Dis­cov­ery to en­ter short-term in­surance mar­ket

Weekend Witness - - Money - PHAKAMISA NDZAMELA

DIS­COV­ERY Hold­ings will en­ter the short-term in­surance space, as re­vealed by Money­web in Fe­bru­ary, with Dis­cov­ery In­sure.

The in­surer will of­fer com­pre­hen­sive ve­hi­cle, per­sonal and house­hold cover, and will be headed by in­dus­try vet­eran and for­mer CEO of Santam, St­ef­fen Gil­bert.

In a state­ment to Money­web, the in­surer said: • Dis­cov­ery has lever­aged Vi­tal­ity, its proven be­havioural-eco­nom­ics busi­ness model, and has cre­ated Dis­cov­ery In­sure, a strong com­peti­tor geared to shift the short-term-value in­surance land­scape; • Dis­cov­ery In­sure is to un­lock value for con­sumers in the R50 bil­lion South African short­term 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 costs back; and • Dis­cov­ery now op­er­ates in the short-term, health and life in­surance, long-term sav­ings and in­vest­ments, well­ness and credit-card mar­ket.

Dis­cov­ery In­sure will aim to “struc­turally re­duce the cost of in­surance through pos­i­tive be­havioural change, to chan­nel ac­tu­ar­ial and risk-man­age­ment sav­ings to re­duce sig­nif­i­cantly the cost of fuel for clients, and to make the roads safer for fam­i­lies that are in­sured.

“By chan­nelling 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 en­cour­ages 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,” it said in a state­ment.

— Money­web.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.