As South Africa grapples with the looming interest rate hike and a relentless cost of living crisis, many individuals are left searching for financial relief.
According to Stephen van Niekerk, Executive Head of Momentum Myriad, these economic factors are putting significant strain on South Africans’ household budgets. This is an opportune time for all industries to investigate innovative ways to provide financial relief for consumers. The life insurance industry is no different.
In an effort to provide some financial relief to consumers, and to make applying for life insurance simpler and easier, we’ve recently launched an industry-first, screening innovation and discount mechanism called LifeReturns®. Through this offering, we aim to provide more discounts to more clients for less effort. This mobile technology empowers clients with immediate upfront discounts tailored to their unique health attributes, enabling them to reduce their premiums effortlessly and without compromising on the quality and breadth of coverage,” Stephen says.
“LifeReturns® is a market-leading innovation that leverages cutting-edge technology to personalise life insurance premiums based on individual health risk factors. Using in-app smartphone screening technology akin to taking a ‘selfie’ video, LifeReturns® analyses light reflected from facial skin to accurately measure vital health indicators such as heart rate, blood pressure, oxygen levels, and stress within just 90 seconds,” he says. “By combining this data with additional mandatory questions covering BMI, estimated fitness level, and medical aid membership, the LifeReturns® screening calculates a personalised discount of up to 35%”
By embracing this innovative approach, consumers can benefit from dynamic discounts based on their current health status, eliminating the need for costly and cumbersome wellness and rewards programs.
“By incorporating innovation, leaders in various industries can decrease costs which may result in decreased costs for consumers which they so desperately need,” Stephen concludes.
Article credit Life Insurance innovation eases the financial burden of rising interest rates and soaring living costs in South Africa (fanews.co.za)
