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Did you know that your smartphone can accurately assess your health in less than two minutes, instantly evaluating health indicators such as blood pressure, heart rate, and oxygen and stress levels?
Thanks to Momentum Life Insurance’s first-in-industry innovation, LifeReturns®, your smartphone can analyse your health risk factors quickly and accurately to give you an instant personalised discount of up to 35% on your monthly Momentum life insurance premium. Plus, the smartphone screening technology is a useful tool for doing ongoing health checks for your own peace of mind.
Stephen van Niekerk, Executive Head of Momentum Myriad, says that Momentum Life Insurance reimagined life insurance as we know it by embracing digital innovation. ‘This led us to launch our revolutionary new screening innovation and discount mechanism, LifeReturns®, a global first in the life insurance industry. LifeReturns® uses available smartphone screening technology, similar to taking a ‘selfie’ video, to analyse light reflected from facial skin for measuring health risk factors within a 90-second mobile screening session.’
By asking a few additional mandatory questions that cover BMI, estimated fitness level, and medical-aid membership, the LifeReturns® screening technology can immediately calculate and offer clients discounts on premiums.
And if you are a healthy client, and younger than 50, the LifeReturns® screening process can also simplify and streamline the life insurance underwriting process for you. Qualifying clients, who successfully complete the FastTrack digital underwriting questions as part of the LifeReturns® screening process, can have their cover issued immediately after their application has been submitted – without the need for further traditional medical tests.
What’s more, because the only ongoing requirement is an annual digital reassessment, clients effectively get a free digital health checkup when they do their annual reassessment screening, which serves as an early-warning system about health risk factors that could become problematic. ‘Clients can do whatever they choose to maintain their healthy lifestyle. Our only requirement is an annual reassessment that entails a self-screening with their smartphones, which takes between three and 10 minutes,’ says Stephen.
He adds that clients also have the option to complete additional voluntary screenings throughout the year if they want to keep a closer check on their vitals. ‘Since the launch of LifeReturns®, there have been several cases of the screening technology identifying health issues, such as high blood pressure, which the clients were unaware of. With these kinds of disorders, early detection is extremely important, as it significantly increases treatment success and life expectancy rates. The LifeReturns® screening is therefore providing benefits above and beyond what it was initially designed to do.’
LifeReturns® is also revolutionary from a cost-effectiveness and convenience perspective. ‘This technology has provided us with the opportunity to digitalise our application process completely – from the quote stage to applying for insurance. This saves our clients, our financial advisers, and us time and effort, reduces costs, and helps us keep life insurance affordable.
‘Compromising on the quality of benefits and breadth of cover isn’t an option for us, so affordability and simplicity need to come from quicker, more cost-effective processes, providing clients with an easy, low-effort, and intuitive process for earning and maintaining discounts to reduce their life insurance premiums,’ says Stephen.
To find out more about Momentum LifeReturns®, click here or speak to your financial adviser.
Momentum is part of Momentum Metropolitan Life Limited, an authorised financial services and registered credit provider. Reg. No. 1904/002186/06
This post and content is sponsored, written and produced by Momentum.
