Discovery Joins South African Short Term Insurance Market

May 20 - A new player has entered South Africa's short term insurance market.  Discovery Holdings, the health insurance group, has entered the market with the launch of its new brand, Discovery Insure.

After studying the R50 billion short term insurance market in the country for a number of years, the Chief Executive Officer of Discovery Holdings, Adrian Gore, said that he was hoping that the new insurance brand could bring about what he terms "structural change."

He said that Discovery's clients have come to expect compelling product innovation that is in line with their needs.

"We are confident that with Discovery Insure we will encourage consumers to change their behavior and reap rewards for it," said Gore.

Good news for clients is that Discovery Insure will make every effort to reduce the cost of insurance, as well as bring about loftier changes such as the improvement of road safety in South Africa.

Steffen Gilbert to Head New Group

Steffen Gilbert, a long term personality in South Africa's insurance industry, will head Discovery Insure.

"I am delighted to head up a new business within the Discovery fold that we see improving the level of competitiveness in the market by rewarding members, not penalising consumers," he said.

"Innovation has always been a hallmark of Discovery's growth, and we intend to stay true to that ethos with Discovery insure."

Incentives for Drivers

Discovery Insure will launch VitalityDrive, an incentive programme that will see driver rewarded for undergoing driving improvement. Incentives include a reduction in petrol and additional rewards.

"A good driver understands their abilities and the capabilities of their vehicle," said Rory Byrne, who advises Discovery Insure. "Slow drivers are not necessarily good drivers, and vice versa. Gender does not play any role - good driving is within anyone's grasp."