Discovery is a shared value insurance company whose purpose and ambition are achieved through a pioneering business model that incentivises people to be healthier, and enhances and protects their lives. Our shared value insurance model delivers better health and value for clients, superior actuarial dynamics for the insurer, and a healthier society.
Our unique approach has underpinned our success globally, with substantial new business growth and an impressive increase in normalised operating profit and headline earnings.
With more than 12 000 permanent employees and close to 10 million clients in 16 countries, Discovery’s model and emphasis on innovation deliver superior financial and insurance services products.
Looking to the future, our ambition is to be the best insurance organization in the world, one known for our values, innovation and financial strength through our core business activities, and a powerful force for social good.
Expanding and deepening shared value for all
Healthier people live longer, enjoy better quality of life and require less medical attention. In line with our twin ambitions of being the best insurer in the world as well as a force for social good, the 2017/18 financial year was about accelerating and amplifying the Discovery shared-value model so that its benefits might be extended to as many people as possible, both in our home market of South Africa and globally. Discovery has put energy into new markets, new partnerships and new products designed to extend access and coverage.
With strong performance from our established products in South Africa and the United Kingdom, the 2017/18 year saw Discovery expanding in four global markets –China, Japan, Australia and the United States. The Vitality model underpins all our businesses, and Discovery is committed to understanding the unique features of each new market to give full expression to what ‘shared value’ might look like in different geographies. Ping An Health in China saw 70% year on year growth in 2017 showing that the shared value model can have universal appeal. Sumitomo Life in Japan and AIA Vitality in Australia have also continued to develop and grow, and in October 2017 we launched a new venture with Generali in Austria.
New partnerships have also amplified our reach and impact in delivering on our ambition to be a force for social good. The partnership between Discovery Insure and the rental car Avis, aimed at improving driving and reducing harm on South African roads through technology, has enjoyed great success. Our ongoing partnerships with Apple, for our Active Rewards programme, and Disney for Vitality Kids in South Africa and Healthy Kids in the UK continue to encourage more physical activity, more often.
We want as many people as possible to be healthy. Our PrimaryCare range and the Healthy Company product suite are focused on making sure that quality healthcare cover is affordable for as many people as possible, and taps into the potential for employers to support the vision of extending healthcare to their low income earning employees. Extending access to the incentives and rewards of the Vitality approach to personal health management saw the launch of Vitality Move, which is free for all members of the Discovery Health Medical Scheme, even those who have not joined Vitality. The key purpose is to encourage wellness and healthy living to all our members at no cost.