Discovery to enter short-term insurance market
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.