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“Established in 1992, Discovery is guided by a clear purpose – to make people healthier and to enhance and protect their lives. Our core purpose has manifested in a globally relevant Shared-Value business model, with Vitality at the center, which creates value for our businesses, clients, and society” Says Discovery Limited

What is Discovery Limited’s Primary Services in South Africa?

Discovery Health

South Africa’s leading medical scheme administrator and managed care provider Provides medical scheme members with access to quality, affordable healthcare on a sustainable basis while assisting in enhancing the healthcare system for all South Africans. The business has a market share of over 40% in the overall medical scheme market in South Africa. This includes Discovery Health Medical Scheme, South Africa’s largest open medical scheme with 2.8 million lives and a 56% share of the open market 18 restricted medical schemes are also under Discovery Health administration on behalf of corporate clients, with a 16.5% market share.

Discovery Life

  1. Provides individual and business clients with comprehensive life, capital disability, income protection, severe illness, funeral, and other risk protection cover;
  2. Clients benefit from competitive premiums and ongoing dynamic pricing, based on a frictionless underwriting and health monitoring process which encompasses all health, clinical, genetic, lifestyle, and demographic risk factors;

  3. Over 400 000 individual policyholders and over 600 000 Group Life policyholders;
  4. Over 25% protection market share.

Discovery Invest

  1. Offers long-term savings and investment products;
  2. Aims to give clients the best market performance and tax and fee efficiency, while still offering a level of protection against market volatility;

  3. Number-one writer of endowment and voluntary purchase annuities;
  4. Over 310 000 clients;
  5. R91.6 billion in assets under management(Impressive).

Discovery Insure

  1. Provides personal and commercial short-term insurance;
  2. Lines of business for personal insurance include the motor (which represents the greatest segment of the portfolio), building, household contents, and portable possessions;

  3. Commercial insurance was launched in 2018 and provides market-leading multi-peril cover for property and accident, motor, and liability lines of business;
  4. Both personal and commercial lines are underpinned by Vitality Drive, the innovative driver-behavioral program that encourages and rewards good driving practices;
  5. Improved risk management practices;
  6. 66% of clients on Vitality Drive have a higher status than blue (the lowest tier) More than 10 billion kilometers of driving data gathered since 2011;
  7. Over 220 000 vehicles are insured.

Discovery Card

Linked to Vitality, this is a powerful financial service that helps to benefit and incentivize members to live healthy lives and make healthy choices.

Discovery Bank

  1. World’s first behavioral bank;
  2. Aims to improve customers’ financial health, helping them change how they work with their money by guiding, motivating, and rewarding them for becoming financially healthier;

  3. After the successful completion of an intensive beta program with staff, Discovery Bank has started a carefully managed and gradual process of on-boarding existing clients;
  4. Digital-only banking product offering personalized interest rates and attractive rewards;
  5. Integrated with other Discovery products to achieve more affordable life insurance, faster-growing investments, smarter insurance, and convenient health payments;

Vitality

  1. Largest health-promotion program in South Africa and globally;
  2. 1.8 million lives impacted in South Africa Underpins all of Discovery’s businesses by creating attraction and persistence for the entire suite of Discovery products;
  3. Draws on behavioral economics to support and incentivize people to improve risk-related lifestyle behaviors and consequently their health, driving, and financial wellness;
  4. Aims to be a growing and sustainable business that dazzles clients and society, and is a force for social good.

Discovery Limited is a South African-founded financial services organization that operates in the healthcare, life assurance, short-term insurance, savings and investments, banking, and wellness markets.

Our business is completely aligned with the health and well-being of our clients: if they are healthier, our business is more profitable and sustainable, and we can share more value with our clients and partners. Ultimately, by being more competitive and effective in driving our Shared-value Insurance model, we are also driving social good. That’s a perfect, shared-value cycle.

– Adrian Gore, Discovery Group CEO

The history of Discovery Limited

Discovery Limited was founded in 1992 by Adrian Gore and Barry Swartzberg. In the same year, RMB Holdings (RMBH) acquired a stake in the business by making Discovery Limited its subsidiary through Momentum Group (now part of MMI Holdings Limited). In 1998, the Momentum Group became part of First Rand. This was after the merger of Anglo American Corporation of South Africa Limited (now Anglo American plc) and RMBH to achieve Unified Financial Services Grouping. With First Rand Group owning 75 percent of Discovery Limited.

Discovery Limited was successfully listed on the JSE in October 1999 through a successful initial public offering. That year, First Rand Group reduced its stake in Discovery Limited to 64 percent. In 2003, Momentum Group Limited transferred its investment in Discovery Limited to FirstRand Limited for R740 million. In November 2007, FirstRand unbundled its entire shareholding in Discovery Limited. They then allotted the shares to their shareholders. This led to RMBH receiving a 25 percent direct stake in Discovery Limited, making it the single largest shareholder.

On 7 March 2011, RMBH, Remgro, and FirstRand spun off their insurance assets to Rand Merchant Insurance Holdings. They separately listed them on the JSE. This restructuring led to the transfer of RMBH’s entire stake in Discovery Limited to RMI Holdings.

In September 2015, Discovery Limited announced its intention to set up a retail banking subsidiary with an initial $150 million investment.

In March 2019, Discovery Limited launched Discovery Bank, the world’s first behavioral bank.(Source)

Who owns Discovery Limited?

Discovery Limited is owned by Rand Merchant Investment Holdings(25.01%); Other Local & International Investors(54.70%); Government Employees Pension Fund(8.54%); Barry Swatzberg(3.98%) & Adrian Gore(7.77%)

The biggest benefit of discovery life insurance is that it is affordable. The premiums are typically much lower than other types of life insurance. Another big benefit of discovery life insurance is that it offers a range of benefits. These benefits can include death benefits, burial benefits, and income replacement benefits.
The biggest benefit of discovery life insurance is that it is affordable. The premiums are typically much lower than other types of life insurance. Another big benefit of discovery life insurance is that it offers a range of benefits. These benefits can include death benefits, burial benefits, and income replacement benefits.

 

1 thought on “Discovery Life Insurance”

  1. The main benefit of discovery life insurance is that it is affordable. The premiums are typically lower than other types of life insurance. Another benefit of discovery life insurance is that it offers a wide range of benefits. These benefits can include death benefits, burial benefits, and income replacement benefits.

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