Momentum Insurance was originally founded in 1966 and is today part of the MMI Holdings group following the merger of Momentum and Metropolitan in 2010 to form the third largest listed insurance company in South Africa. Momentum has a good track record and is compliant with the BEE policy. It also has an active range of community involvement programmes and the Momentum foundation, which focuses on care, prevention and education in the area of disability, and community HIV/AIDS initiatives. Momentum’s parent group is listed on the Johannesburg Stock Exchange. MMI’s Chief Executive Officer is Nicolaas Kruger who began with Momentum in 1991. Wilhelm van Zyl is the Deputy Chief Executive Officer and the Chief Executive Officer of Momentum Investments and joined Metropolitan Odyssey in 1999.
Location and Employees
Momentum headquarters are located in Centurion. They have over 5000 employees and operate in South Africa, the United Kingdom, Botswana, Ghana, Kenya, Lesotho, Malawi, Mauritius, Mozambique, Zambia, Swaziland, Tanzania, and Namibia.
Momentum offers comprehensive Short-Term vehicle services for individuals and companies as well as a wide range of financial services including investment services; retirement schemes; life-insurance and an all-round financial wellness service. Momentum Investments provides individuals and institutional investors with the services of one of the largest investment houses in South Africa and is able to provide investment opportunities that are best suited to investor needs.Momentum retirement services offer a wide range of services that suit both large or smaller businesses. Thus for example, ‘FundsatWork’ provides employee retirement plans for small, medium or micro enterprises and Metropolitan Retirement Administration provides for large stand-alone pension funds with more than 300,000 retirement fund members and assets of more than R90 billion under administration. Momentum life insurance services include ‘Myriad’, which has become one of the market leaders in South Africa insurance. Myriad services are said to be tailored to individual requirements and to provide value for money, and above all, generous benefits for any eventuality.
Momentum Car Insurance
Momentum’s insurance services are wide ranging and are especially suited to cover vehicle insurance; building insurance; contents insurance (including machinery and electrical equipment); all risk insurance; business interruption insurance (for financial loss); electronic equipment insurance (including computers and related equipment); employer’s liability insurance; public liability insurance; stock insurance (including raw materials and goods); and stock in transit (including raw materials and goods in transit within South Africa). Momentum Short-term Car Insurance provides a one stop service for all business transport and your vehicle insurance needs in addition to breakdown services and replacement vehicles. Insurance can be provided for all types of vehicles that are registered in South Africa including cars, motorcycles, light delivery vehicles, as well as agricultural, construction and material handling vehicles. Momentum car insurance benefits include:
- Driver Insurance (whether single regular driver, multiple regular drivers or pool vehicle) which can be nominated on three different vehicles;
- Vehicles are insured at retail value;
- Optional free 24 hour roadside assistance;
- Car Hire following an incident for a maximum of 30 days.
Momentum Short-Term Insurance has received good customer feedback according to HelloPeter.com with 81% satisfaction rating out of 98 reports. One customer commented: ‘he offered me a wide choice of selection from the options then explained thoroughly and in detail, and finally helped me make the best choice for the product that suits me. Had a lot of courtesy and very friendly’ Multiply, Momentum’s reward scheme offers discounts on products and services for a membership fee. Services discounts on gym membership, travel and leisure. Momentum is a leader in providing insurance and asset management services in South Africa. Their mission statement states: We commit to fulfill your lifelong financial needs by:
- Providing value-for-money solutions that are relevant and unique
- Engaging in a transparent, simplified and effective manner
- Building enduring partnerships
Since being established in the 1960's, Momentum has since grown into one of largest insurance companies serving South Africa and the surrounding countries. It offers solutions for all personal and commercial insurance needs in all sectors including retail, professional services and service and repair industries, with the exception of heavy industry and manufacturing and with a particular specialization on car insurance Momentum has a full on-line service and client contact center and they claim to excel in providing tailor-made insurance and financial products for individuals and companies.
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