Momentum Life, one of the fastest growing direct-to-customer life insurance brands in New Zealand, announces the grant of their life insurance licence.
Following almost two years of impressive growth, Momentum Life announced that it has been issued a life insurance licence beginning March 12 2018, becoming the underwriter of their future products. The Auckland-based company quickly grew after launching in April 2016 and accounted for over 60% of the total new guaranteed acceptance life insurance business issued in New Zealand during 2017.
The transition into underwriting policies will help further Momentum Life’s vision of providing simple and affordable life insurance products to New Zealanders.
“We’re thrilled to now hold our life insurance licence and continue our upward growth," says Russell Howden, Momentum Life managing director.
"This move will provide us with more opportunities to bring innovative products to market, giving New Zealand families more choice when it comes to meeting their insurance needs.”
Underinsurance is an issue for New Zealand he says. A Massey University study found that the rate of life insurance purchased among New Zealanders sits far below levels in similar Western nations, creating a gap estimated at over $195.5 billion.
“There is a tremendous life insurance need in New Zealand,” he says.
“Momentum Life will continue bridging this gap, providing New Zealanders with products and resources that can help secure their financial futures.”
Momentum Life will continue working to its strengths, including providing customers with an outstanding customer service experience. It has recently been awarded the Feefo Gold Trusted Service Award for the second year running, an independent seal of excellence based on feedback from verified customers. It is also developing a range of resource materials, designed to educate customers about estate planning.
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