECTED: Why Alexander Forbes axed MMI as preferred service provider
MMI denies it is 'haemorrhaging business', or that Aleaxander Forbes's decision will be a 'devastating blow'
MMI not “haemorrhaging business” The story below, first published on September 14 2017, contains conjecture that MMI strongly disputes. While it is true that Alexander Forbes Group Risk has removed Momentum from its panel of preferred services providers for new business, the reasons it did so relate to price increases, which MMI says are required because changes to this segment of the insurance market have rendered the business line unprofitable. Hence, a reduction of this business will not be “a devastating blow” to MMI as stated, and the company is not “haemorrhaging business” as speculated in the original article. Business Day apologises for the errors. Alexander Forbes Group Risk has removed Momentum from its panel of preferred service providers, a move insiders say could be a devastating blow to the corporate and public sector division of JSE-listed MMI, which is already haemorrhaging business. In an e-mail sent to Momentum sales team members, Belinda Sullivan, chairwoman of th...
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