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Discovery to revolutionise SA short-term insurance

 

  • Discovery leverages Vitality, its proven behavioural economics business model,  and creates Discovery Insure, a strong competitor geared to shift the short-term value insurance landscape
  • Discovery Insure to unlock value for consumers in the R50 billion South African short-term insurance market
  • Discovery Insure utilises the science of measuring driving intelligence to reward good drivers with fuel rewards: clients can get up to 40% of their monthly fuel spend back
  • Discovery now operates in the short-term, health and life insurance, long term savings and investments, wellness and credit card market.

Discovery Holdings advanced its strategy to leverage its unique business model and today launched Discovery Insure, a new player in the short-term insurance market.

 

Adrian Gore, Chief Executive, Discovery, said: “We are very excited to enter the short-term insurance market. We have studied this market for a number of years and are optimisic that we can bring structural change to this market.”

“Discovery clients have come to expect compelling product innovation that meet their needs. We are confident that with Discovery Insure we will encourage consumers to change their behavior and reap rewards for it.”

Discovery Insure sets to achieve three key objectives: to structurally reduce the cost of insurance through positive behavioural change, to channel actuarial and risk management savings to significantly reduce the cost of fuel for clients, and to make the roads safer for families insured by Discovery.

By channeling the actuarial and financial benefits of better driving, along with the efficient payment mechanism of DiscoveryCard, the BP fuel network and safer vehicles enabled through Tiger Wheel & Tyre, the VitalityDrive programme incentivises clients through valuable rewards. The application of advanced telematics technology ensures that Discovery Insure clients are safer and better protected on South Africa’s roads.

Discovery Insure is led by industry veteran, Steffen Gilbert.

Gilbert said: “I am delighted to head up a new business within the Discovery fold that we see improving the level of competitiveness in the market by rewarding members, not penalising consumers. Innovation has been a hallmark of Discovery’s growth, and we intend to stay true to that ethos with Discovery Insure.”

Discovery Insure will offer comprehensive vehicle, personal and household cover.

Rory Byrne, Special Engineering Adviser to Discovery Insure who has led the design of Formula 1 cars for 30 years says: “a good driver understands their abilities and the capabilities of their vehicle. Slow drivers are not necessarily good drivers, and vice versa.  Gender does not play any role – good driving is within anyone’s grasp.”

VitalityDrive is Discovery Insure’s incentive-based programme that gives clients valuable rewards for improving their driving. The programme uses the DQ-Track, the latest motor vehicle telematics technology, and proprietary algorithms to develop a scientific measure of driver behavior, the Driver Quotient, or DQ. A client’s Driver Quotient encapsulates the key measures of their driver intelligence. VitalityDrive measures the Driver Quotient based on the number of DQ Points earned.

By activating VitalityDrive, clients get immediate rewards on their BP fuel spend. Completing a Tiger Wheel & Tyre Annual MultiPoint Check boosts the fuel rewards. DiscoveryCard holders reap additional rewards. The overall impact is that clients can get up to 40% of their monthly fuel spend back.

Clients also have access to several features and tools to improve vehicle and passenger safety – stolen vehicle recovery is included at no additional cost, DQ-Track integrates with Discovery Health’s emergency response services to provide an automated emergency response, and the VitalityDrive Vehicle Protector  reduces the risk of vehicle theft by providing immediate alerts and notifications if the vehicle battery is tampered with or if the vehicle is moved without going through the normal ignition procedure.

Discovery Insure goes live with its product on 1 June 2011.

Press release:  Financial Dynamics www.fd.com

The information in Discovery’s press releases is specifically meant for journalists and consumers should not use it to make financial decisions. Detailed information about Discovery’s products is available at www.discovery.co.za







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