Discovery enters banking sector

during the group’s annual results presentation.

With innovation at its core, Discovery invested 8% of earnings, or R577 million, in new initiatives.

This is besides the R2 billion invested in establishing the banking platform, and launching longterm investment products in the UK, using the Vitalitydrive model to disrupt the commercial insurance industry and establishing a platform from which to extend Discovery Invest’s retirement offering, all of which will launch in 2018.

“If I was in banking I would be nervous.

“Their track record shows that when they disrupt, they do so profoundly. Just look at Discovery Invest. That started eight years ago and it now has R69 billion in assets under management, without a single portfolio manager in sight. And the same goes for Discovery Life ….” independent analyst Chris Gilmour.

“A lot [of Discovery’s success] is due to Vitality. They use the information Vitality generates to truly understand their members. They know their customers and understand their lifestyles. The next logical step is to open a bank.” Discovery’s always placed an emphasis on science, technology and data. Specifically its Global Vitality Network – the central insurance platform that advances the Vitality Shared-Value Insurance model – has developed new IP in product, programme, and partnership constructs.

The Global Vitality Network’s invested in a centralised data capability, housing the richest set of mortality, morbidity, and engagement data globally used to optimise value-creation in pricing and product design.

A lot of Discovery’s success is due to Vitality.