At Discovery Life, our focus is to provide clients with innovative insurance products that provide for all their insurance needs, while enabling and encouraging healthier behaviour that rewards them for taking active steps to manage their health and financial wellness.
Shared-value Insurance model
This is achieved through Discovery Life’s Shared-value Insurance Model, a dynamic approach that creates benefits for:
- Clients who enjoy more years of life and significant financial rewards
- Discovery as the insurer through reduced claims over time
- Society which benefits from healthier and more productive citizens
Shared-value allows clients to actively derive value from their insurance product by controlling their underlying risk through engagement with Vitality. Clients are provided with incentives to reward them for their healthy behaviour and positive financial management. The many significant outcomes include:
- Clients have received significant value through premium discounts and cashbacks, benefits that supplement retirement funding, as well as free cover
- Clients are rewarded when they are healthy and protected when they suffer a life-changing event
- Shared value has enabled proactive claims and transformed client’s life insurance experience
- Shared value forms the chassis of world-leading product innovations
- Strong actuarial dynamics have led to significant insurer savings
Market-leading risk benefits
Discovery offers a range of life insurance options to suit any lifestyle at an affordable premium. Discovery Life’s suite of Life Plans offer a number of industry-leading features, a few of which include:
- The Cancer Relapse Benefit which provides an additional payment of up to 100% on the recurrence of a cancer after a one-year remission period
- The Early Cancer Benefit which help cover the treatment cost should a client be diagnosed with an in-situ cancer
- The Multi-organ Benefit providing cover for acute conditions resulting in multi-organ failure, even if the failure is not permanent. The benefit provides relevant cover for complications associated with COVID-19 and similar diseases
- Unlimited multiple claims facility, allowing our clients to enjoy continued protection even after a claim
- International medical care through the Global Treatment Benefit
- Access to cutting-edge assistive devices through the MedTech Booster on our Capital Disability Benefit
Holistic family protection
Discovery Life recognizes the importance of comprehensively protecting a whole family against life’s challenges and offer a range of benefits that carter to individual family circumstances, including:
- The Child Protector Benefit offering market-leading protection that covers relevant severe illnesses and trauma events, including boosted payouts for overseas treatments and a 100% payout of the sum assured for child cancers
- The Global Education Protector which covers the actual costs of a child’s education on a life-changing event while also using health and wellness management to fund up to 100% of their tertiary tuition fees if there is no claim
- The Severe Illness Benefit can provide automatic severe illness cover for children and parents at no extra cost
- The Family Protector on the Income Continuation Benefit which protects a client’s standard of living from life-changing events occurring to their family
Authentic offshore risk cover
The movement of goods, services, technology and capital across international borders has led to the world’s economy becoming integrated and interdependent, making it increasingly difficult to predict where a client’s commitments will lie in the future. Discovery Life offers the opportunity to protect clients and their families against this uncertainty with the Dollar Life Plan.
The Dollar Life Plan offers risk protection denominated in US dollars, which is insured and paid international. Additionally, it gives clients the ability to get a discounted and more stable rand-dollar exchange rate applied to their dollar-denominated premium for 9 years. On top of this, it provides the opportunity to supplement retirement savings offshore and receive significant financial rewards for positive health and wellness behaviours.
World-class technology and digital adviser support
To support you, our trusted advisers, we have developed a range of world-class digital innovations aimed at providing support of the highest level in the industry.
- AI Activate is a new suite of digital enhancements which currently includes AI Quote and AI Comply and will be expanded in the future to continue to improve the ease of doing business
- AI Quote allows you to automatically generate comparable Discovery Life quotes, in seconds, through uploading a client’s existing policy or new business quote from a competitor
- To ensure a more efficient and seamless underwriting processes, your clients can choose to complete the medical questionnaire and any other relevant questionnaires through our Virtual Underwriting functionality
- With Vitality Coach, your clients will be afforded every opportunity to get the most out of their Vitality membership and Life Plan, through a guided onboarding journey and assistance in improving and maintaining their Vitality status throughout their policy term
In addition, we have created a comprehensive range of support materials and tools to assist you and your clients in understanding the value provided by our comprehensive set of benefits.