Parent Company: FirstRand Group
Brand Value: $1,708 Mil.
Headquarter City: Sandton
Year Formed: 1992
Discovery is one of South Africa’s largest insurers with over 10 million clients in 16 countries purchasing products in vehicle, home, medical, life and disability insurance. Discovery also provides consumer credit and wellness programs and in 2018 received approval to launch a banking business. Discovery’s recent 2017 financial performance was exemplary with 10% increase in earnings of R4.6 billion as it was named “Company of the Year “and “Top Company of the Year across the African continent” by All Africa Business Leaders. Discovery’s “Vitality Shared-Value Insurance Model” rewards its clients for improvements in health and driving safety, which has had a significant impact both socially and financially. Discovery reported a 75% reduced mortality rate for clients with integrated policies, significantly reduced number of claims overall. Through its Vitality health incentive programs there has been a 24% increase in physical activity among its actively engaged members with innovative programs like Shoe Booster (which offers cash-discounts on running shoes) and Device Booster (with discounts and rebates for fitness devices). As a testament to the success of Discovery’s model, Vitality members have an average life expectancy of 81 (versus 67 for other insured and 63 for general population), and people aged 60 have a 10-14 times greater likelihood of reaching the age of 100 (males-14x, females 10x). Improving life expectancy for its customers certainly makes good business sense!