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Momentum Mulitiply
- 1. The Senate Group Conference June 2014 Greg Prince
- 2. Who would like a better lifestyle?
- 3. • Understanding lifestyle enhancement • Engagement mechanism • Multiply value proposition • Responsible integration • Reward partner portfolio • Tangible lifestyle enhancement • Summary Agenda
- 4. Multiply A wellness and rewards programme incentivising members to strive towards financial & physical wellness
- 5. • Lifestyle means different things to different people What is lifestyle Physical EmotionalFinancial
- 6. • Need to focus on all 3 areas • Requires discipline • Requires consistent focus • Requires effort Lifestyle enhancement Everyone acknowledges the importance of living a balanced life
- 8. Investment growth Review •Review the client current portfolio & circumstances Insight •Provide information about the clients current situation and options Plan •Design a plan of action to enhance the clients portfolio Benefit •Client gets the benefit of an enhanced investment portfolio
- 9. Multiply philosophy • Complete questionnaires, assessments & check-ups Engage • Understand your current lifestyle Insight • Plan & implement lifestyle improvements Plan • Get great discounts & rewards Rewards
- 10. Multiply points
- 11. • Objective mechanism for driving engagement • Incentives for FA and client engagement • Simple to engage • Points determine member status • Status determines member rewards Multiply points
- 12. Multiply point categories Single 10 000 points Family 20 000 points Single 30 000 points Family 50 000 points Single 30 000 points Family 50 000 points Single 30 000 points Family 50 000 points Physical Health & Wellness Start-up Physical Fitness Financial Wellness
- 13. Benefits for Financial Advisers • Opportunity for proactive engagement • Platform for holistic financial planning • Significant up-sell and cross-sell opportunities Benefit for Multiply members • Earn significant Multiply points • Focus on entire financial portfolio • Greater transfer of knowledge Financial Advice Points
- 14. Join Multiply Register on website Update Multiply profile myScore Financial Advice mySmarts myFinTrack myFiling Physical Wellness Questionnaire Health Assessment Non-smoking declaration General Physical HIV declaration & test Eye Test Fitness Assessment Online Biokineticist Healthcare Professional Dis-Chem Get to Gold Status Dental check-up
- 16. Combination value proposition Momentum Product Benefits Multiply Partner Rewards Holistic Multiply value proposition Holistic Client Value
- 18. LIFE INSURANCE ✔ HEALTH ✔ EMPLOYEE BENEFITS SHORT TERM WEALTH SAVINGS Momentum Product integration
- 19. Product Integration Negative Value Positive Value High Engagement Low Engagement Momentum Responsible Integration
- 20. Up to 50% guaranteed discount Up to 10% fitness discount Up to 60% discount Momentum Myriad
- 21. 10% 15% 20% 30% Bronze Silver Gold Platinum Guaranteed Discount Private Club 50% Fitness Discount Level 1 Level 2 Level 3 Level 4 0% 2% 4% 7.5% Level 5 10% Momentum Myriad
- 22. Momentum Health Normal HealthReturns Up to R1 800 paid back annually per adult member Multiply Booster Up to R3 600 paid back annually per adult member HealthReturns paid to HealthSaver Up to R5 400 paid back annually per adult member
- 23. HealthReturns Best of Activity Level Level 1 Level 2 Level 3 Level 4 Level 5 Standard Monthly HealthReturns R0 R25 R50 R100 R150 Multiply Booster R0 R25 R50 R100 R150 Paid into HealthSaver R0 R25 R50 R100 R150 Total Monthly HealthReturns R0 R75 R150 R300 R450 Up to R5 400 per adult member per year
- 25. Fitness Partners Travel Partners Online Shop Partners Lifestyle Partners Multiply partner rewards
- 26. Multiply
- 27. Multiply
- 28. Multiply
- 30. Member details Family membership Michael & Lauren – R184 p/m Multiply status Gold status Momentum Health Incentive option Life insurance Myriad - Michael Myriad - Lauren Gym visits Michael (+12 visits p/m) Lauren (9 – 12 visits p/m) Travel One long weekend away to Cape Town Online Shop Apple laptop Movies Four movies per year Magazines Four subscriptions Multiply case study
- 31. Partner Description Normal HealthReturns Multiply Booster HealthSaver Booster Monthly HealthReturns Annual HealthReturns Momentum Health Membership - Incentive plan with HealthSaver Principal - Michael (Activity Level 5) R150,00 R150,00 R150,00 R450,00 R5 400,00 Spouse - Lauren (Activity Level 3) R50,00 R50,00 R50,00 R150,00 R1 800,00 Total benefit paid per year R7 200,00 Partner Description Retail Rate Gold Status Discount Monthly Multiply Saving Multiply Cost Annual Multiply Saving Recurring expenses Myriad - Michael Myriad personal life, disability and critical illness cover R1 356,45 30,0% R406,94 R949,52 R4 883,22 Myriad - Lauren Myriad personal life, disability and critical illness cover R420,73 24,0% R100,98 R319,75 R1 211,70 Virgin Active - Michael Premium membership - visits the gym >12 times p.m. R679,00 80,0% R475,00 R204,00 R5 700,00 Virgin Active - Lauren Club membership - visits the gym 8 times p.m. R499,00 40,0% R199,60 R299,40 R2 395,20 Dis-Chem Monthly health and beauty essentials R2 150,00 9,0% R288,00 R1 862,00 R3 456,00 Woolworths Monthly grocery and clothing R1 500,00 7,0% R150,00 R1 350,00 R1 800,00 TOTAL R19 446,12 Once-off expenses Mango Return weekend holiday flight from Johannesburg to Cape Town R5 828,00 30,0% R4 079,60 R1 748,40 Avis Weekend holiday car rental R524,00 25,0% R393,00 R131,00 Protea Hotel Weekend holiday accomodation in Cape Town R5 155,00 35,0% R3 350,75 R1 804,25 Apple Personal MacBook Air laptop R14 999,00 14,0% R12 899,14 R2 099,86 Nu Metro Movies for two, once a quarter R480,00 R20 R160,00 R320,00 Magazines Four annual magazine subscriptions for him and her R1 489,00 50,0% R744,50 R744,50 TOTAL R6 848,01 GROSS SAVINGS R26 294,13 Annual Multiply contribution -R2 028,00 NET SAVINGS R24 266,13 Unrivaled value
- 32. Gold Status R24 200 Lifestyle enhancement
- 33. Private Club R33 500 Lifestyle enhancement
- 34. 2014 Multiply contributions Single Member Family of two Family of three or more
- 35. Summary 1. Objective of incentivising holistic wellness 2. Responsible integration - No down side 3. Substantial core product discounts 4. Members incentived to engage with their FA more regularly 5. Extract significant value from the reward partners 6. Enjoy a better lifestyle
- 36. Thank you
Editor's Notes
- The aim of the slide is to re-emphasize the three areas of focus for Multiply. You are going to unpack what each section means for the member in the subsequent slides with the objective of defining which area is most important for members. Through this process we will understand what is important to Multiply and what is important for the client. This will provide context to the slides later in the presentation.