Momentum Short-Term Insurance (MSTI) and Alexander Forbes Insurance (AFI) yesterday confirmed that the latter will be renamed Momentum Insurance Limited in the next step on its growth journey to integrate as a single entity.
The renaming comes upon completion of Momentum Metropolitan Namibia Limited’s acquisition of the Alexander Forbes Insurance business following regulatory approval.
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 businesses are renowned for and all current client policy terms and conditions remain unchanged.
The move cements the combined short-term insurance businesses’ position among the top four in Namibia.
“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 Johan Barnard, CEO of the combined Momentum’s short-term insurance businesses.
Barnard added that their goal is to provide a distinctive client experience across the entire client journey.
“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,” he added.
Moreover, he stated that the benefits of the integration will also extend to their broker community, with a greater emphasis on digitally enabling 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,” Barnard concluded.