As reported on Good Returns Momentum Life has been acquired by DCG Invest, an investment company set up by three people with experience in the insurance market.
DCG Invest included Greg Main, David O’Connell and Chris Francis. Main has been involved with Quest Insurance and Dorchester, while O’Connell ran Geneva Finance.
Main says DCG was set up to acquire Momentum and has some other insurance interests and ambitions.
Under new ownership Momentum has already made a shift from the direct to consumer market to engage with advisers.
It’s entry comes at a time when PPS Mutual has launched to advisers and Booster re-established insurance products earlier this year.
Main tells Good Returns that Momentum is filling a gap left by the big players – essentially the middle to lower end of the market.
It has a funeral insurance product which has been successful and also has a simple life insurance product, Quick Life which is pre-underwritten and acceptance guaranteed.
He describes it as straight forward life which is easy to arrange with policyholders only have to answer a small number of questions to arrange cover.
Customers can choose a cover amount from $50,000 to $300,000 and anyone aged 18 to 60 can get Quick Life, with acceptance guaranteed regardless of medical history.
Any pre-existing medical conditions are covered after the initial two-year period. Cover continues to age 75 when cover reduces to $20,000with no further premium payments.
He says Momentum is “starting to talk to advisers” and the feedback is the products sit well with, and are complimentary to what that big players offer.
Momentum is working with its reinsurers to develop a new policy which is more detailed, is technology driven and will provide “approval on the spot.”
The company aims to be innovative, small and agile and one which embraces technology including AI.
It is already using AI to manage its compliance obligations.
Momentum has around $14 million of gross written premium and just over 14,000 policyholders.
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