Momentum Saga: Social Conversation Analysis

 

Health and insurance group, Momentum has come under fire for refusing to pay R2.4 million to Nathan Ganas’ family, saying he failed to disclose his health condition before his death. Not only did they refuse to pay the R2,4 million life insurance payout, but they also initially demanded that Denise Ganas repay the R50 000 instant cash benefit that was used to pay for her husband’s funeral, citing non-disclosure of a pre-existing condition (raised blood sugar levels) as justification.
We ran an opinion monitor to track the conversation on social media regarding the Momentum non-payout, below are some of the key insights that we managed to gather.

The conversation volume was at has totalled to over 17 300 posts from the 17th to the 20th November 2018.

 

A lot of conversation revolved around boycotting and cancelling life policies with Momentum. The below conversation was recorded at 12:16 with 65% of the conversation calling for a boycott, while 32% stated they will cancel and 4 % actually having cancelled their policies.

We had a look at the conversation 45 minutes later at 12:59 and cancellations had risen by 3%, after Momentum Life CEO, Johann Le Roux, had an interview on 702 to discuss the matter.

 

Impact 

 

How much of an impact has this story had on Momentum’s current retained clients?

The opinion monitor revealed a number of insights from clients. We focused on three key categories when training the monitor, namely cancelled clients, clients who stated that they will cancel and people who are overall boycotting Momentum. 

 

Cancelled Policies

People were outraged by how Momentum was handling the whole situation. 11% of the conversation was based on people saying they had cancelled their insurance policies. Further analysis into this category, social posts revealed that people had lost trust and faith in the brand therefore some had decided to outright cancel their policies with the insurance brand.

 

Stating that they will cancel

25% have stated that they will be looking into cancelling their policies with the company. Many were querying if whether or not they would be able to receive their premiums paid back if they were to go ahead and cancel their policies.

 

Boycotting

69% of the conversation were posts protesting against Momentum Insurance. Many used their platforms to urge for a national boycott against the company.

 

Surrounding conversation

After what transpired, many have gone on to express that this entire situation has raised some concerns. Out of worry, people have been checking on their existing policies to ensure that they are really covered with the fear of waiting till an incident occurs, only to find out they can’t claim from their insurance company because they are not properly covered.

 

Momentum’s final hour announcement

In light of what has transpired over the last few days, Momentum has released another official press statement, this time stating that they will in fact be paying Mrs Ganas claim on her husband’s policy. In addition to that, in future they will pay clients involved in violent crime an amount equal to the death benefit.

 



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