Bad Actuarial Science and Apartheid Like Approach to Transparency

<p>My RA with Momentum matured on 1 Apr 2017, I called the call centre on 4 April 2017 to discuss my options and the final maturity value. The final value I was quoted by the agent was a few hundred rand higher than an email I received on 4 January 2017. I was taken aback because even with zero growth, just the monthly premiums paid between January 2017 to March 2017; should have provided a maturity value higher than what was being quoted. </p> <p> I spoke to a manager called Tshepang Sebolai on 13 April 2017, who promised an actuarial report on the current values of my RA for the past 2 years. What I received on 20 April 2017 shocked me because the 'new' calculated values was much lower than the values provided by Momentum via email correspondence over the course of 2016.</p> <p> It should be also noted, Tshepang did not procure my policy values for the past 2 years although promised telephonically, but simply passed on the responsibility of discussing the actuarial report to one of his Senior Consultants (Refilwe Ramokgaba) who was totally ***********. I asked to be transferred to Tshepang, who I thought was also inept for allowing these new values to be quoted to a client without cross checking the veracity and with values that I was quoted on 4 April 2017 and reiterated to Tshepang on 13 April 2017.</p> <p> Tshepang’s response was that he didn’t check the values because they were provided by the “specialists” (the actuaries). So put it him that was he not concerned that the same heart (actuarial department) could willy-nilly pump out different values and he continues to give excuse and rely on their speciality? To this he requests that I provide him with MOMENTUM EMAIL CORRESSPONDENCE DURING THE COURSE OF 2016 WHERE THE VALUES QUOTED THEN ARE SIGNIFICANTLY DIFFERENT THAN WHAT THE ACTURIAL GODS ARE DECREEING IN 2017!! Shouldn't he have access to these documents and not rely on the client to provide them? This lack of transparency with regard to how values are derived are pre-1994 when insurance companies were allowed to hide behind smoke and mirrors of lame excuses like "Rand exchange rate", "gold prices", "economy" etc. Without ever being held accountable for the truth behind these lies (I see the dichotomy).</p>