Rewards programmes aren’t new. The “link so you can save” strategy has been around for an awfully long time, with Adrian Gore and his innovative crew pioneering it all two and a half decades ago. Since then most local insurance companies, investment houses, banks and medical aid schemes have been working hard at trying to replicate the concept of rewarding customers, scheme member and policyholder for “good behaviour” and loyalty.
Has anyone outside of Discovery managed to get it right?
Momentum has done a pretty good job with their Multiply Rewards programme. They have a few decent partners on board, and you can get real discounts on your policy premiums.
This is the lowdown.
You can apply for the Multiply Rewards programme if you have any existing Momentum product, including medical aid, life insurance, investments, and short-term insurance (car and home).
What does it cost to join?
- R258 pm for a single member
- R328 pm for two members
- R358 pm for a family of 3 or more
The rewards programme is broken down into two sections. On the one side, you have a panel of partners who’ve partnered up with Momentum and offer a discount on your Rand spend with them.
Example: Spend R1000 on groceries and get R120 back (12% with Pick n Pay)
Then on the other side, Momentum has built cash back incentives on your insurance premiums.
Example: Spend R1000 on your car insurance premium every month and get R300 back
First off, let’s take a look at the partners on the panel.
You get the following discounts at a partner level:
- Up to 12% cash back at Dis-Chem
- Up to 50% off on Mango flights
- Up to 12% back on your Pick n Pay shopping
- 25% off your Virgin Active gym membership fees
- Movie tickets from R35 if you like heading down to NuMetro
Now let’s have a look at how much Momentum are prepared to offer you back on your premiums each month:
- Get up to 60% off on your life insurance premiums
- Get up to 30% off on your car and home insurance premiums
How are Momentum clients benefiting?
- Multiply Gold members have saved on average R1153 per month
- In 2019 Momentum saved Multiple members R829 million
- Pick n Pay and Dis-Chem savings alone clocked R33 million
The thing with most insurance policies is that seldom get anything back. So, if you have your insurance policy (or policies) with Momentum then it makes sense that you investigate the programme. Maybe you aren’t going to score heavily with all the partners on their programme but getting a massive discount on your life insurance policy.
Like anything in life, you only get out what you put in. Once you sign up to the rewards programme you will need to complete a few financial wellness questionnaires and do some work on your side to rack up the points required to get a discount, but it’s not overly onerous and time-consuming.
The plus side is that you can manage all of this via the new Momentum Multiply App, and they are running a competition right now that could put R50 000 in your pocket before the end of this year.
The App is built with one thing in mind. Maximise your rewards.
- You can also access your weekly wins vouchers
- View your rewards and the progress you are making
- Manage your cards
- Link all your devices
So, make sure you sign up to the programme today and download the App immediately.
The InsuranceFundi Team