The Employee Benefits business to focus on market segments
The focus of the Employee Benefits business will be to fulfil the needs of all segments of the employer market, from small to large employers, union influenced environments and state owned enterprises.
It is evident that a wide array of products will be required to satisfy the diverse needs of each market segment. The product offering will include a range of investment, insurance and retirement provision products, including retirement fund administration services.
The branding of Employee Benefits
Momentum has a strong brand in the corporate market and across MMI this will be the lead brand for businesses that focus on the corporate market, such as the employee benefits business, the open health scheme, the short term insurance business and the investment business.
The employee benefits business will therefore operate as Momentum Employee Benefits, while utilising the Metropolitan brand only in selected areas. One such area will be retirement fund administration services provided to large funds.
Future product and service offering
The product and service offering has been reviewed to align with the market segment focus and the needs of each client base.
Going forward, all large retirement fund administration services will be provided through the specialist retirement fund administrator, Metropolitan Retirement Administrators. The company believes that umbrella funds offer the most cost effective solution for small to medium clients. Therefore, only one umbrella fund solution will be provided in order to sustain the cost efficiency in the long term. The MMI group investment and annuity business has also been combined.
All product branding and service contracts will be aligned with the above approach in due course.
For more information
or contact Mr. Nazeem KHAN, Momentum
Phone: +27 11 485 75 58