Momentum Life, one of the fastest growing direct-to-customer life insurance brands in New Zealand, has clinched its life insurance licence that would allow it to underwrite its own products.
Following almost two years of growth, Momentum Life announced that it has been issued a life insurance licence which took effect on 12 March 2018.
The Auckland-based company grew quickly 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, it states. The transition into underwriting policies will help further Momentum Life’s vision of providing simple and affordable life insurance products to New Zealanders.
Mr Russell Howden, Managing Director of Momentum Life, said that the life insurance licence “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. A Massey University study found that the rate of life insurance purchased amongst New Zealanders sits far below levels in similar Western nations, creating a gap estimated at over NZ$195.5 billion (US$143.3 billion).
“There is a tremendous life insurance need in New Zealand,” said Mr Howden, “Momentum Life will continue bridging this gap, providing New Zealanders with products and resources that can help secure their financial futures.”
Momentum Life is a part of BlueInc Group, a leading financial services group specialising in delivering and administrating a range of insurance products across Australia and New Zealand, via their award-winning insurance brands.