Momentum embarks on drive to revive its brand
Plan seeks to restore diminished reputation and claw back market share
Momentum is banking on more sales agents and improved visibility to revitalise its brand which had lost a lot of broker support and clients over the past seven years. When MMI was formed through the merger of Metropolitan and Momentum, the two individual brands collectively held 24% of SA’s life insurance market share. The latest UBS market share report shows that MMI’s market share shrank to 17% in 2017. Jeanette Marais, deputy CEO of MMI who is responsible for Momentum — the brand that serves middle income and affluent customers — said the company lost focus and ground because the quality of people supporting its brokers dropped and Momentum became a distant memory to clients. Unlike companies such as Allan Gray and Old Mutual, where a big share of new business volumes come directly from call centres and digital channels, Momentum cannot afford the declines in broker support as all its sales come from in-house agents (40%) and independent brokers (60%), she said.
“There...
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