Consult short-term insurance client engagement platform combines modern tech with human expertise to provide a unique experience for clients

The Consult by Momentum short-term insurance app comes as a solution to what is referred to in the insurance space as ‘aggregators’, which are created specifically to obtain quotes from multiple insurers based on the information that clients provide. This method becomes cumbersome for clients when calls start coming in from?several insurance call center agents trying to convince them why their quotes are the most suitable.

On realising the impersonal nature of aggregators, which function by connecting clients to call center agents which usually results in once-off interactions, as opposed to a financial adviser whose aim is to build long-term relationships with clients, the idea of the short-term insurance app was born.?

What makes the app different is that it allows the client to transact independently, accessing multiple insurers, while having the comfort of a financial adviser readily available. It feels like you have your financial adviser right in the palm of your hand – and he or she is literally just a ‘smartphone click away’.?

Some of the benefits for the client that the app brings are:

? A great experience for the client - a seamless process is followed to determine your unique needs and circumstances, similar to a face-to-face engagement with a financial adviser

? The app provides a dashboard of different quotes based on the information provided

? The client gets an immediate premium that is not indicative but guaranteed - the client can now exercise the option to accept their preferred solution or engage with their financial adviser

? The app links the client directly to, either a financial adviser they already have a relationship with or a new financial adviser interested in staying with their client for the long term?

? Clients don’t have to go through a call center at any point while using the app. They can now own the way they want to engage with their financial adviser, a traditional phone call, e-mail, or live chat function is available.

? The client can access their insurance portfolio wherever and whenever?

Literally everything that has to do with a client’s cover can be done on the app, empowering and allowing for complete control and peace of mind.

When it comes to financial advisers, one of the benefits is that there is a compliance element that they benefit from, which is done automatically on the app while the client completes their information. Another benefit is that the process of getting client information can be time-consuming, therefore the app allows the client to complete the information needed by the financial adviser in their own time, under no pressure, and the information is stored and can be retrieved by the financial adviser on the app.

The idea of the app was never a way for us to move into ‘robo-advice’, as it is popularly known in the insurance and financial advice space, meaning we are not relying solely on technology to do the work for us. Rather, we are trying to combine the capabilities of technology with human mastery to provide a modern and unique experience, and we are proud as Consult by Momentum, to be the first independent intermediary that has the app available for our partners and clients.?

This article was written by Oswald Kuyler - Head of Short-Term Insurance Solutions at Consult by Momentum.